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Brown-Forman Corporation has confirmed that it is engaged in discussions with Pernod Ricard about a potential business combination. The company describes the contemplated transaction as a possible merger of equals that, if agreed and subject to customary approvals, is expected to generate significant synergies.
The press release states that the combined group could create a global spirits leader with enhanced scale, a powerful brand portfolio, and a balanced geographic footprint. However, no agreement has been reached on any terms, and the company cautions there is no assurance that a transaction will occur and that it does not intend to comment further unless and until an agreement is reached.
Brown‑Forman Corporation reported mixed results for the nine months ended January 31, 2026. Net sales were $3.0 billion, down 2%, as lower U.S. and developed international revenue and the loss of divested brands offset growth in emerging markets and travel retail. Gross profit was $1.8 billion, down 1%, but gross margin improved to 59.9% on portfolio changes and foreign exchange.
Operating income was essentially flat at $905 million, with margin rising to 30.0% helped by lower restructuring costs, an $18 million substitution drawback benefit, and lower advertising and SG&A spending. Diluted EPS fell to $1.41 from $1.53, mainly because last year included a $78 million gain on the Duckhorn investment and lower non‑operating postretirement expense than this year.
Cash flow from operations strengthened to $709 million, driven by working capital improvements. The company completed a $400 million share repurchase program in December 2025 and paid $321 million in dividends, while continuing a multi‑year restructuring that has incurred $67 million of charges to date and included the sale of the Brown‑Forman Cooperage and related assets.