Brown-Forman (BF-B) 10-K risk factor changes: FY2026 vs FY2025

Our business performance depends substantially on the continued health of the Jack [removed: Daniel] [added: Daniel’s] family of brands.

The Jack Daniel’s family of brands is the primary driver of our [removed: revenue] [added: revenue,] and Jack Daniel’s is an iconic global trademark with a loyal consumer fan base.

[removed: As of May 1, 2025, we owned] [added: We own] and [removed: operated] [added: operate] 17 distribution companies in 18 countries.

Transitioning from a third-party distribution model to an owned-distribution model involves a significant undertaking, and subjects us to additional operational and execution risks associated with [removed: that] [added: each affected] geographic region.

Changes to any of our route-to-consumer models or [removed: distribution partners] [added: distributors] in important markets could result in temporary or longer-term sales disruption, higher costs, and harm to other business relationships we might have with that [removed: partner.][added: distributor.]

Pricing (including price promotions, discounting, couponing, and free goods), marketing, new product introductions, entry into our distribution networks, and other competitive behavior by other [removed: suppliers,] [added: suppliers] and by wholesalers and traditional and e-commerce retailers, could adversely affect our growth, business, and financial results.

Consolidation, whether domestically or internationally, among spirits producers, distributors, wholesalers, suppliers, or retailers and the increased growth of the e-commerce environment across the consumer product goods market [removed: has] [added: have] created and could continue to create a more challenging competitive landscape for our products.

We are subject to risks from changes to the trade policies, tariffs, and import and export regulations of the [removed: U.S.] [added: United States] and foreign governments.

Changes in [removed: the] import and export policies, including trade restrictions, new or increased tariffs or quotas, embargoes, sanctions and countersanctions, safeguards, or customs restrictions by the United States and foreign governments, could require us to change the way we conduct business and negatively affect our business performance, financial condition, results of operations, and our relationships with customers, suppliers, and employees.

The United States has announced and/or implemented significant new tariffs on [removed: imports] [added: 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.

[removed: If maintained, the] [added: Additionally,] newly announced [added: tariffs, particularly in light of the U.S. Supreme Court’s decision invalidating the use of the International Emergency Economic Powers Act to authorize certain] tariffs and the potential escalation of trade [removed: disputes] [added: disputes,] could pose a significant risk to our business, including an increase to the cost of our products and, to the extent we absorb the costs of tariffs and do not pass them through to our customers, higher cost of goods sold and lower gross profit and margins.

The extent and duration of the tariffs and the resulting impact on general economic conditions on our business are uncertain and depend on various factors, including negotiations between the United States and affected countries, [added: modifications and delays to or invalidation of various tariffs and associated refund procedures,] the responses of other countries or regions, exemptions or exclusions that may be granted, availability and cost of alternative sources of supply, and demand for our products in affected markets.

Consumer preferences and purchases may shift, often in unpredictable ways, as a result of a variety of factors, including health and wellness [removed: trends;] [added: 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.

[added: Product innovation, particularly for our] core brands, is a significant element of our growth strategy; however, there can be no assurance that we will continue to develop and implement successful line extensions, packaging, formulation or flavor changes, or new products.

Without sufficient quantities of one or more [added: of our] key materials, our business and financial results could suffer.

[removed: As a result,] [added: Likewise,] we [removed: now] source our oak [removed: barrels] [added: barrels,] in which we age our [removed: North] American [removed: whiskeys] [added: whiskey,] from an external supplier.

If supply chain challenges occur in the [removed: future,] [added: future] with respect to glass, oak barrels, or other key materials or ingredients that we purchase from suppliers, it would be difficult and more expensive to produce and deliver our products.

[removed: Likewise,] [added: Similarly,] our operations and financial results could suffer if any of our key suppliers were no longer able to meet our timing, quality, or capacity requirements, ceased doing business with us, or significantly raised prices, and we could not promptly develop alternative cost-effective sources of supply or production.

Our freight [removed: cost] [added: costs] and the timely delivery of our products could be adversely affected by a number of factors, including driver or equipment shortages, higher fuel costs, weather conditions, traffic congestion, ocean freight lane disruptions, shipment container availability, rail shutdowns, customs importation delays, and increased government regulation.

Unfavorable economic conditions could also cause governments to increase taxes on beverage alcohol to attempt to raise revenue, reducing [removed: consumers’willingness] [added: consumers’ willingness] to make discretionary purchases of beverage alcohol products or pay for premium brands such as ours.

We expect to continue to seek [removed: acquisition] [added: acquisition, investment,] and [removed: investment] [added: other strategic] opportunities that we believe will increase long-term stockholder value, but we may not [removed: be able to find] [added: successfully identify potential acquisition or] investment opportunities, [added: identify suitable counterparties willing to transact with us,] or [added: consummate the] purchase [added: of] brands or [removed: businesses,] [added: businesses or other strategic transactions] at acceptable prices and terms.

[removed: Acquisitions and] [added: Acquisitions,] investments [added: and other transactions] involve risks and uncertainties, including [removed: paying] [added: the potential to pay] more than a brand or business is ultimately determined to be worth; potential difficulties integrating acquired brands and personnel; [added: if applicable, difficulties in obtaining governmental approvals;] the possible loss of key customers or employees most knowledgeable about the acquired business; implementing and maintaining consistent U.S. public company standards, controls, procedures, policies, and information systems; exposure to unknown liabilities; [added: possible] business disruption; and [added: possible] management distraction or departure.

Expected cost savings from reduced [removed: overhead,] [added: overhead] relating to the sold [removed: assets,] [added: assets] may not materialize.

[added: The] overhead reductions [added: associated with such dispositions] could temporarily disrupt our other business operations.

Additionally, investor advocacy groups, institutional investors, other market participants, stockholders, employees, consumers, customers, influencers, and policymakers have focused increasingly on the environmental, social, and governance or “sustainability” positions and practices of [removed: companies, with particular emphasis on diversity, equity, and inclusion efforts.][added: companies.]

Our business, operations, cash flows, and financial results have previously been, and in the future could be, impacted by health epidemics, pandemics, and similar [removed: outbreaks, such as the COVID-19 pandemic.][added: outbreaks.]

In addition, we are subject to potential business disruption caused by military [removed: conflicts;] [added: 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.

Some of the countries where we do business have a higher risk of corruption than [removed: others.][added: others, particularly those with emerging economies.]

