Fiscal 2026 Outlook Update - The company updated its fiscal year 2026 outlook, projecting organic net sales to decline by 6% to 4% for the enterprise and 4% to 2% for the beer business [11] - The company anticipates a reported operating income growth of 666% to 686%, but a comparable operating income decline of 11% to 9% [11] - Corporate expense is expected to be $225 million [11] - The company forecasts reported EPS of $10.77 to $11.07 and comparable EPS of $11.30 to $11.60 [11] - Operating cash flow is projected to be $2.5 billion to $2.6 billion, with free cash flow estimated at $1.3 billion to $1.4 billion [11] Market and Consumer Trends - Ongoing U S consumer demand headwinds are impacting the business, with employment in 4,000+ calorie jobs remaining pressured [12] - Consumer sentiment remains volatile and depressed [12, 13] - High-end beer buy rates are declining due to ongoing consumer headwinds [14, 15] - The company's beer brands have higher levels of exposure to the Hispanic consumer, who are showing elevated concern about personal finances and the socioeconomic environment [17, 18, 19, 20] - Hispanic consumer high-end beer buy rates are down more than the total consumer [21, 22] Business Execution - The company is gaining distribution, shelf space, and volume share across the country, with mid-single-digit percentage growth in points of distribution and approximately 30,000 Shopper First Shelf resets [24] - The company has achieved approximately $445 million in beer cost savings from fiscal year 2024 through Q1 fiscal year 2026 [25]