It prompted you guys to give a more muted outlook for fiscal 2026 and to recalibrate your longer-term fiscal 2027, 2028 outlook. I guess, as you kind of reflect back on trends year to date so far, just how do you assess the moving parts? How do you assess market trends currently? And just sort of a scorecard of stable, improving, or not? Sure. A lot of things at the consumer level are challenging. Across the board, consumers are a little wary. That is double down if you are a Hispanic consumer. As you know, Steve, roughly half our business is in the Hispanic community. We have done a fair amount of research around that consumer. What are they worried about? What are they doing more or less than they have been? How is that impacting the business? The things that we have seen with that consumer is there is a lot of concern about inflation. There is a lot of concern about the whole immigration question. That gets doubled down if you have had someone in your immediate family or friends who had that issue attached to them at all. Where it is playing itself out is in behaviors that are sort of anti-our business, which is they are going out to eat less. 75% of Hispanic consumers are going to restaurants less. There's less social occasions. The Hispanic community often has lots of social occasions, and those tend to be beer occasions. So you're seeing a fair amount of differences in how the consumer interacts. The thing that'll be interesting to watch from our perspective is how does that evolve going forward? Fortunately, our brand health metrics are as strong as they've ever been. There's real loyalty to our brands. In the broader market, you're seeing continued development of brand awareness, both aided and unaided. So we believe we're in a good position as things continue to develop. But certainly, we're in a challenging moment. The question, I think, is how long will that moment last? Has there been any noticeable change kind of March, April, May from that among the Hispanic consumer? Do we see a step down, and then we've sort of gone sideways across the bottom? Has it been a steady slide down? Has it been improvement? Any sense there? It's tough to tell at this point. Often what happens in these things is you get an immediate plateau problem, and then it flattens out because people have adjusted their behavior in terms of what they're doing or what they're planning to do. We've gone to doing monthly studies. The first one was what I just referred to. The next one's due any day. We'll soon find out if we're seeing any of that behavior. I think the interesting thing, we're even seeing channel shifting. We're seeing people spending less time in convenience stores or stores that skew Hispanic to broader market stores. We'll see if that sort of behavior continues as time goes on as well. Among the non-Hispanic consumers, we've got value-seeking behavior. We've got varying and active debate around how consumers are approaching beverage alcohol and what that's doing to category trends. We've got weather fluctuations. Memorial Day was wet and cold for those of you who didn't know. I guess, how do you kind of think through the dynamics facing the non-Hispanic consumer and kind of parse that out? What does that tell you about category momentum as we go into the balance of the calendar year? That consumer is worried about some of the same things, not all, but some. Certainly, the inflationary environment is a big concern to people. You are seeing some of that trade-down behavior. Generally, not from our price point. It tends to be lower price points where the consumer is purely looking for what's the most I can get for the least price. You have seen some of that behavior going on. That is a consumer that we have been developing. As you know, using Modelo as a great example, Modelo was 80% Hispanic several years ago. Today, it is 55%. We have spent a lot of time, a lot of energy, a lot of media dollars developing in that consumer marketplace. I think we are in a good position to continue to see that develop as time goes forward. I think through all of the discussions we've been having the last couple of months, you've been pretty consistent that the headwinds that we're, you view them as transitory. I guess, maybe just refresh us on the major building blocks of that logic as to why transitory versus something that's more structural. What do you think we need to see for the category and for Constellation more fully rebound? If you think about the things that people want to talk about, about what's structural versus not, there's an argument that younger consumers are not consuming as much. From our perspective, the 21- 25-year old cohort for our business, our percentage of business with that cohort is twice what the industry average is. We've been able to bring newer and younger consumers into our franchises. That's good. GLPs. There's just no evidence that GLPs has a big impact. Most people are only on them for six months if they're on them for that long. When you look at the list of things that people change about the behavior while they're on them, alcohol beverage is way down the list right there with water. People change the water thing is a different question, but it's way down the list. You start to think about what else. People brought up cannabis. If you look at the markets where cannabis has been legal for a long time, again, you see no real differentiation of what alcohol did before or after. I think the biggest thing to answer your specific question is when is the consumer going to get more comfortable? When are they going to revert to their what I would call more normalized behavior? Because