2<\/sup>) compared to the same prior-year period. Operating income decreased 7% to $260 million (+2% on an organic basis) and diluted earnings per share decreased 13% to $0.36.<\/p>\n\n\u201cOur solid first-quarter performance reflects the decisive actions we\u2019ve taken to strengthen our business in a challenging environment,\u201d said Lawson Whiting, Brown-Forman\u2019s President and Chief Executive Officer. \u201cSuperior innovation and bold route-to-consumer strategies, in particular, have positioned us to deliver resilient results in the face of persistent headwinds. We are pleased to reaffirm our full-year outlook and remain confident in our ability to create long-term value for shareholders.\u201d<\/p>\n
First Quarter of Fiscal 2026 Highlights<\/span><\/b><\/p>\n\n- \nNet sales decline was largely driven by the absence of the prior-year transition services agreement (TSA) related to Sonoma-Cutrer.<\/p>\n<\/li>\n
- \nFrom a geographic perspective, net sales growth in Emerging3<\/sup> markets and the Travel Retail3<\/sup> channel was more than offset by declines in the United States and Developed International3<\/sup> markets.<\/p>\n<\/li>\n
- \nGross margin expanded 40 basis points driven by the positive effect of the divestitures, partially offset by higher costs, unfavorable price\/mix, and the negative effect of foreign exchange.<\/p>\n<\/li>\n
- \nOperating income declined 7% primarily driven by unfavorable foreign exchange.<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2026 Brand Results<\/span><\/b><\/p>\n\n- \nNet sales for Whiskey3 <\/sup>products were flat (flat organic) due to strong initial shipments of Jack Daniel\u2019s Tennessee Blackberry in preparation for the launch and growth of Jack Daniel\u2019s Tennessee Apple in Brazil. This was offset by lower volumes of Jack Daniel\u2019s Tennessee Whiskey in the United States and Germany.<\/p>\n<\/li>\n
- \nNet sales for the Tequila3<\/sup> portfolio declined 1% (+1% organic). Herradura\u2019s net sales declined 16% (-15% organic) driven by lower volumes in the United States as the tequila category remains competitive. el Jimador\u2019s net sales increased 14% (+16% organic) driven by higher volumes in the United States due to the roll-out of the new bottle design, inventory build ahead of the distributor transitions in 13 states, and new innovation launch of the Cristalino expression.<\/p>\n<\/li>\n
- \nNet sales for the Ready-to-Drink3<\/sup> (RTD) portfolio increased 6% (+9% organic). Net sales of New Mix increased 26% (+36% organic) fueled by market share gains in a growing category, partially offset by the negative effect of foreign exchange. Jack Daniel\u2019s RTD\/RTP portfolio declined 2% (-1% organic) as declines in Canada more than offset growth in the United States.<\/p>\n<\/li>\n
- \nRest of Portfolio’s3<\/sup> net sales declined 27% (+17% organic) driven by the absence of the Sonoma-Cutrer and Finlandia prior-year TSAs and the conclusion of the Korbel Champagne Cellars relationship (Korbel relationship). The decline was partially offset by the distribution of new agency brands in Japan and Mexico, along with growth of Gin Mare in Italy.<\/p>\n<\/li>\n
- \nNet sales for non-branded and bulk decreased 44% driven by lower used barrel sales.<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2026 Market Results<\/span><\/b><\/p>\n\n- \nNet sales in the United States decreased 8% (-2% organic) driven by the absence of the Sonoma-Cutrer prior-year TSA, lower volumes of Jack Daniel\u2019s Tennessee Whiskey and Herradura, and the end of Korbel relationship. The declines were partially offset by strong initial shipments for the upcoming launch of Jack Daniel\u2019s Tennessee Blackberry and in preparation for the August 1, 2025 distributor transitions in the United States.<\/p>\n<\/li>\n
- \nNet sales in the Developed International markets declined 8% (-9% organic) due to soft consumer demand impacted by macroeconomic and geopolitical uncertainty. The decline was led by lower volumes of Jack Daniel\u2019s Tennessee Whiskey in Germany and the United Kingdom, along with the absence of American-made alcohol from retail shelves in most of the Canadian provinces. The decline was partially offset by the positive effect of foreign exchange and the benefit from the transition to owned distribution in Italy.<\/p>\n<\/li>\n
- \nNet sales in Emerging markets increased 20% (+25% organic) driven by higher volumes across the Jack Daniel\u2019s family of brands, which were led by Brazil and T\u00fcrkiye and partially benefitted from an increase in distributor inventories. The double digit growth of New Mix also contributed to this increase, partially offset by the negative effect of foreign exchange.<\/p>\n<\/li>\n
- \nThe Travel Retail channel\u2019s net sales increased 8% (+7% organic) due to higher volumes of Jack Daniel\u2019s Tennessee Whiskey and Gin Mare, partially due to the timing of shipments, as well as the positive effect of foreign exchange.<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2026 Other P&L Items<\/span><\/b><\/p>\n\n- \nGross profit decreased 2% (-2% organic). Gross margin expanded 40 basis points to 59.8% driven by the positive effect of acquisitions and divestitures, partially offset by higher costs, unfavorable price\/mix, and the negative effect of foreign exchange.<\/p>\n<\/li>\n
- \nAdvertising expense decreased 4% (-3% organic) led by lower Jack Daniel\u2019s Tennessee Whiskey spend and the absence of the Korbel brands, as we thoughtfully manage our controllable expenses while maintaining healthy levels of brand investment.<\/p>\n<\/li>\n
- \nSelling, general, and administrative (SG&A) expenses decreased 6% (-7% organic) driven by lower compensation-and-benefit-related expenses.<\/p>\n<\/li>\n
- \nThe company incurred $12 million in charges related to the strategic restructuring initiative announced in January 2025.<\/p>\n<\/li>\n
- \nOperating income declined 7% (+2% organic) with an operating margin decrease of 140 basis points to 28.2%. The decrease was primarily driven by the negative effect of foreign exchange, the absence of the prior-year franchise tax refund, and the impact of the restructuring initiative. These declines were partially offset by the benefit of the substitution drawback claims2<\/sup>.<\/p>\n<\/li>\n
- \nThe company recognized a non-operating pension settlement charge of $19 million, largely related to the early retirement benefit offered in fiscal 2025.<\/p>\n<\/li>\n
