Company file · BF.B

Brown–Forman

Brown–Forman's revenue rose 0.5% in FY2026, to $5.1B, and net income fell 17.7% to $715M

Revenue rose 0.5% to $5.1B in FY2026, from $5.1B in FY2025. Net income fell 17.7% to $715M. Whiskey was the largest product or service, at 57% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Jun 12, 2026) · Latest quarter: 10-Q for the quarter ended Jul 31, 2026 (filed Sep 2, 2026) · Data pulled Nov 11, 2026

Key facts

Brown–Forman (NYSE: BF.B) closed fiscal 2026 on Apr 30, 2026 with revenue of $5.1B, up 0.5% from a year before; net income came to $715M, down 17.7%. Its newest quarterly report covers the three months to Jul 31, 2026: revenue of $1.2B, down 0.8% on the same stretch of the prior year, and net income of $176M. Sources: 10-K for fiscal 2026 (filed Jun 12, 2026) and 10-Q for the quarter ended Jul 31, 2026 (filed Sep 2, 2026).

Revenue$5.1BFY2026 · +0.5% vs FY2025

Net income$715MFY2026 · −17.7% vs FY2025

Operating cash flow$1.0BFY2026 · +67.2% vs FY2025

Cash & equivalents$301Mat Jul 31, 2026 · −2.3% vs FY2026 end

Total debt$2.4Bat Jul 31, 2026 · −2.4% vs FY2026 end

Diluted shares467MFY2026 avg · −1.3% vs FY2025

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2026, filed Jun 12, 2026

Quarterly revenue: fiscal 2027 vs a year earlierFiscal Q1, $bn (each quarter from that quarter's 10-Q)

FY2026FY2027

Source: 10-Q filed Sep 2, 2026

How it makes money

By product or service in FY2026: Whiskey (57%), Ready-to-Drink (11%), Tequila (5%) and Rest of portfolio (4%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $5.1B.

By product or service, FY2026

Whiskey$2.9B57%+2.6%

Ready-to-Drink$542M11%+10.4%

Tequila$251M5%−4.2%

Rest of portfolio$201M4%−31.2%

Non-branded and bulk$33M1%−67.6%

Share is of FY2026 revenue; the items listed don't cover all of it. The last column is the change from FY2025.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q1 FY2027 (May to Jul 2026) compared with Q1 FY2026 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q1 FY2027Q1 FY2026

Company

Revenue

$1.2B Q1 FY2027

$1.2B Q1 FY2026

0.8% decrease

Net income

$176M Q1 FY2027

$170M Q1 FY2026

3.5% increase

Source: Brown–Forman 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026

Cash & equivalents $301M at Jul 31, 2026, vs $308M at FY2026 end.
Total debt $2.4B at Jul 31, 2026, vs $2.5B at FY2026 end.
Operating cash flow, first 3 months of fiscal 2027: $173M vs $160M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 0.5% in FY2026 to $5.1B, from $5.1B a year earlier. 10-K, FY2026
Operating cash flow rose 67.2% in FY2026 to $1.0B. 10-K, FY2026
Diluted shares fell 1.3% in FY2026, so each share represents a larger slice of profit. 10-K, FY2026
Total debt fell 8.5% in FY2026 to $2.5B. 10-K, FY2026

The bear case

Net income fell 17.7% in FY2026 to $715M, from $869M. 10-K, FY2026
Revenue in the quarter ended Jul 31, 2026 was $1.2B, down 0.8% on a year earlier. 10-Q, quarter ended Jul 31, 2026
Non-branded and bulk revenue fell 67.6% in FY2026 to $33M. 10-K, FY2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Brown–Forman is in the distillers & vintners industry, part of the consumer staples sector. The SEC files it under Beverages.

The full description of Brown–Forman's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.

Its fiscal year ends in April; the latest, FY2026, ended Apr 30, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the distillers & vintners industry. They are not a summary of Brown–Forman’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CostsCommodity, packaging and freight costs can rise faster than prices.
Consumer habitsShoppers can trade down to store brands or change what they buy.
Retail customersA few large retailers account for much of its sales.
Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
CompetitionRivals and private-label products compete for shelf space and prices.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2024	FY2025	FY2026
Revenue	$5.3B	$5.1B	$5.1B
Net income	$1.0B	$869M	$715M
Operating cash flow	$647M	$598M	$1.0B
Cash & equivalents (year end)	$446M	$444M	$308M
Total debt (year end)	$3.1B	$2.7B	$2.5B
Diluted shares	477M	473M	467M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Brown–Forman names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended Apr 30, 2026.
The product or service chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Sep 2, 2026	Jul 31, 2026
DEF 14A	Jun 18, 2026	Jul 23, 2026
10-K	Jun 12, 2026	Apr 30, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Brown–Forman

How does Brown–Forman make money?

Fiscal 2026 revenue: $5.1B. By product or service in FY2026: Whiskey (57%), Ready-to-Drink (11%), Tequila (5%) and Rest of portfolio (4%), as shares of total revenue; the rest of revenue isn't part of this breakdown. Total revenue was $5.1B. Source: 10-K for fiscal 2026, filed Jun 12, 2026.

What was Brown–Forman's revenue in fiscal 2026?

$5.1B, up 0.5% from fiscal 2025 ($5.1B). The year ended Apr 30, 2026; for fiscal 2024 the figure was $5.3B. Source: 10-K for fiscal 2026, filed Jun 12, 2026.

Is Brown–Forman profitable?

Net income was $715M in fiscal 2026 (down 17.7%; fiscal 2025 was $869M). That counts as a GAAP profit. The latest quarter, ended Jul 31, 2026: net income was $176M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Jun 12, 2026.

What did Brown–Forman report in its latest quarterly filing?

For the three months to Jul 31, 2026: revenue $1.2B (down 0.8% from $1.2B) and net income $176M (up 3.5% from $170M). Source: 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026.

How much cash and debt does Brown–Forman have?

As of Jul 31, 2026: $301M of cash and cash equivalents, $2.4B of total debt. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Sep 2, 2026.

What are the main risks Brown–Forman faces?

Brown–Forman's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed Jun 12, 2026. Risks that are common among companies in the distillers & vintners industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.

Where do these Brown–Forman numbers come from?

The 10-K filed Jun 12, 2026 (fiscal 2026) and the 10-Q filed Sep 2, 2026 (quarter ended Jul 31, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Brown–Forman

Lindsell Train Class B: 1,327,624 shares, reported value $34.8M at Sep 30, 2026 (−3.7% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 2, 2026.
Millennium Management: 1,214,645 shares, reported value $32.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 1,089,873 shares, reported value $29.0M at Jun 30, 2026 (−41.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Markel Group Class B: 474,187 shares, reported value $12.4M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Citadel Advisors: 131,865 shares, reported value $3.5M at Jun 30, 2026 (−94.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Maverick Capital: 114,286 shares, reported value $3.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 90,543 shares, reported value $2.4M at Jun 30, 2026 (−1.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 90,524 shares, reported value $2.4M at Jun 30, 2026 (+392.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in BF.B: The editor holds no position in Brown–Forman (BF.B). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell BF.B from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BF.B, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Brown–FormanBF.B	FY2026	$5.1B	+0.5%	$715M
Constellation BrandsSTZ	FY2025	$9.8B	−11.0%	$1.7B
WalmartWMT	FY2026	$713.2B	+4.7%	$21.9B
CostcoCOST	FY2026	$303.2B	+10.1%	$9.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.