they are loyal to our brands. And we're very fortunate that we do have that strong brand loyalty. It's part of the reason we're continuing to advertise at an aggressive rate. We're number one and number two share of voice with Modelo and Corona respectively. And we're going to continue to do that so that we're ready to go when the consumer is ready to revert to more normalized behavior. As you think about the reacceleration that you have anticipated looking out to fiscal 2028 and beyond, maybe flipping the lens, what are the reasons to be more structurally positive on the category, your position within the category? Maybe highlight some of the initiatives you have in place in fiscal 2026 to kind of fight against some of the headwinds that we have talked about. Our brands, our company has been the Circana Growth Leader, six of the last eight years in CPG. We have got a long history of strong growth profile for our business. I think that speaks well to it. Some of the things that we are doing this year, when you have a consumer that is concerned, I think having the right price pack architecture is really important. I have often said I think Coca-Cola does a great job at that. You tell me how much money you have. There is a Coke product in every store that allows you to spend that amount of money. We in the alcohol beverage business, I do not think, have done as good a job at that particular topic. We are doing 7 oz in both Modelo and Corona. We are doing 8 oz cans with Corona. We're finding ways to put price points in place so that the consumers who are very loyal to us, irrespective of how much money they may have to spend at a particular point in time, we have a product available to them. We're also, as you know, readjusting our price on Oro. The light category as a sector has been somewhat challenged. We think Oro is a great brand to go after that particular point. Literally, as we speak, the price is being adjusted on Oro to give the consumer a bit of a value in the light sector from a brand name they know and trust. Great. Garth, maybe we can get you involved here. I guess as we pull all that together from a financial perspective, can you just ground us in how that all kind of layered into your thinking in terms of fiscal 2026 guidance? We've talked mostly about top-line trends. Maybe a little discussion around what you're expecting from a bottom-line perspective, both within beer and within wine and spirits. Yeah. For, I guess maybe we'll start in reverse here. I'll start with wine and spirits and then move to beer. In terms of margin profile, this is going to be a bit of a transitional year for us in the beer business. Earlier this year, we announced that we were reshaping our wine and spirits portfolio through the divestiture of primarily our mainstream brands and some related assets. As of last night, that transaction has now officially closed. We're really happy about that. That portfolio that remains is a portfolio that's going to participate mainly in categories that have top-line headwinds in terms of growth. They'll be in price segments that are expected to grow through fiscal year 2028 in the low single to mid single-digit range. They're also squarely in really attractive profit profiles, if you will. Much more profitable from a margin perspective than the brands that we divested. We also announced at that same time that we had a pretty robust restructuring process or program in place and expect to yield savings in excess of $200 million. Those savings will not be fully realized until fiscal year 2028 if you think about the timing of when those start to funnel through. That all plays into what we are expecting from a margin perspective from our wine and spirits business. Of that $200 million, we are expecting to get about $100 million out of the wine business. That is by, again, by fiscal year 2028. In fiscal year 2025, we expect to reap about $55 million worth of benefits. That is really kind of what underlies the profitability of our wine business going forward. Just touching briefly on beer because I imagine we'll talk about the margin profile for that in a little bit. There is also a component of the cost savings agenda that will benefit our beer business. I mentioned about $100 million going to or coming out of wine and spirits. About another $100 million will come out of our corporate functions as well as our beer division, mainly, by the way, our corporate functions. Even though they come out of the corporate function, there will be an allocation benefit to our wine or to our beer business. Any benefit that we get over and above expectation for our beer business, we look to invest back into the growth profile and the opportunities that Bill mentioned a moment ago. Yeah. OK. That is a good segue. So despite recalibration of top-line expectations, you've held firm to your 39%-40% beer margin target. As you think about, I guess, the path to fiscal 2028, maybe what's the framework you guys use to think about why that's the right margin range? What are the kind of the positives balanced against the puts and the takes around that number? Yeah, sure. First of all, we've been saying for years, we think 39%-40% is the right range over the medium term to think about our beer business. If I don't say it, Bill will. Those are best-in-class margins, not just in beer, but in consumer packaged goods. Honestly, the puts and takes are kind of the same that they have been. On the positive side in terms of tailwinds, we still expect to get sort of at least low single-digit buying growth, which will help with overhead absorption, obviously. We continue to believe that we've