Brown Forman Corp 8-K, filed Sep 2, 2026

Brown Forman Corp (BF-B)

8-K 2026-09-02 For: 2026-09-02

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Added on September 02, 2026

About this 8-K

Brown Forman Corp filed this 8-K on September 2, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock (voting), $0.15 par value	BFA	New York Stock Exchange
Class B Common Stock (nonvoting), $0.15 par value	BFB	New York Stock Exchange
2.600% Notes due 2028	BF28	New York Stock Exchange


Exhibit No.						Description
99.1						Brown-Forman Corporation Press Release dated September 2, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).


			BROWN-FORMAN CORPORATION
			(Registrant)


Date: September 2, 2026			/s/ Michael E. Carr, Jr.
			Michael E. Carr, Jr.
			Executive Vice President, General Counsel and Corporate Secretary


	2025			2026			Change



Net sales	$	924		$	911		(1%)
Cost of sales	372			362			(2%)
Gross profit	552			549			(1%)
Advertising expenses	120			114			(5%)
Selling, general, and administrative expenses	177			185			4%

Restructuring and other charges	12			—			(100%)


Other expense (income), net	(17)			(2)
Operating income	260			252			(3)%
Non-operating postretirement expense	19			1
Interest expense, net	21			22

Income before income taxes	220			229			4%
Income taxes	50			53
Net income	$	170		$	176		3%

Earnings per share:
Basic	$	0.36		$	0.38		7%
Diluted	$	0.36		$	0.38		6%

Gross margin	59.8		%	60.2		%
Operating margin	28.2		%	27.7		%

Effective tax rate	22.5		%	23.0		%


Cash dividends paid per common share	$	0.2265		$	0.2310

Shares (in thousands) used in the
calculation of earnings per share
Basic	472,724			458,824
Diluted	472,963			459,518


	April 30, 2026		July 31, 2026
Assets:
Cash and cash equivalents	$	308	$	301
Accounts receivable, net	832		822
Inventories	2,543		2,574

Other current assets	308		261
Total current assets	3,991		3,958

Property, plant, and equipment, net	1,116		1,100
Goodwill	1,522		1,513
Other intangible assets	943		936

Other assets	322		318
Total assets	$	7,894	$	7,825

Liabilities:
Accounts payable and accrued expenses	$	795	$	700
Dividends payable	—		106
Accrued income taxes	18		49
Short-term borrowings	68		358
Current portion of long-term debt	351		—


Total current liabilities	1,232		1,213

Long-term debt	2,083		2,083
Deferred income taxes	207		200
Accrued postretirement benefits	172		171
Other liabilities	180		189
Total liabilities	3,874		3,856

Stockholders’ equity	4,020		3,969

Total liabilities and stockholders’ equity	$	7,894	$	7,825


	2025		2026

Cash provided by operating activities	$	160	$	173

Cash flows from investing activities:
Proceeds from sale of cooperage assets	33		—


Additions to property, plant, and equipment	(31)		(12)
Other	—		(1)
Cash provided by (used for) investing activities	2		(13)

Cash flows from financing activities:


Net change in short-term borrowings	(30)		289
Repayment of long-term debt	—		(343)

Payments of withholding taxes related to stock-based awards	(1)		(3)

Dividends paid	(107)		(106)
Other	—		(1)
Cash used for financing activities	(138)		(164)

Effect of exchange rate changes	3		(3)

Net increase (decrease) in cash, cash equivalents, and restricted cash	27		(7)

Cash, cash equivalents, and restricted cash at beginning of period	463		327

Cash, cash equivalents, and restricted cash at end of period	490		320
Less: Restricted cash at end of period	(19)		(19)

Cash and cash equivalents at end of period	$	471	$	301


Schedule A
Brown-Forman Corporation
Supplemental Statement of Operations Information (Unaudited)

Percentage change versus the prior-year period ended	July 31, 2026
	3 Months
Reported change in net sales	(1	%)
Acquisitions and divestitures	2	%
Other items*	(1	%)
Foreign exchange	(1	%)
Organic* change in net sales	(1	%)

Reported change in gross profit	(1	%)
Acquisitions and divestitures	1	%
Other items*	—	%
Foreign exchange	1	%
Organic change in gross profit	1	%

Reported change in advertising expenses	(5	%)
Acquisitions and divestitures	2	%
Other items*	—	%
Foreign exchange	—	%
Organic change in advertising expenses	(4	%)

