Filing Flows › Brown Forman (BF-B) › Q4 FY26 › vs Q3 FY26
Brown Forman (BF-B) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Brown Forman's revenue fell $237M (-17%) from $1.4B in Q3 FY26 to $1.2B in Q4 FY26. The biggest changes: Whiskey −$123M (-15%); Other revenues −$93.0M (-27%); Ready-to-Drink −$16.0M (-11%). Gross margin 49.3% against 45.8% (+3.4 pts).
Brown Forman, Q4 FY26: revenue $1.2B (+3% year over year), operating margin 8.3%, net earnings $54.0M, operating cash flow $291M. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 49.3% | 45.8% | +3.4 pts |
| Operating margin | 8.3% | 24.4% | -16.1 pts |
| Net margin | 4.7% | 19.1% | -14.5 pts |
| Free cash flow margin | 22.9% | 28.1% | -5.2 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| Whiskey | $674M | $797M | −$123M | -15% |
| Ready-to-Drink | $130M | $146M | −$16.0M | -11% |
| Tequila | $62.0M | $60.0M | $2.0M | +3% |
| Rest of portfolio | $42.0M | $46.0M | −$4.0M | -9% |
| Non-branded and bulk | $4.0M | $7.0M | −$3.0M | -43% |
| Other revenues | $247M | $340M | −$93.0M | -27% |
| Revenue | $1.2B | $1.4B | −$237M | -17% |
| Gross profit | $571M | $640M | −$69.0M | -11% |
| Cost of revenue | $588M | $756M | −$168M | -22% |
| Operating profit | $96.0M | $340M | −$244M | -72% |
| Operating expenses | $475M | $300M | $175M | +58% |
| Pre-tax earnings | $71.0M | $315M | −$244M | -77% |
| Other expense, net | $25.0M | $25.0M | $0 | 0% |
| SG&A | $259M | $184M | $75.0M | +41% |
| Other operating costs | $216M | $116M | $100M | +86% |
| Net earnings | $54.0M | $267M | −$213M | -80% |
| Income tax | $17.0M | $48.0M | −$31.0M | -65% |
| Depreciation & amortization | $24.0M | $24.0M | $0 | 0% |
| Share-based compensation | $10.0M | $10.0M | $0 | 0% |
| Working capital & other | $203M | $116M | $87.0M | +75% |
| Operating cash flow | $291M | $417M | −$126M | -30% |
| Free cash flow (OCF − capex) | $265M | $392M | −$127M | -32% |
| Capital expenditures | $26.0M | $25.0M | $1.0M | +4% |
Questions
How much did Brown Forman's revenue grow quarter over quarter in Q4 FY26?
Brown Forman's revenue fell $237M (-17%) from $1.4B in Q3 FY26 to $1.2B in Q4 FY26.
What drove Brown Forman's revenue change in Q4 FY26?
Whiskey −$123M (-15%); Other revenues −$93.0M (-27%); Ready-to-Drink −$16.0M (-11%).