NYSE: BF-B
BROWN FORMAN CORPCIK 0000014693 · SIC 2080 · Beverages
Brown-Forman Corporation (the “Company,” “Brown-Forman,” “we,” “us,” or “our” below) was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. We primarily… About this business →
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Latest financial statements
From 10-Q filed Sep 2, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in millions, except per share amounts)
| Description | Three months ended July 31, 2025 | Three months ended July 31, 2026 |
|---|---|---|
| Sales | 1,191 | 1,181 |
| Excise taxes | 267 | 270 |
| Net sales | 924 | 911 |
| Cost of sales | 372 | 362 |
| Gross profit | 552 | 549 |
| Advertising expenses | 120 | 114 |
| Selling, general, and administrative expenses | 177 | 185 |
| Restructuring and other charges | 12 | — |
| Other expense (income), net | (17) | (2) |
| Operating income | 260 | 252 |
| Non-operating postretirement expense | 19 | 1 |
| Interest income | (4) | (3) |
| Interest expense | 25 | 25 |
| Income before income taxes | 220 | 229 |
| Income taxes | 50 | 53 |
| Net income | 170 | 176 |
| Earnings per share: | ||
| Basic | 0.36 | 0.38 |
| Diluted | 0.36 | 0.38 |
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in millions, except per share amounts)
| Description | April 30, 2026 | July 31, 2026 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 308 | 301 |
| Accounts receivable, less allowance for doubtful accounts of $6 at April 30 and $8 at July 31 | 832 | 822 |
| Inventories: | ||
| Barreled whiskey | 1,562 | 1,539 |
| Finished goods | 482 | 516 |
| Work in process | 414 | 424 |
| Raw materials and supplies | 85 | 95 |
| Total inventories | 2,543 | 2,574 |
| Other current assets | 308 | 261 |
| Total current assets | 3,991 | 3,958 |
| Property, plant and equipment, net | 1,116 | 1,100 |
| Goodwill | 1,522 | 1,513 |
| Other intangible assets | 943 | 936 |
| Deferred tax assets | 35 | 35 |
| Other assets | 287 | 283 |
| Total assets | 7,894 | 7,825 |
| Liabilities | ||
| Accounts payable and accrued expenses | 795 | 700 |
| Dividends payable | — | 106 |
| Accrued income taxes | 18 | 49 |
| Short-term borrowings | 68 | 358 |
| Current portion of long-term debt | 351 | — |
| Total current liabilities | 1,232 | 1,213 |
| Long-term debt | 2,083 | 2,083 |
| Deferred tax liabilities | 207 | 200 |
| Accrued pension and other postretirement benefits | 172 | 171 |
| Other liabilities | 180 | 189 |
| Total liabilities | 3,874 | 3,856 |
| Commitments and contingencies | ||
| Stockholders’ Equity | ||
| Common stock: | ||
| Class A, voting, $0.15 par value (170,000,000 shares authorized; 170,000,000 shares issued) | 25 | 25 |
| Class B, nonvoting, $0.15 par value (400,000,000 shares authorized; 314,532,000 shares issued) | 47 | 47 |
| Additional paid-in capital | 62 | 57 |
| Retained earnings | 4,998 | 4,962 |
| Accumulated other comprehensive income (loss), net of tax | (108) | (124) |
| Treasury stock, at cost (25,828,000 and 25,668,000 shares at April 30 and July 31, respectively) | (1,004) | (998) |
| Total stockholders’ equity | 4,020 | 3,969 |
| Total liabilities and stockholders’ equity | 7,894 | 7,825 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)
| Description | Three months ended July 31, 2025 | Three months ended July 31, 2026 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 170 | 176 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation and amortization | 22 | 23 |
| Stock-based compensation expense | 4 | 4 |
| Deferred income tax benefit | (8) | (9) |
| Change in fair value of contingent consideration | — | 4 |
| Other, net | 3 | 3 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (13) | 7 |
| Inventories | (61) | (39) |
| Other current assets | 15 | 42 |
| Accounts payable and accrued expenses | (46) | (82) |
| Accrued income taxes | 51 | 31 |
| Other operating assets and liabilities | 23 | 13 |
| Cash provided by operating activities | 160 | 173 |
| Cash flows from investing activities: | ||
| Additions to property, plant, and equipment | (31) | (12) |
| Proceeds from sale of cooperage assets | 33 | — |
| Other, net | — | (1) |
| Cash provided by (used for) investing activities | 2 | (13) |
| Cash flows from financing activities: | ||
| Net change in short term borrowings | (30) | 289 |
| Repayment of long-term debt | — | (343) |
| Payments of withholding taxes related to stock-based awards | (1) | (3) |
| Dividends paid | (107) | (106) |
| Other, net | — | (1) |
| Cash used for financing activities | (138) | (164) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 3 | (3) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 27 | (7) |
| Cash, cash equivalents, and restricted cash at beginning of period | 463 | 327 |
| Cash, cash equivalents, and restricted cash at end of period | 490 | 320 |
| Less: Restricted cash (included in other current assets) at end of period | (19) | (19) |
| Cash and cash equivalents at end of period | 471 | 301 |
| Supplemental information: | ||
| Non-cash additions to property, plant and equipment | 2 | 4 |
| Right-of-use assets obtained in exchange for new lease obligations | 14 | 5 |
Amounts as printed on the EDGAR/iXBRL face — (Dollars in millions, except per share amounts); (Dollars in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About BROWN FORMAN CORP
Source: Item 1 (Business) from the 10-K filed June 12, 2026. Description as filed by the company with the SEC.
