Revenue growth has exhibited significant volatility, shifting from a 2.0% increase in 2026Q4 to a 7.3% contraction in 2025Q4, while operating margins compressed from a 38.9% peak in 2024Q4 to 23.7% in 2026Q4.
| Metric | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 3.93B | 3.98B | 4.18B | 4.23B | 3.93B | 3.46B | 3.36B | 3.32B | 3.25B | 2.99B | 3.09B | 3.13B | 2.99B | 2.85B | 2.72B | 2.59B | 2.47B | 2.48B | 2.58B | 2.22B | 1.98B | 2.31B | 2.21B | 2.06B | 1.96B | 1.92B | 1.88B | 1.78B | 1.67B | 1.58B |
| Revenue Growth % | -1.18% | -4.86% | -1.18% | 7.5% | 13.64% | 2.91% | 1.17% | 2.34% | 8.48% | -3.08% | -1.44% | 4.78% | 4.98% | 4.61% | 5.29% | 4.76% | -0.49% | -3.91% | 16.41% | 12.25% | -14.53% | 4.47% | 7.43% | 5.21% | 1.77% | 2.5% | 5.69% | 6.41% | 5.37% | 2.59% |
| Cost of Goods Sold | 1.55B | 1.63B | 1.65B | 1.73B | 1.54B | 1.37B | 1.24B | 1.16B | 1.05B | 973M | 945M | 951M | 913M | 894M | 928.4M | 862.1M | 857.6M | 904M | 887M | 737M | 655M | 912M | 915M | 878M | 825M | 718M | 712M | 676M | 639M | 630M |
| COGS % of Revenue | 39.46% | 41.06% | 39.54% | 41.01% | 39.21% | 39.5% | 36.75% | 34.84% | 32.2% | 32.5% | 30.59% | 30.34% | 30.52% | 31.38% | 34.09% | 33.33% | 34.74% | 36.44% | 34.35% | 33.23% | 33.15% | 39.45% | 41.35% | 42.62% | 42.13% | 37.32% | 37.93% | 38.06% | 38.29% | 39.77% |
| Gross Profit | 2.38B | 2.34B | 2.53B | 2.49B | 2.39B | 2.09B | 2.13B | 2.17B | 2.2B | 2.02B | 2.14B | 2.18B | 2.08B | 1.96B | 1.79B | 1.72B | 1.61B | 1.58B | 1.7B | 1.48B | 1.32B | 1.4B | 1.3B | 1.18B | 1.13B | 1.21B | 1.17B | 1.1B | 1.03B | 954M |
| Gross Margin % | 60.54% | 58.94% | 60.46% | 58.99% | 60.79% | 60.5% | 63.25% | 65.16% | 67.8% | 67.5% | 69.41% | 69.66% | 69.48% | 68.62% | 65.91% | 66.67% | 65.26% | 63.56% | 65.65% | 66.77% | 66.85% | 60.55% | 58.65% | 57.38% | 57.87% | 62.68% | 62.07% | 61.94% | 61.71% | 60.23% |
| Gross Profit Growth % | 1.49% | -7.24% | 1.28% | 4.31% | 14.18% | -1.55% | -1.8% | -1.63% | 8.96% | -5.74% | -1.79% | 5.05% | 6.29% | 8.91% | 4.09% | 7.02% | 2.17% | -6.96% | 14.45% | 12.11% | -5.64% | 7.86% | 9.81% | 4.32% | -6.05% | 3.52% | 5.91% | 6.8% | 7.97% | 3.02% |
| Operating Expenses | 1.27B | 1.18B | 1.38B | 1.37B | 1.19B | 928M | 1.04B | 1.02B | 1.15B | 1.01B | 611M | 1.16B | 1.11B | 1.06B | 1.01B | 869M | 901M | 916M | 1.01B | 879M | 745M | 711M | 654M | 808M | 779M | 832M | 817M | 778M | 723M | 667M |
| OpEx % of Revenue | 32.31% | 29.58% | 33.01% | 32.33% | 30.18% | 26.81% | 30.81% | 30.75% | 35.53% | 33.77% | 19.78% | 36.89% | 37.01% | 37.1% | 36.98% | 33.6% | 36.49% | 36.92% | 39.12% | 39.63% | 37.7% | 30.75% | 29.55% | 39.22% | 39.79% | 43.24% | 43.53% | 43.81% | 43.32% | 42.11% |
| Selling, General & Admin | 1.27B | 1.23B | 1.35B | 1.25B | 1.13B | 1.07B | 1.02B | 1.04B | 1.17B | 1.03B | 1.1B | 1.13B | 1.12B | 1.06B | 1B | 940M | 889M | 931M | 1.01B | 898M | 792M | 713M | 650M | 812M | 772M | 779M | 755M | 723M | 672M | 617M |
| SG&A % of Revenue | 32.31% | 30.89% | 32.43% | 29.52% | 28.68% | 30.92% | 30.48% | 31.2% | 36.02% | 34.37% | 35.77% | 36.18% | 37.51% | 37.14% | 36.9% | 36.34% | 36.01% | 37.53% | 39% | 40.49% | 40.08% | 30.84% | 29.37% | 39.42% | 39.43% | 40.49% | 40.22% | 40.71% | 40.26% | 38.95% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -52M | 24M | 119M | 59M | -142M | 11M | -15M | -16M | -18M | -494M | 22M | -15M | -1M | 2M | -71M | 12M | -15M | 3M | -19M | -47M | -2M | 4M | -4M | 7M | 53M | 62M | 55M | 51M | 50M |
