At a glance
Brown-Forman Corp. is worth $13.77B, about 20 times its fiscal 2026 earnings. Revenue grew 0.5% to $5.08B in fiscal 2026, with 14.1% kept as profit; over 5 years it has grown 2.3% a year. It pays a 3.07% dividend yield, raised every year for at least 3 years, and returned $3.26B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +13.9% over the past year with dividends reinvested and −14.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.9% in the 2020 crash (S&P 500: 33.7%) and 16.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Brown-Forman makes and markets spirits. Its portfolio holds more than 40 spirit and ready-to-drink (RTD) brands. RTD means pre-mixed drinks such as canned cocktails. Jack Daniel's Tennessee Whiskey is the anchor. Research firm IWSR ranks it the world's No. 1 American whiskey by sales. The wider Jack Daniel's family, including Tennessee Honey, Gentleman Jack and Jack Daniel's & Coca-Cola RTD, is the main source of revenue. Other brands include Woodford Reserve and Old Forester bourbons, el Jimador and Herradura tequilas, and Diplomático rum.
Its brands are priced mostly at premium levels and above. US law generally bars spirits makers from dealing directly with drinkers. So in the United States the company ships to distributors, or to state governments in states that control alcohol sales, and they then supply retailers. Abroad, it runs its own distribution companies in markets such as Mexico, Germany, Australia and the UK, and uses partners elsewhere. Its largest customer made up about 10% of net sales in fiscal 2026, the year ended April 30, 2026.
Its products reach more than 170 countries. In fiscal 2026 the United States made up 42% of net sales, followed by Mexico (8%), Germany (6%), Australia (5%) and the UK (4%). Net sales were $5.08 billion, up 0.5%. About 30% came in the October-to-December holiday quarter.
Price history
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BF.B +13.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $1.65B | 32.4% |
| Other | $1.35B | 26.5% |
| Emerging | $974.0M | 19.2% |
| Mexico | $319.0M | 6.3% |
| Germany | $248.0M | 4.9% |
| Australia | $200.0M | 3.9% |
| Travel Retail | $177.0M | 3.5% |
| United Kingdom | $164.0M | 3.2% |
| Non-branded and bulk | $33.0M | 0.6% |
Latest results
- In Q1 FY2027 (ended Jul 31, 2026), revenue was $1.18B, down 0.8% from a year earlier, and net income was $176.0M (+3.5%).
- For fiscal 2026, revenue was $5.08B (+0.5% year over year; +2.3% a year from FY2021 to FY2026) with a 14.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.3% watch |
|---|---|
| Operating margin | 19.7% good |
| Free cash flow margin | 17.6% good |
| Return on equity (FY2026) | 17.8% good |
| Return on assets (FY2026) | 9.1% good |
| Net cash (cash minus debt) | $-2.14B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.53B | $903.0M | $755.0M |
| FY2022 | $5.08B | $838.0M | $798.0M |
| FY2023 | $5.37B | $783.0M | $457.0M |
| FY2024 | $5.33B | $1.02B | $419.0M |
| FY2025 | $5.06B | $869.0M | $431.0M |
| FY2026 | $5.08B | $715.0M | $893.0M |
Valuation snapshot
| Market value | $13.77B |
|---|---|
| P/E ratio | 19.6 |
| Dividend yield | 3.07% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BF.B price data to Nov 2, 2026 | +18.2% | +13.9% | -17.5% | -14.0% | -0.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.2% |
| 2025 | -29.3% |
| 2024 | -32.2% |
| 2023 | -11.9% |
| 2022 | -8.8% |
| 2021 | -6.0% |
| 2020 | +18.6% |
| 2019 | +43.8% |
| 2018 | -10.7% |
| 2017 | +54.9% |
| 2016 | -8.2% |
| 2015 | +14.6% |
| 2014 | +17.8% |
| 2013 | +21.3% |
| 2012 | +27.0% |
| 2011 | +17.8% |
| 2010 | +33.3% |
| 2009 | +6.7% |
| 2008 | -11.3% |
| 2007 | +16.9% |
| 2006 | -4.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 29.4% over that stretch · deepest drop along the way 34%, back to its old high 16.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.7% over that stretch · deepest drop along the way 34.9%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.2% over that stretch · deepest drop along the way 16.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.58% | Mar 31, 2026 |
| FMR LLC | 4.4% | Mar 31, 2026 |
ETFs with the most weight in BF.B
| FXG First Trust Consumer Staples AlphaDEX Fund | 2.62% |
| MOAT VanEck Morningstar Wide Moat ETF | 2.48% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 2.35% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 2.17% |
| FTDS First Trust Dividend Strength ETF | 2.14% |
| FDIV MarketDesk Focused U.S. Dividend ETF | 2.09% |
| SAGP Strategas Global Policy Opportunities ETF | 2.01% |
| VSDA VictoryShares Dividend Accelerator ETF | 1.77% |
What could go wrong
- Heavy reliance on Jack Daniel's. The Jack Daniel's family is the main revenue driver. Widespread bad publicity, a sustained drop in its sales or failure to keep it relevant to future drinkers would hurt the whole company.
