- Brown-Forman reported a **5%** decrease in net sales to **$1.0 billion** and a **14%** decrease in diluted earnings per share to **$0.47** for the second quarter of fiscal 2026, ended October 31, 2025.  **[14693_0000014693-25-000107_fy26_q2xerevergreen.htm:0]** 
- For the first half of fiscal 2026, net sales decreased **4%** to **$2.0 billion**, and diluted earnings per share decreased **13%** to **$0.83**.  **[14693_0000014693-25-000107_fy26_q2xerevergreen.htm:0]** 
- The Board of Directors authorized a **$400 million share repurchase program** and increased the quarterly cash dividend for the **42nd consecutive year** from **$0.2265 per share to $0.2310 per share**.  **[14693_0000014693-25-000107_fy26_q2xerevergreen.htm:0]** **[14693_0000014693-25-000107_fy26_q2xerevergreen.htm:2]** 
- The company reaffirmed its fiscal year guidance, expecting organic net sales and organic operating income to decline in the **low-single digit range**.  **[14693_0000014693-25-000107_fy26_q2xerevergreen.htm:0]** **[14693_0000014693-25-000107_fy26_q2xerevergreen.htm:5]**

Brown-Forman Reports First Half Fiscal 2026 Results

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- **Q1 Fiscal 2026** net sales of **$924 million** (down **3%**, up **1%** organically), operating income of **$260 million** (down **7%**, up **2%** organically), and diluted EPS of **$0.36** (down **13%**) **[14693_37b19c2e11b6474385c1eb5384b58af0_0]**
- Net sales decline was largely driven by the absence of a prior-year transition services agreement related to Sonoma-Cutrer, while gross margin expanded **40 basis points** to **59.8%** **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]**
- Operating income was impacted by unfavorable foreign exchange and a **$12 million** charge from a strategic restructuring initiative **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]**
- Reaffirmed full-year fiscal 2026 outlook, anticipating organic net sales and organic operating income to decline in the low-single digit range **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]**
- Declared a regular quarterly cash dividend of **$0.2265 per share**, payable **October 1, 2025** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]**

Brown-Forman Reports Q1 Fiscal 2026 Results and Reaffirms Full-Year Outlook

a8738ac4041e75208421d736d885a010a0755f35c760dae011bcd79d975b69d8

- Brown-Forman reported **Q1 Fiscal 2026** net sales of **$924 million**, a **3% decrease** (or **1% increase** on an organic basis), and diluted earnings per share of **$0.36**, a **13% decrease**.  **[14693_0000014693-25-000093_fy26_q1xerevergreen.htm:0]** 
- **Operating income decreased 7%** to **$260 million** (or **2% increase** on an organic basis), impacted by unfavorable foreign exchange and **$12 million** in charges from a strategic restructuring initiative.  **[14693_0000014693-25-000093_fy26_q1xerevergreen.htm:0]** **[14693_0000014693-25-000093_fy26_q1xerevergreen.htm:1]** 
- The company **reaffirmed its full-year fiscal 2026 outlook**, expecting organic net sales and organic operating income to decline in the **low-single digit range**.  **[14693_0000014693-25-000093_fy26_q1xerevergreen.htm:0]** **[14693_0000014693-25-000093_fy26_q1xerevergreen.htm:2]** 
- The Board of Directors declared a regular quarterly cash dividend of **$0.2265 per share**, payable on October 1, 2025.  **[14693_0000014693-25-000093_fy26_q1xerevergreen.htm:1]**

b995479c9329a7ed026fe1f04d51babfdf075e496b43cd74a4f487339b886be4

- Brown-Forman reported Q1 Fiscal 2026 net sales of **$924 million**, a **3%** decrease (or **+1%** on an organic basis), operating income of **$260 million**, a **7%** decrease (or **+2%** on an organic basis), and diluted earnings per share of **$0.36**, a **13%** decrease.  **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** 
- The company reaffirmed its full-year fiscal 2026 outlook, anticipating organic net sales and organic operating income to decline in the **low-single digit range**.  **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]** 
- The net sales decline was largely driven by the absence of a prior-year transition services agreement related to Sonoma-Cutrer, while gross margin expanded **40 basis points** to **59.8%**.  **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]**  Operating income was impacted by unfavorable foreign exchange and a **$12 million** charge from a strategic restructuring initiative.  **[14693_37b19c2e11b6474385c1eb5384b58af0_0]** **[14693_37b19c2e11b6474385c1eb5384b58af0_3]** 
- Brown-Forman declared a regular quarterly cash dividend of **$0.2265 per share**, payable on **October 1, 2025**.  **[14693_37b19c2e11b6474385c1eb5384b58af0_3]**

Brown-Forman Reports First Quarter Fiscal 2026 Results

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8b32564f7473814134f2c61a69f2c62587058f5c85a0761a318d0d5da11f335b

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{"other_active_positions": null, "past_roles": null}

