Brown-Forman Corp Registered Shs -B- Non Vtg

BF.B: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Brown-Forman Earnings: Underlying Demand Masked by Destocking Headwinds; Shares Undervalued

Jaime M Katz , Aidan Kernell

Jun 4, 2026

Brown-Forman posted 2% sales growth to $912 million in its fourth quarter, driven by a 2% organic sales rise. Operating margin decreased to 10.5% from 22.9%, primarily reflecting noncash impairment charges for the Gin Mare ($45 million) and Diplomático ($85 million) brands.

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Brown-Forman Corp Registered Shs -B- Non Vtg

Brown-Forman Earnings: Underlying Demand Masked by Destocking Headwinds; Shares Undervalued

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