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Sentiment · FY2026 Q4
As of FY2026 Q3, the Tellvest earnings-call sentiment score for Brown–Forman (BF-B) is 5/10.
Brown-Forman's fiscal third quarter capped a nine-month period of flat organic net sales (reported down 2% on the Korbel and Sonoma-Cutrer divestitures and FX), as strength in emerging international markets (Mexico +15%, Brazil +20%) and Travel Retail (+7%) offset a 6% decline in developed markets, where Canada fell nearly 60% on the U.S. trade dispute. Reported gross margin expanded 50 basis points to 59.9%, but the benefit came largely from divestiture-related A&D and FX rather than operations, and management flagged 100 to 150 basis points of organic gross-margin compression over the next two years from aging-barrel costs. Year-to-date diluted EPS fell 8% to $1.41 against a prior-year Duckhorn investment gain, while free cash flow rose $299 million to $628 million and the company completed a $400 million buyback. Brown-Forman reaffirmed its fiscal 2026 outlook for a low-single digit organic net sales decline and lowered its tax-rate range to 19% to 21%, and CFO Leanne Cunningham announced her retirement at fiscal year-end.
Scored from Brown–Forman’s FY2026 Q3 earnings call. The newest quarter is available with Tellvest Pro.
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Reporting soon: earnings call Wednesday, Sep 2
A pre-earnings brief is ready for BF-B: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $951M | -8.4% | $0.41 | -14.6% | 59.4% | 29.5% | 20.5% | $-24M |
| FY2025 Q2 | $1.09B | -1.1% | $0.55 | +10.0% | 59.0% | 31.1% | 23.6% | $81M |
| FY2025 Q3 | $1.03B | -3.2% | $0.57 |
| -5.0% |
| 59.8% |
| 30.0% |
| 26.1% |
| $272M |
| FY2025 Q4 | $894M | -7.3% | $0.31 | -44.6% | 57.4% | 26.0% | 16.3% | $102M |
| FY2026 Q1 | $924M | -2.8% | $0.36 | -12.2% | 59.7% | 29.4% | 18.4% | $129M |
| FY2026 Q2 | $1.04B | -5.4% | $0.47 | -14.5% | 59.4% | 29.8% | 21.6% | $107M |
| FY2026 Q3 | $1.06B | +2.0% | $0.56 | -1.8% | 60.6% | 32.5% | 25.3% | $392M |
| FY2026 Q4 | $912M | +2.0% | $0.12 | -61.3% | 62.6% | 23.7% | 5.9% | $265M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2023 | $4.23B | +7.5% | $1.63 | -6.3% | 59.0% | 26.7% | 18.5% | $457M |
| FY2024 | $4.18B | -1.2% | $2.14 | +31.3% | 60.5% | 33.8% | 24.5% | $419M |
| FY2025 | $3.98B | -4.9% | $1.84 | -14.0% | 58.9% | 29.3% | 21.9% | $431M |
| FY2026 | $3.93B | -1.2% | $1.51 | -17.9% | 60.5% | 29.0% | 18.2% | $893M |