| Operating Income | 1.11B | 1.17B | 1.15B | 1.13B | 1.2B | 1.17B | 1.09B | 1.14B | 1.05B | 1.01B | 1.53B | 1.03B | 971M | 898M | 788M | 855M | 710M | 661M | 685M | 602M | 563M | 445M | 381M | 372M | 353M | 374M | 348M | 322M | 307M | 287M |
| Operating Margin % | 28.23% | 29.36% | 27.45% | 26.66% | 30.61% | 33.69% | 32.44% | 34.42% | 32.27% | 33.73% | 49.63% | 32.77% | 32.46% | 31.52% | 28.93% | 33.06% | 28.76% | 26.64% | 26.53% | 27.14% | 28.49% | 19.25% | 17.22% | 18.06% | 18.03% | 19.44% | 18.54% | 18.13% | 18.39% | 18.12% |
| Operating Income Growth % | -4.97% | 1.74% | 1.77% | -6.4% | 3.26% | 6.87% | -4.63% | 9.16% | 3.76% | -34.12% | 49.27% | 5.77% | 8.13% | 13.96% | -7.84% | 20.42% | 7.41% | -3.5% | 13.79% | 6.93% | 26.52% | 16.8% | 2.42% | 5.38% | -5.62% | 7.47% | 8.07% | 4.89% | 6.97% | 4.74% |
| EBITDA | 1.11B | 1.25B | 1.23B | 1.21B | 1.28B | 1.24B | 1.17B | 1.22B | 1.11B | 1.07B | 1.59B | 1.08B | 1.02B | 949M | 791.5M | 860.1M | 715M | 716M | 737M | 646M | 607M | 503M | 437M | 427M | 408M | 438M | 410M | 377M | 358M | 337M |
| EBITDA Margin % | 28.23% | 31.55% | 29.54% | 28.55% | 32.62% | 35.91% | 34.64% | 36.58% | 34.24% | 35.67% | 51.44% | 34.4% | 34.14% | 33.31% | 29.06% | 33.25% | 28.96% | 28.86% | 28.54% | 29.13% | 30.72% | 21.76% | 19.75% | 20.73% | 20.84% | 22.77% | 21.84% | 21.23% | 21.45% | 21.28% |
| EBITDA Growth % | -11.56% | 1.62% | 2.24% | -5.92% | 3.22% | 6.7% | -4.19% | 9.35% | 4.12% | -32.79% | 47.4% | 5.58% | 7.59% | 19.9% | -7.98% | 20.29% | -0.14% | -2.85% | 14.09% | 6.42% | 20.68% | 15.1% | 2.34% | 4.66% | -6.85% | 6.83% | 8.75% | 5.31% | 6.23% | 5.31% |
| D&A (Non-Cash Add-back) | 0 | 87M | 87M | 80M | 79M | 77M | 74M | 72M | 64M | 58M | 56M | 51M | 50M | 51M | 3.5M | 5.1M | 5M | 55M | 52M | 44M | 44M | 58M | 56M | 55M | 55M | 64M | 62M | 55M | 51M | 50M |
| EBIT | 1.11B | 1.2B | 1.43B | 1.11B | 1.2B | 1.16B | 1.09B | 1.13B | 1.04B | 992M | 1.53B | 1.03B | 973M | 901M | 791M | 858M | 713M | 667M | 693M | 602M | 563M | 445M | 381M | 372M | 353M | 427M | 348M | 322M | 307M | 287M |
| Net Interest Income | -89M | -105M | -113M | -81M | -77M | -79M | -77M | -80M | -62M | -56M | -44M | -25M | -24M | -33M | -28M | -26M | -28M | -31M | -41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 17M | 14M | 9M | 5M | 2M | 5M | 8M | 6M | 3M | 2M | 2M | 2M | 3M | 3M | 3M | 0 | 6M | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 89M | 122M | 127M | 90M | 82M | 81M | 82M | 88M | 68M | 59M | 46M | 27M | 26M | 36M | 31M | 29M | 28M | 37M | 49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -224M | -86M | 151M | -110M | -90M | -85M | -82M | -102M | -71M | -77M | -44M | -25M | -24M | -33M | -28M | -26M | -28M | -31M | -41M | -16M | -4M | 87M | 7M | 1M | -5M | -8M | -5M | -4M | -11M | -14M |
| Pretax Income | 885M | 1.08B | 1.3B | 1.02B | 1.11B | 1.08B | 1.01B | 1.04B | 977M | 933M | 1.49B | 1B | 947M | 865M | 760.1M | 828.6M | 682M | 630M | 644M | 586M | 559M | 476M | 388M | 373M | 348M | 366M | 343M | 318M | 296M | 273M |
| Pretax Margin % | 22.53% | 27.2% | 31.07% | 24.05% | 28.32% | 31.23% | 30% | 31.35% | 30.08% | 31.16% | 48.2% | 31.97% | 31.66% | 30.36% | 27.91% | 32.04% | 27.62% | 25.39% | 24.94% | 26.42% | 28.29% | 20.59% | 17.53% | 18.11% | 17.77% | 19.02% | 18.27% | 17.91% | 17.74% | 17.23% |
