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Analyst
Drew Levine
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters; questions recorded in 7).
- Questions
- 11on tracked calls
- Challenge rate
- 0%none of 11 questions
- Companies
- 4questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 11 of 11 questions from 4 companies
BF-BBrown–Forman4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q3
Maybe you could just help disaggregate the underlying performance in the U.S.
Show response
Lawson said US bottomed around Christmas/January and is improving; the Nielsen-vs-depletion gap is ~half distributor-margin capture (~3 points) and part innovation timing.
Calendar 2026 Q1
the U S underlying sales appear to be down around 5% in the quarter, which was pretty much in line with Nielsen
Show response
Whiting pointed to Slide 7's gross-margin walk, noting the acquisitions/divestitures and FX benefits will not repeat, leaving price/mix (-0.4%, mostly New Mix) and a multi-year barrel cost headwind. Cunningham said the distributor transition is delivering benefits but is temporarily pressuring emerging brands as distributors ramp core SKUs, and Blackberry continues to exceed expectations.
Calendar 2025 Q4
What the interplay is between the brands, how you're viewing cannibalization, if it's coming in line or better than expected?
Show response
Lawson noted only 3 months of data makes cannibalization assessment difficult; historically minimal. Blackberry designed as multiyear benefit through phased global launch, not all sizes/markets yet. Incremental displays benefit entire Jack Daniel's portfolio. Leanne specified current launch markets: U.K., France, Germany, Poland, Czechia, Turkey, and GTR, with larger flavor markets like Brazil still to come.
Calendar 2025 Q1
can you maybe quantify the impact that you're building in on the fourth quarter? And then separately, maybe you could shed some light on how holiday performed
Show response
Lawson sized Canada at ~1% of sales and called LCBO removal disproportionate to 25% tariff. Leanne said holiday season at enterprise level was as expected with more promotional environment but rational competitors.
TAPMolson Coors Beverage Company4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
wondering if internally, your expectations for the industry have changed at all given what we've seen in the second quarter
Show response
Rahul kept the category view unchanged (volatile, better than 2025) and acknowledged share progress is slower than desired despite modest Q2-vs-Q1 gains. Pointed to retail actions, competitive U.S. pricing and brand support, and flagged EMEA/APAC competitive pressure requiring action.
Calendar 2026 Q1
can you just confirm whether that $125 million number is still good to think about or maybe it's moved higher?
Show response
Tracey confirmed CAGNY guidance assumption of minimum $125M (low end of range, impacting pretax by 9-10pp). Midwest Premium added $30M in Q1 with Q2 expected to be largest increase. Meaningful hedge coverage provides manageable headwind from recent price rises. Rahul said pricing remains within 1-2% range, approached granularly by brand and geography to stay competitive.
Calendar 2025 Q3
if you think that the company could return to low single-digit organic sales growth if the industry remains down in that sort of 3% range?
Show response
Rahul broke U.S. portfolio into 4 buckets: strengthen core and economy, exploit above premium runway (Peroni growing, Blue Moon work needed), fix flavor challenges (Topo improving, Simply struggling), build non-alc (Fever-Tree foundation). On M&A: disciplined about accretive deals, prudent with balance sheet, committed to investment-grade and 2.5x leverage.
Calendar 2024 Q4
U.S. brand buyers were down three and I think that came in probably a bit better than the track channel data would suggest
Show response
Management attributed the beat to an extra trading day, consumer return to C-stores, and on-premise slightly outperforming off-premise.
STZConstellation Brands2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q4
any sort of quantification there? I'm just asking because, I guess, last year in fourth quarter, volumes were down as well and, obviously, much stronger margin performance
Show response
Garth detailed Q4 headwinds: aluminum pricing strength, portfolio mix shift to aluminum from glass, tariff timing as costs move from inventory to P&L. Bill noted on-premise gains (Modelo #5→#2 in draft, Pacifico gains) explain tracked data gap.
Calendar 2025 Q3
what gives you confidence that this was sort of more of a one-time event, I guess, rather than something that we should be more concerned about
Show response
Garth explained ship-dip-trip: summer takeaway below expectations left distributors with excess, plus normal H2 rebalancing pulled into Q2 from Q3. No retailer destocking occurring, continuing to gain PODs and shelf space.
PEPPepsiCo1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
I think this is the first quarter in a while where energy wasn't specifically mentioned in the prepared remarks
Show response
Ramon affirmed commitment to energy category but offered little new detail, saying no mention because there is nothing special to mention.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| BF-B Brown–Forman | 4 | 0%none of 4 questions |
| TAP Molson Coors Beverage Company | 4 | 0%none of 4 questions |
| STZ Constellation Brands | 2 | —Rate withheld: fewer than 3 questions |
| PEP PepsiCo | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 2 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
| 2026 Q1 | 2 | 0%none of 2 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand7
- Competitive Dynamics4
- Revenue Growth3
- Margin2
- Cost Pressure2
- Product Launch2
- Trade Tariffs2
- Geographic Expansion1
- Guidance Reliability1
- Pricing1
Show all 11 topics
- M&A1