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Brown–Forman (BF.B) stock

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NYSE: BF.B NYSE Distillers & Vintners Next results ~December 3, 2026

B Fundamentals grade

Brown-Forman manufactures, distills, bottles, imports, exports, markets and sells beverage alcohol under recognised brands. Its portfolio spans more than 40 spirit and ready-to-drink (RTD) cocktail brands, including Jack Daniel's Tennessee Whiskey, Gentleman Jack, Woodford Reserve and Old Forester bourbons, el Jimador and Herradura tequilas, Diplomático rums, Gin Mare, Fords Gin, Chambord liqueur, Slane Irish Whiskey, and single malt Scotch whiskies such as The Glendronach and Benriach.

The company earns money by selling these products to retail and trade customers worldwide, and builds demand through media advertising, consumer and trade promotions, sponsorships and visitors' centre programmes at its distilleries. It reports through a single reportable segment.

Brown-Forman sells in over 170 countries, with the United States described as its most important market. It employs approximately 4,900 people across six continents, including about 1,900 in the United States and 700 in Louisville, Kentucky, where it is headquartered. Founded in 1870 and incorporated in Delaware in 1933, it is, per IWSR, the largest American-owned premium-plus spirits company, and is a "controlled company" because the Brown family holds more than 50% of voting stock.

Based on Brown–Forman's 10-K filed June 12, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$20

Cash-flow model

Base case. Range ~$14–$28 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 34% below it.

Price used: $30.00, November 2, 2026

Brown–Forman valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades

Value diary

Our note on each quarter Brown–Forman files

Where Brown–Forman stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $3.92bn, down 0.8% on a year earlier, about the same pace as a quarter earlier. That puts it 849 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 23.6% from 14.8% a year earlier. Operating margin narrowed to 25.4% from 27.5%. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $17.77 a share, against a share price of $28.19. At that price, our model says the market is pricing in about 8.8% a year of cash-flow growth for five years, faster than the -0.1% a year revenue growth it has delivered.

Source: 10-Q filed September 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 3, 2026 (estimated)

Brown–Forman's trailing-twelve-month revenue fell 0.8% year on year, with a free-cash-flow margin of 23.6%. Where it stands out: operating margin of 25.4% ranks 9 of 150 consumer staples companies we cover. Where it lags: days sales outstanding of 77 days ranks 99 of 110 consumer staples companies we cover.

Our discounted-cash-flow model values the business at ~$20 per share in the base case (~$14–$28 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 58.4% while net income fell 14.6%: a 73pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 25.4% of revenue is left as operating profit, against a median of 3.7% for consumer staples companies we cover.
  • Strong cash generation. 23.6% of revenue turned into free cash flow, against a median of 3.9% for consumer staples companies we cover.
  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $30.00 is 34% above our value per share of $20.
  • Revenue shrinking. Revenue fell 0.8% over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 77 days ranks 99 of 110 consumer staples companies we cover (median 34 days).
  • Heavily shorted. 11.0% of the shares available to trade are sold short (11.9 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q1

Filed September 2, 2026
Earnings per share
$0.38 against an average estimate of $0.37: beat by 3.1%
Revenue
$911m, down 1.4% on a year earlier
Share reaction
+5.3% in the first session after the results on September 2, 2026, against +1.5% for the S&P 500
Guidance given
organic operating income growth 3% to 5% (fiscal 2027); effective tax rate 20% to 22% (fiscal 2027)
Next report
December 3, 2026; average EPS estimate $0.46

Brown–Forman's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week+3.6%
  • 1 month+14.7%
  • This year+18.2%
  • 1 year+14.0%
  • 5 years-52.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.9B
Operating margin
25.4%
Net margin
18.4%
EPS (TTM, diluted)
$1.56

Growth

Revenue growth
−0.8%
Change in growth rate
+0.3 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$925M
FCF margin
23.6%
Stock pay % of revenue
0.8%

Earnings

Last results
September 2, 2026
Next results (est.)
December 2, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Announcement
  4. Results
  5. Guidance
  6. Announcement
  7. Announcement
  8. Shareholder vote
  9. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Brown–Forman valuation models and calculator

What the price is pricing in

The share price implies about 7.5% a year of cash-flow growth for five years.That is faster than the -0.1% a year revenue growth Brown–Forman has delivered.

