Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Bill Kirk
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters; questions recorded in 8).
- Questions
- 10on tracked calls
- Challenge rate
- 20%2 of 10 questions
- Companies
- 3questioned at least once
- Reporting periods
- 8with 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 10 of 10 questions from 3 companies
STZConstellation Brands4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2025 Q4
if that happens, how would it impact how you think about your exposures to that segment
Show response
Bill noted Canopy shares remain an option as market develops. Hemp impact mostly on RTD/ready-to-serve, not beer. But consumer discretionary spending choices remain a consideration.
Calendar 2025 Q3
How has the deceleration impacted the plans for different pack sizes and price points
Show response
Bill acknowledged they would have moved faster on price pack architecture had they foreseen the macro headwinds. Working aggressively on smaller sizes and accessible price points across brands.
Calendar 2025 Q1
some people, including the Teamsters and maybe one of the mega brewers, they seem to be trying to drive a wedge between American beer and imported beer
Show response
Bill emphasized STZ's American identity, $1B annual US marketing spend, US-sourced grains, and job creation through distributor network as defense against import-vs-domestic narratives.
Calendar 2024 Q3
why the dramatic change in such a short time? Why is $500 million the right number
Show response
Garth described the impairment as formulaic and non-cash, said it doesn't change strategic outlook for the business.
TAPMolson Coors Beverage Company4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q1
do you see a relationship where higher fuel prices result in a volume benefit?
Show response
Rahul declined to confirm NBWA regression analysis showing positive volume correlation with fuel prices. Noted fuel prices correlate with expendable income, channel dynamics (convenience store traffic), and pack size decisions (singles vs small packs). Watches fuel prices carefully in context of consumer sentiment and portfolio positioning.
Calendar 2025 Q3
Do you think the gaps are more related to regions, are the gaps more like categories related or the gaps brand specific?
Show response
Rahul outlined 3 dimensions: portfolio (fix existing, fill flavor and beyond beer gaps), execution (deploy resources closer to markets, regional focus, customer/distributor proximity), and capabilities (supply chain, commercial, technology). Not looking to add regions, focused on winning in existing large profit pools.
Calendar 2025 Q2
if you aren't getting credit for market share gains, the profit growth in your current categories, so something needs to strategically change?
Show response
Gavin pointed to accelerated buybacks as evidence of conviction, highlighted Fever-Tree integration exceeding expectations with distributor excitement. On pricing, noted every market/state/brand is different with robust revenue management program considering both input costs and consumer behavior.
Calendar 2024 Q4
Your largest competitor wants to rebrand the domestic beer segment to, I think, the American beer segment
Show response
Gavin deflected, noting pride in brand heritage and focusing on acceleration plans rather than engaging with competitor branding strategy.
BF-BBrown–Forman2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q3
what is the opportunity for the portfolio in the U.S. or internationally to expand pack size offerings?
Show response
Lawson: smaller formats have outgrown large sizes for years as an affordability play; international pack-size limits make 200/375ml the opportunity in emerging markets where full bottles are costly.
Calendar 2024 Q4
what's your ability to pre-ship into countries? And maybe how does that ability vary by countries where you own your own distribution?
Show response
Lawson explicitly declined to answer citing competitive sensitivity. Acknowledged they are making tough decisions but said any outcome will be painful.
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 |
|---|---|---|
| STZ Constellation Brands | 4 | 25%1 of 4 questions |
| TAP Molson Coors Beverage Company | 4 | 25%1 of 4 questions |
| BF-B Brown–Forman | 2 | —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 Q3 | 1 | 100%1 of 1 question | 1 |
| 2024 Q4 | 2 | 0%none of 2 questions | 2 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 1 | 100%1 of 1 question | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | No questions recorded | — | — |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q31 question · challenge rate 100% (1 of 1 question) · 1 company
- 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 Q21 question · challenge rate 100% (1 of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q2No questions recorded
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics5
- Demand3
- Macroeconomic2
- M&A2
- Capital Allocation2
- Product Launch1
- Geographic Expansion1
- Trade Tariffs1
- Supply Chain1
- Pricing1