Brown-Forman Corporation and its subsidiaries manufacture, distill, bottle, import, export, market, and sell a range of alcoholic beverages. Its portfolio includes spirits, wines, whiskeys, flavored liqueurs, ready-to-drink cocktails, vodkas, tequilas, gin, brandy, rum, and bourbons, primarily under brands such as Jack Daniel's, Woodford Reserve, Old Forester, Gentleman Jack, Herradura, el Jimador, Fords Gin, The Glendronach, Chambord, Coopers' Craft, Diplomático, Benriach, Glenglassaugh, and Slane. The company also sells used barrels, bulk whiskey and wine, and provides contract bottling services. It serves retail customers and consumers through distributors and state governments, as well as retailers, wholesalers, and provincial governments directly, operating in the United States, Germany, Australia, the United Kingdom, Canada, Spain, France, Mexico, Poland, Brazil, Türkiye, and internationally. Founded in 1870, Brown-Forman Corporation is headquartered in Louisville, Kentucky.
Berentzen Confirms Takeover Talks with US Spirits Giant Sazerac
German distiller Berentzen-Gruppe has confirmed it is in talks over a potential sale of the business to US spirits giant Sazerac. In a stock-exchange filing on 16 September, the Frankfurt-listed company said it was negotiating a "voluntary public takeover offer" for all its outstanding shares, and that it would keep the capital markets and the public informed in line with legal requirements. A spokesperson for Sazerac, which owns Buffalo Trace, Southern Comfort and Fireball, declined to comment on market speculation or specific acquisition opportunities. Based in Haselünne in north-west Germany, Berentzen owns brands including Puschkin vodka, Tres Países rum and its namesake fruit-based spirits, and also markets soft drinks. In 2025 the company booked a 10.4% fall in revenue to €162.9m, or $186.8m, while EBIT dropped 19.8% to €8.5m; in the first half of this year revenue fell 11.1% to €71m and EBIT slumped 82.4% to €0.6m, which CEO Oliver Schwegmann attributed to the end of a private-label Bourbon supply contract, ongoing weakness in the German market and soft consumer spending. The move marks the latest M&A target for Sazerac, which in August signed a deal to acquire UK spirits business Au Vodka, completed this week, after fellow US spirits group Brown-Forman rejected an unsolicited takeover proposal from Sazerac in July.
Trump to scrap 10% tariff on Irish whiskey, lifting US distillers
President Trump announced he will reverse the 10% tax on imported Irish whiskey, sending shares of American distillers higher on Monday. Speaking at the close of the Irish Open golf tournament and ahead of the holiday season, Trump said, "On behalf of the United States of America, I am going to take the tariffs off," though he did not discuss the timing of the action. The tariff had been lowered from 15% to 10% in July, after the president in April lifted the tariff on certain UK whiskeys, including those produced in Scotland and Northern Ireland, leaving the Republic of Ireland with a 10% export tariff on whiskey shipped to the U.S. According to the Irish Whiskey Association, the U.S. represents roughly 30% of Irish whiskey exports. Shares of Brown-Forman, Constellation Brands and MGP Ingredients trended higher at Monday's open, though they surrendered some of the opening gains, as opening U.S. trade to imports from the Republic of Ireland gives U.S. distillers reciprocal export access to Ireland.
Brown-Forman expands Coca-Cola HBC distribution to Switzerland
Brown-Forman has added Switzerland as the twelfth market where Coca-Cola HBC will distribute its spirits brands, with the partnership set to begin next month. The move extends a relationship that started in Hungary in 2008. Maria Navas Peire, Brown-Forman's VP and MD for DACH and the Netherlands, cited Coca-Cola HBC's strong customer relationships and efficient infrastructure in Switzerland. Brown-Forman, which generated $3.93bn in sales in the year to April, a 1.1% decline, handles its own distribution in 17 markets including Germany, Italy, and the UK. Coca-Cola HBC, which also distributes for Bacardi and Edrington, acquired the Finlandia vodka brand from Brown-Forman for $220m three years ago.
