Brown-Forman Corporation (BF) reported slightly lower first-quarter fiscal 2027 net sales of $911 million, down 1% from $924 million a year earlier, as unfavorable price/mix and the end of the Korbel relationship offset higher volumes, positive foreign exchange, and ready-to-drink growth. Gross profit declined 1% to $549 million, but gross margin improved to 60.2% from 59.8%, helped by lower costs and exiting Korbel, partly offset by FX and mix. Operating income fell 3% to $252 million, and operating margin edged down to 27.7% from 28.2% due to higher SG&A despite lower advertising and the absence of restructuring charges.
Net income increased to $176 million from $170 million, and diluted EPS rose 6% to $0.38, driven mainly by sharply lower non-operating postretirement expense and the prior year’s share repurchases. Operating cash flow improved to $173 million from $160 million on stronger earnings and lower working capital needs. Brown-Forman repaid the €300 million 1.20% notes that matured in July 2026 and raised commercial paper borrowings to $359 million, while maintaining total assets around $7.8 billion and total equity near $4.0 billion. Management reports no material legal, liquidity, or control issues and has completed its previously announced restructuring initiative.
Brown-Forman Corporation (BF) reported first-quarter fiscal 2027 results for the period ended July 31, 2026, with reported net sales down 1% to $911 million and reported operating income down 3% to $252 million, while organic operating income rose 4%. Diluted EPS increased 6% to $0.38, helped by lower non-operating postretirement expense and prior-year share repurchases.
Ready-to-Drink net sales grew 20% (organic +11%), led by New Mix, while tequila net sales fell 12% and non-branded and bulk net sales fell 61%. Operating cash flow rose to $173 million and free cash flow to $161 million. The company repaid $343 million of 1.20% senior notes and declared a quarterly dividend of $0.2310 per share, extending its 82-year dividend history. For fiscal 2027, Brown-Forman expects flat organic net sales and a 3%–5% decline in organic operating income, with capital expenditures of $60–$70 million.
TODMAN MICHAEL reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Michael Todman received a grant of 6,476.1905 Deferred Stock Units (DSUs) linked to Class A common stock on July 23, 2026. The award was calculated using the $26.25 Class A closing price that day, bringing his directly held DSUs to 42,555.3111. Under the non-employee director DSU program, annual DSU grants vest over the Board year, earn additional DSU credits on each dividend payment date, and are paid out in Class A shares on the first February 1 at least six months after his Board service ends.
Skeans Tracy L reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Tracy L. Skeans received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026, as director compensation. Each DSU represents one share of Class A common stock and the grant was based on the $26.25 closing price that day. DSUs vest over the Board year, earn dividend-equivalent credits, and are paid in Class A shares after Board service ends. Following this award, Skeans holds 37,952.2656 DSUs directly.
SMITH ELIZABETH A reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Elizabeth A. Smith received a grant of 9523.8095 Deferred Stock Units (DSUs) on July 23, 2026 under the Non-Employee Director Deferred Stock Unit Program. Each DSU represents the right to receive one share of Class A common stock, with the grant based on the $26.25 closing price that day.
DSUs earn dividend-equivalent credits, vest over the course of the Board year, and are paid in Class A stock on the first February 1 at least six months after Smith’s termination from Board service. Following this grant she holds 28063.4136 DSUs directly.
Singer Jan reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Jan Singer received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026 under the Amended and Restated Non-Employee Director Deferred Stock Unit Program, each tied to one Class A share and based on a $26.25 closing price. This grant increased her directly held DSUs to 20,920.0574, which vest over the Board year and are paid in Class A stock after she leaves the Board, with at least a six-month delay.
RONEY MICHAEL J reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Michael J. Roney received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026. Each DSU represents one share of Class A common stock, with the award based on the $26.25 closing price and vesting over the Board year. DSUs are paid out in Class A stock after Board service ends, and credited dividend equivalents bring his total to 53,187.1166 DSUs held directly.
Farrer Marshall reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Farrer Marshall received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026, tied to Class A common stock. Each DSU represents the right to receive one Class A share and was based on the $26.25 closing price that day. These annual DSU grants vest over the Board year and are settled in Class A stock on the first February 1 at least six months after the director’s termination from Board service. Following this grant and dividend-equivalent credits, Marshall now holds 11,665.5765 DSUs directly.
Clouse Mark A. reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Mark A. Clouse received a grant of 9,523.8095 Deferred Stock Units (DSUs) on July 23, 2026 under the Non-Employee Director Deferred Stock Unit Program. Each DSU represents one share of Class A common stock, increasing his direct DSU holdings to 27,229.1976. Grants were sized using the July 23, 2026 Class A closing price of $26.25 per share and vest over the Board year. DSUs are settled in Class A stock on the first February 1 at least six months after the director leaves the Board, and are credited with additional DSU equivalents on dividend payment dates.
Brown-Forman Corporation director Elizabeth M. Brown received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026 as a grant, award, or other acquisition. Each DSU represents the right to receive one share of Class A common stock, with grants based on the $26.25 closing price that day. DSUs earn additional equivalents on dividend payment dates, vest over the Board year, and are paid out in Class A shares on the first February 1 at least six months after the director’s termination of Board service. Following this grant, Brown directly holds 19,768.5347 DSUs.