While we are committed to doing business in accordance with all applicable laws, including anti-corruption laws and global trade restrictions, we remain subject to the risk that an employee, or one of our many direct or indirect business [removed: partners,] [added: associates,] may take action determined to be in violation of international trade, money laundering, anti-corruption, or other laws, sanctions, or regulations, including the U.S. Foreign Corrupt Practices Act of 1977, the U.K. Bribery Act 2010, or equivalent local laws.

Any determination that our operations or activities are not in compliance with applicable laws or regulations, particularly those related to anti-corruption and international economic or trade sanctions, could result in [removed: investigations,] [added: investigations;] interruption of [removed: business,] [added: business;] loss of business [removed: partner relationships,] [added: relationships;] suspension or termination of credit agreements, licenses, and permits (our own or those of our [removed: partners),] [added: business associates);] imposition of [removed: fines,] [added: fines;] legal or equitable [removed: sanctions,] [added: sanctions;] negative [removed: publicity,] [added: publicity;] and management distraction or departure.

New tax rules, [added: new] accounting standards or pronouncements, and changes in the interpretation of existing rules, standards, or pronouncements could have a [removed: material] [added: significant] adverse effect on our business and financial results.

In addition, aspects of U.S. tax laws may lead foreign jurisdictions to enact tax legislation [removed: that is] unfavorable to us.

While we [removed: are unable to] [added: cannot] predict whether any of these changes will ultimately be enacted, if these or similar proposals are enacted into law, they could negatively impact our effective tax rate and earnings.

The directive [removed: requires] [added: required] the rules to [removed: initially] become effective for fiscal years starting on or after December 31, 2023.

Our business operations are also subject to numerous duties or taxes not based on income, sometimes referred to as “indirect taxes.” These indirect taxes include excise taxes, sales or value-added taxes, property taxes, payroll taxes, import and export [removed: duties] [added: duties,] and tariffs.

In fiscal [removed: 2025,] [added: 2026,] we [removed: have observed] [added: saw] excise tax increases in several markets, including Canada, Czechia, France, Türkiye, and the United Kingdom.

Additionally, in fiscal [removed: 2025,] [added: 2026,] Australia continued to make an annual increase in excise taxes based on the consumer price index.

Several such labeling regulations or laws require warnings on any product with substances that the [added: jurisdiction lists as potentially associated with cancer or birth defects.]

For example, [removed: in May 2023, Ireland introduced a] [added: Ireland’s] Public Health (Alcohol) (Labelling) [removed: regulation, which] [added: regulation] sets unique health labeling requirements for alcohol being sold in the Irish [removed: market and relevant provisions will enter into force in 2026.][added: market.]

[removed: In some countries, for example, it may be more difficult to] successfully stop counterfeiting or look-alike products, either because the law is inadequate or, even though satisfactory legal options may exist, it may be difficult to obtain and enforce sanctions against counterfeiters.

While certain U.S. tariffs were struck down by the U.S. Supreme Court in February 2026, the United States subsequently announced additional new tariffs on nonexempt imports, and the U.S. tariff rate remains at a historically high level.

For 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.

From time to time, we consider acquiring or investing in additional brands or businesses or undertaking other strategic transactions.

Whether or not completed, the evaluation, negotiation, announcement, or pursuit of any such transactions may

involve significant costs, management distraction, disruption to our business relationships, employee uncertainty, and litigation risk.

Negative publicity or our inability or failure to recognize, respond to, and effectively manage the increased impact of social media could affect our business performance.

There has been a marked increase in the use of social media platforms and websites, including blogs, chat and messaging platforms, video-sharing platforms, and other forms of Internet-based communications which allow individuals access to a broad audience.

The rising popularity of social media and other consumer-oriented technologies has increased the speed and accessibility of information dissemination and given users the ability to more effectively organize collective actions such as boycotts and other brand-damaging behaviors.

Many social media platforms immediately publish content, often without context, filters, or checks on accuracy.

Consequently, companies may not be able to investigate or effectively respond to negative information or content disseminated in this manner, including fictitious media content (such as content produced by generative AI or bad actors).

Social media is also increasingly used to compel companies to express public positions on issues and topics not directly related to their core business, which could prove controversial or divisive to consumers and result in lost sales or a misallocation of resources.

In addition, laws and regulations, including FTC enforcement, are rapidly evolving to govern social media platforms and communications.

A failure of us, our employees, or third parties acting at our direction or on our behalf, or others perceived to be associated with us, to abide by applicable laws and regulations regarding the use of social media, or to appropriately use social media, could adversely impact our reputation and our business, or subject us to penalties or litigation.

Other risks associated with the use of social media include improper disclosure of proprietary information, negative comments about our brands, exposure of personally identifiable information, fraud, hoaxes, and malicious dissemination of false information.

A downgrade or potential downgrade of our credit ratings could adversely impact our borrowing costs and access to credit and capital markets, which could negatively affect our financial condition.

Rating agencies routinely evaluate us, basing their ratings on a number of factors, including our cash-generating capability, levels of indebtedness, policies with respect to stockholder distributions, the impact of strategic transactions, and our financial strength generally, as well as factors beyond our control, such as the state of the economy and our industry.

Any downgrade or announcement that we are under review for a potential downgrade of our credit ratings, as occurred in November, 2025, especially any downgrade to below investment grade, could increase our future borrowing costs, impair our ability to access the credit and capital markets, including the commercial paper market, on terms commercially acceptable to us or at all or result in a reduction in our liquidity, requiring us to rely on more expensive types of financing.

Any such outcome could negatively affect our financial condition.

While the United States has not yet enacted legislation to adopt Pillar Two, numerous countries have enacted such legislation, or have indicated their intent to adopt such legislation.

In January 2026, the OECD released new administrative guidance introducing a *"side-by-*

*side"* framework (the package).

The package modifies key aspects of Pillar Two, introducing safe harbors and largely exempting U.S.-headquartered companies from the application of certain aspects of the global minimum tax regime in recognition of existing U.S. minimum tax rules.

These updated model rules must be incorporated into local tax legislation by implementing countries to become effective.

The details of these minimum tax regimes are still being considered and could increase tax uncertainty in the short term.

The ultimate enactment and interpretation of these evolving rules could adversely impact our financial results, cash flows, and results of operations in the future.

In some countries, for example, it may be more difficult to

This could lead to the loss or unauthorized disclosure of our business strategy or other

The extent of this advantage may vary over time depending on, among other things, the Brown family’s level of ownership in the Company.

In early April 2025, actions were taken by the United States and certain other countries to delay the effective date of certain of these tariffs, but as of the date of this report, a number of new tariffs remain in effect.

These actions have, and are expected to continue to, result in retaliatory measures on U.S. goods.

Product innovation, particularly for our

Likewise, we recently closed our last remaining barrel-making operation.

