BF-B
Updated: 24/09/2026, 11:12:32
Brown-Forman Corporation, along with its subsidiaries, operates globally within the alcoholic beverage industry. The company is actively involved in the production, distillation, bottling, international trade (importing and exporting), marketing, and sale of a diverse portfolio of alcoholic products. Its extensive offerings encompass a wide variety of spirits, wines, and whiskey products, including specialty whiskey spirits and flavored whiskey liqueurs. The range also features convenient ready-to-drink and ready-to-pour options, pre-mixed cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and other liqueurs. These beverages are primarily marketed under prominent brands such as Jack Daniel's, Reserve, Old Forester, Coopers' Craft, Herradura, el Jimador, New Mix, Korbel Champagnes, Sonoma-Cutrer, Finlandia, GlenDronach, Benriach, Glenglassaugh, Chambord, Slane, and Fords Gin. Beyond beverage sales, Brown-Forman also engages in the sale of used barrels, bulk whiskey, and wine, in addition to offering contract bottling services. The company's distribution model involves reaching retail customers and end consumers through independent distributors or state governments, while directly supplying retailers, wholesalers, and provincial governments. With a history dating back to its founding in 1870, Brown-Forman Corporation is headquartered in Louisville, Kentucky, and conducts substantial operations across the United States, Germany, Australia, the United Kingdom, Mexico, and numerous other international markets.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
$3.9B
FY 2026 · Reported
Net income
$0.7B
FY 2026 · Reported
Gross margin
60.5%
FY 2026 · Calculated
Free cash flow
$0.9B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.4B
FY 2026 · Reported
| Product / service | Sales | Share of sales | YoY growth | By reported area |
|---|---|---|---|---|
WhiskeySource evidence“Whiskey1 $2,832 $2,828 $2,901 Ready-to-Drink2 520 491 542 Tequila3 306 262 251 Rest of portfolio4 433 292 201 Non-branded and bulk5 87 102 33 $4,178 $3,975 $3,928” | 2,901 | +73.9% | +2.6% | Not disclosed by product and area |
Ready-to-DrinkSource evidence“Whiskey1 $2,832 $2,828 $2,901 Ready-to-Drink2 520 491 542 Tequila3 306 262 251 Rest of portfolio4 433 292 201 Non-branded and bulk5 87 102 33 $4,178 $3,975 $3,928” | 542 | +13.8% | +10.4% | Not disclosed by product and area |
TequilaSource evidence“Whiskey1 $2,832 $2,828 $2,901 Ready-to-Drink2 520 491 542 Tequila3 306 262 251 Rest of portfolio4 433 292 201 Non-branded and bulk5 87 102 33 $4,178 $3,975 $3,928” | 251 | +6.4% | -4.2% | Not disclosed by product and area |
Rest of portfolioSource evidence“Whiskey1 $2,832 $2,828 $2,901 Ready-to-Drink2 520 491 542 Tequila3 306 262 251 Rest of portfolio4 433 292 201 Non-branded and bulk5 87 102 33 $4,178 $3,975 $3,928” | 201 | +5.1% | -31.2% | Not disclosed by product and area |
Non-branded and bulkSource evidence“Whiskey1 $2,832 $2,828 $2,901 Ready-to-Drink2 520 491 542 Tequila3 306 262 251 Rest of portfolio4 433 292 201 Non-branded and bulk5 87 102 33 $4,178 $3,975 $3,928” | 33 | +0.8% | -67.6% | Not disclosed by product and area |
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Brown-Forman manufactures, distills, bottles, imports, exports, markets, and sells beverage alcohol products; ~4,900 employees on six continents; largest American-owned premium-plus spirits company; Brown family owns >50% of voting stock
“We are a “controlled company” under New York Stock Exchange rules because the Brown family owns more than 50% of our voting stock.”
Seasonality - holiday buying
Approximately 28%, 29%, and 30% of reported net sales for fiscal 2024, 2025, and 2026 were in the fourth calendar quarter
“Approximately 28%, 29%, and 30% of our reported net sales for fiscal 2024, fiscal 2025, and fiscal 2026, respectively, were in the fourth calendar quarter.”
