Brown–Forman (BF.B) Q1 2026 10-Q Quarterly Report
Brown–Forman (BF.B) 10-Q quarterly report for Q1 2026, filed with SEC EDGAR on Mar 4, 2026 for the fiscal period ending Jan 31, 2026. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Brown–Forman Q1 2026 10-Q Analysis
Management Discussion & Analysis
- • Q3 FY2026 net sales $1.056B, up 2% YoY ($21M increase); 9-month net sales $3.0B, down 2% YoY ($65M decline)
- • Q3 operating margin 32.1% vs 27.1% YoY (+5.0pp); 9-month operating margin 30.0% vs 29.3% YoY (+0.7pp); gross margin 60.6% vs 59.8% (Q3) and 59.9% vs 59.4% (9-month)
- • Best performer: New Mix +37% (Mexico-led share gains); worst: Non-branded/bulk -64% on collapsed used barrel demand, Canada -60% on American-made alcohol boycott
- • Operating cash flow up $263M YoY on lower working capital; cash declined to $383M from $444M; $400M share buyback program completed December 2025
- • Management reiterates organic net sales and operating income decline in low-single digit range for FY2026; tax rate guidance narrowed to 19%-21% from prior 21%-23%; tariff/trade policy flagged as active headwind
Risk Factors
- • No material changes to risk factors since 2025 Form 10-K filing
- • Key carried-forward risk: tariff/trade policy exposure across Brown-Forman's international spirits portfolio
- • Competitive risk: continued premiumization pressure in whiskey category affecting Jack Daniel's volume trends
- • Regulatory risk: evolving alcohol advertising and labeling requirements across global markets
- • Currency risk: significant non-USD revenue exposure given Brown-Forman's broad international distribution footprint
Brown–Forman Q1 2026 Quarterly FinancialsXBRL
Revenue
$1.1B
▲ +2.0% YoY▲ +1.9% QoQ
Net Income
$267M
▼ -1.1% YoY▲ +19.2% QoQ
Gross Margin
60.6%
▲ +80bp YoY▲ +124bp QoQ
Operating Margin
32.2%
▲ +514bp YoY▲ +276bp QoQ
Net Margin
25.3%
▼ -80bp YoY▲ +366bp QoQ
ROE
6.5%
▲ +112bp QoQ
Total Assets
$8.3B
▲ +1.0% QoQ
EPS (Diluted)
$0.58
▲ +1.8% YoY▲ +23.4% QoQ
Operating Cash Flow
$417M
▲ +31.5% YoY▲ +215.9% QoQ
Source: XBRL data from Brown–Forman Q1 2026 10-Q filing on SEC EDGAR. All figures in USD.
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