7 of 8 S&P 500 Firms Beat EPS Estimates as All Report Profit Growth
In a notable earnings week, seven of eight key S&P 500 companies beat consensus EPS estimates, with all eight posting year-over-year profit growth, though revenue performance was mixed. Dell Technologies jumped 15.81% after reporting a 58% revenue increase to $46.97 billion and adjusted EPS of $7.04, driven by AI server demand, and guided third-quarter revenue to $49 billion. Palo Alto Networks slipped 9.28% despite beating estimates with revenue up 34% to $3.41 billion and adjusted EPS of $1.02, while issuing an optimistic forecast. Medtronic rose 1.53% after revenue grew 13.8% to $9.76 billion and raised its full-year guidance. Broadcom dropped 2.7% on lower-than-expected Q4 revenue guidance despite strong Q3 results with revenue up 86% to $29.59 billion. Lululemon shares fell nearly 20% after cutting its full-year sales forecast to $10.35B-$10.50B, down from $11.0B-$11.50B, due to declining China sales. Brown-Forman gained 3.87% on mixed results, NetApp rose 2.55% despite a free cash flow drop, and Campbell's fell 6.96% after missing revenue estimates and cutting its dividend by 36%.
Brown-Forman Q1 Earnings Meet, Sales Miss on Tequila Weakness
Brown-Forman Corporation reported first-quarter fiscal 2027 earnings of 38 cents per share, up 6% year over year and meeting the Zacks Consensus Estimate, while net sales of $911 million declined 1% and missed the consensus mark of $921.2 million by 1.1%. The top line was pressured by the end of the Korbel relationship, lower used barrel sales, and tequila weakness, but Ready-to-Drink sales rose 20%, led by a 48% jump in New Mix. Gross profit fell 1% to $549 million, with gross margin expanding 40 basis points to 60.2%, while operating income declined 3% to $252 million on a reported basis but increased 4% organically. The company reaffirmed its fiscal 2027 outlook for organic net sales to be approximately flat and organic operating income to decline 3-5%, projecting an effective tax rate of 20-22% and capital expenditure of $60-$70 million.
Brown-Forman Warns of Weak Spirits Demand Through Fiscal 2027
Brown-Forman, the maker of Jack Daniel's, warned that alcohol demand in developed markets is likely to remain weak through fiscal 2027, as the company reported first-quarter net sales of $911 million, down 1% year over year and slightly below analysts' expectations of $914.9 million. Despite the sales miss, adjusted earnings of $0.38 per share beat estimates of $0.37, and management maintained its full-year outlook for flat organic sales and a 3%–5% decline in organic operating income. The company cited cautious U.S. consumers, health-conscious behavior, and growing GLP-1 use, with weakness also in Germany, France, and the UK. Canada remains a major headwind, as U.S.-made spirits are still absent from shelves in most provinces, a situation the CEO expects to continue for the rest of the fiscal year. Brown-Forman's ready-to-drink business grew 20% in the quarter, but whiskey sales were flat and tequila sales fell 12%, with Herradura and el Jimador under pressure. The planned retirement of CEO Lawson Whiting adds uncertainty as the company navigates weak demand and changing consumer preferences.
Brown-Forman Corporation has rejected a renewed $15 billion all-cash takeover bid from privately held spirits company Sazerac, calling the offer not actionable. Sazerac’s proposal of $32 a share represents roughly a 23% premium to Brown-Forman’s recent closing price, though the company’s actual market value is closer to $13 billion. The Brown family, through a voting group called Wolf Pen Branch, controls more than half of Brown-Forman’s voting stock, meaning no sale can happen without their approval. Sazerac first made the offer on May 1 and sent a new letter on July 24 directly to Class A shareholders, most of whom are Brown family members, asking them to reconsider. Brown-Forman has seen its revenue decline for three straight years, its Jack Daniel’s brand lose U.S. market share, and its CEO announce retirement, while separate merger talks with Pernod Ricard collapsed in late April.
Sazerac’s $32 Cash Bid for Brown-Forman Rebuffed by Brown Family Voting Control
Sazerac Company’s all-cash bid of $32 per share for Brown-Forman Corporation has been rejected by the Brown family’s controlling voting block, Wolf Pen Branch LP, which called the proposal not actionable. The bid, outlined in a July 24 letter and white paper, aimed to create a combined entity with over $12 billion in 2026 revenue and more than $3 billion in EBITDA, second only to Diageo. Brown-Forman trades around $28 per share with a forward price-to-earnings ratio of about 16.8x, well below its 10-year average of around 30x, while the $32 offer implies roughly 21x projected earnings. The rejection marks the second failed M&A effort for Brown-Forman in 2026 after exploratory talks with Pernod Ricard ended in April. Short interest in Brown-Forman has risen to 11.46% of the float amid industry destocking and cautious hedge fund sentiment.