  • Priced in7.5%
  • Last 12 months-0.8%
  • 3 years a year-2.8%
  • 5 years a year-0.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($29.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$20
Price used
$29.15close November 3, 2026
Implied change
▼ 32%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Brown–Forman's free cash flow after stock-based pay with after-tax interest added back ($689M, FY2027 Q1 TTM), growing 1.3% and 1.9% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$28 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Brown–Forman's free cash flow after stock-based pay ( $689M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Brown–Forman as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.35 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$20 ~$14–$28 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$40 ~$30–$58 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$49 ~$39–$65 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$32 ~$20–$49 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Brown–Forman with Consumer Staples sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +66%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$24$35$48$66$89
8.5% $12$17$25$34$47$63
10% $9$13$19$26$36$48

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$31.53$31.43$48.03$46.26$54.61$67.63$61.23$59.77$44.56$33.14$25.33$30.00
Market value$16.1bn$15.3bn$23.3bn$22.3bn$26.2bn$32.5bn$29.4bn$28.7bn$21.3bn$15.7bn$11.8bn$13.9bn
+ Net debt (− = net cash)$1.2bn$2.0bn$2.3bn$2.1bn$1.9bn$1.4bn$1.4bn$2.5bn$2.7bn$2.3bn$2.2bn$2.1bn
Enterprise value$17.3bn$17.3bn$25.6bn$24.4bn$28.2bn$33.9bn$30.8bn$31.3bn$23.9bn$18.0bn$14.0bn$16.0bn
Multiples
Price / sales 4.0x5.1x7.2x6.7x7.8x9.4x7.5x6.8x5.1x3.9x3.0x3.6x
Price / earnings 15.1x22.9x32.4x26.7x31.7x36.0x35.1x36.7x20.8x18.0x16.5x19.3x
Price / free cash flow 38.7x28.2x44.2x32.7x42.9x43.1x36.9x62.8x50.8x36.4x13.2x15.0x
EV / EBITDA 10.9x16.2x23.0x20.1x24.2x27.3x24.0x25.9x15.9x15.0x12.8x14.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

95 /100

Strong moat

How hard Brown–Forman's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 12.9% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 60.8%, moving by 4.0 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 31.8%; its worst year was 25.4%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.4% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.6% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 3, 2026, before the open. Analysts expect revenue of $1.0bn and EPS of $0.46 (range $0.44 to $0.48) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.69 +11% $3.9bn +0%
Next $1.71 +1% $4.0bn +2%

Next year's EPS estimate has moved +0.7% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 6 analysts raised Brown–Forman's forecast and 5 cut it.

Consensus EPS forecast Brown–Forman, last 90 days
$1.67 $1.68 $1.69 $1.70 $1.71 $1.72 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.68 Current fiscal year, 60 days ago: $1.68 Current fiscal year, 30 days ago: $1.69 Current fiscal year, 7 days ago: $1.69 Current fiscal year, Now: $1.69 $1.69 Next fiscal year, 90 days ago: $1.70 Next fiscal year, 60 days ago: $1.70 Next fiscal year, 30 days ago: $1.71 Next fiscal year, 7 days ago: $1.71 Next fiscal year, Now: $1.71 $1.71

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.68$1.70
60 days ago $1.68$1.70
30 days ago $1.69$1.71
7 days ago $1.69$1.71
Now $1.69$1.71

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.37 $0.38 +3.1%
Apr 2026 $0.32 $0.12 −62.6%
Jan 2026 $0.47 $0.58 +24.7%
Oct 2025 $0.48 $0.47 −1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 2, 2026
  • Organic operating income fiscal 2027 3% growth to 5% growth Non-GAAP Maintained
    “Organic operating income to decline in the 3% to 5% range.” source
  • effective tax rate fiscal 2027 20% to 22% Maintained
    “Our effective tax rate to be in the range of approximately 20% to 22%.” source
  • Capital expenditures fiscal 2027 $60m to $70m Maintained
    “Capital expenditures planned to be in the range of $60 to $70 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Brown–Forman's revenue by +1.3% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.0%, weight 69%) and the company's own record (+2.0%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy211%
Hold1267%
Sell422%

