Constellation Brands Q3 2026: Beer flashing a blue collar recession? - 1.8.2026 (003)

Constellation Brands (STZ) just reported Q3 earnings, and the results are… messy. With beer shipments dropping 14% and the unstoppable Modelo growth engine actually stalling, how did the company manage to keep earnings flat? In this episode, Susie and Miro dig past the headlines to unpack the financial maneuvering keeping the ship afloat and why management’s refusal to cut guidance might be a high-stakes gamble.The real story, however, is hiding in the footnotes. We break down management’s fascinating new economic indicator—the slowdown in "4,000+ calorie jobs"—and what this specific metric tells us about a potential blue-collar recession in construction and agriculture. From rising aluminum tariffs eating into margins to the "depreciation flip" waiting in Q4, we cover why this beer giant might be facing a serious hangover. Grab a cold one (or not, apparently) and tune in! 🍺📉