got the ability to take 1- 200 basis points of growth through pricing. We're going to have a robust savings agenda. We've always had a robust savings agenda as part of our plan. We've talked more about that in the last couple of years just because the quantum of dollars have been bigger than they had been in years past. That's because twofold. One, we've been really successful in terms of clawing back some of the outsized increases we saw during the two-year period of time where we had really elevated inflationary impacts against our business. And our procurement team's done a really nice job of RFPing the business and reentering contracts. There's also this migration that we've talked about for a few years now around moving from a builder to an operator. Again, that has yielded real savings for us as we've gone from sort of 50 ft rail cars to 60 ft rail cars, double stacking in those rail cars, just a couple of the initiatives that we've had underway. All of those will be the tailwinds. Headwinds will be the usual suspects: inflation, a little bit of fixed overhead absorption, drag, as we put it, incremental capacity, and then depreciation. We're doing a nice job, I think, managing depreciation. We've talked about this modular approach to expansion. What we're able to do is, as we're seeing demand cues change, we can extend when we bring lines or facilities on stream and then better manage the depreciation impact in the business. With all that said, again, 39%-40% is what we think is the right way to think about the business. In any one year, we might have more tailwinds and we'll be above 40%. Some years we'll have more headwinds and be below 39%. OK, great. Maybe this question's a little bit for both of you. Bill, you alluded to it. The business operates with a fairly simple SKU assortment. I guess such that there's probably good growth and good ROI with a little bit more complexity if you're choiceful about it. How do you think about and prioritize different flavors, different package sizes and formats? I guess, on the other side, is there a level of complexity that you're trying to avoid where all of a sudden the calculus becomes more of a net detriment than a positive? We always start with the consumer. Are there places where we can have a product or a SKU that meets either a consumer or consumer occasion that we're not addressing today? I would argue that falls into multiple things. If you think about the price pack architecture, that fills price point, price need, and so on. If you think about things like Corona Sunbrew, new product, it was specifically with what we observed younger consumers doing on spring break. It's a great product that goes to a consumer trend, which is interest in higher flavor. We introduced Corona Non-alc. Again, there's a certain subsegment of the audience that's thinking about moderation. We have a product for them with that. You could argue, OK, you've now said you're going to expand your SKU count. Our SKU count's about 160. Most of our competitors are several times that. If you're one of our distributors or one of our retailers, the efficiency of our portfolio is radically better than what most in the industry see. That has been a very big help. What you've seen is we've gained shelf position over time. We always start at the consumer lens. Where can it add value? Where does it serve a need that isn't serviced today by our business? That's kind of the approach we take relative to SKU assortment. I mean, I think Bill covered that. The only thing I would add is that we're investing in capabilities to ensure that we can do just what Bill said. Right? I I mean, we're doing that kind of in three buckets, if you will. One is in people to make sure we've got the right people doing the right with the right capabilities to be able to mine information and data to see where it is we want to play, not just from the consumer-led different liquids or formats, but also from a price pack architecture. We're investing in systems and technology to dial it in even further. The investment that we've made in the breweries over the last 10 years have really enabled us to have that extra capacity and more flexibility and complexity so that we can innovate and innovate more quickly to respond to the consumer-led trends that Bill referenced. What's the range of profitability within the beer segment around that 30%-40% sweet spot? As you think about new innovations, new introductions, new SKUs, what's the profit hurdle that you're trying to achieve? How much dilution are you able to or are you willing to accept upfront for growth? Just how do you think about that dynamic? Yeah. I mean, and that's not necessarily a one-size-fits-all answer. I mean, obviously, we'd like everything to be at least margin neutral. There are some things we've looked at that could be slightly dilutive initially, but over time, they become more neutral to the overall portfolio. That's kind of what the goal is. To the extent what would we accept from a dilutive perspective longer term, I think that you would just get down to what is the size of the opportunity? Does that create enough incremental real dollars to have that dilutive effect? OK. Great. Bill, maybe we can zero in on brands Modelo, Corona, and Pacifico. Sure. I guess, how would you summarize the role that each of those brands plays in the portfolio? What is the interplay between them and among them in the marketplace? We still believe Modelo's got a tremendous runway. When you look at the state of California as an example, the share that we have there is twice what the national average is. So we still see Modelo as a real growth