- \nDiluted earnings per share decreased $0.05 driven by the decrease in operating income and an increase in non-operating postretirement expense.<\/p>\n<\/li>\n<\/ul>\n
First Quarter of Fiscal 2026 Financial Stewardship<\/span><\/b><\/p>\n\nOn July 24, 2025, the Brown-Forman Board of Directors declared a regular quarterly cash dividend of $0.2265 per share on its Class A and Class B common stock. The dividend is payable on October 1, 2025, to stockholders of record on September 3, 2025. Brown-Forman, a member of the S&P 500 Dividend Aristocrats Index, has paid regular quarterly cash dividends for 81 consecutive years and has increased the regular dividend for 41 consecutive years.<\/p>\n
Fiscal 2026 Outlook<\/span><\/b><\/p>\n\nWe continue to anticipate the operating environment for fiscal 2026 to be challenging, with low visibility due to macroeconomic and geopolitical volatility as we face headwinds from consumer uncertainty, the potential impact from currently unknown tariffs, and lower non-branded sales of used barrels. We remain focused on building our business for the long term and navigating the current environment at pace with strategic initiatives in fiscal 2026 that we believe will unlock future growth led by the significant evolution of our U.S. distribution, the restructuring initiative, and meaningful new product innovation.<\/p>\n
\nAccordingly, we reiterate the following expectation for fiscal 2026:<\/p>\n
\n- \nOrganic net sales decline in the low-single digit range.<\/p>\n<\/li>\n
- \nOrganic operating income decline in the low-single digit range.<\/p>\n<\/li>\n
- \nOur effective tax rate to be in the range of approximately 21% to 23%.<\/p>\n<\/li>\n
- \nCapital expenditures planned to be in the range of $125 to $135 million.<\/p>\n<\/li>\n<\/ul>\n
Conference Call Details<\/span><\/b><\/p>\n\nBrown-Forman will host a conference call to discuss these results at 10:00 a.m. (ET) today. A live audio broadcast of the conference call, and the accompanying presentation slides, will be available via Brown-Forman\u2019s website, brown-forman.com, through a link to \u201cInvestors\/Events & Presentations.\u201d A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.<\/p>\n
\nBrown-Forman Corporation is a global leader in the spirits industry, responsibly building exceptional beverage alcohol brands for more than 155 years. Headquartered in Louisville, Kentucky, we are guided by our founding promise, \u201cNothing Better in the Market.\u201d Our premium portfolio includes the Jack Daniel\u2019s Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplom\u00e1tico Rum, Gin Mare, Fords Gin, Chambord, and Slane. With approximately 5,000 employees worldwide, we proudly share our passion for fine-quality spirits in more than 170 countries. Learn more at brown-forman.com and stay connected with us on LinkedIn, Instagram, and X.<\/p>\n
Important Information on Forward-Looking Statements:<\/b><\/p>\n
\nThis press release contains statements, estimates, and projections that are \u201cforward-looking statements\u201d as defined under U.S. federal securities laws. Words such as \u201caim,\u201d \u201cambition,\u201d \u201canticipate,\u201d \u201caspire,\u201d \u201cbelieve,\u201d \u201ccan,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cenvision,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cexpectation,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cproject,\u201d \u201cpursue,\u201d \u201csee,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from those expressed in or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to:<\/p>\n
\n- \nOur substantial dependence upon the continued growth of the Jack Daniel\u2019s family of brands<\/p>\n<\/li>\n
- \nSubstantial competition from new entrants, consolidations by competitors and retailers, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks<\/p>\n<\/li>\n
- \nDisruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers<\/p>\n<\/li>\n
- \nRisks from changes to the trade policies, tariffs and import and export regulations of the U.S. or foreign governments and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and\/or distributors<\/p>\n<\/li>\n
- \nChanges in consumer preferences, consumption, or purchase patterns \u2013 particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; further legalization of marijuana; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation<\/p>\n<\/li>\n
- \nRoute-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs<\/p>\n<\/li>\n
- \nProduction facility, aging warehouse, or supply chain disruption<\/p>\n<\/li>\n
- \nImprecision in supply\/demand forecasting<\/p>\n<\/li>\n
- \nHigher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, or labor<\/p>\n<\/li>\n
- \nRisks associated with acquisitions, dispositions, business partnerships, or investments \u2013 such as acquisition integration, termination difficulties or costs, or impairment in recorded value<\/p>\n<\/li>\n
- \nUnfavorable global or regional economic conditions and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations<\/p>\n<\/li>\n
- \nImpact of health epidemics and pandemics, and the risk of the resulting negative economic impacts and related governmental actions<\/p>\n<\/li>\n
- \nProduct recalls or other product liability claims, product tampering, contamination, or quality issues<\/p>\n<\/li>\n
- \nNegative publicity related to our company, products, brands, marketing, executive leadership, employees, Board of Directors, family stockholders, operations, business performance, or prospects<\/p>\n<\/li>\n
- \nFailure to attract or retain key executive or employee talent<\/p>\n<\/li>\n
- \nRisks associated with being a U.S.-based company with a global business, including commercial, political, and financial risks; local labor policies and conditions; compliance with local trade practices and other regulations; terrorism, kidnapping, extortion, or other types of violence; and health pandemics<\/p>\n<\/li>\n
- \nFailure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations<\/p>\n<\/li>\n
- \nFluctuations in foreign currency exchange rates, particularly due to a stronger U.S. dollar<\/p>\n<\/li>\n
- \nChanges in laws, regulatory measures, or governmental policies, especially those affecting production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products<\/p>\n<\/li>\n
- \nTax rate changes (including excise, corporate, sales or value-added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur<\/p>\n<\/li>\n
- \nDecline in the social acceptability of beverage alcohol in significant markets<\/p>\n<\/li>\n