| Income Tax | 170M | 212M | 274M | 234M | 276M | 178M | 182M | 207M | 260M | 264M | 422M | 318M | 288M | 274M | 246.9M | 257M | 232.8M | 195M | 204M | 186M | 164M | 168M | 130M | 128M | 120M | 133M | 125M | 116M | 111M | 104M |
| Effective Tax Rate % | 19.21% | 19.61% | 21.11% | 23.01% | 24.78% | 16.47% | 18.04% | 19.87% | 26.61% | 28.3% | 28.34% | 31.74% | 30.41% | 31.68% | 32.48% | 31.02% | 34.13% | 30.95% | 31.68% | 31.74% | 29.34% | 35.29% | 33.51% | 34.32% | 34.48% | 36.34% | 36.44% | 36.48% | 37.5% | 38.1% |
| Net Income | 715M | 869M | 1.02B | 783M | 838M | 903M | 827M | 835M | 717M | 669M | 1.07B | 684M | 659M | 591M | 513.2M | 571.6M | 449.2M | 435M | 440M | 389M | 320M | 308M | 258M | 245M | 228M | 233M | 218M | 202M | 185M | 169M |
| Net Margin % | 18.2% | 21.86% | 24.51% | 18.52% | 21.31% | 26.09% | 24.59% | 25.12% | 22.08% | 22.34% | 34.54% | 21.83% | 22.03% | 20.74% | 18.84% | 22.1% | 18.19% | 17.53% | 17.04% | 17.54% | 16.19% | 13.32% | 11.66% | 11.89% | 11.64% | 12.11% | 11.61% | 11.37% | 11.08% | 10.67% |
| Net Income Growth % | -17.72% | -15.14% | 30.78% | -6.56% | -7.2% | 9.19% | -0.96% | 16.46% | 7.17% | -37.3% | 55.99% | 3.79% | 11.51% | 15.16% | -10.22% | 27.25% | 3.26% | -1.14% | 13.11% | 21.56% | 3.9% | 19.38% | 5.31% | 7.46% | -2.15% | 6.88% | 7.92% | 9.19% | 9.47% | 5.63% |
| Net Income (Continuing) | 715M | 869M | 1.02B | 783M | 838M | 903M | 827M | 835M | 717M | 669M | 1.07B | 684M | 659M | 591M | 513M | 572M | 449M | 435M | 440M | 400M | 395M | 339M | 242M | 242M | 228M | 233M | 218M | 202M | 185M | 169M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.53 | 1.84 | 2.15 | 1.63 | 1.74 | 1.88 | 1.72 | 1.73 | 1.48 | 1.37 | 2.09 | 1.28 | 1.22 | 1.10 | 0.95 | 1.04 | 0.81 | 0.77 | 0.76 | 0.67 | 0.55 | 0.54 | 0.42 | 0.35 | 0.35 | 0.36 | 0.34 | 0.31 | 0.28 | 0.26 |
| EPS Growth % | -16.85% | -14.42% | 31.9% | -6.32% | -7.45% | 9.3% | -0.58% | 16.89% | 8.03% | -34.45% | 63.28% | 4.92% | 10.91% | 15.79% | -8.65% | 28.4% | 5.19% | 1.32% | 13.43% | 21.82% | 1.85% | 28.57% | 20% | 0% | -2.78% | 5.88% | 9.68% | 10.71% | 7.69% | 4% |
| EPS (Basic) | 1.53 | 1.84 | 2.15 | 1.63 | 1.75 | 1.89 | 1.73 | 1.74 | 1.49 | 1.38 | 2.10 | 1.29 | 1.23 | 1.11 | 0.96 | 1.05 | 0.81 | 0.77 | 0.77 | 0.68 | 0.56 | 0.54 | 0.43 | 0.35 | 0.36 | 0.36 | 0.34 | 0.31 | 0.28 | 0.26 |
| Diluted Shares Outstanding | 466.73M | 472.95M | 477.22M | 480.56M | 480.56M | 480.68M | 480.41M | 482.07M | 484.25M | 488.08M | 510.7M | 532.71M | 537.71M | 537.47M | 540.21M | 549.43M | 557.16M | 567.75M | 579.38M | 582.19M | 578.44M | 574.22M | 571.88M | 687.5M | 651.68M | 643.13M | 643.13M | 644.06M | 647.15M | 646.88M |
| Basic Shares Outstanding | 466.33M | 472.65M | 476.39M | 479.15M | 478.88M | 478.53M | 477.76M | 478.96M | 480.32M | 484.63M | 507.44M | 528.98M | 533.63M | 533.42M | 536.32M | 546.01M | 554.38M | 564.38M | 574.13M | 576.09M | 572.34M | 570.47M | 569.06M | 687.5M | 641.72M | 642.19M | 642.19M | 643.13M | 646.07M | 642.86M |
| Dividend Payout Ratio | 59.72% | 48.33% | 39.45% | 48.28% | 99.16% | 37.43% | 39.3% | 37.13% | 107.81% | 40.96% | 24.93% | 37.43% | 35.36% | 179.86% | 37.41% | 57.03% | 38.74% | 38.85% | 82.27% | 36.76% | 40% | 36.04% | 37.6% | 40.41% | 41.23% | 37.34% | 38.07% | 39.11% | 41.08% | 43.2% |
Consumer demand normalization