driver going forward. The number of people that were shocked to know that it's number one beer by dollars in the U.S. when it happened kind of blew us all away a little bit. So there's just so much room to grow. If you look at the profile of, and I'm going to get on to Corona in a second, but what Corona was 20 years ago, the demographics looked very much similar to what Modelo is today. So if you look at if Modelo ends up someday down the road being 60%, 40% in the general market, the upside to that is immense. That creates, I think, a great opportunity for that business to continue to accelerate. Corona, on the other hand, was something we're looking for a bit of more neutrality. It's still gaining share. If we can sort of hold our own with the core Corona Extra business, I think we'd be happy with that because we have things around it that are doing very well. Familiar is doing extraordinarily well. It's up double digits. The Corona Non-alc business, the second year doubled after the first year almost in spite of us, meaning we really didn't put a lot of time, energy, or money behind it. Again, that follows a consumer trend, and that's doing very well. We've added another pack this year to continue to accelerate around that. When you think about Pacifico, Pacifico is like a baby Modelo. It started heavily in the West. It's the number two beer in Southern California to Modelo. 50% of it now is outside the state of California. You are starting to see it develop around the country. As you pointed out, it is a double-digit growth driver for us, which is terrific. It also SKUs a bit different. It is a bit more Gen Z. It is a bit younger. That fits a little bit of a different niche than the other two, which compete a little bit more against each other. We think each of those has a real purpose and will be an important factor of what our business looks like as we move forward. Got it. How do you, maybe Garth or Bill, you guys' tag team, but how do you ensure that each brand is getting the appropriate amount of support, both in terms of innovation, care and feeding, as well as just basic marketing and commercial support? Go ahead, Bill. See that? You get it open-ended. We've got to keep in mind Modelo is the number one share of voice. Corona's number two. We significantly support those businesses. I'm sure Garth will tell you in a minute, we rarely say no if we have a good ROI against our business. I think the big question is, how much more gas do we put on the Pacifico fire? Again, we're starting to see that build itself around the country. That's part of the debate. When do you really say, OK, let's open up the kimono here and get going because there's a lot of interest in that particular brand? We're going to continue to support both of those businesses because we think there's still a lot of room around the country. Yeah. Bill touched on a couple of specifics. I'll speak about it a little bit more generically. First of all, keep in mind something Bill said earlier on. The brand health continues to be fantastically strong. On all three. We have got a great base to build on, which gives us the confidence to continue to invest, as Bill just said. Furthermore, we continue to get growth out of the business, which allows us to increase our incremental investment on a year-over-year basis. We do have plenty of dollars to go around to fuel the investment. As we are looking across brands, we always look to balance our investment across effectiveness and efficiency, if you will. For example, if you look at Livesports, very, very effective just because of what the reach, the range of audience that that has. We have started, from an efficiency standpoint over the last few years, to invest more in digital advertising because that is targeting individual consumers a bit more precisely. We are very, very happy with that discipline. Again, and you've probably heard us talk about this somewhat in the past as well, we've changed some of our partnerships in terms of agencies, which have really led to strategic relationships that have resulted in us being more efficient in our marketing spend in terms of sort of buying advertisement, buying advertising, managing inflation. Again, we're squeezing the most out of the dollars we put against the brands. Long story short, that's why we feel good about the 8.5% target that we've got out there in terms of our guidance relative to marketing spend. Then as Bill said, just because I want to double down on it, we will continue to invest. I mean, we don't compromise when it comes to marketing. We want to continue to invest in the brands, drive the top line. When our marketing team comes to us with compelling return-generating opportunities, we look at those positively. Last year, I think, is a good example where we approved a significant amount of incremental spend in the last second half of the year. Can I pile on? Yeah, you may. Chelada is a great example of where some of that spend went that Garth was just talking about in the back half of the year. That was a business that sort of happened, again, almost in spite of us. It matches consumer trends. It is high flavor. It was all 24 oz until about three years ago. We have introduced multi-pack, smaller sizes. It opened up more demographic. It opened up more occasions. The awareness level outside of the core consumer is pretty low. We did our first major media effort last fall to introduce that to a broader audience because that meets consumer trends. A lot of people have asked us in the few individual meetings we have had today, what is going on with smaller format or ready-to-drink stuff? I would argue Chelada