Loading
Sentiment · FY2026 Q4
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.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Nadine Sarwat | Bernstein | 7 (29%) |
| Filippo Falorni | Citigroup | 7 (14%) |
| Peter Grom | UBS | 5 (20%) |
| Kevin Grundy | BNP Paribas | 5 (40%) |
| Lauren Lieberman | Barclays | 5 (20%) |
| Eric Serotta | Morgan Stanley | 5 (0%) |
| Andrea Pistacchi | Bank of America | 4 (0%) |
| Chris Pitcher | Redburn Atlantic | 3 (0%) |
| Steve Powers | Deutsche Bank | 3 (0%) |
| Bonnie Herzog | Goldman Sachs | 3 (67%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bernstein | 1 | 7 (29%) |
| Citigroup | 1 | 7 (14%) |
| BNP Paribas | 1 | 5 (40%) |
| Bank of America | 2 |
| 5 (0%) |
| Barclays | 1 | 5 (20%) |
| Morgan Stanley | 1 | 5 (0%) |
| UBS | 1 | 5 (20%) |
| JPMorgan | 2 | 4 (0%) |
| 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 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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.
Competitive Dynamics | Demand | Revenue Growth | Inventory | Margin | Pricing | Geographic Expansion | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 3 | 1 | 4 | 3 | 1 | 1 | 2 | |
| 2025Q3 | 3 | 2 | 3 | 3 | 1 | 1 | 2 | |
| 2025Q4 | 4 | 3 | 1 | 1 | 1 | 1 | ||
| 2026Q1 | 3 | 2 | 2 | 3 | 2 | 2 | 2 | |
| 2026Q2 | 3 | 4 | 3 | 2 | 2 | 3 | 2 | |
| 2026Q3 | 1 | 4 | 2 | 1 | 3 | 1 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 3 | 4 | 3 | 3 | 1 |
| Demand | 1 | 2 | 3 | 2 | 4 | 4 |
| Revenue Growth | 4 | 3 | 1 | 2 | 3 | 2 |
| Inventory | 3 | 3 | 3 | 2 | 1 | |
| Margin | 1 | 2 | 2 | 3 | ||
| Pricing | 1 | 1 | 2 | 3 | 1 | |
| Geographic Expansion | 1 | 1 | 1 | 2 | 2 | |
| Trade Tariffs | 2 | 2 | 1 |
What BF-B and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the absence of the prior year gain on the sale of the Duckhorn investment.”
Brown-Forman's year-over-year EPS decline partly reflects lapping a prior-year gain on the sale of its Duckhorn investment.
“It looks like Diageo is reconsidering whether they want dedicated sales teams and resources at their U S Wholesalers or if their products should just go in like a general or broad book”
Analysts raised Diageo's reported moves on price repositioning and rethinking dedicated distributor sales teams; Brown-Forman defended its own dedicated-resource distributor model and downplayed aggressive-pricing risk.
“our strategic decision to distribute the William Grant and Sons portfolio of brands combines our renowned spirits portfolios scales our business in Japan”
Brown-Forman took on distribution of the William Grant and Sons portfolio in Japan, combining the two portfolios to scale its owned-distribution business there.
“we announced a mutual agreement to conclude our partnership with Pabst Brewing Company who has managed the supply, sales, and distribution”
Brown-Forman is ending its partnership with Pabst Brewing Company, which had managed supply, sales and distribution of Jack Daniel's Country Cocktails, so Brown-Forman can centralize its flavored-malt-beverage portfolio.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BF-B Brown–Forman | 5 | +2.0% | |
| STZ Constellation Brands | 3 | -11.3% |