For example, during the COVID-19 pandemic and subsequent economic recovery, we experienced supply chain disruptions in connection with the availability of timely modes of transportation to ship our products globally, which resulted in higher costs and delays in supplying some of our products.

From time to time, we acquire or invest in additional brands or businesses.

The

Negative publicity could affect our business performance.

As of January 2025, the change in U.S. presidential administration and control of U.S. Congress may result in changes to U.S. tax legislation.

While it is uncertain whether the United States will enact legislation to adopt Pillar Two, numerous countries have enacted legislation, or have indicated their intent to adopt legislation, to implement certain aspects of Pillar Two effective January 1, 2024, with general implementation of the remaining global minimum tax rules by January 1, 2025.

The OECD and implementing countries are expected to continue to revise their legislation and release additional guidance.

We continue to evaluate the potential impact of the developments on our consolidated financial statements and related disclosures.

We currently do not expect the impact to be material based on available guidance; however, the adoption of these or other proposals could have a material adverse impact on our net income and cash flows in the future.

Furthermore, changes in the earnings mix or applicable foreign tax laws could also negatively impact our net income.

jurisdiction lists as potentially associated with cancer or birth defects.

While past cyberattacks and hacking activities have not materially impacted our business or disrupted our operations, increased IT security threats and more sophisticated cybercrimes and

This advantage could be eroded or lost, however, should Brown family members cease, collectively, to be controlling stockholders of the Company.

And the difference in voting rights for our common stock

| Presentation basis | | | [removed: [29](#i71b2d36d277f4284b6b4088cbae246c3_97)] [added: [30](#i6c99d2cc116a43818c3a2a39d136bd7e_97)] | | |

| Significant developments | | | [removed: [33](#i71b2d36d277f4284b6b4088cbae246c3_103)] [added: [34](#i6c99d2cc116a43818c3a2a39d136bd7e_103)] | | |

| Executive summary | | | [removed: [35](#i71b2d36d277f4284b6b4088cbae246c3_109)] [added: [36](#i6c99d2cc116a43818c3a2a39d136bd7e_109)] | | |

| Results of operations | | | [removed: [37](#i71b2d36d277f4284b6b4088cbae246c3_115)] [added: [38](#i6c99d2cc116a43818c3a2a39d136bd7e_115)] | | |

| Liquidity and capital resources | | | [removed: [44](#i71b2d36d277f4284b6b4088cbae246c3_127)] [added: [45](#i6c99d2cc116a43818c3a2a39d136bd7e_127)] | | |

| Critical accounting policies and estimates | | | [removed: [46](#i71b2d36d277f4284b6b4088cbae246c3_151)] [added: [47](#i6c99d2cc116a43818c3a2a39d136bd7e_151)] | | |

We use “organic change” for the following measures: (a) organic net sales; (b) organic cost of sales; (c) organic gross profit; (d) organic advertising expenses; (e) organic selling, general, and administrative (SG&A) expenses; (f) organic other expense [removed: (income)] [added: (income),] net; (g) organic operating expenses1; and (h) organic operating income.

- *“Acquisitions and divestitures.”* This adjustment removes (a) the gain or loss recognized on the sale of divested brands and certain assets, (b) any non-recurring effects related to our acquisitions and divestitures (e.g., transaction, transition, and integration costs), (c) the effects of operating activity related to acquired and divested [removed: brands] [added: brands, including certain divested agency brands,] for periods not comparable year over year (non-comparable periods), and (d) fair value changes to contingent consideration liabilities.

During fiscal 2023, we acquired [removed: Gin Mare Brand, S.L.U. and Mareliquid Vantguard, S.L.U., which owned] the Gin Mare brand (Gin Mare).

We recognized $43 million [added: and $15 million] in favorable fair value adjustments to Gin Mare’s contingent consideration liability during fiscal [removed: 2025.][added: 2025 and fiscal 2026, respectively.]

This adjustment removes the [removed: (a) transaction costs related to the divestiture; (b) the gain on sale of the Finlandia vodka business; (c) operating activity for the non-comparable period, which is activity in the first and second quarters of fiscal 2024; and (d)] net sales, cost of sales, [added: operating expenses,] and operating [removed: expenses] [added: income] recognized pursuant to the [removed: TSA related to distribution services in certain markets.][added: TSAs for the non-comparable period, which is activity from fiscal 2025.]

1Operating expenses include advertising [removed: expense,] [added: expenses,] SG&A [removed: expense,] [added: expenses,] restructuring and other charges, [added: other intangible assets impairment,] and other expense (income), net.

This adjustment removes the [removed: gains] [added: gain] from our other expense (income), net and operating income.

See Notes 5, [removed: 15,] [added: 14,] and [removed: 17] [added: 16] to the Consolidated Financial Statements for more information.

During fiscal [removed: 2024,] [added: 2025,] we recognized a non-cash impairment charge of [removed: $7] [added: $47] million for [removed: an immaterial discontinued] [added: the Gin Mare] brand name.

See “Critical Accounting Policies and Estimates” below and Notes 4 and [removed: 17] [added: 16] to the Consolidated Financial Statements for more information.

[removed: Collectively, this] [added: This] adjustment removes the [removed: $63 million1] [added: restructuring initiative] impact from our cost of sales, operating [removed: expenses,] [added: expenses] and operating income [removed: from] [added: for] the [removed: third and fourth quarters of fiscal 2025.][added: periods presented.]

See Notes [removed: 6] [added: 4] and [removed: 21] [added: 16] to the Consolidated Financial Statements for more information.

We provide reconciliations of the “organic change” in certain line items of the statements of operations to their nearest GAAP measures in the tables under “Results of Operations - Fiscal [removed: 2025] [added: 2026] Brand Highlights,” “Results of Operations - Fiscal [removed: 2025] [added: 2026] Market Highlights,” and “Results of Operations - Year-Over-Year Comparisons.” We have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure.

1This [removed: adjustment] [added: amount] comprises $60 million of costs included in restructuring and other charges and $3 million of restructuring-related inventory charges included in cost of sales.

[added: When we provide guidance for organic change in certain measures of the statements of operations, we do not provide guidance for the corresponding GAAP change, as the GAAP] measure will include items that are difficult to quantify or predict with reasonable certainty, such as foreign exchange, which could have a significant impact to our GAAP income statement measures.

In “Results of Operations - Fiscal [removed: 2025] [added: 2026] Market Highlights,” we provide supplemental information for our top markets ranked by percentage of reported net sales.

Our top developed international markets were Germany, Australia, the United Kingdom, France, and [removed: Canada.][added: Spain.]