ASML slides on China chip tool report, Forte Bio surges on Argenx buyout
ASML dropped 8% after The Information reported China began mass production of domestically made deep ultraviolet chipmaking tools. Memory chip stocks were mixed as CXMT soared more than 466% in its Shanghai debut, while SK Hynix fell over 8%, SanDisk slid 11%, and Micron Technology lost 5%. SAP jumped more than 7% after announcing the second part of a 10 billion-euro stock buyback. Forte Biosciences rallied about 40% on a $2.2 billion cash acquisition by Argenx at $77 per share, a 40% premium to Friday's close. Brown-Forman climbed almost 4% after rejecting a $15 billion unsolicited takeover offer from Sazerac at $32 per share. Baker Hughes gained 6% on better-than-expected second-quarter earnings and revenue, while Amkor Technology fell 7% ahead of its quarterly report. D-Wave Quantum added 5% on a partnership with AT&T to use annealing quantum computers for AI, and MapLight Therapeutics plunged 68% after a Phase 2 schizophrenia trial missed its primary endpoint.
Brown-Forman board dismisses unsolicited takeover proposal from Sazerac
Brown-Forman's board has dismissed an unsolicited takeover proposal from privately owned spirits group Sazerac as not actionable. Sazerac submitted a cash offer of $32 per share on May 1, valuing the company at approximately $15 billion, and recently sent a letter to Class A shareholders seeking discussions on financial terms and strategic rationale, indicating willingness to improve its offer. A group representing Brown family members, who control a majority of Class A shares, reaffirmed confidence in the company's long-term strategy and said the proposal does not align with its vision. The approach followed the collapse of merger talks between Brown-Forman and Pernod Ricard in late April, and any transaction would require Brown family approval.
Brown-Forman Board Approves Quarterly Dividend as CEO Plans Retirement
Brown-Forman's board approved a regular quarterly cash dividend of US$0.2310 per share, extending an 82-year record of uninterrupted payouts and 42 years of dividend increases. The decision came soon after CEO and President Lawson Whiting disclosed plans to retire after nearly 30 years with the company. The reaffirmed dividend highlights the board's priority on returning cash even as the spirits maker navigates category headwinds and a leadership transition. Brown-Forman's narrative projects $4.1 billion in revenue and $811.1 million in earnings by 2029, implying 1.7% yearly revenue growth.
Brown-Forman searches for new CEO as valuation debate puts shares at $28.03 fair value
Brown-Forman has launched a formal search for a new CEO after Lawson Whiting announced plans to retire, while the most followed valuation narrative pegs the stock at a fair value of $28.03 per share, a 6.9% premium to its recent close of $26.08. The company is seeing strong organic net sales growth in emerging markets like Brazil and Mexico, with gains of 25% or more in some regions, driven by premiumization and distribution of flagship and super-premium brands. This international momentum could help offset uncertainty in the U.S. market, though the bullish case depends on avoiding a prolonged slowdown in U.S. and European spirits demand and managing cost pressures. The stock has posted a 1-day return of 1.48% and a 1-week return of 1.95%, but remains down 12.89% over the past year.
Three Consumer Stocks Face Caution Amid Sales Declines
StockStory identifies Brown-Forman, Flowers Foods, and Kraft Heinz as consumer stocks warranting caution. Brown-Forman, known for Jack Daniel's, has seen annual sales decline 2% over three years with a forecasted 1.1% revenue drop and falling operating margin. Flowers Foods, maker of Wonder Bread, faces declining unit sales and a projected 1.9% revenue decline, while its earnings per share fell 21.7% annually over three years. Kraft Heinz, formed from the 2015 merger, is experiencing falling unit sales, a forecasted 2.2% revenue decline, and a 25.1 percentage point drop in operating margin. The consumer staples sector has declined 3.9% over the past six months, underperforming the S&P 500's 8.4% gain.
Brown-Forman CEO Lawson Whiting to retire with no successor named
Brown-Forman president and CEO Lawson Whiting is retiring, and the company has not yet named a successor, with the search to include both internal and external candidates. Whiting, who has led the company for seven and a half years, will remain to ensure a smooth handover. Analysts at Bernstein noted the company's stable leadership history, having had only three CEOs in 33 years, all internal appointments. Potential internal candidates include CMO Jeremy Shepherd, chief strategy officer Chris Graven, Americas president Michael Masick, and Europe, Africa and Asia Pacific president Yiannis Pafilis. TD Cowen suggested an external hire could bring a fresh perspective and a strategic reset, though the family ownership structure is seen as a hurdle to any sale. Brown-Forman's shares fell about 5% on the news, trading at $26.25, down from a pandemic-era peak near $80.