- Tariffs and trade disputes. With 58% of fiscal 2026 net sales coming from outside the United States, changes to tariffs or import and export rules by the US or foreign governments could raise costs or cut demand.
- Whiskey must be made years ahead. Whiskey and some tequilas and rums age for years, so the company must forecast demand long in advance. Overestimate and money sits idle in barrels. Underestimate and supply runs short.
- Distributors and big retailers hold power. Brown-Forman relies on distributors and retailers to reach drinkers. Consolidation among them, changes to its distribution setup, or large chains demanding lower prices and pushing their own store brands could squeeze sales and margins.
- Changing attitudes toward drinking. Shifts in consumer tastes, a decline in the social acceptability of alcohol, or government moves such as higher taxes, new warning labels or limits on availability could reduce demand.
- The Brown family controls shareholder votes. The Brown family owns more than 50% of the voting stock and can decide the outcome of matters put to shareholders. Outside investors have little say over the board or major decisions.
Recent events
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
Brown-Forman pays a regular dividend. It rose in each of fiscal 2024, 2025 and 2026, from $0.788 a share in fiscal 2023 to $0.915 in fiscal 2026. Regular dividends grew about 5.3% a year from fiscal 2021. In fiscal 2026 the dividend used 59.7% of earnings and 47.8% of free cash flow (the cash left after running and investing in the business). The yield was 3.32% as of October 28, 2026. The company also repurchased $400 million of stock in both fiscal 2024 and fiscal 2026.
Past downturns were rough. The shares fell 34% during the 2008 financial crisis and took about 17 months to recover. They dropped 34.9% in the 2020 COVID crash but recovered in under five months. They fell 16.8% in the 2022 bear market and had not regained their August 2022 peak by October 28, 2026. By then they were down 55% over five years. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Brown-Forman make money?
Brown-Forman makes money by producing and marketing premium spirits, led by Jack Daniel's Tennessee Whiskey. In the United States it ships to distributors or, in states that control alcohol sales, to state governments, which then supply retailers. Abroad it runs its own distribution companies in markets such as Mexico and Germany or works through partners. Net sales were $5.08 billion in fiscal 2026, the year ended April 30, 2026. The operating margin was 19.7%, which means about 20 cents of operating profit on each dollar of sales.
What brands does Brown-Forman own?
Brown-Forman's portfolio includes more than 40 spirit and ready-to-drink (RTD) brands. Jack Daniel's leads, with versions such as Tennessee Honey, Tennessee Fire, Gentleman Jack and Jack Daniel's & Coca-Cola RTD. Its other American whiskeys include Woodford Reserve, Old Forester and King of Kentucky. It also has el Jimador and Herradura tequilas, Diplomático rum, Gin Mare and Fords Gin, Chambord liqueur, Slane Irish Whiskey, and the Glendronach, Benriach and Glenglassaugh single malt Scotch whiskies.
Does Brown-Forman raise its dividend every year?
It has raised it three fiscal years in a row. Dividends per share climbed from $0.788 in fiscal 2023 to $0.915 in fiscal 2026. Regular dividends grew about 5.3% a year from fiscal 2021 to fiscal 2026. The fiscal 2026 dividend used 59.7% of earnings and 47.8% of free cash flow, and the yield was 3.32% as of October 28, 2026. A record of increases does not guarantee future ones.
How much has Brown-Forman stock fallen?
Sharply. As of October 28, 2026, the share price was down 45% over three years and 55% over five years. That includes losses of 32.2% in 2024 and 29.3% in 2025. Within those three years it fell as much as 60.2% from a high, though it was up 9.3% year to date. Over the same stretch, net sales slipped from $5.37 billion in fiscal 2023 to $5.08 billion in fiscal 2026. Net income fell 17.7% in fiscal 2026 to $715 million.
Who controls Brown-Forman?
The Brown family. It owns more than 50% of the voting stock, which makes Brown-Forman a “controlled company” under New York Stock Exchange rules. That means the family can decide the outcome of shareholder votes. A controlled company may also opt out of some board-independence requirements. Large fund managers hold stakes too: Vanguard Capital Management reported 5.58% and FMR LLC 4.4% as of March 31, 2026.