In “Results of Operations - Fiscal [removed: 2025] [added: 2026] Brand Highlights,” we provide supplemental information for our top brands ranked by percentage of reported net sales.

*•“Jack Daniel’s RTD/RTP”* products include all RTD line extensions of Jack Daniel’s, such as Jack Daniel’s & Coca-Cola RTD, Jack Daniel’s & Cola, Jack Daniel’s Double Jack, Jack Daniel’s Country [removed: Cocktails,] [added: Cocktails (JDCC)1,] and other malt- and spirit-based Jack Daniel’s RTDs, along with Jack Daniel’s Winter Jack RTP.

- *“Rest of Portfolio”* includes [removed: Korbel California Champagnes1,] Diplomático, [removed: Chambord,] Gin Mare, [removed: Sonoma-Cutrer (which was divested on April 30, 2024), Finlandia Vodka (which was divested on November 1, 2023), Korbel Brandy1, Fords Gin, and] [added: Chambord,] other agency brands (brands we do not own, but sell in certain [removed: markets).][added: markets), Korbel California Champagnes and Korbel Brandy1, Fords Gin, Finlandia Vodka (which was divested on November 1, 2023), and Sonoma-Cutrer (which was divested on April 30, 2024).]

- *“Jack Daniel’s family of brands”* includes Jack Daniel’s Tennessee Whiskey (JDTW), JD RTD/RTP, Jack Daniel’s Tennessee Honey (JDTH), Gentleman Jack, Jack Daniel’s Tennessee Apple (JDTA), Jack Daniel’s Tennessee [added: Blackberry (JDTB), Jack Daniel’s Tennessee] Fire (JDTF), Jack Daniel’s Single Barrel Collection (JDSB), Jack Daniel’s [removed: Sinatra Select, Jack Daniel’s] Bonded [removed: Tennessee Whiskey,] [added: Series,] Jack Daniel’s [removed: Bonded Rye Tennessee Whiskey,] [added: Sinatra Select,] Jack Daniel’s [removed: Triple Mash Blended Straight] [added: 10-Year-Old Tennessee] Whiskey, Jack Daniel’s American Single Malt, Jack Daniel’s [removed: 12 Year Old, Jack Daniel’s 14 Year Old,] [added: 14-Year-Old Tennessee Whiskey,] Jack Daniel’s [removed: 10 Year Old,] [added: 12-Year-Old Tennessee Whiskey,] and other Jack Daniel’s expressions.

[removed: 1Announced the end of the] [added: During fiscal 2026, we ended our] sales, marketing, and distribution relationship with Korbel Champagne Cellars [added: (Korbel relationship),] effective June 30, 2025.

Below, we discuss the significant developments in our business during fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2025.][added: 2026.]

These developments relate to divestitures, [removed: Gin Mare impairment] [added: brand name impairments] and earn-out valuation, the restructuring initiative, [added: the United States distributor evolution,] innovation, and capital deployment.

The absence of [removed: the brand] [added: these brands] negatively impacted our net sales and operating income, [removed: though] [added: but] positively impacted [added: our] gross margin for fiscal [removed: 2025.][added: 2026.]

During fiscal 2024, we sold the Sonoma-Cutrer wine business [removed: in exchange for an ownership percentage of 21.4% in Duckhorn along with $50 million cash] and entered into a [removed: related TSA for this business.][added: TSA, which ended in August 2024.]

See Note [removed: 5] [added: 6] to the Consolidated Financial Statements for more information.

[removed: Gin Mare Impairment] [added: Brand Name Impairments] and Earn-out Valuation

Given this, [added: during fiscal 2025 and fiscal 2026,] we also lowered the financial forecast assumptions used to estimate the fair value of Gin Mare’s contingent consideration liability, which is remeasured to fair value on a recurring basis.

As a result, we recognized $43 million [added: and $15 million] in favorable fair value adjustments to Gin Mare’s contingent consideration liability during fiscal [removed: 2025.][added: 2025 and fiscal 2026, respectively.]

The net impact of these non-cash [added: impairment charges and] fair value adjustments [removed: and impairment charges] negatively impacted our operating expenses and operating income for fiscal [removed: 2025.][added: 2025 and 2026.]

This included reducing [removed: the company’s] [added: our] workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage.

We also offered a [removed: special] [added: special,] one-time early retirement benefit to qualifying U.S. employees.

[removed: *◦*In] [added: ◦In] fiscal [removed: 2024,] [added: 2026,] we [removed: continued the international launch of] [added: launched] Jack Daniel’s Tennessee [removed: Apple, expanding to] [added: Blackberry in the United States and in] certain developed international and emerging markets.

For the periods presented, we had the following acquisitions and divestitures adjustments:

The purchase price consisted of cash paid at the acquisition date plus contingent consideration that is payable in cash upon exercise by the sellers no later than July 2027.

This adjustment removes the fair value impact from our other expense (income), net and operating income for the periods presented.

During fiscal 2024, we sold our Finlandia vodka and Sonoma-Cutrer wine businesses and entered into transition services agreements (TSAs) related to distribution services in certain markets for these businesses.

This adjustment removes the net sales, cost of sales, operating expenses, and operating income for the non-comparable period, which is activity from July through April of fiscal 2025 and fiscal 2026.

During fiscal 2026, we recognized non-cash impairment charges of $45 million and $87 million for the Gin Mare and Diplomático brand names, respectively.

In fiscal 2025, we incurred $63 million1 in charges related to the restructuring initiative.

During fiscal 2026, we incurred $19 million in restructuring and other charges associated with this initiative and completed the sale of Brown-Forman Cooperage facility and related assets.

*“Substitution drawback claims.”* During fiscal 2026, we recognized a net benefit of $18 million related to the collection of substitution drawback claims filed with the U.S. Government between fiscal 2016 and fiscal 2019.

As of the first quarter of fiscal 2026, all claims had been collected.

Comparatively, we recognized an immaterial net benefit in fiscal 2025 related to the collection of substitution drawback claims.

This adjustment removes the benefit from our other expense (income), net and operating income for the periods presented.

- *“Spain”* includes Spain and certain other surrounding territories.

1As announced on March 2, 2026, we agreed to conclude our relationship with Pabst Brewing Company for flavored malt beverages within the United States.

We will assume management of the supply, sales, marketing, and distribution of JDCC, effective July 7, 2026.

1The Korbel relationship ended effective June 30, 2025.

During fiscal 2026, we ended the Korbel relationship, effective June 30, 2025.

During fiscal 2026, we recognized non-cash impairment charges of $45 million and $87 million for the Gin Mare and Diplomático brand names, respectively.

