Short answer
Brown–Forman (BF.B) filed its fiscal 2026 10-K annual report with the SEC on Jun 12, 2026. It reported revenue of $3.9B (−1.2% year over year) and net income of $715M.
- Top risk flagged: US tariffs on Canadian imports including Jack Daniel’s, 25% tariff triggering Canadian provincial bans effective March 2025
FY2026 key financial metrics · XBRL
- Revenue
- $3.9B
- −1.2% YoY
- Net income
- $715M
- −17.7% YoY
- Operating margin
- 25.5%
- −2.4 pp YoY
- Gross margin
- 60.5%
- +1.6 pp YoY
- EPS (diluted)
- $1.53
- −16.8% YoY
- ROE
- 17.8%
- −4.0 pp YoY
- Operating cash flow
- $1.0B
- +67.2% YoY
Source: XBRL data from the Brown–Forman (BF.B) FY2026 10-K on SEC EDGAR. USD.
Brown–Forman FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Manufacture, distill, import, market, and sell premium-plus beverage alcohol globally with 40+ spirit and RTD brands including Jack Daniel’s
- New emphasis: Expanded RTD portfolio globally; ended partnership with Pabst Brewing to self-manage Jack Daniel’s Country Cocktails from July 2026
- Strategic shift: Major U.S. distribution network overhaul involving 25 markets and new distributors in 14 open states in FY2026
- Quantitative: Employee count stable at ~4,900; Woodford Reserve sold 1.9 million nine-liter cases in FY2026; U.S. market 42% of net sales
- Noteworthy: Operational anaerobic digester at Jack Daniel’s converting byproducts to renewable energy and fertilizer as part of sustainability efforts
Management Discussion & Analysis
- Revenue $3.93B, down 1% YoY ($47M), with declines in U.S. offset by Emerging market growth and Travel Retail gains
- Gross margin 60.5% vs 58.9% (+1.6pp); operating margin 25.5% vs 27.9% (-2.4pp) due to impairment charges and higher SG&A expenses
- Best segment Emerging markets +20% driven by Mexico, +13% Brazil; worst Non-branded and bulk down 68% from decline in used barrel sales
- Operating cash flow $1.0B (+$402M); Capex $107M; capital returned via $427M dividends and $400M share repurchases completed Dec 2025
- Fiscal 2027 outlook: organic net sales flat; organic operating income down 3-5%; capital expenditures $60-70M; ongoing macroeconomic challenges
Risk Factors
- US tariffs on Canadian imports including Jack Daniel’s, 25% tariff triggering Canadian provincial bans effective March 2025
- Exposure to geopolitical risks from Middle East conflicts and Ukraine sanctions impacting operations in over 170 countries
- Supply chain vulnerability from sole glass bottle supplier and oak barrel supply critical for whiskey production
- Competitive pressure from beer, soft drink, and cannabis companies entering ready-to-drink and spirits markets
- Credit rating downgrade review in November 2025 increasing borrowing costs and reducing capital market access
Generated from the filing text; verify against the original. How to read a 10-K
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