Is Modelo a subsidiary of Constellation Brands?

Modelo has a split ownership structure. Globally, Modelo is a wholly-owned brand of AB InBev (NYSE: BUD), acquired through its $20.1 billion purchase of Grupo Modelo in 2013. In the United States, Constellation Brands (NYSE: STZ) holds exclusive, perpetual rights to produce, import, market, and distribute Modelo. This divestiture was required by the U.S. Department of Justice as a condition of approving the AB InBev and Grupo Modelo merger. Constellation operates Modelo as part of its beer portfolio, which generated $8.32 billion in net sales for fiscal 2026.

Is Modelo publicly traded?

Modelo is not publicly traded as a separate entity. Its global owner, AB InBev, trades on the NYSE under ticker BUD and on Euronext Brussels, with full-year 2025 revenue of $59.3 billion. Its U.S. distributor and rights holder, Constellation Brands, trades on the NYSE under ticker STZ, with fiscal 2026 net sales of $9.14 billion. Investors seeking exposure to Modelo's U.S. performance must purchase shares in Constellation Brands, while exposure to Modelo's international performance requires investment in AB InBev.

When was Modelo founded?

Grupo Modelo was founded in 1925 in Mexico City by a group of Mexican businessmen who established Cerveceria Modelo as a modern brewery. The company's first beer, Modelo Especial, was introduced as a pilsner-style lager intended to be a premium Mexican beer. The name "Modelo" means "model" in Spanish, reflecting the founders' ambition to create a model brewery. AB InBev acquired Grupo Modelo in 2013 for approximately $20.1 billion, with U.S. rights divested to Constellation Brands.

Grupo Modelo was founded in 1925 in Mexico City by a group of Mexican businessmen who established Cerveceria Modelo. The company grew throughout the 20th century to become Mexico's largest brewer, with a portfolio that expanded to include Corona Extra, Pacifico, Victoria, and Negra Modelo alongside the flagship Modelo Especial. AB InBev acquired Grupo Modelo in 2013 for approximately $20.1 billion, bringing the brand under the ownership of the world's largest brewing company while divesting U.S. rights to Constellation Brands.

What is Modelo's market position?

Modelo Especial is the best-selling beer in the United States by dollar sales, according to Constellation Brands' fiscal 2026 annual report citing calendar 2025 data. The brand overtook Bud Light in June 2023 and has held the number-one position since then, though Michelob Ultra mounted a strong competitive challenge during 2025. Constellation's beer segment, led by Modelo, generated $8.32 billion in net sales for fiscal 2026 with an operating margin of 38%. The brand's product range includes Especial, Negra, Oro, and Chelada variants.

Has Modelo had any recalls or controversies?

Modelo has not been subject to major product safety recalls as of August 2026. However, the brand faced competitive challenges in 2025 when Michelob Ultra reportedly overtook it in weekly sales data, and political headwinds from U.S. immigration policy discussions affected consumer sentiment. Constellation Brands also faced criticism in April 2025 for pulling back on diversity, equity, and inclusion initiatives, which created potential brand association issues for its portfolio including Modelo.

What other brands does Constellation Brands own?

Constellation Brands owns a portfolio of beer, wine, and spirits brands. Its Mexican beer portfolio includes Modelo Especial, Corona Extra, Pacifico, and Victoria. Wine brands include The Prisoner Wine Company, Robert Mondavi Winery, Kim Crawford, and Schrader Cellars. Spirits brands include Casa Noble Tequila and High West Whiskey. The beer segment accounts for 91% of Constellation's total net sales. The full company profile is available at [Constellation Brands](/companies/constellation-brands).

Food & Beverage

Who Owns Modelo?

Modelo is owned by AB InBev (NYSE: BUD) globally, but in the United States it is exclusively produced, marketed, and distributed by Constellation Brands (NYSE: STZ). AB InBev acquired Grupo Modelo in 2013 for $20.1 billion, but the U.S. Department of Justice required divestiture of U.S. rights to Constellation Brands. Modelo Especial became America's best-selling beer by dollar sales in June 2023 and maintained that position through calendar 2025.