Route-to-consumer models
Sells in over 170 countries; owns 17 distribution companies in 18 countries; in the US sells to distributors or state governments; in Canada to provincial governments
“We own and operate distribution companies for Australia, Belgium and Luxembourg, Brazil, Czechia, France, Germany, Italy, Japan, Mexico, Poland, Slovakia, South Korea, Spain, Taiwan, Thailand, Türkiye, and the United Kingdom.”
Brand portfolio
Portfolio of more than 40 spirit and RTD cocktail brands led by Jack Daniel's, the #1 selling American whiskey in the world
“The most important and iconic brand in our portfolio is Jack Daniel’s Tennessee Whiskey, the #1 selling American whiskey in the world.”
Net sales by geography (FY2024-FY2026, $ millions)
FY2026: US $1,649M; Developed International $1,095M; Emerging $974M; Travel Retail $177M; Non-branded and bulk $33M; Total $3,928M
“United States $1,889 $1,765 $1,649 Developed International1 1,154 1,090 1,095 Emerging2 869 852 974 Travel Retail3 179 166 177 Non-branded and bulk4 87 102 33 $4,178 $3,975 $3,928”
Percentage of total reported net sales by geographic area (FY2024-FY2026)
FY2026: US 42%, Mexico 8%, Germany 6%, Australia 5%, UK 4%, Other 35% (FY2024 and FY2025 comparisons disclosed)
“The United States, our most important market, accounted for 42% of our net sales in fiscal 2026, and the other 58% were outside of the United States.”
Net sales by product category (FY2024-FY2026, $ millions)
FY2026: Whiskey $2,901M; Ready-to-Drink $542M; Tequila $251M; Rest of portfolio $201M; Non-branded and bulk $33M; Total $3,928M
“Whiskey1 $2,832 $2,828 $2,901 Ready-to-Drink2 520 491 542 Tequila3 306 262 251 Rest of portfolio4 433 292 201 Non-branded and bulk5 87 102 33 $4,178 $3,975 $3,928”
Workforce
~4,900 employees on six continents; ~1,900 in the US (~7% union-represented); 700 in Louisville, Kentucky
“We employ approximately 4,900 people (excluding individuals who work on a part-time or temporary basis) on six continents, including approximately 1,900 people in the United States (approximately 7% of whom are represented by a union)”
Named competitors
Competes with Bacardi, Becle, Campari, Diageo, LVMH, Pernod Ricard, Rémy Cointreau, Suntory Global Spirits, plus national and craft spirit brands in the US
“Our competitors include major global spirits companies, such as Bacardi Limited, Becle S.A.B. de C.V., Davide Campari-Milano N.V., Diageo PLC, LVMH Moët Hennessy Louis Vuitton SE, Pernod Ricard SA, Rémy Cointreau, and Suntory Global Spirits.”
Finlandia and Sonoma-Cutrer divestitures
Sold Finlandia vodka (November 1, 2023) and Sonoma-Cutrer wine businesses (April 30, 2024)
“Finlandia Vodka (which was divested on November 1, 2023), and Sonoma-Cutrer (which was divested on April 30, 2024).”
Korbel relationship ended
Ended sales, marketing, and distribution relationship with Korbel Champagne Cellars effective June 30, 2025
“During fiscal 2026, we ended our sales, marketing, and distribution relationship with Korbel Champagne Cellars (Korbel relationship), effective June 30, 2025.”
Industry structure
One of the largest global suppliers of premium spirits; top 10 spirits companies control over 20% of global volume
“According to IWSR, for calendar year 2025, the ten largest global spirits companies controlled over 20% of the total spirits volume sold around the world.”
Restructuring initiative
FY2025 restructuring: ~12% workforce reduction, closure of Brown-Forman Cooperage; $67M aggregate charges; cooperage sold May 1, 2025
“This included reducing our worldwide headcount by approximately 12% and closing our Louisville-based Brown-Forman Cooperage.”
Credit ratings and liquidity
Investment-grade ratings A2 (downgraded from A1 Nov 2025)/A-; $308M cash; $900M commercial paper program backed by undrawn $900M revolver to May 2029
“We believe our investment-grade credit ratings (A2 by Moody’s, which was downgraded from A1 in November 2025, and A- by Standard & Poor’s) provide us with financial flexibility”
Long-term debt structure
Total long-term debt $2,434M including €300M 1.20% notes due July 2026 ($351M current); debt payments of $351 (2027), $405 (2029), $1,700 after 2031
“Debt payments required over the next five fiscal years consist of $351 in 2027, $0 in 2028, $405 in 2029, $0 in 2030, $0 in 2031, and $1,700 after 2031.”
