Brown-Forman participated in the Barclays 19th Annual Global Consumer Conference on Wednesday, September 9, 2026. CEO Lawson Whiting, attending for the seventh time ahead of his planned retirement, and CFO Jim Peters, who joined the company at the end of March, presented the firm’s outlook.
For fiscal 2026, Brown-Forman said operating cash flow reached $1 billion and free cash flow was about $900 million. The firm maintained a gross profit margin of roughly 61% over the last twelve months, a free cash flow yield of 8%, a current ratio of 3.26, and has paid dividends for 56 consecutive years.
Looking ahead to fiscal 2027, Brown-Forman expects organic sales to be roughly flat. It expressed increased confidence in achieving the high end of its previously guided organic operating income range of down 3% to 5%. The company cited a whiskey inventory cost headwind of 100 to 150 basis points over the next couple of years due to higher-cost COVID-era stock. It noted that Jack Daniel's sales have shifted from 80% U.S./20% international three decades ago to 40% U.S./60% international today, while the U.S. total distilled spirits category is down 4% to 5%. Agave costs have fallen about 75% from their peak, with Nielsen showing only 1% to 2% deflation in the core 750‑ml tequila segment; el Jimador is priced in the $20‑something range and Herradura in the low $40s. Ready‑to‑drink products contribute about one percentage point to U.S. scanner growth, New Mix is a 13‑million‑case brand in Mexico, and Jack Daniel's & Cola is distributed in 40 countries.
Whiting described the shift away from distributor RNDC as "earth‑shaking for the industry" in the U.S. and said the company can grow nicely without needing to take share in the domestic whiskey market, but must gain share abroad. Peters characterized the operating mindset as "productivity for growth," stressing that cost cutting alone cannot drive prosperity.