Item 1. Business
Overview
Brown-Forman Corporation (the “Company,” “Brown-Forman,” “we,” “us,” or “our” below) was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands. 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) and 700 people in Louisville, Kentucky, USA, home of our world headquarters. According to International Wine & Spirit Research (IWSR), we are the largest American-owned premium-plus spirits company. We are a “controlled company” under New York Stock Exchange rules because the Brown family owns more than 50% of our voting stock.
For a discussion of recent developments, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary.”
Brands
Beginning in 1870 with Old Forester Kentucky Straight Bourbon Whisky – our founding brand – and spanning the generations since, we have built a portfolio of more than 40 spirit and ready-to-drink (RTD) cocktail brands that includes some of the best-known and most loved trademarks in our industry. The most important and iconic brand in our portfolio is Jack Daniel’s Tennessee Whiskey, the #1 selling American whiskey in the world.1 Within the Jack Daniel’s portfolio, Jack Daniel’s 14-Year-Old Tennessee Whiskey took home honors for World’s Best Tennessee Whiskey and Jack Daniel’s Bonded won the award for Best Tennessee Whiskey (No Age Statement) at the 2026 World Whiskies Awards. Our premium bourbon, Old Forester, was recognized by the San Francisco Spirits Competition in 2026, where both Old Forester 1870 Original Batch and Old Forester 1897 Bottled in Bond won Double Gold (the highest honor).
Read full description ↓
1IWSR 2025 Data.
4
Principal Brands
Jack Daniel’s Tennessee Whiskey el Jimador New Mix RTD
Jack Daniel’s RTD1
el Jimador Tequilas4
Jack Daniel’s Tennessee Honey
Herradura Tequilas5
Gentleman Jack Rare Tennessee Whiskey Old Forester Kentucky Straight Bourbon Whisky
Jack Daniel’s Tennessee Apple Old Forester Whiskey Row Series
Jack Daniel’s Tennessee Blackberry
Old Forester Single Barrel Straight Bourbon Whisky
Jack Daniel’s Tennessee Fire
Diplomático Rums5
Jack Daniel’s Single Barrel Collection2
Gin Mare5
Jack Daniel’s Bonded Series3
Chambord Liqueur
Jack Daniel’s Sinatra Select
The Glendronach Single Malt Scotch Whiskies5
Jack Daniel’s 10-Year-Old Tennessee Whiskey
Benriach Single Malt Scotch Whiskies5
Jack Daniel’s American Single Malt
Glenglassaugh Single Malt Scotch Whiskies5
Jack Daniel’s 14-Year-Old Tennessee Whiskey Fords Gin
Jack Daniel’s 12-Year-Old Tennessee Whiskey King of Kentucky Straight Bourbon Whiskey
Woodford Reserve Kentucky Bourbon Slane Irish Whiskey
Woodford Reserve Double Oaked
Woodford Reserve Kentucky Rye Whiskey
Woodford Reserve Double Double Oaked
1Jack Daniel’s RTD includes Jack Daniel’s & Coca-Cola RTD, Jack Daniel’s & Cola, Jack Daniel’s Double Jack, Jack Daniel’s Country Cocktails, and other malt- and spirit-based Jack Daniel’s RTDs.
2The Jack Daniel’s Single Barrel Collection includes Jack Daniel’s Single Barrel Select, Jack Daniel’s Single Barrel Heritage Barrel, Jack Daniel’s Single Barrel Barrel Proof, Jack Daniel’s Single Barrel - Barrel Proof Rye, Jack Daniel’s Single Barrel Rye, and other Jack Daniel’s Single Barrel special-release expressions.
3The Jack Daniel’s Bonded Series includes Jack Daniel’s Bonded Tennessee Whiskey, Jack Daniel’s Bonded Tennessee Rye, and Jack Daniel’s Triple Mash Blended Straight Whiskey.
4el Jimador Tequilas comprise all full-strength expressions of el Jimador.
5Comprises all expressions of this brand.
See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Fiscal 2026 Brand Highlights” for brand performance details.
Our vision in marketing is to be the best brand builders in the industry. We build our portfolio by investing in platforms that keep us deeply connected to our consumers and help us relentlessly forge the world's most authentic, admired, and enduring spirits brands. These platforms cover a wide spectrum of activities, including media advertising (TV, radio, print, outdoor, digital, and social), consumer and trade promotions, sponsorships, and visitors’ center programs at our distilleries. We aim to grow our sales and profits by consistently delivering responsible marketing programs that are bold in creativity, driving brand recognition, brand trial, brand loyalty, and, ultimately, consumer demand around the world.
5
Markets
We sell our products in over 170 countries. 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. The table below shows the percentage of total reported net sales for our top markets in our three most recent fiscal years:
Percentage of Total Reported Net Sales by Geographic Area
Year ended April 30,
2024 2025 2026
United States 45 % 44 % 42 %
Mexico 7 % 7 % 8 %
Germany 6 % 6 % 6 %
Australia 5 % 5 % 5 %
United Kingdom 4 % 4 % 4 %
Other 32 % 33 % 35 %
TOTAL 100 % 100 % 100 %
Note: Totals may differ due to rounding
For details about net sales in our top markets, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Fiscal 2026 Market Highlights.” For details about our reportable segment and for additional geographic information about net sales and long-lived assets, see Note 19 to the Consolidated Financial Statements in “Item 8. Financial Statements and Supplementary Data.” For details on risks related to our global operations, see “