Parent Company

Constellation Brands, Inc.

Acquired

2013

Status

Publicly Traded

Headquarters

Mexico City, Mexico

Modelo Timeline

1925

Modelo

Founded by Grupo Modelo

Founded

2013

Acquired by Constellation Brands, Inc.

Constellation Brands, Inc. acquired Modelo

Acquired

mid rangemass marketGlobalOfficial Website

Who Owns Modelo?

Parent Company: Constellation Brands, Inc.
Ownership Type: Wholly owned
Acquisition Year: 2013
Company Type: Publicly Traded
Stock Ticker: NYSE: STZ

Brand	Parent Company	Ownership Type
Modelo	Constellation Brands, Inc.	Wholly owned

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Modelo on Amazon

History of Modelo

Founded: 1925
Founders: Grupo Modelo
Acquired by Constellation Brands, Inc.: 2013

Grupo Modelo was founded in 1925 in Mexico City by a group of Mexican businessmen who established Cerveceria Modelo as a modern brewery. The company's first beer, Modelo Especial, was introduced as a pilsner-style lager brewed to be a premium Mexican beer. The name "Modelo" means "model" in Spanish, reflecting the founders' ambition to create a model brewery producing the finest Mexican beer.

Grupo Modelo grew steadily throughout the 20th century, becoming Mexico's largest brewer. The company's portfolio expanded to include Corona Extra, Negra Modelo, Pacifico, and Victoria, among others. Modelo Especial, with its distinctive gold can and label, was positioned as a premium beer in the Mexican market.

Modelo's growth in the United States began gradually. The brand built a loyal following among Mexican-American communities and consumers who appreciated its smooth, slightly sweet flavor profile. Unlike Corona, which was marketed as a beach lifestyle brand, Modelo was positioned around themes of hard work, ambition, and the "fighting spirit." This positioning resonated strongly with Hispanic consumers and, increasingly, with a broader American audience.

The pivotal moment in Modelo's U.S. history came in 2023. Following the Bud Light marketing controversy in April 2023, Modelo Especial overtook Bud Light to become the best-selling beer in the United States by dollar sales in June 2023. This was a historic shift. Bud Light had held the top position for over two decades.

According to Constellation Brands' fiscal 2026 annual report (10-K), Modelo Especial maintained its position as the number-one beer brand in the U.S. by dollar sales as of calendar 2025. However, the brand faced increased competitive pressure during 2025. In September 2025, CNBC and other outlets reported that Michelob Ultra had overtaken Modelo Especial in weekly dollar sales data from Circana, though Constellation's own annual report maintains the full-year position. Constellation also withdrew its fiscal 2028 outlook citing a dynamic consumer environment and pressure on lower-income households.

Under Constellation Brands' stewardship, Modelo has expanded its U.S. product range. The lineup includes Modelo Especial (the flagship golden lager), Modelo Negra (a Munich-style dark lager), Modelo Oro (a light beer), and Modelo Chelada (a beer-and-tomato-juice blend). Constellation also introduced limited-time offerings such as Modelo Noche Especial. Each variant targets different consumer occasions and preferences.

About Constellation Brands, Inc.

Is Constellation Brands publicly traded?
Yes, Constellation Brands trades on the New York Stock Exchange under ticker STZ. The company has a dual-class share structure with Class A shares publicly traded and Class B super-voting shares held primarily by the Sands family. This structure gives the founding family effective control over major corporate decisions. Major institutional shareholders include Vanguard Group, BlackRock, and State Street.

Does Constellation Brands own Corona?
Constellation Brands holds the exclusive US import, marketing, and distribution rights for Corona, Modelo, Pacifico, and Victoria beer brands. These rights were acquired from Anheuser-Busch InBev in 2013 for approximately $5.3 billion as part of an antitrust-mandated divestiture. Outside the United States, these brands are owned by AB InBev through Grupo Modelo. Constellation does not own the brands globally, only the US rights.