Monthly trend

  1. Oct 2026122218
  2. Sep 2026122218
  3. Aug 2026132219
  4. Jul 2026132219

Counts of recommendations published by analysts covering Brown–Forman, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.0%
of tradable shares
Days to cover
11.88
at average volume
Short interest, 1 month
+12%
to September 30, 2026
Held by institutions
71%
of shares
Held by insiders
2.8%
of shares
Employees
4,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.0%

$26.32 on October 31, 2025 to $30.00

ThenNowEffect
Revenue (last 12 months) $3.9bn $3.9bn −0.8%
Net margin 21.4% 18.4% −13.9%
P/E multiple 14.7x 19.3x +30.7%
Share count 473m 463m +2.1%

Biggest factor: p/e multiple.

Last 3 years −45.5%

$55.03 on November 3, 2023 to $30.00

ThenNowEffect
Revenue (last 12 months) $4.3bn $3.9bn −8.1%
Net margin 18.0% 18.4% +2.5%
P/E multiple 34.6x 19.3x −44.2%
Share count 480m 463m +3.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BF.B−6%−9%−12%−32%−29%+18%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BF.B42%50%42%33%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BF.B−17%−18%−25%−37%−32%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from November 24, 2020 to March 20, 2026. Getting back needed a 222% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$22.41 – $30.18
From 52-week high
−0.6%
vs 50-day average
+10.5%
vs 200-day average
+12.3%
Volatility (1 year)
39%
Beta vs S&P 500
-0.15

