Pricing Log in Create free account
Saturday 17 October 2026 Export BF.B’s income statement to Excel — free account

Brown-Forman Corporation

BF.B Consumer Defensive Beverages Wineries & Distilleries

Brown-Forman Corporation’s revenue for fiscal 2026 (year ended April 2026) was $3.9 billion, down 1.18% from fiscal 2025. In the quarter to July 2026, revenue fell 1.41%, EPS grew 5.56%, free cash flow was flat and total debt fell 9.63%, each against the same quarter a year earlier. Member of the S&P 500.

28.88 0.30 +1.05%
Market cap
$13.2B
P/E
18.6×
Fwd P/E
15.4×
Dividend yield
—
F-score
7/9
Altman Z
4.08
Beneish M
−2.69
Dividend safety
64/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Brown-Forman Corporation (BF.B) Business Profile

Updated before January 2025

Company Overview

Brown-Forman Corporation (NYSE: BF.B) is one of the largest American-owned spirits and wine companies, with a rich history dating back to its founding in 1870. The company was established by George Garvin Brown in Louisville, Kentucky, with the introduction of Old Forester, the first bottled bourbon. Over the years, Brown-Forman has grown into a global leader in the beverage alcohol industry, with a portfolio of iconic brands and a presence in over 170 countries.

The company is headquartered in Louisville, Kentucky, and is led by a seasoned leadership team. As of 2023, Lawson Whiting serves as the President and Chief Executive Officer, bringing decades of experience in the spirits industry. Brown-Forman remains a family-controlled business, with the Brown family holding a significant portion of the voting shares, ensuring a long-term vision and stability for the company.

Core Business Segments

Brown-Forman operates across several core business segments, primarily focusing on the production, marketing, and distribution of premium spirits and wines. The company’s portfolio is categorized into the following major product categories:

1. Whiskey

  • Jack Daniel’s Family of Brands: This includes the flagship Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, and Jack Daniel’s Tennessee Apple. Jack Daniel’s is one of the most recognized whiskey brands globally.
  • Woodford Reserve: A premium bourbon brand known for its craftsmanship and quality.
  • Old Forester: The company’s original brand, offering a range of bourbons.
  • Other Whiskeys: Includes brands like GlenDronach, BenRiach, and Glenglassaugh, which cater to the Scotch whisky market.

2. Tequila

  • El Jimador: A popular tequila brand offering both premium and affordable options.
  • Herradura: A high-end tequila brand known for its artisanal production methods.

3. Vodka

  • Finlandia Vodka: A globally recognized vodka brand sourced from pure glacial spring water and golden barley.

4. Liqueurs and Wines

  • Chambord: A premium black raspberry liqueur.
  • Korbel California Champagne: A sparkling wine brand that complements the company’s spirits portfolio.

5. Ready-to-Drink (RTD) Products

  • Brown-Forman has expanded into the RTD category with products like Jack Daniel’s & Cola and other pre-mixed cocktails, catering to the growing demand for convenience.

Business Model

Brown-Forman’s business model revolves around the production, marketing, and distribution of premium alcoholic beverages. The company operates a vertically integrated model, controlling key aspects of its supply chain, from production to distribution. This approach ensures quality control and brand consistency across its portfolio.

Revenue generation is primarily driven by the sale of spirits and wines through a global network of distributors and retailers. Brown-Forman also invests heavily in marketing and brand-building activities to maintain its competitive edge and consumer loyalty. The company’s focus on premiumization—offering high-quality, higher-priced products—has been a key driver of its financial performance.

Strategic Direction

Brown-Forman is committed to sustainable growth and innovation. The company’s strategic priorities include:

  • Expanding Global Reach: Brown-Forman aims to strengthen its presence in emerging markets, particularly in Asia and Latin America, where demand for premium spirits is growing.
  • Sustainability Goals: The company has set ambitious sustainability targets, including reducing greenhouse gas emissions, improving water stewardship, and promoting responsible consumption of alcohol.
  • Innovation: Brown-Forman continues to invest in new product development, including flavored whiskeys, RTD cocktails, and premium offerings in the tequila and whiskey categories.
  • Digital Transformation: Leveraging digital tools and e-commerce platforms to enhance consumer engagement and streamline operations.

Competitive Landscape

Brown-Forman operates in a highly competitive industry, facing competition from both global and regional players. Key competitors include:

  • Diageo: A global leader in spirits and beer, with brands like Johnnie Walker, Smirnoff, and Guinness.
  • Pernod Ricard: Known for brands like Absolut Vodka, Jameson Irish Whiskey, and Chivas Regal.
  • Beam Suntory: A major player in the whiskey and bourbon market, with brands like Jim Beam and Maker’s Mark.
  • Constellation Brands: Competes in the wine and spirits segment with brands like Robert Mondavi and Svedka Vodka.

Despite the competition, Brown-Forman’s strong brand equity and focus on premiumization give it a competitive edge.

Risk Factors

Like any business, Brown-Forman faces several risks that could impact its operations and financial performance:

  • Market Dependence: The company’s reliance on the U.S. market for a significant portion of its revenue makes it vulnerable to economic fluctuations and changes in consumer preferences.
  • Supply Chain Disruptions: Global supply chain challenges, including raw material shortages and transportation issues, could affect production and distribution.
  • Regulatory Risks: The alcoholic beverage industry is heavily regulated, and changes in laws or tax policies could impact the company’s operations.
  • Currency Fluctuations: As a global company, Brown-Forman is exposed to currency exchange rate risks.

Recent Developments

In recent years, Brown-Forman has made significant strides in innovation and sustainability. Key developments include:

  • New Product Launches: The introduction of Jack Daniel’s Tennessee Apple and other flavored whiskeys has been well-received by consumers.
  • Sustainability Initiatives: The company has invested in renewable energy projects and water conservation efforts to reduce its environmental footprint.
  • Acquisitions: Brown-Forman has acquired premium brands like Diplomático Rum to diversify its portfolio and enter new market segments.
  • Digital Expansion: Increased focus on e-commerce and digital marketing to reach consumers directly.

Investment Considerations

Strengths

  • Strong brand portfolio with global recognition.
  • Focus on premiumization, driving higher margins.
  • Long-term family ownership ensures stability and a focus on sustainable growth.
  • Commitment to innovation and sustainability.

Risks

  • Dependence on the U.S. market and a few key brands for a significant portion of revenue.
  • Exposure to regulatory and geopolitical risks.
  • Vulnerability to supply chain disruptions and raw material price volatility.

Conclusion

Brown-Forman Corporation is a leader in the global spirits and wine industry, with a rich history, iconic brands, and a commitment to innovation and sustainability. While the company faces challenges such as market dependence and regulatory risks, its strong brand equity, strategic focus on premiumization, and global expansion plans position it well for future growth. For investors, Brown-Forman offers a compelling mix of stability, growth potential, and a focus on long-term value creation.