Brown-Forman Corporation (BF-B) Earnings
Brown-Forman Corporation is expected to report next earnings on December 9, 2026 (in NaN days), with a consensus EPS estimate of $0.47. BF-B has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +3.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Sep 2, 2026 | $0.38 | $0.38 | +0.3% | $911M | -0.4% |
| Jun 4, 2026 | $0.31 | $0.12 | -61.2% | $912M | +3.2% |
| Mar 4, 2026 | $0.33 | $0.56 | +71.2% | $1.1B | +18.9% |
| Dec 4, 2025 | $0.47 | $0.47 | +1.5% | $1.0B | +2.8% |
| Aug 28, 2025 | $0.47 | $0.36 | -23.9% | $924M | -8.7% |
| Jun 3, 2025 | $0.34 | $0.31 | -9.9% | $894M | -7.3% |
| Mar 4, 2025 | $0.47 | $0.43 | -7.7% | $1.0B | +4.6% |
| Dec 5, 2024 | $0.49 | $0.55 | +11.6% | $1.1B | +0.1% |
| Aug 29, 2024 | $0.46 | $0.41 | -11.4% | $951M | -11.4% |
| Jun 5, 2024 | $0.42 | $0.56 | +32.4% | $964M | -6.4% |
| Mar 6, 2024 | $0.56 | $0.60 | +6.6% | $1.1B | -4.4% |
| Dec 6, 2023 | $0.51 | $0.50 | -1.6% | $1.1B | -4.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · August 28, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Geographic Performance: Highlighted growth in emerging markets like Mexico and Brazil, challenges in developed markets and U.S., and distributor transitions in the U.S. - Strategic Innovation: Launch of Jack Daniel's Tennessee Blackberry in U.S. with strong consumer appeal and plans to globalize the flavor. - Workforce and Structure: Streamlined workforce structure for increased agility, distributor transitions in U.S. with increased dedication and updated terms. - Financials: Gross margin expanded 40 basis points, operating expenses managed, organic operating income increased 2%.
Guidance
Reaffirmed full year 2026 outlook. Expect low single-digit decline in organic net sales, gross margin expansion due to price/mix offsetting costs, organic operating income decline in low single-digit range, effective tax rate 21%-23%, capital expenditures $125M-$135M. Anticipate shipments and depletions to normalize, with second half aligning with full year guidance.
Segment performance
Overall, reported net sales declined 3%, but organic net sales increased 1% after adjusting for A&D impact and foreign exchange. Geographically, emerging international markets led organic net sales growth (25% in Travel Retail, 7% overall), while developed international markets declined 9% and the U.S. declined 2%. Key markets: Mexico had organic net sales up 22% with market share gains in RTD and Whiskey; Brazil saw 30% organic net sales growth from Jack Daniel's family brands; Germany organic net sales down 13%, U.K. down 16% but Jack Daniel's gained share; U.S. organic net sales down 2% due to Jack Daniel's Tennessee Blackberry launch and distributor transitions; used barrels organic net sales down over 40%; Canada organic net sales down nearly 60% due to U.S. product ban.
Risks & headwinds
- Geopolitical and Macro: Consumer uncertainty, tariff impacts, and trade disputes (e.g., U.S.-Canada). - Industry Conditions: Normalization of used barrel sales, inflation impact on input costs, and competitive environment. - Consumer Behavior: Uncertainty around health and wellness trends, GLP-1s, and cannabis impact on spirits consumption.
Analyst Q&A
Q: Peter Grom on distributor inventory impact
A: Leanne Cunningham said shipments and depletions expected to be in line for full year, with first half aligning with guidance.
Q: Nadine Sarwat on U.S. underlying growth
A: Lawson Whiting discussed cyclical vs. structural factors, noting consumer buying power and tariff uncertainty as cyclical, with some moderation in GLP-1 and cannabis impacts.
Q: Andrea Teixeira on Jack Daniel's consumer takeaway
A: Lawson Whiting mentioned gaining on TDS, positive trends in premiumization, and initiatives like on-premise focus and new distributors.
Q: Andrea Pistacchi on Jack Daniel's Tennessee Blackberry launch
A: Leanne Cunningham said strong start with distributor excitement, and potential for global expansion.
Q: Filippo Falorni on gross margin
A: Leanne Cunningham said full year gross margin expansion expected, benefiting from absence of TSAs and Korbel, offset by input costs and lower production.
Q: Eric Serotta on competitive and promotional environment
A: Lawson Whiting discussed rational pricing, shelf space dynamics, and allocated bourbon products.
Q: Kevin Grundy on growth in emerging markets
A: Lawson Whiting emphasized focus on emerging markets like Brazil, Turkey, UAE, and Asia, while maintaining focus on U.S.
Q: Bonnie Herzog on shipments and price/mix
A: Leanne Cunningham referred to Schedule D for shipment impact and price/mix drivers including New Mix and used barrel sales.