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.7%
After a week
6 up, 6 down
typical move ±7.2%
After a month
4 up, 8 down
typical move ±8.3%
Results releasedNext dayS&P 500 next day5 days21 days
September 2, 2026 +5.3% +1.5% +1.7% +0.1%
June 4, 2026 +5.7% −2.2% +8.7% +5.6%
March 4, 2026 −7.1% +0.1% −13.1% −4.0%
December 4, 2025 +1.8% +0.3% +3.4% −12.6%
August 28, 2025 −1.7% −0.2% −4.3% −10.4%
June 5, 2025 −15.3% +0.5% −17.1% −13.5%
March 5, 2025 +9.5% −0.7% +5.3% +1.3%
December 5, 2024 +8.9% 0.0% +10.2% −11.2%
August 29, 2024 +1.7% +1.0% +1.1% +10.2%
June 5, 2024 −4.0% +1.2% −5.7% −7.6%
March 6, 2024 −9.8% +1.5% −10.3% −15.8%
December 6, 2023 −9.5% +0.4% −5.2% −7.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Brown–Forman’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Brown–Forman in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Brown–Forman
$3.8B $3.9B $4B $4.1B $4.2B $4.3B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $4.3B Revenue (TTM), FY24 Q3: $4.3B Revenue (TTM), FY24 Q4: $4.2B Revenue (TTM), FY25 Q1: $4.1B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $4B Revenue (TTM), FY25 Q4: $4B Revenue (TTM), FY26 Q1: $3.9B Revenue (TTM), FY26 Q2: $3.9B Revenue (TTM), FY26 Q3: $3.9B Revenue (TTM), FY26 Q4: $3.9B Revenue (TTM), FY27 Q1: $3.9B $3.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $4.3B
FY24 Q3 $4.3B
FY24 Q4 $4.2B
FY25 Q1 $4.1B
FY25 Q2 $4.1B
FY25 Q3 $4B
FY25 Q4 $4B
FY26 Q1 $3.9B
FY26 Q2 $3.9B
FY26 Q3 $3.9B
FY26 Q4 $3.9B
FY27 Q1 $3.9B
Revenue growth, TTM YoY Brown–Forman
-10% -5% 0% 5% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 3.3% Revenue growth, TTM YoY, FY24 Q3: 2.0% Revenue growth, TTM YoY, FY24 Q4: -1.2% Revenue growth, TTM YoY, FY25 Q1: -3.9% Revenue growth, TTM YoY, FY25 Q2: -4.5% Revenue growth, TTM YoY, FY25 Q3: -5.0% Revenue growth, TTM YoY, FY25 Q4: -4.9% Revenue growth, TTM YoY, FY26 Q1: -3.5% Revenue growth, TTM YoY, FY26 Q2: -4.7% Revenue growth, TTM YoY, FY26 Q3: -3.3% Revenue growth, TTM YoY, FY26 Q4: -1.2% Revenue growth, TTM YoY, FY27 Q1: -0.8% -0.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 3.3%
FY24 Q3 2.0%
FY24 Q4 -1.2%
FY25 Q1 -3.9%
FY25 Q2 -4.5%
FY25 Q3 -5.0%
FY25 Q4 -4.9%
FY26 Q1 -3.5%
FY26 Q2 -4.7%
FY26 Q3 -3.3%
FY26 Q4 -1.2%
FY27 Q1 -0.8%
Operating margin (TTM) Brown–Forman
25% 30% 35% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 26.6% Operating margin (TTM), FY24 Q3: 31.4% Operating margin (TTM), FY24 Q4: 33.8% Operating margin (TTM), FY25 Q1: 33.4% Operating margin (TTM), FY25 Q2: 33.6% Operating margin (TTM), FY25 Q3: 31.6% Operating margin (TTM), FY25 Q4: 27.8% Operating margin (TTM), FY26 Q1: 27.5% Operating margin (TTM), FY26 Q2: 27.0% Operating margin (TTM), FY26 Q3: 28.4% Operating margin (TTM), FY26 Q4: 25.5% Operating margin (TTM), FY27 Q1: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 26.6%
FY24 Q3 31.4%
FY24 Q4 33.8%
FY25 Q1 33.4%
FY25 Q2 33.6%
FY25 Q3 31.6%
FY25 Q4 27.8%
FY26 Q1 27.5%
FY26 Q2 27.0%
FY26 Q3 28.4%
FY26 Q4 25.5%
FY27 Q1 25.4%
FCF margin (TTM) Brown–Forman
0% 10% 20% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 5.1% FCF margin (TTM), FY24 Q3: 8.8% FCF margin (TTM), FY24 Q4: 10.0% FCF margin (TTM), FY25 Q1: 9.9% FCF margin (TTM), FY25 Q2: 11.2% FCF margin (TTM), FY25 Q3: 13.2% FCF margin (TTM), FY25 Q4: 10.8% FCF margin (TTM), FY26 Q1: 14.8% FCF margin (TTM), FY26 Q2: 15.7% FCF margin (TTM), FY26 Q3: 18.7% FCF margin (TTM), FY26 Q4: 22.7% FCF margin (TTM), FY27 Q1: 23.6% 23.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 5.1%
FY24 Q3 8.8%
FY24 Q4 10.0%
FY25 Q1 9.9%
FY25 Q2 11.2%
FY25 Q3 13.2%
FY25 Q4 10.8%
FY26 Q1 14.8%
FY26 Q2 15.7%
FY26 Q3 18.7%
FY26 Q4 22.7%
FY27 Q1 23.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Brown–Forman took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.9B
  2. Cost of revenue $1.6B · 39.5%
  3. Gross profit $2.4B · 60.5%
  4. Selling, general and admin $807M · 20.5%
  5. Other operating costs $570M · 14.5%
  6. Operating income $1B · 25.5%
  7. Income tax $170M · 4.3%
  8. Interest and other $116M · 3.0%
  9. Net income $715M · 18.2%