What is the best-selling beer in the United States?
Modelo Especial, distributed in the United States by Constellation Brands, became the best-selling beer brand in the United States in 2023, surpassing Bud Light. This milestone reflected the growth of Mexican imported beers and the decline of Bud Light following the 2023 controversy. Corona Extra is the best-selling imported beer in the United States.

Who founded Constellation Brands?
Constellation Brands was founded in 1945 by Marvin Sands as the Canandaigua Wine Company in Canandaigua, New York. The company initially produced fortified wine. It went public in 1973 and grew through decades of acquisitions. The Sands family continues to maintain significant influence over the company through super-voting Class B shares.

What is Constellation Brands' annual revenue?
Constellation Brands generated approximately $9.77 billion in net sales for fiscal year 2026 (ended February 28, 2026). The beer segment accounts for approximately 80% of net sales, with the wine and spirits segment accounting for approximately 20%. Beer net sales grew 2.3% in FY2026, while wine and spirits net sales declined.

Who is the CEO of Constellation Brands?
Bill Newlands served as CEO of Constellation Brands from 2019 until his announced departure, with Ashwin Dodia named as his successor as part of a planned transition. Newlands oversaw the company's focus on its high-margin beer business and the exploration of strategic options for the wine and spirits portfolio. The leadership transition was announced in 2025.

Does Constellation Brands make wine?
Yes, Constellation Brands produces wine through its Wine and Spirits segment. The company owns Robert Mondavi, Kim Crawford, Meiomi, The Prisoner, and several other wine brands. However, the wine and spirits segment has experienced declining sales for several years, and the company has been evaluating strategic options for this portfolio, including the 2025 sale of SVEDKA vodka to Sazerac.

Founded: 1945
Headquarters: Victor, New York, USA
Company Type: Publicly Traded
Stock: NYSE: STZ
Revenue: $9.77B (FY2026)
Employees: ~9,500

Visit Constellation Brands, Inc. website

View full company profile for Constellation Brands, Inc.

Where Is Modelo Made / Based?

Headquarters: Mexico City, Mexico
Manufacturing / Operations: Mexico

Modelo Categories & Tags

Beer Alcohol Mexican Beer Lager Abinbev Mexican Brand

Modelo Sustainability & Ethics

Modelo's sustainability profile is tied to Constellation Brands' corporate environmental programs. The brand does not hold independent sustainability certifications such as B Corp or organic labels, as these are not standard for beer products. Constellation Brands reports on environmental performance at the corporate level.

Constellation Brands has committed to water stewardship in its brewing operations, which directly affects Modelo's production facilities in Mexico. The company focuses on responsible water usage in brewing processes and supports local water conservation efforts in communities where Modelo is produced. Constellation also participates in industry partnerships through organizations including the Beverage Industry Environmental Roundtable and the California Water Action Collaborative.

On climate action, Constellation Brands focuses on reducing carbon emissions across its operations and supply chain. The company reported delivering over $200 million in cost savings through supply chain efficiencies during fiscal 2026, which include energy efficiency improvements relevant to Modelo's brewing operations. However, no specific carbon reduction targets for the Modelo brand have been publicly disclosed.

Constellation Brands pulled back on diversity, equity, and inclusion initiatives in April 2025, a decision reported by Reuters that generated controversy and media attention. While this corporate decision affected Constellation's overall reputation rather than Modelo specifically, it created potential brand association issues for consumer perception.

No independent third-party certifications specific to Modelo's sustainability claims were identified as of August 2026.

Awards & Recognition

Modelo's recognition comes primarily from its market performance rather than traditional industry awards.

