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.

Reported Before market openNYSEConsumer Defensive $21.02B market cap
85quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.38 Consensus $0.37
EPS surprise +3.0% Reported versus consensus
Reported revenue $911.0M Consensus $915.2M
Revenue surprise -0.5% Reported versus consensus

Market reaction

unavailable
Stock move Event window
SPY move Same window
Abnormal move Stock minus SPY
Volume Versus trailing sessions
Subsequent drift Up to 20 sessions
Price and volume data were unavailable at publication time.

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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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Earnings History

Estimate Beat Miss Match
BF-A EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q3 '24 actual $0.60, None Q4 '24 estimate $0.42 Q4 '24 actual $0.56, beat Q1 '25 estimate $0.46 Q1 '25 actual $0.41, miss Q4 '25 estimate $0.34 Q4 '25 actual $0.31, miss Q1 '26 estimate $0.37 Q1 '26 actual $0.36, match Q2 '26 estimate $0.48 Q2 '26 actual $0.47, match Q3 '26 estimate $0.47 Q3 '26 actual $0.58, beat Q4 '26 estimate $0.31 Q4 '26 actual $0.12, miss Q1 '27 estimate $0.37 Q1 '27 actual $0.38, beat Q2 '27 estimate $0.46 Q3 '27 estimate $0.52 Q4 '27 estimate $0.35 Q1 '28 estimate $0.37
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Analyst Consensus ?

ConsensusHold31 ratings
Bullish516.1%
Neutral2374.2%
Bearish39.7%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Equal Weight Equal WeightMaintainJun 6, 2024
Bernstein Outperform Market PerformUpgradeSep 10, 2023
Barclays Equal Weight Equal WeightMaintainAug 31, 2023
Roth MKM Neutral NeutralMaintainAug 30, 2023
RBC Capital Sector Perform Sector PerformMaintainAug 30, 2023
Show 26 more rating actions

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.

FirmAnalyst52W targetPrice when postedUpsideDate
BernsteinNadine Sarwat$29$26.72 -Jun 9, 2026
UBSAnalyst unavailable$28$26.69 -Jun 8, 2026
RBC CapitalNik Modi$30$29.01 -Dec 2, 2025

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Company context

Snapshot as of publication

Brown-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.

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Sources

  1. Earnings call transcript and parsed analysis · 2026-09-03T20:16:32.846631+00:00
  2. FN2 earnings calendar · 2026-09-20T01:23:12.707946+00:00
  3. Polygon adjusted daily market bars
  4. 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.