Shares of revenue. Source: Brown–Forman's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Apr 2010 2011 Apr 2011 2012 Apr 2012 2013 Apr 2013 2014 Apr 2014 2015 Apr 2015 2016 Apr 2016 2017 Apr 2017 2018 Apr 2018 2019 Apr 2019 2020 Apr 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 Apr 2025 2026 Apr 2026 LTM Jul 2026
Income
Revenue 3,226 3,404 3,614 3,784 3,946 4,096 4,011 2,994 3,248 3,324 3,363 3,461 3,933 4,228 4,178 3,975 3,928 3,915
Gross profit 1,611 1,724 1,795 1,955 2,078 2,183 2,144 2,021 2,202 2,166 2,127 2,094 2,391 2,494 2,526 2,343 2,378 2,375
EBITDA 769 911 837 949 1,021 1,078 1,589 1,068 1,112 1,216 1,165 1,243 1,283 1,207 1,501 1,194 1,093 1,086
Operating income 710 855 788 898 971 1,027 1,533 1,010 1,048 1,144 1,091 1,166 1,204 1,127 1,414 1,107 1,001 993
Net income 449 572 513 591 659 684 1,067 669 717 835 827 903 838 783 1,024 869 715 721
Diluted EPS $0.81 $1.04 $1.19 $1.38 $1.53 $1.28 $2.09 $1.37 $1.48 $1.73 $1.72 $1.88 $1.74 $1.63 $2.14 $1.84 $1.53 $1.56
Growth (year on year)
Revenue +1.1% +5.5% +6.2% +4.7% +4.3% +3.8% −2.1% −25.4% +8.5% +2.3% +1.2% +2.9% +13.6% +7.5% −1.2% −4.9% −1.2% −0.8%
EBITDA +7.4% +18.5% −8.1% +13.4% +7.6% +5.6% +47.4% −32.8% +4.1% +9.4% −4.2% +6.7% +3.2% −5.9% +24.4% −20.5% −8.5% −7.4%
Operating income +7.4% +20.4% −7.8% +14.0% +8.1% +5.8% +49.3% −34.1% +3.8% +9.2% −4.6% +6.9% +3.3% −6.4% +25.5% −21.7% −9.6% −8.6%
Net income +3.2% +27.4% −10.3% +15.2% +11.5% +3.8% +56.0% −37.3% +7.2% +16.5% −1.0% +9.2% −7.2% −6.6% +30.8% −15.1% −17.7% −14.6%
Diluted EPS +5.2% +29.1% +13.9% +16.0% +11.3% −16.3% +63.3% −34.4% +8.0% +16.9% −0.6% +9.3% −7.4% −6.3% +31.3% −14.0% −16.8% −12.8%
Margins
Gross margin 49.9% 50.6% 49.7% 51.7% 52.7% 53.3% 53.5% 67.5% 67.8% 65.2% 63.2% 60.5% 60.8% 59.0% 60.5% 58.9% 60.5% 60.7%
EBITDA margin 23.8% 26.8% 23.2% 25.1% 25.9% 26.3% 39.6% 35.7% 34.2% 36.6% 34.6% 35.9% 32.6% 28.5% 35.9% 30.0% 27.8% 27.7%
Operating margin 22.0% 25.1% 21.8% 23.7% 24.6% 25.1% 38.2% 33.7% 32.3% 34.4% 32.4% 33.7% 30.6% 26.7% 33.8% 27.8% 25.5% 25.4%
Net margin 13.9% 16.8% 14.2% 15.6% 16.7% 16.7% 26.6% 22.3% 22.1% 25.1% 24.6% 26.1% 21.3% 18.5% 24.5% 21.9% 18.2% 18.4%
Free-cash-flow margin 15.8% 14.3% 12.7% 11.7% 13.3% 11.9% 10.4% 18.2% 16.2% 20.5% 18.2% 21.8% 20.3% 10.8% 10.0% 10.8% 22.7% 23.6%
Cash flow
Cash from operations 545 527 516 537 649 608 524 656 653 800 724 817 936 640 647 598 1,000 1,013
Capital spending 34 39 58 95 126 120 108 112 127 119 113 62 138 183 228 167 107 88
Free cash flow 511 488 458 442 523 488 416 544 526 681 611 755 798 457 419 431 893 925
Stock-based pay 8 9 9 11 13 15 15 14 19 14 11 12 15 18 25 28 32 32
Free cash flow after stock pay 503 479 449 431 510 473 401 530 507 667 600 743 783 439 394 403 861 893
Balance sheet
Cash 232 567 338 204 437 370 263 182 239 307 675 1,150 868 374 446 444 308 301
Total debt 699 759 510 1,002 1,005 1,183 1,501 2,149 2,556 2,440 2,602 2,559 2,269 2,913 3,101 2,734 2,502 2,441
Net debt (negative = net cash) 467 192 172 798 568 813 1,238 1,967 2,317 2,133 1,927 1,409 1,401 2,539 2,655 2,290 2,194 2,140
Diluted shares 557m 549m 540m 537m 538m 533m 511m 488m 484m 482m 480m 481m 481m 480m 477m 473m 467m 463m
Returned to shareholders
Dividends 174 326 192 1,063 233 256 266 274 773 310 325 338 831 378 404 420 427 426
Buybacks 158 136 220 0 49 462 1,107 561 1 207 1 0 0 0 400 0 400 —
Total returned 332 462 412 1,063 282 718 1,373 835 774 517 326 338 831 378 804 420 827 426