Fiscal 2027 outlook
FY2027 guidance: organic net sales approximately flat; organic operating income -3% to -5%; tax rate ~20-22%; capex $60-70M
“•Organic net sales to be approximately flat. •Organic operating income decline in the 3% to 5% range. •Our effective tax rate to be in the range of approximately 20% to 22%. •Capital expenditures planned to be in the range of $60 to $70 million.”
Operating income and margin fiscal 2026
FY2026 reported operating income $1.0B (-10%); operating margin 25.5% vs 27.9%; organic operating income -2%
“Reported operating income was $1.0 billion in fiscal 2026, a decrease of $106 million, or 10%, compared to fiscal 2025. Operating margin decreased 2.4 percentage points to 25.5% in fiscal 2026 from 27.9% in fiscal 2025”
Substitution drawback claims
Recognized $18M net benefit in fiscal 2026 from collection of substitution drawback claims filed with the U.S. Government (FY2016-FY2019)
“During fiscal 2026, we recognized a net benefit of $18 million related to the collection of substitution drawback claims filed with the U.S. Government between fiscal 2016 and fiscal 2019.”
Cash flow summary fiscal 2025 vs 2026 ($ millions)
FY2026: operating cash flow $1,000M (+$402M); capex $107M; buybacks $400M; dividends $427M; financing outflow $1,074M
“Cash provided by operating activities of $1,000 million during fiscal 2026 increased $402 million from fiscal 2025.”
Earnings and tax fiscal 2026
FY2026 diluted EPS $1.53 (-17%); effective tax rate 19.3%
“Diluted earnings per share were $1.53 in fiscal 2026, a decrease of 17% compared to fiscal 2025, driven by lower operating income and the absence of the gain on the sale of our investment in Duckhorn.”
Common share repurchases
Acquired 14,054 thousand treasury shares in FY2026; total shares outstanding 458,703 thousand at April 30, 2026
“Acquisition of treasury stock(705)(13,349)(14,054)”
Operating expenses fiscal 2026
FY2026 operating expenses $1.4B (+12%); advertising -4%; SG&A +9% including costs of contemplated business transaction discussions
“SG&A expenses increased 9% in fiscal 2026, driven by costs associated with the contemplated business transaction discussions, higher compensation-and-benefit-related expenses, and the negative effect of foreign exchange.”
Gin Mare acquisition and contingent consideration
Gin Mare acquired fiscal 2023; $15M favorable contingent consideration adjustment in FY2026; $45M Gin Mare brand name impairment in FY2026 (after $47M in FY2025)
“During fiscal 2026, we recognized non-cash impairment charges of $45 million and $87 million for the Gin Mare and Diplomático brand names, respectively.”
Excise tax increases in fiscal 2026
Fiscal 2026 excise tax increases in Canada, Czechia, France, Türkiye, and the UK; Australia continued annual CPI-based excise increases
“In fiscal 2026, we saw excise tax increases in several markets, including Canada, Czechia, France, Türkiye, and the United Kingdom.”
Alcohol labeling regulation - Ireland
Ireland's Public Health (Alcohol) (Labelling) regulation mandates health warnings on alcohol packaging sold in Ireland
“Ireland’s Public Health (Alcohol) (Labelling) regulation sets unique health labeling requirements for alcohol being sold in the Irish market.”
OECD Pillar Two global minimum tax
OECD Pillar Two 15% global minimum tax regime; January 2026 side-by-side framework introduces safe harbors for US-headquartered companies
“The package modifies key aspects of Pillar Two, introducing safe harbors and largely exempting U.S.-headquartered companies from the application of certain aspects of the global minimum tax regime”
Consumer preference shifts
Risk of consumer shifts away from spirits including due to GLP-1 drugs, health trends, cannabis legalization, and declining social acceptability of alcohol
“weight loss regimens and pharmaceuticals, including GLP-1 drugs”
Counterfeiting and IP protection
Counterfeiting and trademark infringement risks; combats via AACS and React memberships
“We combat counterfeiting by working with other companies in the spirits industry through our membership in the Alliance Against Counterfeit Spirits (AACS) and with brand owners in other industries via our membership in React, an anti-counterfeiting network organization.”
