Brown-Forman Q3 sales fall 3%, operating income 25%; reaffirms fiscal 2025 outlook
Brown-Forman reported third-quarter fiscal 2025 net sales down 3% to $1.0 billion, operating income down 25% to $280 million, and diluted earnings per share down 5% to $0.57, all on a reported basis. On an organic basis, which excludes divestitures, currency and other items, sales rose 6% and operating income rose 23%. The company reaffirmed its fiscal 2025 organic growth outlook of 2% to 4% for both net sales and operating income.
Key points
- Nine-month reported net sales fell 4% to $3.1 billion and diluted EPS fell 4% to $1.53; nine-month operating income fell 13% to $902 million.
- Nine-month results include a $78 million gain on the sale of the Duckhorn investment, worth $0.14 per diluted share, and $33 million of restructuring and other charges.
- Fiscal 2025 outlook reaffirmed: organic net sales growth and organic operating income growth each of 2% to 4%, with capital expenditures of $180 million to $190 million.
- The forecast effective tax rate was updated to approximately 20% to 22% from 21% to 23%.
The filing
Written by AI on Nov 8, 2026, 1:12 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 05, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.