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• Brown-Forman is like Coca-Cola, but for spirits and wines.
• Brown-Forman is like the Anheuser-Busch InBev of hard liquor.

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• Spirits (Whiskey, Tequila, Vodka, Brandy, Liqueurs): A broad portfolio encompassing whiskies (e.g., Jack Daniel's), tequilas (e.g., Herradura), vodkas (e.g., Finlandia), brandy, and various other liqueurs.
• Wines & Champagnes: This includes premium wines such as Sonoma-Cutrer and sparkling wines like Korbel Champagne.
• Ready-to-Drink (RTD) Products: Pre-mixed alcoholic beverages and cocktails designed for convenience, often featuring their established spirits brands.
• Contract Bottling Services: The company provides bottling services for other businesses in the beverage industry.
• Bulk Alcohol & Used Barrel Sales: They sell bulk quantities of whiskey and wine, as well as used barrels generated during their distilling process.

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Brown-Forman (BF-B) primarily sells its alcoholic beverages to other companies and government entities, rather than directly to individual consumers. The provided background information does not identify specific major customer companies by name or public symbols. Instead, its major customers can be categorized as:

1. Distributors and Wholesalers: These are intermediary businesses responsible for distributing Brown-Forman's wide range of products to retail outlets. In many markets, particularly within the United States, this tiered distribution system is a legal requirement.
2. Retailers: In markets where direct sales are permissible, Brown-Forman directly serves various retail customers. This category includes liquor stores, grocery chains, bars, restaurants, and other establishments that sell alcoholic beverages to consumers.
3. Government Entities: In jurisdictions known as "control states" or "control provinces" (both in the U.S. and internationally), state or provincial governments play a direct role as the primary purchaser and/or distributor of alcoholic beverages.

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Lawson Whiting, President and Chief Executive Officer

Lawson Whiting has served as President and Chief Executive Officer of Brown-Forman Corporation since January 1, 2019, and has been a member of the Executive Leadership Team since 2013. He began his career at Brown-Forman in 1997 in the corporate development group. Over his tenure, he held various positions including director of investor relations, director of finance for wines, director of global business strategy for the Jack Daniel's family of brands, and director of finance for the North America region. He was also senior vice president and managing director of Western Europe and chief brands officer. Prior to his CEO role, Whiting served as executive vice president and chief operating officer, overseeing regional operations, global production, and corporate responsibility. He also serves on the board of directors for Keurig Dr Pepper.

Leanne Cunningham, Executive Vice President, Chief Financial Officer

Leanne Cunningham, who is set to retire on May 1, 2026, has been the Executive Vice President and Chief Financial Officer for Brown-Forman since July 2021, joining the Executive Leadership Team in the same year. She started at Brown-Forman in 1995 as a corporate accountant and has spent more than three decades with the company, progressing through roles in accounting, finance, corporate strategy, and production operations. Before becoming CFO, she held positions as senior vice president, shareholder relations officer, commercial finance, and financial planning and analysis. Cunningham also led production operations across 13 countries and played a key role in the acquisition and integration of BenRiach Distillery Company and the start-ups of Slane and Old Forester Distillery. She has served on the Board of Directors for Acushnet Holdings Corp. since 2023.

Jeremy Shepherd, Executive Vice President, Chief Marketing Officer

Jeremy Shepherd is the Executive Vice President and Chief Marketing Officer. He began his career at Brown-Forman in 2005 as a commercial manager for Canada. Over his more than 20-year career with the company, he has held various commercial and marketing leadership roles in New York City, Louisville, and London. Prior to his current role as Chief Marketing Officer, Shepherd led the company's USA & Canada commercial division, and also served as vice president, general manager for the United Kingdom and Ireland, where he established Brown-Forman's own distribution organization. Before joining Brown-Forman, he worked in marketing and commercial roles for Coca-Cola Enterprises and Bacardi Canada.

Tim Nall, Executive Vice President, Chief Global Supply Chain and Technology Officer

Tim Nall serves as Executive Vice President, Chief Global Supply Chain and Technology Officer. In this role, he is responsible for global production operations, global supply chain, research and development, quality assurance, external manufacturing, and all aspects of the company's information technology infrastructure, including advanced analytics, applications, and cybersecurity. Nall joined Brown-Forman in 2000 in bottling and production operations and has served as Chief Information Officer since 2015.

Chris Graven, Executive Vice President, Chief Strategy Officer

Chris Graven is the Executive Vice President and Chief Strategy Officer. Further detailed background information on Chris Graven was not readily available in the provided search results beyond his title and inclusion in the Executive Leadership Team.

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The key risks to Brown-Forman's business include declining alcohol consumption and shifting consumer preferences, the impact of climate change on raw materials and water availability, and market concentration risks coupled with international trade and currency fluctuations.

Declining Alcohol Consumption and Shifting Consumer Preferences

A significant risk for Brown-Forman is the ongoing decline in alcohol consumption, particularly among younger generations like Millennials and Gen Z. This trend is driven by increased health consciousness, the rise of the "sober-curious" movement, and evolving social norms. Recent data indicates a marked decrease in the percentage of Americans who drink alcohol, impacting overall sales volumes across various beverage categories, including spirits. The emergence of weight-loss drugs like Ozempic and Wegovy is also cited as a new challenge to the alcohol industry. This fundamental shift in consumer behavior directly affects Brown-Forman's domestic sales performance.

Climate Change, Water Scarcity, and Raw Material Availability

As a manufacturer of alcoholic beverages, Brown-Forman is highly dependent on agricultural raw materials such as grains and grapes, and substantial water resources for production. Climate change presents a significant threat through increased water scarcity, more volatile and frequent extreme weather events, and their subsequent impact on crop yields and quality. Distilleries, including those operated by Brown-Forman, require large volumes of water for production. The increasing severity and frequency of these environmental challenges can constrain supply chains and production capacity, posing an existential risk to the alcoholic beverage industry.

Market Concentration in Whiskey, International Trade Risks, and Currency Fluctuations

Brown-Forman faces a concentration risk due to its heavy reliance on the whiskey category, which generates a substantial portion of its revenue (71%). Any significant shift in consumer preferences away from whiskey could disproportionately impact the company's financial performance. Furthermore, as a global company, Brown-Forman is exposed to risks associated with international trade, including tariffs and fluctuating foreign currency exchange rates. Tariffs on imported and exported alcohol products can significantly affect international sales and profitability, while currency fluctuations can impact the value of international sales and earnings.

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The rapidly growing market for sophisticated non-alcoholic beverages, offering consumers an alternative to traditional alcoholic drinks for social occasions and health-conscious choices, which could divert market share from Brown-Forman's core alcoholic product portfolio.

The expanding legalization and market penetration of cannabis-infused beverages, which provide an alternative recreational experience and directly compete for occasions traditionally served by alcoholic beverages, potentially eroding sales for Brown-Forman's products.

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Here are the addressable market sizes for Brown-Forman's main products and services for 2025:

• Spirits: The global spirits market was valued at USD 641.53 billion in 2025.
• Whiskey:
  • Globally, the whiskey market size was USD 92.89 billion in 2025.
  • In the U.S., the whiskey market was valued at USD 26.27 billion in 2025.
• Tequila:
  • The global tequila market size was estimated at USD 25.37 billion in 2025.
  • The North America tequila market was valued at USD 7.76 billion in 2025.
• Vodka:
  • The global vodka market size was valued at USD 30.51 billion in 2025.
  • The North America vodka market, representing 34% of the global market, was approximately USD 10.37 billion in 2025.
• Ready-to-Drink (RTD) Cocktails:
  • The global ready-to-drink cocktails market size was estimated at USD 11.13 billion in 2025.
  • The North America ready-to-drink cocktails market, which held the largest global share (over 32.5%), was approximately USD 3.62 billion in 2025.
• Wine:
  • The U.S. wine market was valued at USD 78.73 billion in 2025.
• Champagne:
  • The global champagne market size was valued at USD 27.29 billion in 2025.
  • The U.S. champagne market was valued at approximately USD 2.40 billion in 2025.
• Brandy (Cognac & Brandy):
  • The global cognac & brandy market size was estimated at USD 14.78 billion in 2025.
  • The North America cognac & brandy market was valued at USD 5.05 billion in 2025.
• Liqueurs: null

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Brown-Forman Corporation (BF-B) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. Premiumization of its Portfolio: Brown-Forman is strategically shifting its capital and focus towards higher-margin premium and super-premium brands. This includes leveraging iconic brands such as Jack Daniel's and Woodford Reserve, as well as integrating super-premium acquisitions like Gin Mare and Diplomático to elevate its product offerings.

2. Expansion of the Ready-to-Drink (RTD) Portfolio: The global rollout and continued innovation of the Jack Daniel's & Coca-Cola RTD product are anticipated to be significant growth drivers, particularly with prioritized launches and flavor/format innovation in Latin America and Asia Pacific. New product introductions, such as Jack Daniel's Tennessee Blackberry, are also contributing to growth in developed markets.

3. Growth in Emerging Markets and Travel Retail: The company is actively expanding its footprint and market share in emerging international markets, demonstrating strong performance and consumer demand in regions like Mexico, Brazil, Türkiye, the Middle East, and India. The Travel Retail channel is also a key area of focus for sustained growth.

4. Enhanced Distribution Strategies: Brown-Forman has undertaken significant enhancements to its distribution framework, including a major U.S. distribution restructuring effective August 2025. This initiative aims to boost brand reach, optimize investment, and accelerate market momentum.

5. Operational Efficiencies and Strategic Reinvestment: While not a direct revenue driver, the company's organizational restructuring, workforce reduction, and closure of the Louisville Cooperage are projected to generate substantial annualized cost savings. A portion of these savings is expected to be reinvested to accelerate growth, supporting brand-building and other strategic initiatives.

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Share Repurchases

• Brown-Forman completed a $400 million share repurchase program in December 2023 during fiscal year 2024.
• On October 2, 2025, the Board of Directors authorized a new $400 million share repurchase program, which was completed in December 2025 during fiscal year 2026.

Share Issuance

• Brown-Forman's shares outstanding have shown a declining trend over the last few fiscal years, with a 0.89% decline in 2025 from 2024, a 0.68% decline in 2024 from 2023, and a 0.02% decline in 2023 from 2022.

Outbound Investments

• The company acquired the Diplomático rum brand in October 2022 for $725 million.
• In fiscal year 2024, Brown-Forman recorded a gain of $267 million from the divestitures of Finlandia and Sonoma-Cutrer.
• Brown-Forman received $350 million in cash for its 21.4% ownership interest in The Duckhorn Portfolio Inc. during fiscal year 2025, recognizing a $78 million pretax gain.

Capital Expenditures

• Capital expenditures averaged $155.6 million annually from fiscal years 2021 to 2025, peaking at $228 million in fiscal year 2024 and decreasing to $167 million in fiscal year 2025.
• For fiscal year 2025, capital expenditures were estimated to be between $195 million and $205 million.
• Brown-Forman plans capital expenditures in the range of $110 million to $120 million for fiscal year 2026, focusing on strategic initiatives such as U.S. distribution evolution, restructuring, and new product innovation to drive future growth and advance its premiumization strategy.