Brown-Forman Corporation · BF-B · FY2027 Q1 · Calendar Q3 2026

Brown-Forman maintains FY27 outlook as innovation offsets pressure

The call analysis supports a cautiously constructive view of Brown-Forman's near-term operating trajectory: innovation-led growth and stable core Jack Daniel's sales are offsetting softness, but the outlook depends on execution in RTD and flavored whiskey while margin and demand risks persist.

Reported Before market openNYSEConsumer Defensive $12.56B market cap
75quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.38 Consensus $0.38
EPS surprise 0.0% Reported versus consensus
Reported revenue $911.0M Consensus $914.8M
Revenue surprise -0.4% 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.

Ask FN2 about BF-B FY2027 Q1

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How did the market react to BF-B FY2027 Q1 earnings, and why?What changed in BF-B's guidance and outlook in FY2027 Q1?Give me the bull and bear case for BF-B after FY2027 Q1 earnings.

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Transcript intelligence

What changed

The quarter's analysis highlighted a sharper-than-expected decline in used-barrel sales, strong U.S. contribution from Jack Daniel's Tennessee Blackberry, continued expansion of New Mix RTD, and a lower capex plan. Management also announced the CEO's upcoming retirement and reaffirmed the FY27 outlook.

Guidance delta

Management maintained the FY27 outlook while expecting organic net sales to be roughly flat.

Key takeaways

  • Innovation in ready-to-drink products and flavored whiskey is the main growth driver identified in the call analysis.
  • Core Jack Daniel's Tennessee Whiskey was stable, while used-barrel sales and some tequila brands remained headwinds.
  • Management plans continued product expansion, brand investment, inventory optimization, and lower capex.

Management priorities

  • Expand Jack Daniel's Tennessee Blackberry and New Mix RTD distribution.
  • Align brand marketing and SG&A with depletion trends.
  • Keep capex at $60–70 million and focus on inventory optimization.

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Earnings History

Estimate Beat Miss Match
BF-B REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q2 '24 estimate $1B Q2 '24 actual $1B, miss Q3 '24 estimate $1B Q3 '24 actual $1B, miss Q4 '24 estimate $1B Q4 '24 actual $964M, miss Q1 '25 estimate $1B Q1 '25 actual $947M, miss Q4 '25 estimate $967M Q4 '25 actual $894M, miss Q1 '26 estimate $1B Q1 '26 actual $924M, miss Q3 '26 estimate $1B Q3 '26 actual $1B, beat Q4 '26 estimate $885M Q4 '26 actual $912M, beat Q1 '27 estimate $915M Q1 '27 actual $911M, miss Q2 '27 estimate $1B Q3 '27 estimate $1B Q4 '27 estimate $917M Q1 '28 estimate $924M
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Analyst Consensus ?

ConsensusHold36 ratings
Bullish513.9%
Neutral2466.7%
Bearish719.4%

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
UBS Neutral NeutralMaintainSep 4, 2026
TD Cowen Hold HoldMaintainSep 3, 2026
RBC Capital Sector Perform Sector PerformMaintainSep 3, 2026
JP Morgan Underweight UnderweightMaintainSep 3, 2026
Barclays Equal Weight Equal WeightMaintainAug 27, 2026
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Company context

Snapshot as of publication

Brown-Forman Corporation, along with its subsidiaries, operates globally within the alcoholic beverage industry. The company is actively involved in the production, distillation, bottling, international trade (importing and exporting), marketing, and sale of a diverse portfolio of alcoholic products. Its extensive offerings encompass a wide variety of spirits, wines, and whiskey products, including specialty whiskey spirits and flavored whiskey liqueurs. The range also features convenient ready-to-drink and ready-to-pour options, pre-mixed cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and other liqueurs.…

Consumer Defensive peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
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-A Brown-Forman Corporation FY2027 Q1 · Calendar Q3 2026 +3.0% — Brown-Forman holds FY27 outlook as RTD innovation offsets barrel 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

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Sources

  1. Earnings call transcript and parsed analysis · 2026-09-03T20:16:33.067665+00:00
  2. FN2 earnings calendar · 2026-09-20T01:23:12.707946+00:00
  3. Polygon adjusted daily market bars

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.