These brand name impairments over the past two fiscal years largely reflect a decline in our forecast assumptions due to the softening category outlook and challenging macroeconomic environment in many of our top markets for these brands.

During fiscal 2026, we incurred additional restructuring charges associated with this initiative and completed the sale of the Brown-Forman Cooperage facility and related assets.

While these actions negatively impacted our operating expenses and operating income for fiscal 2026, we benefited from lower restructuring costs when compared to the same prior-year period.

United States Distributor Evolution

During fiscal 2026, we transitioned our portfolio distribution in the state of California, effective May 1, 2025, and in 13 additional markets across the United States, effective August 1, 2025.

We further advanced this strategic realignment by transitioning our distribution in 11 U.S. control states, effective June 1, 2026.

In fiscal 2026, our net sales benefited from higher net pricing across the portfolio as a result of changes to our distributor relationship terms.

We also launched Jack Daniel’s Single Barrel Heritage Barrel in the United States.

- In fiscal 2026, we launched New Mix in the United States.

This included completing a $50 million expansion of our scotch-making capacity in Scotland.

◦From a brand perspective, net sales declines were driven by the end of the Korbel relationship, the decline of used barrel sales, and lower volumes of JDTW, partially offset by the launch of JDTB and the growth of New Mix.

◦From a geographic perspective, net sales declines in the United States were more than offset by growth in Emerging markets and the Travel Retail channel, while Developed International markets were flat.

In addition, our results were negatively impacted by declines in used barrel sales.

The decrease was primarily due to higher non-cash impairment charges, higher SG&A expenses, and the unfavorable year-over-year Gin Mare earn-out valuation adjustments.

These decreases were partially offset by lower restructuring initiative costs compared to the prior year.

| SG&A | | | | | | | | | $ | 744 | | | | | $ | 807 | | | | | | | | | | | | | | | | | 9 | | % | | | | | | | | | | 7 | | % |

| Other intangible assets impairment | | | | | | | | | $ | 47 | | | | | $ | 132 | | | | | | | | | | | | | | | | | nm4 | | | | | | | | | | | | nm4 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| *Spain* | | | | | | 1 | | % | | | | — | | % | 1 | | % | | | | (5 | | %) | | | | | | | (4 | | %) |

The United States’ net sales declined 7%, driven by (a) the end of the Korbel relationship; (b) the absence of the Sonoma-Cutrer prior-year TSA; (c) lower volumes of JDTW, our tequilas, and JDTH; and (d) unfavorable portfolio mix.

These declines were partially offset by (a) new product launches, including JDTB, Jack Daniel’s Single Barrel Heritage Barrel, and New Mix; (b) higher volumes of Woodford Reserve; (c) higher net pricing across the portfolio as a result of changes to our distributor relationship terms; and (d) favorable timing of distributor ordering patterns.

- In a challenging economic environment, Germany’s net sales declined 2%, led by lower volumes of JDTW and unfavorable timing of retailer ordering patterns.

This adjustment removes the fair value adjustments to Gin Mare’s contingent consideration liability that is payable in cash no later than July 2027.

During fiscal 2024, we sold our Finlandia vodka business, which resulted in a pre-tax gain of $92 million, and entered into a related transition services agreement (TSA) for this business.

During fiscal 2024, we sold the Sonoma-Cutrer wine business in exchange for an ownership percentage of 21.4% in The Duckhorn Portfolio Inc. (Duckhorn) along with $50 million cash and entered into a related TSA for this business.

This transaction resulted in a pre-tax gain of $175 million.

This adjustment removes the (a) transaction costs related to the divestiture; (b) the gain on sale of the Sonoma-Cutrer wine business; (c) operating activity for the non-comparable period,

which is all activity in fiscal 2024; and (d) net sales, cost of sales, and operating expenses recognized pursuant to the TSA related to distribution services in certain markets.

During fiscal 2024, we recognized a gain of $7 million on the sale of certain fixed assets related to a divested mill.

“*Foundation*.*”* During fiscal 2024, we committed $23 million to the Brown-Forman Foundation and Dendrifund (the Foundation and Dendrifund) to support the communities where our employees live and work.

This adjustment removes the expenses related to charitable contributions to the Foundation and Dendrifund from our organic SG&A expenses and organic operating income to present our organic results on a comparable basis.

*“Jack Daniel’s Country Cocktails business model change (JDCC).”* In fiscal 2021, we entered into a partnership with the Pabst Brewing Company for the supply, sales, and distribution of Jack Daniel’s Country Cocktails in the United States, while Brown-Forman continued to produce certain products.

During fiscal 2024, this production fully transitioned to Pabst Brewing Company for the Jack Daniel’s Country Cocktails products.

This adjustment removes the non-comparable operating activity related to the sales of Brown-Forman-produced Jack Daniel’s Country Cocktails products for fiscal 2024 and 2025.

When we provide guidance for organic change in certain measures of the statements of operations, we do not provide guidance for the corresponding GAAP change, as the GAAP

The fiscal 2024 “Rest of Portfolio” amounts have been adjusted accordingly for comparison purposes.

During fiscal 2024, we sold the Finlandia vodka business for $196 million cash and entered into a related TSA for this business.

This transaction resulted in a pre-tax gain of $92 million.

The absence of the brand negatively impacted net sales, operating income, and gross margin for fiscal 2025.

On December 24, 2024, Duckhorn was acquired by Butterfly Equity.

We received $350 million in cash in exchange for our 21.4% ownership interest and recognized a $78 million gain on the sale of our investment in Duckhorn.

On May 9, 2025, we announced the end of the sales, marketing, and distribution relationship with Korbel Champagne Cellars, effective June 30, 2025.

During fiscal 2025, we recognized a non-cash impairment charge of $47 million for the Gin Mare brand name, largely reflecting a decline in our financial forecast assumptions due to the more challenging macroeconomic environment in Europe.

See Notes 4 and 17 to the Consolidated Financial Statements for more information.

These initiatives resulted in charges of $63 million in fiscal 2025.

This comprises $60 million of costs included in restructuring and other charges and $3 million of restructuring-related inventory charges included in cost of sales.

Jack Daniel’s Bonded Rye - Tennessee Rye Whiskey and Jack Daniel’s Single Barrel - Barrel Proof Rye were launched in the United States and we launched Jack Daniel’s American Single Malt in Travel Retail.

- In fiscal 2024, we introduced the Glenglassaugh old and rare cask program.

Organic net sales increased 1% compared to fiscal 2024.