is a great example of where we have addressed some of that high flavor single-serve needs for our business. Yeah. You mentioned number one, number two share of voice for Modelo, Corona. Do you have share of voice metrics relative to share of market metrics? Where do you want share of voice to be for each of those three brands relative to market share? Is that a way you think about that way? I'd say we think about it more of we want effectiveness. We want great return for our spend. We track it very carefully. We know exactly how much and how fast we're going to get return on our dollars when we spend those. We've got an algorithm that tracks it literally on an ongoing basis. OK. Another long-time goal of the company, Bill, has been securing more of your fair share of space in coolers on shelf. I guess, how would you rate? What's the scorecard on that if you think about the last couple of years? How are conversations going at present on that front? I guess a little bit of what's kind of the support level you're getting from distributors as well? Yeah. Shelf space remains a great opportunity for us. When you think about a brand like Modelo, it still Bud Light's 30%-50% more pods than we have, even though we're bigger in terms of dollars. So a lot of opportunity goes there. I think a couple of the changes that you've seen is it wasn't that long ago that we had less influence with those critical large retailers. Today, we have influence either as a category captain or as a validator in over 80% of accounts. So we have more of a say in the equation. How has that paid off? A couple of years ago, we had double-digit share gains. Last year, we had high single- digit. We think we still will continue to see that. On an ongoing basis, we expect to see share gains in advance of our growth profile because we are the ones that tend to bring the profitability and growth to the category. That works for a retailer. To your point, it also works in the wholesale level. Our relationship with our wholesalers is top-notch. Part of what the real value is, it goes back to your earlier question about efficiency. With 160-ish SKUs, we're very efficient for a wholesaler that wants effectiveness and efficiency in their delivery systems. What's the attitude towards, you mentioned being consumer-led. To what extent are you sort of distributor-led in terms of, I'm sure they're pulling from you for a lot of things. You're also competing in a competitive system. Sure. What's been their overall approach to your innovation efforts? Are they satisfied? Are they hungry for more? I don't think they're overwhelmed, but you tell me if that's. No, I hope they're not overwhelmed. Part of what we have said to them is we're only going to bring you things that have been validated and tested. We're not going to throw anything against the wall that we don't believe is going to be valuable and that we haven't both tested and plan to support. They like that answer, right? They don't want to get hung out on a limb saying, oh, just go get something done. The efficiency point, we've made that a couple of times now, but it never ends relative to the discussion at the distributor level. They want growth. Growth's been tougher. They want profitability. That's been tougher. Especially at our price point, playing all in the high end, we bring a better margin profile for them. We bring growth profile for them. They've been highly supportive. We work very closely with them as we develop our annual plans every year. OK. Great. Garth, I wanted to pivot to the cash side of things because I think the company is in a very different position than it was a few years ago from a cash perspective. Plans to generate $2.7 billion-$2.8 billion in operating cash flow in fiscal 2026 and see it grow high single- digit, low single- digit off that base over the next couple of years. I guess maybe talk through some of the unlocks of that cash flow. You talked about modularity of manufacturing from a margin perspective and how that's helping the margin profile. It is also obviously helping cash even when growth is less robust. Talk to me about sort of the journey you have been on to improve cash flow, your kind of visibility of that cash flow over the next couple of years, and the key drivers there. Yeah. Look, this is one of my favorite topics. Now, you're right. We are in a different spot now than we were a few years ago. A lot of that story has to just basically do with CapEx, if you will. You referenced the cash flow for this year. If we look out to fiscal year 2028, we're expecting to generate roughly $9 billion of operating cash flow and roughly $6 billion of free cash flow. The real inflection, again, has been in CapEx. In FY 2025, which is kind of our high watermark, FY 2026 will still be a little bit elevated because we moved some investment in between years. In FY 2025, CapEx as a percent of net sales was about 13%. In FY 2028, we're forecasting that to be more like 4%- 5%. Huge unlock. Obviously, the growth of the business has been an unlock as well. All of this cash flow sort of supports the capital allocation priorities that we've had in place for the last five or six years. We always look to manage the short-term needs with the longer-term aspirations of the organization. That's really served us well. We're going to continue to target a 3x leverage ratio. We're going to want to maintain our investment grade rating for all the benefits that that brings. We're going to seek to maintain our 30% dividend payout. We still have, even though there's a big shift coming in terms of the quantum of CapEx, we'll still invest in the business. Through FY 