Modelo Especial achieved the historic milestone of becoming America's best-selling beer by dollar sales in June 2023, ending Bud Light's 22-year reign as the top-selling beer in the United States. According to Constellation Brands' fiscal 2026 annual report, Modelo Especial maintained its position as the number-one beer brand in the U.S. by dollar sales as of calendar 2025. Constellation remained the number-one dollar share gainer in the overall U.S. beer market during fiscal 2026.

Constellation Brands' investment of over $5 billion in Mexican brewing capacity has been recognized as one of the most significant capital investments in beer industry infrastructure. The company's beer business delivered an industry-leading operating margin of 38% during fiscal 2026.

No independent consumer publication awards or traditional industry product awards specific to Modelo were identified as of August 2026.

Modelo Recalls & Controversies

Modelo has not been subject to major product safety recalls. However, the brand has faced several market and political challenges that affected its competitive position.

In September 2025, CNBC and other outlets reported that Michelob Ultra had overtaken Modelo Especial as the best-selling beer in the United States in weekly Circana data. This shift reflected renewed competition from Anheuser-Busch brands and changing consumer preferences. However, Constellation Brands' own fiscal 2026 annual report states that Modelo Especial maintained its position as the number-one beer brand in the U.S. by dollar sales as of calendar 2025, suggesting the competitive dynamics remained fluid.

In 2025, Modelo faced market headwinds related to U.S. immigration policy discussions and political tensions between the U.S. and Mexico. El Pais reported in September 2025 that Trump administration immigration policies contributed to dethroning Modelo Especial as the most popular beer, affecting consumer sentiment among certain demographic groups.

In April 2025, Constellation Brands faced criticism when it pulled back on diversity, equity, and inclusion initiatives, as reported by Reuters. While this corporate decision affected Constellation's overall reputation rather than Modelo specifically, it created potential brand association issues.

During Modelo's period of explosive growth from 2023 to 2025, the brand faced supply chain challenges as demand exceeded production capacity. Constellation invested heavily in expanding Mexican brewing capacity to address these constraints, though temporary shortages occurred in some markets.

No Modelo-branded product safety recalls were identified as of August 2026.

Modelo Ownership: Pros & Cons

Advantages

+Number-one beer brand in the U.S. by dollar sales, with Constellation Brands' focused investment sustaining growth momentum
+Authentic Mexican brewing heritage and "fighting spirit" positioning resonate across Hispanic and non-Hispanic demographics
+Constellation Brands' $5 billion-plus capacity investment in Mexico ensures supply can meet continued demand growth
+Diverse product range including Especial, Negra, Oro, and Chelada captures multiple consumer occasions
+Perpetual U.S. rights held by Constellation Brands provide long-term revenue visibility independent of AB InBev's global strategy

Considerations

-Split ownership structure between AB InBev (global) and Constellation Brands (U.S.) creates brand management complexity in international markets
-All U.S. supply depends on Mexican brewing operations, creating vulnerability to trade policy changes between the U.S. and Mexico
-Maintaining growth momentum after rapid market share gains is structurally more difficult than the initial ascent
-Competition from Michelob Ultra, craft beer, hard seltzer, and ready-to-drink cocktails continues to fragment the overall beer market
-Consumer spending pressure from inflation and economic uncertainty has led to more deliberate purchasing behavior across beverage alcohol categories

Frequently Asked Questions About Modelo

Sources & Further Reading

Competitors to Modelo

These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.

Brand	Parent Company	Country	Founded	Market Position	Primary Market	Gender Target
Brahma	Ab Inbev	Brazil	1888	Mass market	Latin america	All Genders
Budweiser	Ab Inbev	United States	1876	Mass market	Global	All Genders
CoronaSister Brand	Ab Inbev	Mexico	1925	Mass market	United states	All Genders
Bud Light	Ab Inbev	United States	1982	Mass market	United states	All Genders
Guinness	Diageo	Ireland	1759	Premium	Global	All Genders
Heineken	Heineken	Netherlands	1873	Premium	Global	All Genders