Short answer
Brown–Forman (BF.B) filed its Q1 2026 10-Q quarterly report on Mar 4, 2026 for the quarter ended Jan 31, 2026. Quarterly revenue was $1.1B (up 2.0% year over year) with net income of $267M.
Q1 2026 key financials · XBRL
- Revenue
- $1.1B
- +2.0% YoY · +1.9% QoQ
- Net income
- $267M
- −1.1% YoY · +19.2% QoQ
- Operating margin
- 32.2%
- Gross margin
- 60.6%
- EPS (diluted)
- $0.58
- +1.8% YoY · +23.4% QoQ
Source: XBRL data from the Brown–Forman (BF.B) Q1 2026 10-Q on SEC EDGAR. USD.
Brown–Forman Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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