Reported change in SG&A	4	%
Acquisitions and divestitures	—	%
Other Items*	1	%
Foreign exchange	—	%
Organic change in SG&A	5	%

Reported change in operating income	(3	%)
Acquisitions and divestitures	3	%

Other items*	2	%
Foreign exchange	2	%
Organic change in operating income	4	%


Schedule B
Brown-Forman Corporation
Supplemental Statement of Operations Information (Unaudited)
Three Months Ended July 31, 2026

	Supplemental Information^
	Volumes (9-Liter Cases)						Net Sales % Change vs. Prior-Year Period
Product Category / Brand Family / Brand^	Depletions (Millions)*	% Change vs. Prior-Year Period		Shipments (Millions)*	% Change vs. Prior-Year Period		Reported		Acquisitions and Divestitures		Other Items		Foreign Exchange		Organic^
Whiskey	4.9	2	%	5.0	—	%	—	%	—	%	—	%	—	%	—	%
JDTW	3.1	(2	%)	3.2	(1	%)	—	%	—	%	—	%	—	%	—	%
JDTH	0.4	(6	%)	0.4	(11	%)	(10	%)	—	%	—	%	—	%	(10	%)
Gentleman Jack	0.2	(9	%)	0.2	(14	%)	(16	%)	—	%	—	%	2	%	(14	%)
JDTA	0.3	1	%	0.3	(7	%)	(8	%)	—	%	—	%	—	%	(8	%)
JDTF	0.1	(10	%)	0.1	(10	%)	(10	%)	—	%	—	%	—	%	(10	%)
Woodford Reserve	0.4	3	%	0.4	(3	%)	—	%	—	%	—	%	—	%	—	%
Old Forester	0.1	4	%	0.1	(11	%)	1	%	—	%	—	%	—	%	1	%
Rest of Whiskey	0.3	169	%	0.3	81	%	33	%	—	%	—	%	—	%	33	%
Ready-to-Drink	6.3	14	%	6.3	15	%	20	%	—	%	(4	%)	(6	%)	11	%
JD RTD/RTP	2.5	(3	%)	2.5	(2	%)	6	%	—	%	(7	%)	(3	%)	(4	%)
New Mix	3.8	27	%	3.8	27	%	48	%	—	%	—	%	(12	%)	36	%
Tequila	0.5	(3	%)	0.5	(4	%)	(12	%)	—	%	—	%	(1	%)	(13	%)
el Jimador	0.3	(3	%)	0.3	(5	%)	(10	%)	—	%	—	%	(1	%)	(11	%)
Herradura	0.1	(8	%)	0.1	(9	%)	(17	%)	—	%	—	%	(2	%)	(18	%)


Rest of Portfolio	0.2	(8	%)	0.2	(12	%)	(35	%)	22	%	—	%	—	%	(12	%)
Non-branded and bulk	NA	NA		NA	NA		(61	%)	—	%	—	%	—	%	(61	%)
Total Portfolio	11.8	8	%	11.9	7	%	(1	%)	2	%	(1	%)	(1	%)	(1	%)

Other Brands and Aggregations
Jack Daniel's Family	6.8	—	%	6.9	(1	%)	—	%	(1	%)	—	%	—	%	(1	%)
American Whiskey	4.6	1	%	4.7	(1	%)	(1	%)	(1	%)	1	%	—	%	(1	%)
Diplomático	0.1	(6	%)	0.1	(8	%)	(12	%)	—	%	—	%	(1	%)	(13	%)
Gin Mare	0.1	(22	%)	0.1	(21	%)	(19	%)	—	%	—	%	—	%	(18	%)


Schedule C
Brown-Forman Corporation
Supplemental Statement of Operations Information (Unaudited)
Three Months Ended July 31, 2026

