BF-BBrown–Forman

Consumer staples · Beverages · NYSE

Employees: 4,900
Headquarters: Louisville, KY
CEO: Lawson E. Whiting
Next results: around Dec 3, 2026

The biggest changes in the 10-K filed 2026-06-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

+67.2% Big change FY to 2026-04-30 vs 2025-04-30

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Operating margin

27.8% → 25.5% (-2.4 pts) Big change FY to 2026-04-30 vs 2025-04-30

“The increase in operating expenses was driven by (a) non-cash impairment charges, (b) higher SG&A expenses, (c) the negative effect of foreign exchange, and (d) the unfavorable year-over-year Gin Mare earn-out valuation adjustments.”
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“Operating margin decreased 2.4 percentage points to 25.5% in fiscal 2026 from 27.9% in fiscal 2025, primarily due to higher operating expenses, partially offset by gross margin expansion.”
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Net income

-17.7% Big change FY to 2026-04-30 vs 2025-04-30

“The decrease in our effective tax rate was driven primarily by (a) the lower impact from valuation allowances in the current period, (b) the beneficial impact from tax rate changes, and (c) increased tax credits.”
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Gross margin

58.9% → 60.5% (+1.6 pts) Big change FY to 2026-04-30 vs 2025-04-30

“The increase in gross margin was driven by the positive effect of acquisitions and divestitures, the positive effect of foreign exchange, and lower costs.”
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“Cost of sales of $1.6 billion decreased $82 million, or 5%, in fiscal 2026 compared to fiscal 2025, driven by favorable cost/mix, partially offset by higher volumes.”
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Revenue

-1.2% FY to 2026-04-30 vs 2025-04-30

“In fiscal 2026, our net sales benefited from higher net pricing across the portfolio as a result of changes to our distributor relationship terms.”
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“The United States’ net sales declined 7%, driven by (a) the end of the Korbel relationship; (b) the absence of the Sonoma-Cutrer prior-year TSA; (c) lower volumes of JDTW, our tequilas, and JDTH; and (d) unfavorable portfolio mix.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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