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Brown-Forman Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Dec, 2025
Executive summary
Net sales for the first half of fiscal 2026 declined 4% to $2.0 billion, primarily due to the end of the Korbel relationship, portfolio changes, and lower volumes in key brands and markets; organic net sales were flat after adjustments.
Growth in emerging international markets and travel retail offset declines in developed markets and the U.S.
Strategic innovation, notably Jack Daniel's Tennessee Blackberry, and distributor transitions supported performance.
Two major headwinds: sharp declines in used barrel sales and ongoing trade dispute with Canada, both significantly impacting results.
Full-year fiscal 2026 outlook reaffirmed, with expectations of continued headwinds but confidence in long-term growth.
Financial highlights
Gross profit decreased 4% to $1.2 billion, but gross margin expanded 30 bps to 59.5% due to portfolio changes.
Operating income declined 9% to $565 million; diluted EPS fell 13% to $0.83.
Free cash flow increased by $179 million to $236 million, driven by strong operating cash flow and lower capex.
Board approved a 2% increase in quarterly dividend, marking 42 consecutive years of increases.
$99 million in share repurchases completed as part of a $400 million authorization.
Outlook and guidance
Fiscal 2026 guidance reaffirmed: organic net sales and operating income expected to decline in the low-single digit range.
Reported gross margin expansion anticipated, with A&D benefits offsetting negative price mix and higher costs.
Effective tax rate projected at 21%-23%.
Capital expenditures guidance lowered to $110–$120 million for the year.
Quantify H1 distributor inventory impact on sales?
What non-gross profit factors hit H1 operating income?
Explain Canada's impact on JD RTD/RTP H1 sales?
GLP-1s: What's the long-term impact?
U.S. sales vs. depletions gap: H2 outlook
CapEx reduction & inventory impact on cash flow
Restructuring initiative completion timeline?
US distributor transition impact on Q1/Q2 sales?
What caused used barrel sales decline?
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Next Brown-Forman earnings date
Q3 20264 Mar, 2026
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Q3 20264 Mar, 2026
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Frequently asked questions
The Owner of Jack Daniel’s
The Brown-Forman Corporation, often referred to simply as Brown-Forman is an American spirits and wine producer. The company is headquartered at the geographical center of the American alcohol industry: Louisville, Kentucky. Brown-Forman manufactures and markets a long range of different alcoholic beverage brands, including Jack Daniels, Diplomatico Rum, Old Forester, and more. The company is listed on the NYSE.
Over 150 Years of History
Brown-Forman was founded in 1870 by George Garvin Brown during a time when the spirits industry was rife with inconsistent product quality. Brown, a young pharmaceutical salesman, envisioned a better way to ensure quality and purity. He started with Old Forester Bourbon, which was notable for being the first bourbon to be sold exclusively in sealed bottles—a significant departure from the common practice of selling bourbon in barrels. This sealed bottling not only guaranteed authenticity but also protected the consumer from tampering and adulteration. The business flourished, and in 1890, George partnered with his accountant, George Forman, leading to the renaming of the company as "Brown-Forman."
What it Does
The company’s is active in the production, marketing, and distribution of alcoholic beverages across the globe. The company manages a diverse portfolio that includes various types of spirits, such as whiskies, bourbon, vodka, and wine. Its range of products caters to a broad spectrum of consumer preferences, reflecting both traditional crafting methods with its core products and modern approaches to spirit and wine production.
Operating as a conglomerate is nothing unique in the industry, and other examples of this type of corporate structure include Pernod Ricard, Diageo, and even LVMH.
The Brown Family
The Brown family has been the driving force behind Brown-Forman Corporation since its inception in 1870. Over the generations, the Brown family has remained deeply involved in the company's operations and leadership. Even today, descendants of George Garvin Brown hold significant positions within the company and continue to influence its strategic direction.
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