	Net Sales % Change vs. Prior-Year Period
Geographic Area^	Reported		Acquisitions and Divestitures		Other Items		Foreign Exchange		Organic^
United States	(3	%)	4	%	(1	%)	—	%	—	%
Developed International	(6	%)	—	%	—	%	(1	%)	(8	%)
Germany	(11	%)	—	%	—	%	(1	%)	(11	%)
Australia	10	%	—	%	—	%	(5	%)	4	%
United Kingdom	(5	%)	—	%	—	%	(1	%)	(6	%)
France	(14	%)	—	%	—	%	(1	%)	(15	%)
Spain	(16	%)	—	%	—	%	—	%	(16	%)
Rest of Developed International	(10	%)	—	%	—	%	2	%	(8	%)
Emerging	11	%	—	%	—	%	(2	%)	9	%
Mexico	26	%	—	%	—	%	(11	%)	15	%
Poland	(4	%)	—	%	—	%	(1	%)	(5	%)
Brazil	(12	%)	—	%	—	%	(3	%)	(15	%)
Türkiye	(14	%)	—	%	—	%	23	%	9	%
Rest of Emerging	20	%	—	%	—	%	—	%	20	%
Travel Retail	(1	%)	—	%	—	%	—	%	(1	%)
Non-branded and bulk	(61	%)	—	%	—	%	—	%	(61	%)
Total	(1	%)	2	%	(1	%)	(1	%)	(1	%)


Schedule D
Brown-Forman Corporation
Supplemental Information (Unaudited) — Estimated Net Change in Distributor Inventories^

Three Months Ended July 31, 2026
	Estimated Net Change in Distributor Inventories^ vs. Prior-Year Period
Geographic Area^ - Net Sales
United States		(4%)
Developed International		(2%)
Emerging		(3%)
Travel Retail		1%
Non-branded and bulk		—%

Product category / brand family / brand^
Whiskey		(4%)
JDTW		1%
JDTH		(4%)
Gentleman Jack		(6%)
JDTA		(9%)
JDTF		(1%)
Woodford Reserve		(8%)
Old Forester		(11%)
Rest of Whiskey		(48%)
Ready-to-Drink		1%
JD RTD/RTP		—%
New Mix		2%
Tequila		(3%)
el Jimador		(3%)
Herradura		(3%)


Rest of Portfolio		(3%)
Non-branded and bulk		—%

Statement of Operations Line Items
Net Sales		(3%)
Cost of Sales		—%
Gross Profit		(5%)
Operating Income		(10%)


Schedule E
Brown-Forman Corporation
Supplemental Free Cash Flow Information (Unaudited)
For the Three Months Ended July 31, 2025 and 2026
(Dollars in millions)

	2025		2026

Cash provided by operating activities	$	160	$	173
Additions to property, plant, and equipment	(31)		(12)
Free cash flow*	129		161


Term			Definition
Geographic Aggregations			Aggregated markets as defined by the International Monetary Fund (IMF)
Developed International			Markets that are “advanced economies” as defined by the IMF, excluding the United States. Our top developed international markets for the fiscal year ended April 30, 2026 were Germany, Australia, the United Kingdom, France, and Spain. This aggregation represents our net sales of branded products to these markets.
Spain			Includes Spain and certain other surrounding territories.
Emerging			Markets that are “emerging and developing economies” as defined by the IMF. Our top emerging markets for the fiscal year ended April 30, 2026 were Mexico, Poland, Brazil, and Türkiye. This aggregation represents our net sales of branded products to these markets.
Brazil			Includes Brazil, Paraguay, Uruguay, and certain other surrounding territories.
Travel Retail			Represents our net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military, regardless of customer location.
Non-branded and bulk			Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey, regardless of customer location.
Brand Aggregations			Aggregated brands by product category
Whiskey			Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel’s family of brands (excluding the “Ready-to-Drink” products defined below), the Woodford Reserve family of brands (Woodford Reserve), the Old Forester family of brands (Old Forester), The Glendronach, Benriach, Glenglassaugh, and Slane Irish Whiskey.
American whiskey			Includes the Jack Daniel’s family of brands (excluding the “Ready-to-Drink” products defined below), Woodford Reserve, and Old Forester.
Super-premium American whiskey			Includes Woodford Reserve, Gentleman Jack, and other super-premium Jack Daniel’s expressions.
Ready-to-Drink			Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
Jack Daniel’s RTD/RTP (JD RTD/RTP)			Includes all RTD line extensions of Jack Daniel’s, such as Jack Daniel’s & Coca-Cola RTD, Jack Daniel’s & Cola, Jack Daniel’s Double Jack, Jack Daniel’s Country Cocktails (JDCC), and other malt- and spirit-based Jack Daniel’s RTDs, along with Jack Daniel’s Winter Jack RTP.
Jack Daniel’s & Coca-Cola RTD			Includes all Jack Daniel’s & Coca-Cola RTD products and Jack Daniel’s bulk whiskey shipments for the production of these products.
Tequila			Includes el Jimador, the Herradura family of brands (Herradura), and other tequilas.
Rest of Portfolio			Includes Diplomático, Gin Mare, Chambord, other agency brands (brands we do not own, but sell in certain markets), Korbel California Champagnes and Korbel Brandy (the Korbel relationship ended on June 30, 2025), and Fords Gin.
Non-branded and bulk			Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
Jack Daniel’s family of brands			Includes Jack Daniel’s Tennessee Whiskey (JDTW), JD RTD/RTP, Jack Daniel’s Tennessee Honey (JDTH), Gentleman Jack, Jack Daniel’s Tennessee Apple (JDTA), Jack Daniel’s Tennessee Blackberry (JDTB), Jack Daniel’s Tennessee Fire (JDTF), Jack Daniel’s Single Barrel Collection (JDSB), Jack Daniel’s Bonded Series, Jack Daniel’s Sinatra Select, Jack Daniel’s 10-Year-Old Tennessee Whiskey, Jack Daniel’s American Single Malt, Jack Daniel’s 14-Year-Old Tennessee Whiskey, Jack Daniel’s 12-Year-Old Tennessee Whiskey, and other Jack Daniel’s expressions.