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Brown-Forman Corporation (BF-A) is a global producer and marketer of premium alcoholic beverages, headquartered in Louisville, Kentucky. The company specializes in the production and distribution of spirits, including whiskey, tequila, and ready-to-drink (RTD) products, catering to consumers across the United States, developed international markets, and emerging markets. Its portfolio includes iconic brands such as Jack Daniel's, Woodford Reserve, and Herradura, emphasizing premiumization and innovation to meet evolving consumer preferences.  **[0000014693-25-000018_bfb-20250131.htm:9]** **[0000014693-25-000015_fy25_q3xerjanuary.htm:7]** **[0000014693-24-000170_fy25_q2xeroctober.htm:7]** 

1. **Whiskey** - Produces and markets a range of premium whiskey brands, including Jack Daniel's Tennessee Whiskey, Woodford Reserve, Old Forester, and Gentleman Jack.  **[0000014693-25-000018_bfb-20250131.htm:9]** **[0000014693-25-000015_fy25_q3xerjanuary.htm:7]** **[0000014693-24-000170_fy25_q2xeroctober.htm:7]** 
2. **Ready-to-Drink (RTD)** - Offers convenient, pre-mixed alcoholic beverages, including Jack Daniel's RTD/RTP products and New Mix.  **[0000014693-25-000018_bfb-20250131.htm:9]** **[0000014693-25-000015_fy25_q3xerjanuary.htm:7]** **[0000014693-24-000170_fy25_q2xeroctober.htm:7]** 
3. **Tequila** - Features premium tequila brands such as el Jimador and Herradura, catering to the growing demand for tequila-based spirits.  **[0000014693-25-000018_bfb-20250131.htm:9]** **[0000014693-25-000015_fy25_q3xerjanuary.htm:7]** **[0000014693-24-000170_fy25_q2xeroctober.htm:7]** 
4. **Non-branded and Bulk** - Includes sales of used barrels, contract bottling services, and non-branded bulk whiskey.  **[0000014693-25-000018_bfb-20250131.htm:9]** **[0000014693-25-000015_fy25_q3xerjanuary.htm:7]** **[0000014693-24-000170_fy25_q2xeroctober.htm:7]** 
5. **Rest of Portfolio** - Comprises various other brands, including Diplomático and Gin Mare, as well as divested brands like Finlandia Vodka and Sonoma-Cutrer.  **[0000014693-25-000018_bfb-20250131.htm:9]** **[0000014693-25-000015_fy25_q3xerjanuary.htm:7]** **[0000014693-24-000170_fy25_q2xeroctober.htm:7]**

8e67dc5e32d3a0e217e76636cb2a1bc6176d1dc98e229ff894c6f9a16564fa81

| Program Details          | Program 1          |
|--------------------------|--------------------|
| **Approval Date**        | October 2, 2023  **[0000014693-24-000016_bfb-20240131.htm:38]** **[0000014693-24-000016_bfb-20240131.htm:33]** **[0000014693-24-000086_bfb-20240430.htm:63]** **[0000014693-23-000165_bfb-20231031.htm:33]**  |
| **End Date/Duration**    | December 2023  **[0000014693-24-000016_bfb-20240131.htm:38]** **[0000014693-24-000016_bfb-20240131.htm:33]** **[0000014693-24-000086_bfb-20240430.htm:63]** **[0000014693-23-000165_bfb-20231031.htm:33]**  |
| **Total Additional Amount** | $400 million  **[0000014693-24-000016_bfb-20240131.htm:38]** **[0000014693-24-000016_bfb-20240131.htm:33]** **[0000014693-24-000086_bfb-20240430.htm:63]** **[0000014693-23-000165_bfb-20231031.htm:33]**  |
| **Remaining Authorization** | $0 (Program completed)  **[0000014693-24-000016_bfb-20240131.htm:38]** **[0000014693-24-000016_bfb-20240131.htm:33]** **[0000014693-24-000086_bfb-20240430.htm:63]** **[0000014693-23-000165_bfb-20231031.htm:33]**  |
| **Details**              | Intended to enhance shareholder value; repurchased Class A and Class B common stock  **[0000014693-24-000016_bfb-20240131.htm:38]** **[0000014693-24-000016_bfb-20240131.htm:33]** **[0000014693-24-000086_bfb-20240430.htm:63]** **[0000014693-23-000165_bfb-20231031.htm:33]**  |

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23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

BROWN FORMAN (BF-A)

Analyst Earnings Quarterly Reports

Executives

Lawson E. Whiting

Jeremy J. Shepherd

Leanne D. Cunningham

Michael E. Carr, Jr.

Timothy M. Nall

Board Members

Campbell P. Brown

Elizabeth A. Smith

Elizabeth M. Brown

Jan E. Singer

Mark A. Clouse

Marshall B. Farrer

Michael A. Todman

Michael J. Roney

Tracy L. Skeans

W. Austin Musselman, Jr.

Analyst Coverage

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