Q1 FY27 · Ended Jul 31, 2026 · View SEC filing
Excise taxes take more than operating profit
Governments collected more from the quarter's sales than Brown-Forman kept as operating income, and their share rose as sales fell.
For investorsCan volume growth start to carry gross profit?
For foundersStretching one trusted name into cheaper formats
Growth came from lower-priced New Mix ready-to-drinks, so an 8% price/mix decline outweighed the extra volume.
Operating income fell 3.1%, yet net income rose because a prior-year pension settlement charge did not recur.
Last fiscal year operating cash beat net income by a wide margin, a reversal of the two years before.
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Business Lens describes Brown-Forman from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
