Companies are talking about how Election Day will impact them, from slowing beer sales to people flying less

Bottles of Modelo, a beer brand of Constellation Brands Inc., sit on a supermarket shelf in Los Angeles

The US presidential election is just under three weeks away, and companies from Citigroup to Delta are flagging how it might affect their businesses.

CEOs and other business leaders have weighed in on Kamala Harris and Donald Trump, and the effects that each candidate would have on their companies if elected.

But they’re also pointing to the effects that Election Day, November 5, will likely have on their businesses — everything from drinkers buying less to companies issuing debt sooner.

Here are some of the election’s potential effects, as described by major companies on their recent quarterly earnings calls:

Drinkers could pull back on beer, Modelo’s maker said

Constellation Brands, which makes Corona and Modelo, often sees beer consumption slow down around contentious US elections, CEO William Newlands said during an earnings call on October 3.

“Whenever there is a scenario where you have a federal election that is close, you often have people pull back,” Newlands said. “You see it across the whole consumer sector, and that is consistent as well.”

Constellation expects beer sales to pick up again after the election is decided, he added.

Delta expects a hit to revenue as fewer people travel around Election Day

People will likely hold off on other kinds of spending around Election Day.

Delta Air Lines, for instance, expects a 1 percentage point hit to its revenue this quarter as people avoid traveling in the two weeks around Election Day, Glen Hauenstein, Delta’s president, said on Thursday.

That two-week period will be “way off-trend,” Hauenstein said on Delta’s earnings call.

“As we’ve seen historically, domestic travel demand is impacted in the weeks surrounding the election,” he said.

Delta saw something similar happen after the 2016 election, Hauenstein said at the time. “The election came, and almost instantly, almost to the week after the election day, it seemed like there was an incredible amount of pent-up demand in the system,” he said at an investor day event in December that year.

Companies are issuing debt ahead of Election Day, according to Citigroup

Investment banking fees rose 44% during Citigroup’s third quarter, CEO Jane Fraser said.

“That’s driven by investment-grade debt issuance as our clients pulled forward activity ahead of the US election,” Fraser said on an earnings call Tuesday.

Other major investment banks, such as Goldman Sachs and Bank of America, kept quiet on their own calls Tuesday about the effects of Election Day or any potential impacts from a win from either presidential candidate.

Differences between Harris and Trump on taxes, tariffs, and other issues could lead to very different outcomes for Wall Street depending on who wins the presidential election.