Brown–Forman (BF.B) FY2026 10-K Annual Report
Brown–Forman (BF.B) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jun 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Brown–Forman FY2026 10-K Analysis
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
Brown–Forman FY2026 Key Financial MetricsXBRL
Revenue
$3.9B
▼ -1.2% YoY
Net Income
$715M
▼ -17.7% YoY
Gross Margin
60.5%
▲ +160bp YoY
Operating Margin
25.5%
▼ -237bp YoY
Net Margin
18.2%
▼ -366bp YoY
ROE
17.8%
▼ -398bp YoY
Total Assets
$7.9B
▼ -2.4% YoY
EPS (Diluted)
$1.53
▼ -16.8% YoY
Operating Cash Flow
$1.0B
▲ +67.2% YoY
Source: XBRL data from Brown–Forman FY2026 10-K filing on SEC EDGAR. All figures in USD.
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