2028, it's about $2.2 billion-$2.4 billion of CapEx across the enterprise, about $2 billion in beer. We will execute against our newest, our latest share authorization we have got from our board, three years, $4 billion. Last is M&A, which we will use like we have used in the past several years, which is targeted portfolio gap filling type of initiatives. OK. You talk a little bit about just balance sheet structure, debt structure, and how you think about that. Last night, you also, alongside the deal closure, you also announced the early redemption of, I think it was $900 million of senior notes over the next couple of years. Sort of the logic in that announcement and just how you're thinking about the overall debt profile. Yeah. Look, first of all, as I said, I mean, we think right now three times is the right target for us. Now, given the cash flow generation, we have the ability to take a look at that on a year-to-year basis and say, do we still think 3x is the right amount or not? To the extent we think it should be less than that, we can act appropriately. To the extent we think that there's an opportunity, maybe share price dislocation, we want to pulse up for a short period of time, we could do that. We have that flexibility. As it relates to managing the maturities, last night was kind of a continuation of what we started earlier this year. We've been in the market twice this year, 3x really this year to raise debt when we found attractive windows. That really is to manage debt that's coming due within the next 9- 12 months. We'll continue to be opportunistic in that regard. OK. Bill, we talked about, I guess, in being consumer-led in the R&D process and in marketing, we talked about the amount of money you're spending behind some of these new initiatives. You alluded to building a lot of capabilities, whether it's consumer insights generation or marketing ROI or in-market commercialization. Just where do you think the biggest advantages of Constellation sit relative to the market? Where are you most ahead in terms of commercial capabilities? Where do you see the biggest opportunity to build more strength? I think our data assessment has radically improved. We've done much more on a regional basis. I mean, it wasn't that long ago, and you'll remember this, that we kind of did everything on a national basis. Not pricing. We always did that on a localized basis. If we were going to do an initiative and went everywhere, that's probably not the best approach. We've done a lot more based on solid data. What's the algorithm show? What's the benefit? What's the ROI on the spend and on the approach that we're taking? I think that's been important. I think we've gotten much more focused on exactly what we ask our organization to execute against. Again, rather than broad-based, much more specific. You're in a market where Corona Light is a big factor. We are expecting that this will be what the result of that answer is. Putting data first, and I think that's been a big improvement. The second thing I think is our capabilities on the actual liquids. I've always been a big fan for my entire career. Stuff's got to taste good. Don't tell me, oh yeah, you'll like it. It's low- alc, so therefore it's got to taste like crap. I'm not a big fan of that. I think consumers want to have something that they enjoy. I think our team and our R&D team has done an exceptional job of when we introduce something, if that's a flavor characteristic or a product characteristic that you're looking for, you're going to get a damn good one. I think that's been a real advancement that we've had. I think it plays out in terms of the quality of things like Chelada or Sunbrew or Modelo Aguas Frescas or those kinds of things is we're making exceptional products. I think the same would apply to the wine business, quite frankly. I think those capabilities are all there. I'd say the place where I still want to see us do a better job, we're still in the early stages on the digital side of our business. While I think we've made leaps and bounds, I still think there are other leaps and bounds for us to go get. OK. On the data and on, I guess, and on kind of liquid R&D, to what extent are you investing in internal proprietary data acquisition, proprietary R&D versus partnering with outsiders and leveraging third parties in your efforts? There's a little of both. We do most of it internally. We have a major R&D lab both in the United States and another one in Mexico. We rely mostly, we use flavor houses for certain things if there's flavor involved. Most of it's done internally. OK. We've got two minutes left. If you think about, I'm going to take you beyond 2028 and think about the next kind of five years, looking out to 2030, what are the critical goals or the biggest aspirations, the things that you want to be able to say when you're back here June 2030 that you've been able to achieve over the last five years? I think the number of things. I think the growth profile of the business, we want to continue to outperform, gain share. We want to win more consumer mouths. I think we want to make sure in some of the things Garth talked about relative to our capital allocation. We have been very consistent about that for the last six and a half years. I think we want to continue to do that with the appropriate amount of share buybacks and dividends that are attractive to our investor base. I would say the single biggest thing I would like to see is I would like our stock to reflect our results sooner than later. That's a good ending. All right. Thank you, guys. Thank you. Thanks to Constellation. Thanks to you all for joining us.