Tariffs and trade policy
Exposure to US and foreign tariffs and retaliatory trade measures; Canadian provinces removed American whiskey from shelves in March 2025; margin risk if tariff costs are absorbed
“in March 2025, several Canadian provinces removed all American beverage alcohol from store shelves, including Jack Daniel’s, in response to the United States announcing a 25% tariff on goods imported from Canada.”
Dependence on Jack Daniel's family of brands
Substantial dependence on continued growth of the Jack Daniel's family of brands
“Given the importance of Jack Daniel’s to our overall success, a significant or sustained decline in sales of our Jack Daniel’s products, as a result of negative publicity or otherwise, would have a negative effect on our financial results.”
Retailer consolidation and buying power
Growing buying power of large retail customers and industry consolidation create a more challenging competitive landscape
“they often seek lower pricing and increased purchase volume flexibility, offer competing private label products, and represent a large number of other competing products.”
Jack Daniel's family is the primary driver of revenue; the company's business performance depends substantially on the brand's continued health.
“Our business performance depends substantially on the continued health of the Jack Daniel’s family of brands.”
The United States is the most important market, accounting for 42% of net sales in fiscal 2026 (down from 45% in fiscal 2024).
“The United States, our most important market, accounted for 42% of our net sales in fiscal 2026”
Whiskey generated $2,901 million of net sales in fiscal 2026, the largest product category (up from $2,828M in fiscal 2025).
“Whiskey1 $2,832 $2,828 $2,901”
New and retaliatory tariffs raise product costs; if absorbed, higher cost of goods sold and lower gross profit and margins; Canadian provinces removed American whiskey from shelves in March 2025.
“to the extent we absorb the costs of tariffs and do not pass them through to our customers, higher cost of goods sold and lower gross profit and margins”
U.S. tariff actions prompted retaliatory tariffs; certain U.S. tariffs were struck down by the Supreme Court in February 2026, followed by additional new tariffs; tariff rate remains historically high.
“While certain U.S. tariffs were struck down by the U.S. Supreme Court in February 2026, the United States subsequently announced additional new tariffs on nonexempt imports, and the U.S. tariff rate remains at a historically high level.”
Management anticipates a challenging fiscal 2027 operating environment as macroeconomic pressures and geopolitical instability negatively impact consumer behavior and beverage alcohol consumption, particularly in developed markets.
“We anticipate the operating environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption, particularly within developed markets.”
Excise tax increases in fiscal 2026 in Canada, Czechia, France, Türkiye, and the UK, plus annual CPI-based increases in Australia, raise product costs or reduce affordability.
“In fiscal 2026, we saw excise tax increases in several markets, including Canada, Czechia, France, Türkiye, and the United Kingdom.”
Fluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar, are a disclosed risk; 58% of fiscal 2026 net sales were outside the United States.
“Fluctuations in foreign currency exchange rates, particularly due to a stronger U.S. dollar”
Large retail customers seek lower pricing and volume flexibility, offer competing private label products, and their increasing buying power could negatively affect financial results.
“If the buying power of these large retail customers continues to increase, it could negatively affect our financial results.”
Mexico accounted for 8% of total reported net sales in fiscal 2026, up from 7% in the two prior years.
“Mexico7 %7 %8 %”
Germany accounted for 6% of total reported net sales in each of the last three fiscal years and is a top developed international market.
“Our top developed international markets are Germany, Australia, the United Kingdom, France, and Spain.”
Pillar Two establishes a 15% global minimum tax; evolving rules including the January 2026 side-by-side framework create tax uncertainty that could adversely impact financial results.
“The ultimate enactment and interpretation of these evolving rules could adversely impact our financial results, cash flows, and results of operations in the future.”
Tequila net sales declined to $251 million in fiscal 2026 from $306 million in fiscal 2024.
“Tequila3 306 262 251”
Management expects fiscal 2027 benefit from continued new product innovation such as the expansion of Jack Daniel's Tennessee Blackberry.
“continued new product innovation, such as the expansion of Jack Daniel's Tennessee Blackberry”
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