Constellation Brands, the owner of California's Robert Mondavi Winery, has issued a warning about the direction of the industry, citing ongoing category pressures, channel headwinds, the timing of our cost of leveraging and distributor inventory rebalancing as factors influencing Q4 margins. CEO Bill Newlands stepped down on April 13 after serving as the company's leader since 2019. Board member Nick Fink took over the position. Despite the industry's struggles, Newlands noted that the company ended fiscal 2026 with "some solid momentum" in beer despite a tough economic backdrop.