◦From a brand perspective, net sales declines were led by the Finlandia and Sonoma-Cutrer divestitures, our Tequila portfolio, and the impact of JDCC, partially offset by growth of Woodford Reserve and the non-branded and bulk business (primarily used barrel sales).

◦From a geographic perspective, net sales declined across geographic aggregations.

The decrease in gross margin was driven by higher costs, the negative effect of foreign exchange, and the negative effect of the restructuring initiative, partially offset by favorable price/mix, the impact of JDCC, and the positive effect of acquisitions and divestitures.

The decrease was primarily due to the absence of the gains on sale of the Sonoma-Cutrer wine and Finlandia vodka businesses, the decline in gross profit, and the Gin Mare brand name impairment, partially offset by lower operating expenses, including the favorable fair value adjustment to Gin Mare’s contingent consideration liability.

| SG&A | | | | | | | | | $ | 826 | | | | | $ | 744 | | | | | | | | | | | | | | | | | (10 | | %) | | | | | | | | | | (5 | | %) |

| Gain on sale of business | | | | | | | | | $ | (267) | | | | | $ | — | | | | | | | | | | | | | | | | | nm4 | | | | | | | | | | | | nm4 | | |

| *Canada* | | | | | | 1 | | % | | | | (14 | | %) | 4 | | % | — | | % | 2 | | % | | | | | | | (8 | | %) |

The United States’ net sales declined 7%, driven by (a) the divestiture of Sonoma-Cutrer; (b) broad-based volume declines in a challenging consumer environment, led by JDTW and Korbel California Champagnes; and (c) the impact of the JDCC business model change.

These declines were partially offset by an estimated net increase in distributor inventories across our portfolio and higher consumer-led volumes of Woodford Reserve.

- In a challenging economic environment, Germany’s net sales decreased 4%, driven by declines in JDTW and JD RTDs, partially offset by the positive contribution from Diplomático and higher volumes of Gentleman Jack.

- Australia’s net sales decreased 2%, driven by the negative effect of foreign exchange, the loss of an agency brand, and the divestiture of Finlandia, partially offset by growth of JD RTDs reflecting higher prices.

- The United Kingdom’s net sales declined 6%, driven by lower volumes of the American whiskey portfolio as consumer confidence was negatively impacted by macroeconomic and geopolitical uncertainty.

- Canada’s net sales declined 14% primarily due to volumetric declines of our American whiskey portfolio.

We manage market risks through procurement strategies as well as the use of [removed: derivative] [added: derivatives] and other financial instruments.

We had outstanding currency derivatives with notional amounts totaling [removed: $566] [added: $463] million and [removed: $463] [added: $586] million at April 30, [removed: 2024] [added: 2025] and [removed: 2025,] [added: 2026,] respectively.

We estimate that a hypothetical 10% weakening of the dollar compared to exchange rates of hedged currencies as of April 30, [removed: 2025,] [added: 2026,] would decrease the fair value of our then-existing foreign currency derivative contracts by approximately [removed: $39] [added: $45] million.

As of April 30, [removed: 2025,] [added: 2026,] our cash and cash equivalents [removed: ($444] [added: ($308] million) and short-term commercial paper borrowings [removed: ($313] [added: ($68] million, at par) were exposed to interest rate changes.

See Note [removed: 16] [added: 15] to the Consolidated Financial Statements for details on our foreign currency exchange rate risk.

We employ approximately [removed: 5,000] [added: 4,900] people (excluding individuals who work on a part-time or temporary basis) on six continents, including approximately [removed: 2,000] [added: 1,900] people in the United States (approximately 7% of whom are represented by a union) and [removed: 800] [added: 700] people in Louisville, Kentucky, USA, home of our world headquarters.

According to International Wine & Spirit Research (IWSR), we are the largest American-owned [added: premium-plus] spirits [removed: and wine company with global reach.][added: company.]

Beginning in 1870 with Old Forester Kentucky Straight Bourbon Whisky – our founding brand – and spanning the generations since, we have built a portfolio of more than 40 [removed: spirit,] [added: spirit and] ready-to-drink (RTD) [removed: cocktail, and wine] [added: cocktail] brands that includes some of the best-known and most loved trademarks in our industry.

The most important and iconic brand in our portfolio is Jack Daniel’s Tennessee Whiskey, the #1 selling American whiskey in the world.1 Within the Jack Daniel’s portfolio, [removed: our super-premium offerings,] Jack Daniel’s [removed: Triple Mash Blended Straight] [added: 14-Year-Old Tennessee] Whiskey [added: took home honors for World’s Best Tennessee Whiskey] and Jack Daniel’s [removed: 12 Year Old, received World’s] [added: Bonded won the award for] Best [removed: Awards from] [added: Tennessee Whiskey (No Age Statement) at] the [added: 2026] World [removed: Whiskey Awards 2025.][added: Whiskies Awards.]

Our premium [removed: bourbons, Woodford Reserve and] [added: bourbon,] Old Forester, [removed: were] [added: was] recognized by the San Francisco Spirits Competition in [removed: 2025,] [added: 2026,] where [removed: Woodford Double Double Oaked won Gold,] [added: both] Old Forester [removed: 1920 won Double Gold (the highest honor),] [added: 1870 Original Batch] and Old Forester 1897 Bottled in Bond won [removed: Gold.][added: Double Gold (the highest honor).]

| Jack Daniel’s [removed: Tennessee Whiskey] [added: RTD1] | | | | | | el Jimador Tequilas4 | | |

| Jack Daniel’s [removed: RTD2] [added: Tennessee Whiskey] | | | | | | el Jimador New Mix RTD | | |

| Jack Daniel’s Tennessee Honey | | | | | | Herradura [removed: Tequilas6] [added: Tequilas5] | | |

| Jack Daniel’s Tennessee [removed: Fire] [added: Apple] | | | | | | Old Forester Whiskey Row Series | | |

| Jack Daniel’s [removed: Single Barrel Collection3] [added: Tennessee Blackberry] | | | | | | Old Forester [removed: Kentucky] [added: Single Barrel] Straight Bourbon Whisky | | |

| Jack Daniel’s [removed: Bonded] Tennessee [removed: Whiskey] [added: Fire] | | | | | | Diplomático [removed: Rums6] [added: Rums5] | | |

| Jack Daniel’s [removed: Winter Jack] [added: Bonded Series3] | | | | | | Chambord Liqueur | | |

| Jack Daniel’s [removed: Triple Mash Blended Straight Whiskey] [added: Sinatra Select] | | | | | | The Glendronach Single Malt Scotch [removed: Whiskies6] [added: Whiskies5] | | |

