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Brown Forman (BF-B) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Sep 2, 2026 · Brown Forman (BF-B) Q1 FY27 earnings results →

Q1 FY27 Revenue down 1% year over year to $1.2B · 15¢ of every $1 of revenue kept as net profit · operating margin 21.3%

Brown Forman made $1.2B in Q1 FY27 (-0.8% Y/Y): Whiskey $658M, Other revenues $270M, Ready-to-Drink $154M. Operating margin 21.3%, net earnings $176M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 2, 2026.

Revenue$1.2B
Year over year-0.8%
Operating margin21.3%
Net earnings$176M
Operating cash flow$173M

Drawing the Sankey…

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Brown Forman Q1 FY27 revenue breakdown: Sankey diagram of revenue (Whiskey, Other revenues, Ready-to-Drink, Tequila), costs, profit and cash flow
Brown Forman Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.2B in Q1 FY27, down 1% year over year and up 2% from the previous quarter. Whiskey was the largest line at 56% of revenue. Rest of portfolio lost $0.02B year over year (down 36%), 220% of the total change.

Gross margin was 46.5%, up 0.1 points from Q1 FY26. Operating profit was $0.25B, a 21.3% margin (down 0.5 points year over year). Operating expenses grew 2% against a revenue fall of 1%. Net earnings were $0.18B, up 4% year over year. The effective tax rate was 23.1%.

Operating cash flow was $0.17B (up 8% year over year), 98% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $0.03B. After itions to property, plant, and equipment ($0.01B), free cash flow as the company reports it was $0.16B.

Quarterly history

Brown Forman revenue by quarterBrown Forman revenue by quarter$1.3BQ3 FY25$1.1BQ4 FY25$1.2BQ1 FY26$1.3BQ2 FY26$1.4BQ3 FY26$1.2BQ4 FY26$1.2BQ1 FY27
Brown Forman net earnings by quarterBrown Forman net earnings by quarter$270MQ3 FY25$146MQ4 FY25$170MQ1 FY26$224MQ2 FY26$267MQ3 FY26$54.0MQ4 FY26$176MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QSep 2, 2026$1.2B-0.8%21.3%$176M$173M
Q4 FY2610-KJun 12, 2026$1.2B+3%8.3%$54.0M$291M
Q3 FY2610-QMar 4, 2026$1.4B+4%24.4%$267M$417M
Q2 FY2610-QDec 4, 2025$1.3B-3%22.8%$224M$132M
Q1 FY2610-QAug 28, 2025$1.2B-2%21.8%$170M$160M
Q4 FY2510-KJun 13, 2025$1.1B-6%18.3%$146M$152M
Q3 FY2510-QMar 5, 2025$1.3B-4%20.8%$270M$317M

Charts

Brown Forman: revenue growth, year over year and quarter over quarterBrown Forman: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q3 FY25-6%-17%Q4 FY25-2%+6%Q1 FY26-3%+12%Q2 FY26+4%+4%Q3 FY26+3%-17%Q4 FY26-1%+2%Q1 FY27
Latest (Q1 FY27): Y/Y -1%, Q/Q +2%.
Brown Forman: where the cash came from (+) and went (−), TTM to Q1 FY27Brown Forman: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$1.0BDividends−$426MOther financing−$406MNet borrowing (+) / repaid (−)−$268MCash drawn (+) / kept (−)$170MCapital spending−$88.0MExchange rates$3.0MOther investing$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Brown Forman: profit against cash, quarter by quarterBrown Forman: profit against cash, quarter by quarterNet incomeOperating cash flow$258M$112MQ2 FY25$270M$317MQ3 FY25$146M$152MQ4 FY25$170M$160MQ1 FY26$224M$132MQ2 FY26$267M$417MQ3 FY26$54.0M$291MQ4 FY26$176M$173MQ1 FY27
Latest (Q1 FY27): Net income $176M, Operating cash flow $173M.
Brown Forman: diluted shares by fiscal yearBrown Forman: diluted shares by fiscal year481MFY21481MFY22480MFY23477MFY24473MFY25467MFY26
-2.9% since FY21: buybacks shrank the count.
Brown Forman: long-term debt falling due (FY26)Brown Forman: long-term debt falling due (FY26)$351M2027$405M2029$1.7BLater
Cash $308M, short-term investments —, long-term debt $2.4B at 2026-04-30.
Brown Forman in its industry: growth against margin (22 companies, SIC 2080)Brown Forman in its industry: growth against margin (22 companies, SIC 2080)revenue growth, year over year →↑ operating marginmedian +7%median 1%PEPKOKDPSTZPRMBWESTCOCOBRCCSUJACWGLJSDAWVVIAMSSBUDASRXHMOJOCIRXIPSTMDWKYHCEDVABF-B (-1%, 21%)
Beverages; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Brown Forman

Brown-Forman Corporation (the “Company,” “Brown-Forman,” “we,” “us,” or “our” below) was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands. We employ approximately 4,900 people (excluding individuals who work on a part-time or temporary basis) on six continents, including approximately 1,900 people in the United States (approximately 7% of whom are represented by a union) and 700 people in Louisville, Kentucky, USA, home of our world headquarters. According to International Wine & Spirit Research (IWSR), we are the largest American-owned premium-plus spirits company.

In its own words, from its 10-K, filed Jun 12, 2026.

Brown Forman against its Beverages peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.8% against the peers' median +6%. Operating margin: 21.3% against the peers' median 18.2%.

CompanyQuarterRevenueY/YOp. margin
BF-B Brown FormanQ1 FY27$1.2B-0.8%21.3%
PEP PepsiCoQ3 2026$25.3B+6%16.9%
KO Coca ColaQ3 2026$13.4B+7%33.4%
KDP Keurig Dr PepperQ3 2026$7.3B+71%18.2%
STZ Constellation BrandsQ2 FY27$2.8B+6%28.6%
PRMB Primo BrandsQ3 2026$1.8B+3%13.7%
WEST Westrock CoffeeQ3 2026$300M-15%1.1%
COCO Vita Coco CompanyQ3 2026$244M+34%18.6%
BRCC BRCQ3 2026$108M+7%-6.9%

Source: Brown Forman 10-Q on SEC EDGAR · CIK 14693 · Beverages

13F: who owns BF-B and who is buying

Largest holders of BF-B (13F)Largest holders of BF-B (13F)Vanguard Group$789MVanguard Capital Management LLC$389MVanguard Portfolio Management LLC$357MFMR LLC$335MBlackRock$324MVan ECK Associates$322MState Street$262MInvesco$228MGoldman Sachs Group$197MDimensional Fund Advisors LP$188M
Funds' net buying of BF-B by quarter (13F)Funds' net buying of BF-B by quarter (13F)−$53.0M2024-09−$51.2M2024-12$475M2025-03−$6.6M2025-06$558M2025-09$65.4M2025-12−$397M2026-03−$101M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BF-B

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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