Term			Definition
Other Metrics
Shipments			We generally record revenues when we ship or deliver our products to our customers. In this report, unless otherwise specified, we refer to shipments when discussing volume. Volume is measured on a nine-liter equivalent unit basis (9-Liter cases).
Depletions			This metric is commonly used in the beverage alcohol industry to describe volume. Depending on the context, depletions usually means either (a) where Brown-Forman is the distributor, shipments directly to retail or wholesale customers or (b) where Brown-Forman is not the distributor, shipments from distributor customers to retailers and wholesalers. We believe that depletions measure volume in a way that more closely reflects consumer demand than our shipments to distributor customers do.
Consumer takeaway			When discussing trends in the market, we refer to consumer takeaway, a term commonly used in the beverage alcohol industry that refers to the purchase of product by consumers from retail outlets, including products purchased through e-commerce channels, as measured by volume or retail sales value. This information is provided by outside parties, such as Nielsen and the National Alcohol Beverage Control Association (NABCA). Our estimates of market share or changes in market share are derived from consumer takeaway data using the retail sales value metric. We believe consumer takeaway is a leading indicator of consumer demand trends.
Estimated net change in distributor inventories			We generally recognize revenue when our products are shipped or delivered to customers. In the United States and certain other markets, our customers are distributors that sell downstream to retailers and consumers. We believe that our distributors’ downstream sales more closely reflect actual consumer demand than do our shipments to distributors. Our shipments increase distributors’ inventories, while distributors’ depletions (as described above) reduce their inventories. Therefore, it is possible that our shipments do not coincide with distributors’ downstream depletions and merely reflect changes in distributors’ inventories. Because changes in distributors’ inventories could affect our trends, we believe it is useful for investors to understand those changes in the context of our operating results. We perform the following calculation to determine the “estimated net change in distributor inventories”: •For both the current-year period and the comparable prior-year period, we calculate a “depletion-based” amount by (a) dividing the organic dollar amount (e.g. organic net sales) by the corresponding shipment volumes to arrive at a shipment per case amount, and (b) multiplying the resulting shipment per case amount by the corresponding depletion volumes. We subtract the year-over-year percentage change of the “depletion-based” amount from the year-over-year percentage change of the organic amount to calculate the “estimated net change in distributor inventories.” •A positive difference is interpreted as a net increase in distributors’ inventories, which implies that organic trends could decrease as distributors reduce inventories; whereas, a negative difference is interpreted as a net decrease in distributors’ inventories, which implies that organic trends could increase as distributors rebuild inventories.
Terms and Abbreviations
Korbel relationship			During the first quarter of fiscal 2026, we ended our sales, marketing, and distribution relationship with Korbel Champagne Cellars, effective June 30, 2025.
SG&A			Selling, general, and administrative
GAAP			Accounting principles generally accepted in the United States
Restructuring initiative			During the third quarter of fiscal 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth. This included reducing our workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage. We also offered a special, one-time early retirement benefit to qualifying U.S. employees.