Brown-Forman Drives Growth Through Premiumization and Innovation
Brown-Forman Corporation is reinforcing its position in the global spirits market through premiumization and brand-building efforts. The company is investing in flagship brands including Jack Daniel's, Woodford Reserve, Old Forester and Herradura, while expanding premium and super-premium offerings to meet consumer demand for high-quality alcoholic beverages. Innovation remains a key growth driver, with new product launches such as flavored whiskey variants and an expanding presence in the ready-to-drink category. Brown-Forman is also broadening its portfolio into faster-growing segments like tequila, strengthening digital marketing and data analytics capabilities, and pursuing international expansion to diversify revenue. Shares have lost 4.2% in the past six months, underperforming the industry's 5.2% growth, and the stock trades at a forward price-to-earnings ratio of 16.3X compared with the industry average of 15.86X. The Zacks Consensus Estimate for fiscal 2027 earnings per share indicates year-over-year growth of 11.8%, while fiscal 2028 EPS is expected to grow 1.4%.
Brown-Forman seen as undervalued takeover target with potential bidding war
Brown-Forman Corporation is viewed as a materially undervalued takeover candidate, with a bullish thesis suggesting the spirits company could be worth well above $40 per share compared to its recent trading price of $27.96. The analysis highlights privately held Sazerac as a more suitable strategic partner than previously speculated suitor Pernod Ricard, given Sazerac's family ownership and cultural alignment with Brown-Forman. A combination could create a spirits powerhouse with nearly $10 billion in revenue while preserving family stewardship, though regulatory scrutiny and competing bids remain possible. The prospect of a competitive bidding process is seen as a catalyst for a significant rerating of the stock, which currently trades at a trailing P/E of 18.27 and a forward P/E of 16.16.
Brown-Forman revenue beats but softer EBITDA raises margin concerns
Brown-Forman reported quarterly revenue of US$1.04 billion, a 5.4% decline year on year that still exceeded analyst expectations, while adjusted operating income met forecasts and EBITDA missed. Management reiterated its focus on premiumization and expanding flavored whiskey and ready-to-drink lines in resilient emerging markets. The revenue beat alongside softer EBITDA highlights margin pressure as the most immediate risk to the premiumization growth narrative, rather than a thesis-changing event. The company also realigned its U.S. control states distribution network to better support new flavors and ready-to-drink offerings.
Brown-Forman Sees Flat Fiscal 2027 Sales as Emerging Markets Offset Developed Weakness
Brown-Forman Corporation expects organic net sales to be approximately flat in fiscal 2027, as emerging-market growth and innovation help counter soft demand in developed markets. Fiscal 2026 net sales declined 1% on a reported basis to $3.9 billion and were flat organically, while fourth-quarter net sales rose 2% to $912 million. Emerging markets increased 14% on a reported basis and 12% organically, driven by the Jack Daniel's family of brands in Türkiye, the United Arab Emirates and Brazil, along with double-digit growth for New Mix in Mexico. In contrast, U.S. reported net sales fell 7% and developed international markets declined 3% organically, with Canada down nearly 60% after American spirits were removed from most provincial retail shelves. The company expects fiscal 2027 organic operating income to decline 3-5%, reflecting higher input costs, product-mix pressure from faster ready-to-drink growth, and the cost cycle tied to barreled whiskey inventory.
BF.B Stock Rated Hold as Valuation and Earnings Signals Diverge
Brown-Forman Corporation BF.B presents a mixed setup, with premium brands and improving cash flow offset by weak earnings momentum and a cautious fiscal 2027 outlook. The stock traded at $27.80 as of June 24, 2026, with a six-12 month price target of $29, and carries a Zacks Rank #3 (Hold). Fiscal 2027 earnings are estimated at $1.71 per share on sales of $3.94 billion, but organic operating income is expected to decline 3-5%. Cash flow from operations rose to $1 billion in fiscal 2026, and free cash flow increased to $893 million, yet developed-market demand remains under pressure, with U.S. net sales down 7% on a reported basis in fiscal 2026.
Brown-Forman Revenue Falls 5.4% as Beverage Stocks Post Mixed Q3
Brown-Forman reported third-quarter revenue of $1.04 billion, a 5.4% decline from a year earlier, beating analyst estimates by 1.7% but missing EBITDA expectations. The 14 beverages, alcohol, and tobacco stocks tracked by StockStory collectively beat revenue consensus by 4.7%, though next-quarter guidance came in 3% below estimates. Vita Coco was the standout performer with revenue surging 37.3% to $179.8 million, exceeding forecasts by 20.5%, while Boston Beer lagged with a 4.4% revenue drop to $433.9 million and significant misses on operating income and EPS. Altria posted a 5.3% revenue gain to $4.76 billion, and Monster Beverage grew 26.9% to $2.35 billion, both topping analyst expectations.
USA