Company Reports

Brown-Forman posted a 1% sales decline to $911 million in its fiscal first quarter. Operating margin decreased 50 basis points to 27.7% as the timing of restructuring expenses and lower price/mix offset lower input costs and the end of the low-margin Korbel relationship.

We award a wide economic moat rating to Brown-Forman, primarily for the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio, which makes up over 70% of sales.

On July 13, 2026, Brown-Forman announced CEO Lawson Whiting's retirement. The board of directors is searching for a new CEO, although no timeline has been disclosed. Whiting will remain at the helm until his successor is appointed and will serve in an advisory capacity during the transition.

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.

On May 12, The Wall Street Journal, citing sources, reported that Brown-Forman rejected a buyout offer of $32 per share by privately held American spirits maker Sazerac. It remains unclear if there will be a follow-up offer or if discussions have ended.

On April 28, Brown-Forman announced that discussions with Pernod Ricard about a potential merger have been mutually terminated. No update on a reported approach by American spirits maker Sazerac was mentioned.

On April 9, The Wall Street Journal reported that American spirits maker Sazerac has approached Brown-Forman about a potential deal. This follows news last month that French spirits maker Pernod Ricard was in acquisition talks with Brown-Forman. Brown-Forman shares rose 13% on the news.

We award a wide economic moat rating to Brown-Forman, primarily for the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio, which makes up over 70% of sales.

On March 26, Bloomberg reported that French spirits maker Pernod Ricard is in talks with Brown-Forman for a potential acquisition but did not provide any details on pricing or terms. Brown-Forman shares rose 10% on the news.

We award a wide economic moat rating to Brown-Forman, primarily for the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio, which makes up over 70% of sales.

Brown-Forman's organic sales rose 1% in the third quarter on a 15% rise in emerging markets (25% of sales). Adjusted operating profit was flat excluding restructuring costs. Citing soft demand, the firm reaffirmed its 2026 outlook for low-single-digit declines in organic sales and operating profit.

We award a wide economic moat rating to Brown-Forman, primarily based on the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio that makes up 71% of sales.

Brown-Forman's organic sales fell 2% in the second quarter of fiscal 2026 and operating profits fell 10% as operating margin narrowed 170 basis points to 29.4%. Management reaffirmed its 2026 outlook for low-single-digit declines in both organic sales and operating profits.

We award a wide economic moat rating to Brown-Forman, primarily based on the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio that makes up 71% of sales.

At its investor day on Oct. 15, Brown-Forman reiterated its strategic focus on product innovation, US distribution enhancement, and international expansion to drive growth in sales and profit for the long term.

We award a wide economic moat rating to Brown-Forman, primarily based on the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio that makes up 71% of sales.

Brown Forman's sales fell 3% in the first quarter but rose 1% organically. Operating profits fell 7% as margins narrowed 140 basis points to 28.2%. Management reaffirmed its 2026 outlook calling for low-single-digit declines in both organic sales and operating profits.

Brown-Forman grappled with softer demand for US whiskey and tequila as consumers became more cautious. Organic sales and operating profits rose 1% and 3%, respectively, in April-ended fiscal 2025, but the firm expects both metrics to fall in 2026. Shares fell 18% in June 5 trading.

We award a wide economic moat rating to Brown-Forman, primarily based on the strong brand intangible assets associated with the spirits maker’s premium American whiskey portfolio that makes up 71% of sales.

Brown Forman posted increases of 1% and 3%, respectively, in organic sales and operating profits for the April-ended fiscal 2025. Anticipating a challenging 2026, however, its outlook calls for low-single-digit declines in both organic sales and operating profit. Shares fell 18% after the report.