As reported in recent financial filings, Brown-Forman's revenue growth has exhibited significant volatility, shifting from a 2.0% increase in 2026Q4 to a 7.3% contraction in 2025Q4, suggesting that the post-pandemic spirits super-cycle has likely reached a point of exhaustion across key global markets.
The inconsistent top-line performance indicates that the company is struggling to maintain volume growth in a more price-sensitive environment. Investors should monitor whether the recent pivot toward RTD partnerships can offset the deceleration in core premium whiskey sales, as current trends suggest a reliance on pricing rather than organic volume expansion.
Based on the company's reported figures, gross margins have remained relatively stable, fluctuating between 57.4% and 62.6% over the last ten quarters, which suggests that the firm's premium pricing power remains intact despite the increasing contribution of lower-margin Ready-to-Drink products to the overall revenue mix.
The ability to sustain margins above 60% in recent periods implies that the brand equity of the Jack Daniel's franchise provides a significant buffer against inflationary input costs. However, the structural shift toward RTDs warrants further investigation, as a continued dilution of the product mix may eventually pressure these historical margin levels.
According to the income statement data, operating margins have compressed from a peak of 38.9% in 2024Q4 to 23.7% in 2026Q4, indicating that SG&A expenses are currently scaling faster than gross profit, which may suggest a period of elevated investment or reduced operational efficiency in the near term.
The divergence between gross profit and operating income suggests that the company is incurring higher overhead costs to support its current growth initiatives. Analysts should evaluate whether these elevated SG&A levels are temporary investments in brand marketing or a permanent increase in the cost structure required to maintain market share.
As evidenced by the sharp decline in net income from $267 million in 2026Q3 to $54 million in 2026Q4, the quality of reported earnings appears impacted by non-operating items and potential tax anomalies, necessitating a closer look at the underlying cash-generating capacity of the core business.
The significant drop in net margin to 5.9% in the most recent quarter suggests that bottom-line results are currently being distorted by factors outside of core operational performance. Investors should monitor these fluctuations to determine if they represent one-time accounting adjustments or a more systemic deterioration in profitability.
Quick answers to the most common questions about buying BF-B stock.
For fiscal year 2026, Brown-Forman Corporation (BF-B) reported total revenue of $3.93B. This represents a 148.0% increase compared to $1.58B in 1997.
Brown-Forman Corporation (BF-B) is profitable, generating $715.0M in net income for the fiscal year ending 2026 with a net profit margin of 18.2%.
Brown-Forman Corporation (BF-B) reported an operating income of $1.11B, resulting in an operating profit margin of 28.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Brown-Forman Corporation (BF-B) generated $2.38B in gross profit for the year, representing a gross profit margin of 60.5%. This demonstrates the company's core pricing power and production efficiency.