- \nSignificant additional labeling or warning requirements or limitations on availability of our beverage alcohol products<\/p>\n<\/li>\n
- \nCounterfeiting and inadequate protection of our intellectual property rights<\/p>\n<\/li>\n
- \nSignificant legal disputes and proceedings, or government investigations<\/p>\n<\/li>\n
- \nCyber breach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws<\/p>\n<\/li>\n
- \nOur status as a family \u201ccontrolled company\u201d under New York Stock Exchange rules, and our dual-class share structure<\/p>\n<\/li>\n<\/ul>\n
\nFor further information on these and other risks, please see the risks and uncertainties described in Part I, Item 1A. Risk Factors of our 2025 Form 10-K, and those described from time to time in our reports on Form 10-Q filed with the SEC.<\/p>\n
\n\n| \n Brown-Forman Corporation<\/b><\/p>\n \nUnaudited Consolidated Statements of Operations<\/p>\n \nFor the Three Months Ended July 31, 2024 and 2025<\/p>\n \n(Dollars in millions, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n |
\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nChange<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nNet sales<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n951<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n924<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3%)<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nCost of sales<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n386<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n372<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4%)<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nGross profit<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n565<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n552<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2%)<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nAdvertising expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n126<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4%)<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nSelling, general, and administrative expenses<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n188<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n177<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6%)<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nRestructuring and other charges<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nOther expense (income), net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(17<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nOperating income<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n281<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n260<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7)%<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nNon-operating postretirement expense<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nInterest expense, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nIncome before income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n253<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n220<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13)%<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nIncome taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n58<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nNet income<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n195<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n170<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13)%<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nEarnings per share:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nBasic<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.41<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.36<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13)%<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nDiluted<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.41<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.36<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13)%<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nGross margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n59.4<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n59.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nOperating margin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n29.6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nEffective tax rate<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nCash dividends paid per common share<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.2178<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.2265<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nShares (in thousands) used in the calculation of earnings per share<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nBasic<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n472,637<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n472,724<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nDiluted<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n472,941<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n472,963<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Brown-Forman Corporation<\/b><\/p>\n \nUnaudited Condensed Consolidated Balance Sheets<\/p>\n \n(Dollars in millions)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nApril 30,
\n
2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nJuly 31,
\n
2025<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n444<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n471<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts receivable, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n830<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n847<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventories<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,511<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,586<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAssets held for sale<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n121<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther current assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n274<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,195<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,178<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProperty, plant, and equipment, net<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,095<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,094<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGoodwill<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,507<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther intangible assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,071<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n310<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n321<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal assets<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,086<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,171<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLiabilities:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccounts payable and accrued expenses<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n741<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n687<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDividends payable<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n107<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n77<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShort-term borrowings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n312<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n282<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCurrent portion of long-term debt<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n344<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal current liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,080<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,497<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLong-term debt<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,421<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,075<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeferred income taxes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n241<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n242<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAccrued postretirement benefits<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n164<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n173<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n187<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n196<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,093<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,183<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nStockholders\u2019 equity<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,993<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,988<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal liabilities and stockholders\u2019 equity<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,086<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n8,171<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Brown-Forman Corporation<\/b><\/p>\n \nUnaudited Condensed Consolidated Statements of Cash Flows<\/p>\n \nFor the Three Months Ended July 31, 2024 and 2025<\/p>\n \n(Dollars in millions)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2024<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by operating activities<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n17<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n160<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash flows from investing activities:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProceeds from sale of cooperage assets<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n51<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n33<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdditions to property, plant, and equipment<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(41<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(31<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by (used for) investing activities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash flows from financing activities:<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet change in short-term borrowings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPayments of withholding taxes related to stock-based awards<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDividends paid<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(103<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(107<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by (used for) financing activities<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(51<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(138<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEffect of exchange rate changes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet increase (decrease) in cash, cash equivalents, and restricted cash<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash, cash equivalents, and restricted cash at beginning of period<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n456<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n463<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash, cash equivalents, and restricted cash at end of period<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n426<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n490<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLess: Restricted cash at end of period<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(19<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash and cash equivalents at end of period<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n416<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n471<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Schedule A<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBrown-Forman Corporation<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupplemental Statement of Operations Information<\/p>\n \n(Unaudited)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Percentage change versus the prior-year period ended<\/i><\/p>\n<\/td>\n | \n July 31, 2025<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \n3 Months<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in net sales<\/b><\/p>\n<\/td>\n | \n (3<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic* change in net sales<\/b><\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in gross profit<\/b><\/p>\n<\/td>\n | \n (2<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in gross profit<\/b><\/p>\n<\/td>\n | \n (2<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in advertising expenses<\/b><\/p>\n<\/td>\n | \n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther items*<\/sup><\/p>\n<\/td>\n| \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in advertising expenses<\/b><\/p>\n<\/td>\n | \n (3<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in SG&A<\/b><\/p>\n<\/td>\n | \n (6<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther Items<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in SG&A<\/b><\/p>\n<\/td>\n | \n (7<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Reported change in operating income<\/b><\/p>\n<\/td>\n | \n (7<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAcquisitions and divestitures<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther items<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nForeign exchange<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Organic change in operating income<\/b><\/p>\n<\/td>\n | \n 2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n _______________________________<\/sup><\/p>\n*<\/sup>See \u201cNote 2 – Non-GAAP Financial Measures\u201d for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers.<\/p>\n\n\u00a0<\/p>\n Note: Totals may differ due to rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Schedule B<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBrown-Forman Corporation<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupplemental Statement of Operations Information (Unaudited)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Three Months Ended July 31, 2025<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nSupplemental Information^<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nVolumes (9-Liter Cases)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nNet Sales % Change vs. Prior-Year Period<\/p>\n<\/td>\n<\/tr>\n | \n| \n Product Category \/ Brand Family \/ Brand^<\/sup><\/b><\/p>\n<\/td>\n| \n \nDepletions
\n
(Millions)*<\/sup><\/p>\n<\/td>\n\n \n% Change
\n
vs. Prior-
\n
Year
\n
Period<\/p>\n<\/td>\n | \n \nShipments
\n
(Millions)*<\/sup><\/p>\n<\/td>\n\n \n% Change
\n
vs. Prior-
\n
Year
\n
Period<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nReported<\/p>\n<\/td>\n | \n Acquisitions
\n
and
\n
Divestitures<\/i><\/p>\n<\/td>\n | \n Foreign
\n
Exchange<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nOrganic^<\/sup><\/p>\n<\/td>\n<\/tr>\n\n| \n Whiskey<\/b><\/p>\n<\/td>\n | \n 4.8<\/b><\/p>\n<\/td>\n | \n (4<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 5.0<\/b><\/p>\n<\/td>\n | \n (1<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nJDTW<\/p>\n<\/td>\n | \n \n3.2<\/p>\n<\/td>\n | \n \n(6<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n3.2<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTH<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n(5<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n0.5<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGentleman Jack<\/p>\n<\/td>\n | \n \n0.2<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.2<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTA<\/p>\n<\/td>\n | \n \n0.3<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.3<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTF<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWoodford Reserve<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOld Forester<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n(9<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRest of Whiskey<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.2<\/p>\n<\/td>\n | \n \n67<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n33<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n34<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Ready-to-Drink<\/b><\/p>\n<\/td>\n | \n 5.5<\/b><\/p>\n<\/td>\n | \n 12<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 5.5<\/b><\/p>\n<\/td>\n | \n 12<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nJD RTD\/RTP<\/p>\n<\/td>\n | \n \n2.5<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n2.5<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNew Mix<\/p>\n<\/td>\n | \n \n3.0<\/p>\n<\/td>\n | \n \n28<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n3.0<\/p>\n<\/td>\n | \n \n28<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Tequila<\/b><\/p>\n<\/td>\n | \n 0.5<\/b><\/p>\n<\/td>\n | \n (6<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 0.5<\/b><\/p>\n<\/td>\n | \n 4<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nel Jimador<\/p>\n<\/td>\n | \n \n0.3<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n0.4<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHerradura<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n(8<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n(14<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(15<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Rest of Portfolio<\/b><\/p>\n<\/td>\n | \n 0.4<\/b><\/p>\n<\/td>\n | \n 5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 0.4<\/b><\/p>\n<\/td>\n | \n 17<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (27<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 44<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Non-branded and bulk<\/b><\/p>\n<\/td>\n | \n NA<\/b><\/p>\n<\/td>\n | \n NA<\/b><\/p>\n<\/td>\n | \n NA<\/b><\/p>\n<\/td>\n | \n NA<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (44<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (44<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total Portfolio<\/b><\/p>\n<\/td>\n | \n 11.1<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 11.3<\/b><\/p>\n<\/td>\n | \n 6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Other Brands and Aggregations<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJack Daniel’s Family<\/p>\n<\/td>\n | \n \n6.8<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n7.0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAmerican Whiskey<\/p>\n<\/td>\n | \n \n4.8<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n5.0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiplom\u00e1tico<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGin Mare<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n41<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n0.1<\/p>\n<\/td>\n | \n \n29<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n40<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n _______________________________<\/sup><\/p>\n^<\/sup>See \u201cNote 2 – Non-GAAP Financial Measures\u201d for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers. See \u201cNote 3 – Definitions\u201d for details on our brand aggregations and other metrics.<\/p>\n*<\/sup>Volumes are adjusted to remove increases or decreases related to acquired and divested brands for periods not comparable year over year. For additional information concerning acquisitions and divestitures impacting depletions and shipments, see the applicable defined terms in \u201cNote 2 \u2013 Non-GAAP Financial Measures.\u201d<\/p>\n\n\u00a0<\/p>\n Note: Totals may differ due to rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Schedule C<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBrown-Forman Corporation<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupplemental Statement of Operations Information (Unaudited)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Three Months Ended July 31, 2025<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \nNet Sales % Change vs. Prior-Year Period<\/p>\n<\/td>\n<\/tr>\n | \n| \n Geographic Area^<\/sup><\/b><\/p>\n<\/td>\n| \n Reported<\/b><\/p>\n<\/td>\n | \n Acquisitions