| Jack Daniel’s American Single Malt | | | | | | [removed: Benriach] [added: Glenglassaugh] Single Malt Scotch [removed: Whiskies6] [added: Whiskies5] | | |

| Jack Daniel’s [removed: 12 Year Old] [added: 10-Year-Old Tennessee Whiskey] | | | | | | [removed: Glenglassaugh] [added: Benriach] Single Malt Scotch [removed: Whiskies6] [added: Whiskies5] | | |

| Woodford Reserve Kentucky Bourbon | | | | | | [removed: Fords Gin] [added: Slane Irish Whiskey] | | |

| Woodford Reserve Double Oaked | | | | | | [removed: Slane Irish Whiskey] | | |

[removed: |] 1IWSR [removed: 2024] [added: 2025] Data. [removed: | | | | | |]

| [removed: 2Jack] [added: 1Jack] Daniel’s RTD includes Jack Daniel’s & Coca-Cola RTD, Jack Daniel’s & Cola, Jack Daniel’s Double Jack, Jack Daniel’s Country Cocktails, and other malt- and spirit-based Jack Daniel’s RTDs. | | | | | |

| [removed: 3The] [added: 2The] Jack Daniel’s Single Barrel Collection includes Jack Daniel’s Single Barrel Select, Jack Daniel’s Single Barrel [added: Heritage Barrel, Jack Daniel’s Single] Barrel [added: Barrel] Proof, Jack Daniel’s Single Barrel - Barrel Proof Rye, [added: Jack Daniel’s Single Barrel Rye,] and other Jack Daniel’s Single Barrel special-release expressions. | | | | | |

| [removed: 6Comprises] [added: 5Comprises] all expressions of this brand. | | | | | |

Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Fiscal [removed: 2025] [added: 2026] Brand Highlights” for brand performance details.

Our vision in marketing is to be the best [removed: brand-builder] [added: brand builders] in the industry.

We aim to grow our sales and profits by consistently delivering [removed: creative,] responsible marketing programs that [removed: drive] [added: are bold in creativity, driving] brand recognition, brand trial, brand loyalty, and, ultimately, consumer demand around the world.

The United States, our most important market, accounted for [removed: 44%] [added: 42%] of our net sales in fiscal [removed: 2025,] [added: 2026,] and the other [removed: 56%] [added: 58%] were outside of the United States.

| | | | | | | | | | [removed: Year] [added: Year] ended April [removed: 30] [added: 30,] | | | | | | | | |

| | | | | | | [removed: 2023] [added: 2024] | | | [removed: 2024] [added: 2025] | | | [removed: 2025] [added: 2026] | | | | | |

| United States | | | | | | | | | [removed: 47] [added: 45] | | % | [removed: 45] [added: 44] | | % | [removed: 44] [added: 42] | | % |

| Mexico | | | | | | | | | [removed: 6] [added: 7] | | % | 7 | | % | [removed: 7] [added: 8] | | % |

| United Kingdom | | | | | | | | | [removed: 5] [added: 4] | | % | 4 | | % | 4 | | % |

| Other | | | | | | | | | [removed: 31] [added: 32] | | % | [removed: 32] [added: 33] | | % | [removed: 33] [added: 35] | | % |

Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – Fiscal [removed: 2025] [added: 2026] Market Highlights.” For details about our reportable segment and for additional geographic information about net sales and long-lived assets, see Note [removed: 20] [added: 19] to the Consolidated Financial Statements in “Item 8.

In the United States, which generally prohibits spirits [removed: and wine] 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.

We own and operate distribution companies for Australia, Belgium and Luxembourg, Brazil, Czechia, France, Germany, [added: Italy,] Japan, Mexico, Poland, Slovakia, South Korea, Spain, Taiwan, Thailand, Türkiye, and the United Kingdom.

[removed: Effective] [added: In] May [removed: 1,] 2025, we launched our own distribution company in Italy.

In fiscal [removed: 2025,] [added: 2026,] our [removed: two] largest [removed: customers] [added: customer] accounted for approximately [removed: 13% and 11%] [added: 10%] of [added: our] consolidated net [removed: sales, respectively.][added: sales.]

No other customer accounted for 10% or more of our consolidated net sales in fiscal [removed: 2025.][added: 2026.]

Approximately [removed: 27%,] 28%, [added: 29%,] and [removed: 29%] [added: 30%] of our reported net sales for fiscal [removed: 2023, fiscal] 2024, [removed: and] fiscal 2025, [added: and fiscal 2026,] respectively, were in the fourth calendar quarter.

According to IWSR, for calendar year [removed: 2024,] [added: 2025,] the ten largest global spirits companies controlled over 20% of the total spirits volume sold around the world.

In addition, particularly in the United States, we compete with national companies and craft spirit [removed: brands, many of which entered the market in the last few years.][added: brands.]

| Gentleman Jack Rare Tennessee Whiskey | | | | | | Old Forester Kentucky Straight Bourbon Whisky | | |

| Jack Daniel’s Single Barrel Collection2 | | | | | | Gin Mare5 | | |

| Jack Daniel’s 14-Year-Old Tennessee Whiskey | | | | | | Fords Gin | | |

| Jack Daniel’s 12-Year-Old Tennessee Whiskey | | | | | | King of Kentucky Straight Bourbon Whiskey | | |

| | | | | | | | | |

| 3The Jack Daniel’s Bonded Series includes Jack Daniel’s Bonded Tennessee Whiskey, Jack Daniel’s Bonded Tennessee Rye, and Jack Daniel’s Triple Mash Blended Straight Whiskey. | | | | | |

We build our portfolio by investing in platforms that keep us deeply connected to our consumers and help us relentlessly forge the world's most authentic, admired, and enduring spirits brands.

We believe Brown-Forman’s status as a publicly traded, family-controlled company has contributed to this growth and our ability to create long-term value for all stockholders.

In recent years, we faced a challenging, volatile environment.

Individually and collectively, these expressions add great value to the Company and to our consumers around the world.

We continue to invest in the global expansion of our established RTD brands, most notably New Mix, which has demonstrated sustained leadership in Mexico and is now being introduced to select markets in the United States.

This expansion reflects our broader desire to leverage our tequila expertise and meet growing consumer demand for authentic, spirit-based cocktails.

In March 2026, we jointly announced a mutual agreement to conclude that partnership, and with that we will assume management of supply, sales, marketing, and distribution of Jack Daniel’s Country Cocktails effective July 7, 2026.

In fiscal 2026, we began implementing the most significant evolution of our U.S. distribution network in over 60 years.

