After a disastrous 2025, shares of beer giant Constellation Brands (NYSE: STZ) are starting 2026 off on a very positive note. To the chagrin of Berkshire Hathaway (NYSE: BRK.B), Constellation Brands delivered a total return of -36% last year. Prior to Warren Buffett's retirement, Berkshire initiated a position in Constellation during Q4 2024. As of September 2025, Berkshire held 13.4 million Constellation shares, valued near $1.8 billion at the time.
General weakness in the beer market and among Constellation’s customer base has contributed to the stock’s decline. Constellation lowered its full-year fiscal 2026 (FY2026) guidance back in September 2025 due to the difficult environment it faces. Note that the firm’s fiscal year period is several quarters ahead of the calendar period.