\n
and
\n
Divestitures<\/i><\/p>\n<\/td>\n | \n Foreign
\n
Exchange<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Organic^<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n United States<\/b><\/p>\n<\/td>\n | \n (8<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 6<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Developed International<\/b><\/p>\n<\/td>\n | \n (8<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n (1<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (9<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGermany<\/p>\n<\/td>\n | \n \n(10<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAustralia<\/p>\n<\/td>\n | \n \n(4<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnited Kingdom<\/p>\n<\/td>\n | \n \n(16<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFrance<\/p>\n<\/td>\n | \n \n(5<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCanada<\/p>\n<\/td>\n | \n \n(62<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(59<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRest of Developed International<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(3<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Emerging<\/b><\/p>\n<\/td>\n | \n 20<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 25<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nMexico<\/p>\n<\/td>\n | \n \n14<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPoland<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(10<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBrazil<\/p>\n<\/td>\n | \n \n31<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n30<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nT\u00fcrkiye<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n39<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRest of Emerging<\/p>\n<\/td>\n | \n \n27<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Travel Retail<\/b><\/p>\n<\/td>\n | \n 8<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n (2<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Non-branded and bulk<\/b><\/p>\n<\/td>\n | \n (44<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (44<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total<\/b><\/p>\n<\/td>\n | \n (3<\/b><\/p>\n<\/td>\n | \n %)<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \u2014<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n _______________________________<\/sup><\/p>\n^<\/sup>See \u201cNote 2 – Non-GAAP Financial Measures\u201d for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers. See \u201cNote 3 – Definitions\u201d for details on our geographic aggregations.<\/p>\n\n\u00a0<\/p>\n Note: Totals may differ due to rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Schedule D<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nBrown-Forman Corporation<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSupplemental Information (Unaudited) \u2014<\/p>\n \nEstimated Net Change in Distributor Inventories<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Three Months Ended July 31, 2025<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Estimated Net Change in Distributor
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Inventories^<\/sup> vs. Prior-Year Period<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Geographic Area^<\/sup> – Net Sales<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nUnited States<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDeveloped International<\/p>\n<\/td>\n | \n \n(1%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEmerging<\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTravel Retail<\/p>\n<\/td>\n | \n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-branded and bulk<\/p>\n<\/td>\n | \n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Product category \/ brand family \/ brand^<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Whiskey<\/b><\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTW<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTH<\/p>\n<\/td>\n | \n \n2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGentleman Jack<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTA<\/p>\n<\/td>\n | \n \n14%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJDTF<\/p>\n<\/td>\n | \n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWoodford Reserve<\/p>\n<\/td>\n | \n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOld Forester<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRest of Whiskey<\/p>\n<\/td>\n | \n \n41%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Ready-to-Drink<\/b><\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nJD RTD\/RTP<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNew Mix<\/p>\n<\/td>\n | \n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Tequila<\/b><\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nel Jimador<\/p>\n<\/td>\n | \n \n20%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHerradura<\/p>\n<\/td>\n | \n \n(5%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Rest of Portfolio<\/b><\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Non-branded and bulk<\/b><\/p>\n<\/td>\n | \n \n\u2014%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Statement of Operations Line Items<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Sales<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCost of Sales<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGross Profit<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Income<\/p>\n<\/td>\n | \n \n10%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n _______________________________<\/sup><\/p>\n^<\/sup>See \u201cNote 3 – Definitions\u201d for details on our geographic aggregations, brand aggregations, and other metrics.<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |