Brown-Forman
37 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.
Customers
Largest customer (unnamed)
earns from · approximately 10% of our consolidated net salesIn fiscal 2026, our largest customer accounted for approximately 10% of our consolidated net sales.Business (Item 1)
Also named by AEHR, AR, BTU, CVLG, DLR, FDXF, FIX, KGS and 6 more
U.S. control states
earns fromIn the United States, which generally prohibits spirits manufacturers from selling their products directly to consumers, we sell our products either to distributors or to state governments (in states that directly control alcohol sales) that then sell to retail customers and consumers.Business (Item 1)
Partners and platforms
Pabst Brewing Company
depends onSince 2021, Jack Daniel’s Country Cocktails in the United States have been produced, sold, and distributed under our relationship with Pabst Brewing Company.Business (Item 1)
Other companies
Fourth calendar quarter holiday season
concentrated in · Approximately 28%, 29%, and 30%Approximately 28%, 29%, and 30% of our reported net sales for fiscal 2024, fiscal 2025, and fiscal 2026, respectively, were in the fourth calendar quarter.Business (Item 1)
Jack Daniel's
concentrated innamed as a riskThe Jack Daniel’s family of brands is the primary driver of our revenue, and Jack Daniel’s is an iconic global trademark with a loyal consumer fan base.Risk factors (Item 1A)
Competitors
Diageo PLC
competes withOur competitors include major global spirits companies, such as Bacardi Limited, Becle S.A.B. de C.V., Davide Campari-Milano N.V., Diageo PLC, LVMH Moët Hennessy Louis Vuitton SE, Pernod Ricard SA, Rémy Cointreau, and Suntory Global Spirits.Business (Item 1)
Pernod Ricard SA
competes withOur competitors include major global spirits companies, such as Bacardi Limited, Becle S.A.B. de C.V., Davide Campari-Milano N.V., Diageo PLC, LVMH Moët Hennessy Louis Vuitton SE, Pernod Ricard SA, Rémy Cointreau, and Suntory Global Spirits.Business (Item 1)
Places
United States
earns from · 42% of our net sales in fiscal 2026The United States, our most important market, accounted for 42% of our net sales in fiscal 2026, and the other 58% were outside of the United States.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Mexico
earns from · 8%The table below shows the percentage of total reported net sales for our top markets in our three most recent fiscal years:Business (Item 1)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
United Kingdom
earns from · 4%The table below shows the percentage of total reported net sales for our top markets in our three most recent fiscal years:Business (Item 1)
Also named by AGX, AJG, AMP, BAC, BGC, BRO, C, CACI and 59 more
Australia
earns from · 5%The table below shows the percentage of total reported net sales for our top markets in our three most recent fiscal years:Business (Item 1)
Also named by AJG, ARWR, AXP, BTU, CL, CSGP, CVX, DECK and 15 more
Germany
earns from · 6%The table below shows the percentage of total reported net sales for our top markets in our three most recent fiscal years:Business (Item 1)
Also named by APO, AXGN, CPRT, DASH, EBAY, GD, GDDY, KRYS and 12 more
Canada
earns fromnamed as a riskFor example, in March 2025, several Canadian provinces removed all American beverage alcohol from store shelves, including Jack Daniel’s, in response to the United States announcing a 25% tariff on goods imported from Canada.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BR and 97 more
Jack Daniel Distillery
concentrated innamed as a riskSome of our largest brands, including Jack Daniel’s and our tequilas, are distilled at single locations.Risk factors (Item 1A)
Casa Herradura aquifer
depends onIn fiscal 2026, we continued our work with Waterplan to refine the measurement of water- related risk at our production facilities and to identify opportunities to improve the recharge rate of the aquifer that our Casa Herradura facility depends on.Business (Item 1)
Hazards
Drought
named as a riskIf extended droughts become more common or severe, or if our water supply is interrupted for other reasons such as government intervention, high-quality water could become scarce in some key production regions for our products, which in turn could adversely affect our business and financial results.Risk factors (Item 1A)
Also named by AESI, AM, AWK, BMI, CEG, EOG, ES, FPI and 8 more
Middle East conflicts
named as a riskFor example, armed conflicts in the Middle East have contributed to elevated freight rates and longer transit times compared to historical levels, and prolonged or escalating conflicts could result in additional supply chain disruption, including higher transportation costs (such as a result of increased fuel costs), shipping delays, or increased costs from using air freight instead of ocean freight to mitigate inventory delays.Risk factors (Item 1A)
Also named by DOW
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskOur most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Aluminum
exposed to its pricenamed as a riskOur most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.Market risk (Item 7A)
Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BWA, CAG and 59 more
Euro
exposed to its pricenamed as a riskOur most significant foreign currency exposures include the euro, the British pound, and the Australian dollar.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
British pound
exposed to its pricenamed as a riskOur most significant foreign currency exposures include the euro, the British pound, and the Australian dollar.Market risk (Item 7A)
Also named by ABBV, ADBE, AJG, AME, AMP, APA, BRO, CACI and 39 more
Australian dollar
exposed to its pricenamed as a riskOur most significant foreign currency exposures include the euro, the British pound, and the Australian dollar.Market risk (Item 7A)
Also named by ADBE, BEN, BTU, CSGP, EEFT, EZPW, GPC, HRB and 13 more
Corn
exposed to its pricenamed as a riskOur most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.Market risk (Item 7A)
Also named by ADM, CAG, CALM, CL, DE, FLO, FPI, GIS and 10 more
Water
depends onnamed as a riskWater is an essential component of our products, so the quality and quantity of available water is critical to our ability to operate our business.Risk factors (Item 1A)
Also named by ADM, CDE, CELH, CNX, CRGY, DE, EOG, EQIX and 9 more
Glass bottles
depends onnamed as a riskFor instance, only a few glass producers make bottles on a scale sufficient for our requirements, and a single producer supplies most of our glass requirements.Risk factors (Item 1A)
Wood
exposed to its pricenamed as a riskOur most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.Market risk (Item 7A)
Also named by FBIN
Oak barrels
depends onnamed as a riskLikewise, we source our oak barrels, in which we age our American whiskey, from an external supplier.Risk factors (Item 1A)
Agave
exposed to its pricenamed as a riskOur tequila supply also depends on the growth cycle of agave plants, which take approximately six to seven years to reach full maturity, requiring us to make forecasts of demand for our tequilas over a long-time horizon to determine in advance how much agave to plant or otherwise source.Risk factors (Item 1A)
Malted barley
exposed to its pricenamed as a riskOur most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.Market risk (Item 7A)
Rye
exposed to its pricenamed as a riskOur most significant commodities exposures include natural gas, wood, corn, malted barley, aluminum, agave, and rye.Market risk (Item 7A)
Regulators
Alcohol and Tobacco Tax and Trade Bureau (TTB)
subject toIn the United States, at the federal level, the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Department of the Treasury regulates the spirits and wine industry with respect to the production, blending, bottling, labeling, advertising, sales, and transportation of beverage alcohol.Business (Item 1)
Laws and programs
OECD Pillar Two
subject to · 15%named as a riskIn December 2021, the OECD issued Pillar Two model rules, which would establish a global per-country minimum tax of 15%, and the European Union has approved a directive requiring member states to incorporate similar provisions into their respective domestic laws.Risk factors (Item 1A)
Also named by APO, BAM, BAX, CHRW, COHR, CPNG, CRM, CW and 45 more
U.S. tariffs
subject tonamed as a riskThe United States has announced and/or implemented significant new tariffs on imported goods from a wide range of countries, which has prompted retaliatory tariffs by a number of countries and a cycle of retaliatory tariffs by both the United States and other countries.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Russia sanctions
subject tonamed as a riskIn addition, we are subject to potential business disruption caused by military conflicts, including the ongoing conflict with Iran and/or Iranian-sponsored actors, other conflicts in the Middle East, and the ongoing conflict in Ukraine and the resulting sanctions imposed on Russia by the United States and other countries; potentially unstable governments or legal systems; social, racial, civil, or political upheaval or unrest; local labor policies and conditions, including labor strikes and work stoppages; possible expropriation, nationalization, or confiscation of assets; problems with repatriation of foreign earnings; economic or trade sanctions; closure of markets to imports; anti-American sentiment; terrorism, kidnapping, extortion, or other types of violence in or outside the United States; and health crises.Risk factors (Item 1A)
Also named by ACN, AIR, BAM, CW, DASH, DIS, GIS, KLAC and 5 more
Excise taxes
subject tonamed as a riskIn fiscal 2026, we saw excise tax increases in several markets, including Canada, Czechia, France, Türkiye, and the United Kingdom.Risk factors (Item 1A)
Ireland Public Health (Alcohol) (Labelling) regulation
subject tonamed as a riskFor example, Ireland’s Public Health (Alcohol) (Labelling) regulation sets unique health labeling requirements for alcohol being sold in the Irish market.Risk factors (Item 1A)
Technology
GLP-1 drugs
named as a riskConsumer preferences and purchases may shift, often in unpredictable ways, as a result of a variety of factors, including health and wellness trends, consumer dietary preference changes, weight loss regimens and pharmaceuticals, including GLP-1 drugs; changes in economic conditions, demographic, and social trends; public health policies and initiatives; changes in government regulation of beverage alcohol products; concerns or regulations related to product safety; legalization of cannabis and its use on a more widespread basis in the markets where we operate; and changes in trends related to travel, leisure, dining, gifting, entertaining, and beverage consumption.Risk factors (Item 1A)