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · July 31, 2026
What it owns · $7.8bn
Short-term assets $4.0bnLonger-term assets $3.9bn
What it owes, and who funded it · $7.8bn
Short-term liabilities $1.2bnLonger-term liabilities $2.6bnShareholders' equity $4.0bn
  • Short-term assets cover short-term liabilities $4.0bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.0bn short-term assets against $2.6bn of longer-dated liabilities.
  • More cash than debt $301m of cash against $2.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 52% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 82% to 52% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $2.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $993m against $103m of interest.

From Brown–Forman's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$426M
Buybacks, last 3 fiscal years
$800M
Diluted share count
−2.0%
year over year
Total shareholder yield
3.1%
dividends 3.1% + buybacks 0.0% of market value
Dividend payout ratio
59%
of net income paid out
Sales & admin spending
20.8%
of revenue
Days sales outstanding
77 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in distillers & vintners
Last 12 months unless stated BF.B CART REYN TBBB DMC NOMD Median
Revenue, last 12 months $3.9bn $4.0bn $3.8bn $4.1bn $4.4bn $3.4bn $1.9bn
Revenue growth, last 12 months −0.8% 12.6% 2.7% 29.2% 1.4% 2.2% 2.8%
Revenue growth, 3-year average −2.8% 11.3% −0.7% — 0.2% — 1.8%
Revenue growth, latest quarter −1.4% 14.1% 0.6% — 7.2% — 2.1%
Gross margin 60.7% 72.6% 25.1% 16.2% 9.6% 27.1% 32.3%
Operating margin 25.4% 14.7% — −0.9% 2.9% 10.7% 3.6%
Operating margin, 3-year average 28.8% −13.1% — — 2.3% 12.1% 4.6%
Net margin 18.4% 12.0% 9.1% −3.6% 1.9% 4.5% 2.3%
Cash from operations / revenue 25.9% 30.9% 13.3% 6.0% 1.5% 10.9% 6.8%
Free-cash-flow margin 23.6% 29.5% 8.5% 1.4% −0.8% 8.3% 3.8%
Free-cash-flow margin, 3-year average 16.1% 23.6% 10.2% — 2.2% 8.3% 4.8%
Stock pay / revenue 0.8% 10.1% 0.5% 3.7% 0.2% 0.3% 0.8%
Change in share count −2.0% −5.7% 0.3% 5.3% −0.8% −7.2% 0.0%

Median of all 158 companies we cover in distillers & vintners. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

158 consumer staples companies
Measure Company Peer median Rank
Revenue growth Growth -0.8% 2.9% 111 of 158
Change in growth rate Growth +0.3pp -0.1pp 71 of 158
Gross margin Profitability 60.7% 32.4% 24 of 153
Operating margin Profitability 25.4% 3.7% 9 of 150
Net margin Profitability 18.4% 2.3% 12 of 158
Free-cash-flow margin Cash generation 23.6% 3.9% 10 of 155
Stock pay as % of revenue Cash generation 0.8% 0.8% 74 of 136
Long-term debt as % of assets Balance sheet 26.6% 20.3% 76 of 125
Change in share count Balance sheet -2.0% -0.0% 33 of 137
Days sales outstanding Balance sheet 77 days 34 days 99 of 110

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to April 30, 2026
Products and services
Line of business Revenue YoY
Whiskey $2.9B ▲ 2.6%
Ready To Drink $542M ▲ 10.4%
Tequila $251M ▼ 4.2%
Restofportfolio $201M ▼ 31.2%
Nonbrandedandbulk $33M ▼ 67.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
United States $1.6B ▼ 6.6%
Other Countries $1.3B ▲ 2.4%
Developed International $1.1B ▲ 0.5%
Emerging $974M ▲ 14.3%
Mexico $319M ▲ 19.5%
Germany $248M ▼ 2.0%
Australia $200M ▲ 0.5%
Travel Retail $177M ▲ 6.6%
United Kingdom $164M ▼ 5.7%
Nonbrandedandbulk $33M ▼ 67.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Brown–Forman's 10-K filed June 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.5M 4 trades by 1 insider · 100% under pre-set plans
Net ▼ $1.5M net selling
Insider Date Trade Shares Price Value
Whiting Lawson E President & CEO February 12, 2026 Sell pre-set plan 25,915 $31.01 $803,624
Whiting Lawson E President & CEO December 12, 2025 Sell pre-set plan 8,834 $31.00 $273,854
Whiting Lawson E President & CEO December 4, 2025 Sell pre-set plan 4,785 $31.00 $148,335
Whiting Lawson E President & CEO December 4, 2025 Sell pre-set plan 7,746 $31.01 $240,203

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

No trades in Brown–Forman disclosed in the last 12 months; 10 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded July 14, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 17, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 2, 2026 estimated from the company's past filing pattern, not announced

  • September 2, 2026
  • June 4, 2026
  • March 4, 2026
  • December 4, 2025
  • August 28, 2025
  • June 5, 2025

Recent SEC filings

Data status

When each part of this page on Brown–Forman was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Brown–Forman in brief

What does Brown–Forman do?
Brown–Forman is a US-listed company in the distillers & vintners industry. Its financial year ends in April.
What is Brown–Forman's stock ticker?
Brown–Forman trades under the ticker BF.B on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Brown–Forman's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Brown–Forman reported revenue of $3.9B, 0.8% lower than a year earlier, according to its SEC filings.
What is Brown–Forman's free cash flow?
Brown–Forman's free-cash-flow margin is 23.6% of revenue over the trailing twelve months, ranking 10 of the 155 consumer staples companies we cover.
What is Brown–Forman's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Brown–Forman's free cash flow after stock-based pay gives ~$20 per share in the base case, and ~$14–$28 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
What is Brown–Forman's market cap?
On November 2, 2026, Brown–Forman's market capitalisation was about $13.9B, with a price-to-earnings ratio of 19.3 and net debt of $2.1B. Market figures come from third-party market data and may be delayed.
Does Brown–Forman pay a dividend?
Yes: Brown–Forman paid $426M in dividends over the trailing twelve months, a dividend yield of 3.09% and a payout ratio of 59.1%.
How much debt does Brown–Forman have?
Brown–Forman's debt-to-equity ratio is 52.5%, from its latest balance sheet (81.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Brown–Forman's competitors?
In our Distillers & Vintners peer group, the companies closest to Brown–Forman are Maplebear Inc., Reynolds Consumer Products Inc., BBB Foods Inc, DEL Monte Corp and Nomad Foods Ltd. The side-by-side comparison below sets their revenue, margins and growth against Brown–Forman's.
Are insiders buying or selling Brown–Forman stock?
Over the last 12 months, Brown–Forman's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Brown–Forman's next earnings date?
Around December 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Brown–Forman announces its own schedule.