Brown Forman Inc · NYSE:BF.A
Brown Forman — Q4 2026 Earnings Presentation
21 slides from Brown Forman's earnings presentation, Jun 4, 2026
Slide 1: Fourth Quarter and Fiscal 2026 Results
Fourth Quarter and Fiscal 2026 Results June 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “ambition,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “e
Slide 3: Highlights: Fiscal 2026
Highlights: Fiscal 2026 GEOGRAPHY (1)% (flat organic ) 1 Net sales growth from Emerging International markets and the Travel Retail channel was partially offset by a decline in the U.S., while Developed International Net sales decline led by the end of the Korbel markets were flat. relationship and
Slide 4: Fiscal 2026 Results
Fiscal 2026 Results Reported Reported Acquisitions Impairment Other Foreign Organic ($ in millions, Change & (+/-) Items1 Exchange Change2 except per (%) Divestitures (+/-) (+/-) (%) share amount) (+/-) Net Sales $3,928 (1)% 3% —% —% (2)% —% Gross Profit $2,378 2% 1% —% —% (2)% —% Advertising Expens
Slide 5: Net Sales Across Categories
Net Sales Across Categories Reported REPORTEDF26 F25 Organic 1 ORGANIC1 F26 F25 3% 1% WHISKEY Whiskey WHISKEYWhiskey —% 1% Jack Daniel’s (2)% (4)% JACK DANIEL’S TENNESSEE WHISKEY Tennessee Jack Daniel’s... JACK DANIEL’S TENNESSEE WHISKEY —% 1% Whiskey 4% Woodford 4% WOODFORD RESERVE Woodford Reserve
Slide 6: Net Sales Across Geographic Aggregations
Net Sales Across Geographic Aggregations F26 F25 F26 F25 U.S. DEVELOPED INTERNATIONAL REPORTED CHANGE ORGANIC CHANGE1 REPORTED CHANGE ORGANIC CHANGE1 —% —% (2)% (3)% (3)% (7)% (7)% (6)% EMERGING TRAVEL RETAIL REPORTED CHANGE ORGANIC CHANGE1 REPORTED CHANGE ORGANIC CHANGE1 14% 12% 9% 5% 6% (2)% (5)%
Slide 7: Gross Margin Expansion of 160 Basis Points
Gross Margin 0.2% 0.2% 60.5% 1.3% (0.1)% Gross Margin Expansion of 160 Basis Points 58.9% F25 Acquisitions Foreign Cost Price/Mix F26 & Exchange Divestitures Note: Results are on a reported basis and change is versus the prior-year period, unless otherwise noted. Totals may differ due to rounding. T
Slide 8: Fiscal 2027 Outlook
Fiscal 2027 Outlook Organic1 net sales to be Organic1 operating Capital expenditures in the Effective tax rate in the approximately flat. income decline in the 3% $60 to $70 million range. range of 20% to 22%. to 5% range. 1 See appendix for Non-GAAP measure definitions and additional information. T
Slide 9: Appendix
Appendix The Source of Our S T R E N G T H 9
Slide 10: Non-GAAP Financial Measures and Reconciliation: F26 vs. F25
Non-GAAP Financial Measures and Reconciliation: F26 vs. F25 Use of Non-GAAP Financial Information. We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). Additionally, we use some financial measures in this presentation that are not measures of finan
Slide 11: Non-GAAP Financial Measures and Reconciliation: F26 vs. F25 (cont.)
Non-GAAP Financial Measures and Reconciliation: F26 vs. F25 (cont.) • “Other Items.” Other Items include the additional items outlined below. “Franchise tax refund.” During fiscal 2025, we recognized a $13 million franchise tax refund due to a change in franchise tax calculation methodology for the
Slide 12: Non-GAAP Financial Measures and Reconciliation: F25 vs. F24
Non-GAAP Financial Measures and Reconciliation: F25 vs. F24 Use of Non-GAAP Financial Information. We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). Additionally, we use some financial measures in this presentation that are not measures of finan
Slide 13: Non-GAAP Financial Measures and Reconciliation: F25 vs. F24 (cont.)
Non-GAAP Financial Measures and Reconciliation: F25 vs. F24 (cont.) • “Other Items.” Other Items include the additional items outlined below. “Foundation.” During fiscal 2024, we committed $23 million to the Brown-Forman Foundation and Dendrifund (the Foundation and Dendrifund) to support the commun
Slide 14: Definitions
Definitions From time to time, to explain our results of operations or to highlight trends and uncertainties affecting our business, we aggregate markets according to stage of economic development as defined by the International Monetary Fund (IMF), and we aggregate brands by beverage alcohol catego
Slide 15: Definitions (continued)
Definitions (continued) • “Ready-to-Drink” includes all ready-to-drink (RTD) and ready-to-pour (RTP) products. The brands included in this category are Jack Daniel’s RTD and RTP products (JD RTD/RTP), New Mix, and other RTD/RTP products. • “Jack Daniel’s RTD/RTP” products include all RTD line extens
Slide 16: Definitions (continued)
Definitions (continued) Other Metrics. • “Shipments.” We generally record revenues when we ship or deliver our products to our customers. In this presentation, unless otherwise specified, we refer to shipments when discussing volume. • “Depletions.” This metric is commonly used in the beverage alcoh
Slide 17: Year-to-Date of Fiscal 2026 and Fiscal 2025 Reconciliation
Year-to-Date of Fiscal 2026 and Fiscal 2025 Reconciliation Twelve months ended April 30, 2026 Acquisitions & Impairment Foreign Exchange Reported Other Items1 (+/-) Organic Divestitures (+/-) Charges (+/-) (+/-) Net Sales (1)% 3% —% —% (2)% —% Gross Profit 2% 1% —% —% (2)% —% Operating Expenses 2 12
Slide 18: Brand Reconciliation Year-to-Date of Fiscal 2026 and Fiscal 2025 Net Sales Growth
Brand Reconciliation Year-to-Date of Fiscal 2026 and Fiscal 2025 Net Sales Growth Twelve months ended April 30, 2026 Acquisitions & Foreign Exchange Reported Other Items1 (+/-) Organic Divestitures (+/-) (+/-) Whiskey 3% —% —% (1)% 1% Jack Daniel’s Tennessee Whiskey (2)% —% —% (1)% (4)% Woodford Res
Slide 19: Geographic Reconciliation Year-to-Date Fiscal 2026 and Fiscal 2025 Net Sales Growth
Geographic Reconciliation Year-to-Date Fiscal 2026 and Fiscal 2025 Net Sales Growth Twelve months ended April 30, 2026 Acquisitions & Foreign Exchange Reported Other Items1 (+/-) Organic Divestitures (+/-) (+/-) United States (7)% 7% —% —% —% Developed International —% —% —% (3)% (3)% Emerging 14% 1
Slide 20: Supplemental Free Cash Flow Information
Supplemental Free Cash Flow Information For the Twelve Months Ended April 30, 2025 2026 Cash provided by operating activities $598 $1,000 Additions to property, plant, and equipment (167) (107) Free cash flow1 431 893 $ in millions 1 See “Non-GAAP Financial Measures and Reconciliation” for additiona
Slide 21: The Source of Our Strength
The Source of Our BROWN-FORMAN