Brown-Forman Corporation · BF-A · FY2027 Q1 · Calendar Q3 2026
Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure
Brown-Forman’s FY27 outlook is supported by RTD and flavored-whiskey innovation, emerging-market expansion and cost discipline, but the evidence is mixed because core whiskey is flat and used-barrel declines remain a significant drag.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
The current quarter added evidence that New Mix and Jack Daniel’s Tennessee Blackberry are scaling across markets, while used-barrel sales fell more than 60% year over year to about $30 million. Management also announced the upcoming CEO retirement and reaffirmed FY27 guidance.
Guidance delta
Management maintained FY27 guidance, with organic net sales expected to be roughly flat and capex of $60–70 million.
Key takeaways
- New Mix RTD and Jack Daniel’s Tennessee Blackberry are the main growth drivers.
- Core Jack Daniel’s Tennessee Whiskey sales were flat, providing portfolio stability.
- Used-barrel sales remain a significant margin drag, while management expects stabilization.
- Management emphasized cash generation, lower capex and continued dividend policy.
Management priorities
- Expand New Mix across additional U.S. states and its flavor portfolio.
- Broaden Jack Daniel’s Tennessee Blackberry and Woodford Reserve internationally.
- Maintain disciplined SG&A spending and lower capex than in prior years.
- Manage the CEO succession process.
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 6, 2024 |
| Bernstein | Outperform | Market Perform | Upgrade | Sep 10, 2023 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 31, 2023 |
| Roth MKM | Neutral | Neutral | Maintain | Aug 30, 2023 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 30, 2023 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 23, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 20, 2023 |
| UBS | Neutral | Sell | Upgrade | Aug 25, 2021 |
| Redburn | Sell | Neutral | Downgrade | Oct 13, 2020 |
| Redburn Partners | Sell | Neutral | Downgrade | Oct 12, 2020 |
| B of A Securities | Underperform | Underperform | Maintain | Aug 26, 2020 |
| MKM Partners | Neutral | Neutral | Maintain | Mar 5, 2020 |
| Citigroup | Neutral | Neutral | Maintain | Dec 8, 2019 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Dec 5, 2019 |
| Evercore ISI Group | In Line | Underperform | Upgrade | Sep 18, 2019 |
| BMO Capital | Perform | Market Perform | Maintain | Aug 29, 2019 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 16, 2018 |
| Societe Generale | Hold | Sell | Upgrade | Dec 6, 2017 |
| Pivotal Research | Hold | Buy | Downgrade | Dec 6, 2017 |
| Goldman Sachs | Neutral | Sell | Upgrade | Sep 27, 2017 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jun 7, 2017 |
| Berenberg | Hold | Hold | Maintain | Apr 1, 2016 |
| Bank of America | Neutral | Buy | Downgrade | Mar 4, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Feb 26, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Feb 25, 2016 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 27, 2015 |
| Stifel | Buy | Buy | Maintain | Aug 26, 2015 |
| Nomura | Neutral | Neutral | Maintain | Mar 4, 2015 |
| Gabelli & Co. | Hold | Hold | Maintain | Oct 27, 2014 |
| ISI Group | Neutral | Buy | Downgrade | Aug 11, 2014 |
| DA Davidson | Buy | Buy | Maintain | Dec 4, 2013 |
Named analyst price targets
Upside is unavailable because neither a positive current snapshot nor previous close is persisted. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Nadine Sarwat | $29 | $26.72 | - | Jun 9, 2026 |
| UBS | Analyst unavailable | $28 | $26.69 | - | Jun 8, 2026 |
| RBC Capital | Nik Modi | $30 | $29.01 | - | Dec 2, 2025 |
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Start freeCompany context
Snapshot as of publicationBrown-Forman Corporation, together with its subsidiaries, manufactures, distills, bottles, imports, exports, markets, and sells various alcoholic beverages. It provides spirits, wines, whiskey spirits, whiskey-based flavored liqueurs, ready-to-drink and ready-to-pour products, ready-to-drink cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and liqueurs. The company offers its products primarily under the Jack Daniel's, Reserve, Old Forester, Coopers' Craft, Herradura, el Jimador, New Mix, Korbel Champagnes, Sonoma-Cutrer, Finlandia, GlenDronach, Benriach, Glenglassaugh, Chambord, Slane, and Fords Gin brands. It is also involved in the sale of used barrels, bulk whiskey, and wine; and provision of contract bottling services. The company serves retail customers and consumers through distributors or state governments; and retailers, wholesalers, and provincial governments directly. It has operations in the United States, Germany, Australia, the United Kingdom, Mexico, and internationally. The company was founded in 1870 and is headquartered in Louisville, Kentucky.
Consumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
| BF-B Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | 0.0% | — | Brown-Forman maintains FY27 outlook as innovation offsets pressure |
| DG Dollar General Corporation | FY2027 Q2 · Calendar Q3 2026 | +23.4% | +2.5% | Dollar General Raises FY2026 Outlook After Strong Q2 |
| DLTR Dollar Tree, Inc. | FY2027 Q2 · Calendar Q3 2026 | +134.8% | -3.9% | Dollar Tree: Strong Q2 execution, but guidance held steady |
| HRL Hormel Foods Corporation | FY2026 Q3 · Calendar Q3 2026 | +4.5% | -10.2% | Hormel raises EPS outlook as foodservice offsets retail pressure |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-09-03T20:16:32.846631+00:00
- FN2 earnings calendar · 2026-09-20T01:23:12.707946+00:00
- Polygon adjusted daily market bars
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T00:20:47.011513+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.