This multi-year transformation involved a comprehensive review of open and control states2, resulting in new distributor

1IWSR 2025 data.

2Control states refer to the 18 state-managed markets in the United States where government agencies oversee the wholesale or retail distribution of distilled spirits.

organizations across 25 markets.

In fiscal 2026, we brought on new distributors in 14 open states.

In April 2026, we announced the realignment of 11 control states to new distributor organizations, effective June 1, 2026.

We believe these relationships will enhance our commercial execution and operational excellence to drive long-term growth.

- *Sustainable Agriculture:* In fiscal 2025, we committed to a five-year program to expand the use of regenerative agriculture practices by Kentucky corn farmers led by Precision Conservation Management and coordinated by the Kentucky Distillers Association.

At Brown-Forman, our values-based culture is the foundation of our long-term stewardship.

We rely on a diverse global team of 4,900 dedicated employees (excluding individuals who work on a part-time or temporary basis) to produce, market, and distribute our brands with precision.

With 66% of our workforce in salaried roles and 34% in hourly production roles, we focus on integrated talent management across our primary locations in the United States, Mexico, and the United Kingdom.

In fiscal 2026, we also expanded the presence of our operational hubs in India, Mexico, and Poland.

Our high engagement scores and low voluntary attrition rates reflect our commitment to a safe and supportive environment, through which we seek to support the stability of our supply chain and the integrity of our global commercial operations.

To attract and retain premium talent, Brown-Forman maintains a globally consistent yet locally competitive Total Rewards framework.

We refresh our market data annually, focusing on both locally relevant benefits and compensation.

We price roles based on robust third-party salary surveys specific to each employee's geography, function, and level.

Beyond initial market pricing, we proactively monitor internal pay parity during annual cycles and talent acquisition windows.

This disciplined approach seeks to ensure that our compensation remains competitive with the external market while upholding our internal standards of fairness and equity.

We cultivate a high-performance culture by aligning individual development with our strategic business objectives.

Through robust succession planning and a diverse array of experiential learning opportunities—including global project roles and technical upskilling—we aim to cultivate talent that remains agile.

Our strategy focuses on optimizing our existing human capital; we facilitate internal career pathways that allow long-tenured employees to acquire new competencies in emerging areas of our business.

By tracking and analyzing internal movement data, we validate that our development programs provide the necessary scale and depth to support our global expansion.

Brown-Forman’s inclusion strategy is a core component of our talent management and brand-building efforts.

We believe that an inclusive environment is essential for attracting elite talent and fostering the innovative thinking required for global growth.

In fiscal 2026, we continued to reinforce this commitment by focusing on four critical pillars: Colleagues, Culture, Consumers, and Community.

This approach seeks to ensure our workforce remains representative of our global consumer base, which allows us to maintain deep, authentic connections with the markets in which we operate.

| Gentleman Jack Rare Tennessee Whiskey | | | | | | Korbel California Champagnes5 | | |

| Jack Daniel’s Tennessee Apple | | | | | | Korbel California Brandy5 | | |

| Jack Daniel’s Sinatra Select | | | | | | Old Forester Single Barrel Straight Bourbon Whisky | | |

| Jack Daniel’s Bonded Tennessee Rye | | | | | | Gin Mare6 | | |

| Woodford Reserve Batch Proof | | | | | | | | |

| 5Korbel is not an owned brand and we sell Korbel products under contract in the United States and other select markets. On May 9, 2025, the Company announced the end of the sales, marketing, and distribution relationship, effective June 30, 2025. | | | | | |

We build our brands by investing in platforms that we believe create enduring connections with our consumers.

Over the past five fiscal years, we faced a challenging, volatile environment, including supply chain disruptions and a global pandemic.

In June 2022, we jointly announced a global relationship with The Coca-Cola Company to introduce the iconic Jack & Coke cocktail as a branded, ready-to-drink, pre-mixed cocktail.

Since the announcement, we have launched the product in over 25 markets, including top RTD markets such as the United States, Japan, the United Kingdom, Mexico, and Germany.

In May 2025, we established our owned-distribution organization in Italy.

1IWSR 2024 Data

- *Renewable Electricity:* In fiscal 2024, we installed a rooftop solar system at our Newbridge bottling plant in Edinburgh, Scotland, in partnership with YLEM Energy.

The project is expected to become operational in fiscal 2026.

We will expand this collaboration in fiscal 2026 to begin measuring water risk in our supply chain and further enhance our water stewardship program.

- *Sustainable Agriculture:* In fiscal 2024, our Woodford Reserve Distillery announced a five-year commitment to purchase the rye grown by Kentucky farmers as part of the Rye in Kentucky research being led by the University of Kentucky.

In fiscal 2024, we met our target to engage with 100% of our direct farmers on regenerative agriculture practices and continued engaging with direct farmers in fiscal 2025.

*•Sustainable Forestry:* In fiscal 2024, the Jack Daniel Seed Orchard and our continued relationship with the University of Tennessee celebrated its 25th anniversary.

Our partner organizations include AMPED, the

We put our values at the forefront of all our decisions and actions in an effort to make our employees feel respected, safe, and supported so they can make, market, and sell our products with the finest craftsmanship, quality, and care.

What enables our success are the approximately 5,000 people (excluding individuals that work on a part-time or temporary basis) we employ in over 45 countries around the world.

This includes approximately 3,300 salaried employees and 1,700 hourly employees, with the largest percentage of our employees residing within the United States, Mexico, and the United Kingdom.

We believe our employee engagement is high, tenure is above average, and our voluntary turnover rate is low.

We pay our employees fairly and competitively.

Each fiscal year, we review the compensation for all salaried roles both internally and externally, ensuring every employee is paid fairly compared to the work they do and competitively against the external market.

All roles are priced based on external compensation survey data for the market where the employee resides.

We refresh our external data annually and monitor pay equity at least annually or when positions become open in a given market.

We continually seek opportunities to develop our employees to ensure we have the capabilities to grow our business.

We do this through a combination of succession planning, planned learning, short-term assignments, international opportunities, and thoughtful talent management.

Given our low voluntary turnover, we are intentional about moving employees through new roles, ensuring that they have the opportunity to learn new skills.

We track all internal movement and believe that we are providing an appropriate level of growth and development for our employees.

We believe an inclusive organization can attract stronger talent, generate more innovative thinking, and build brands that resonate with a broad spectrum of consumers, ultimately leading to enhanced business performance.

In fiscal 2025, we evolved our inclusion strategy while reinforcing our commitment to creating an inclusive culture and ensuring our workforce mirrors our global, dynamic consumer base.

To achieve these commitments, we focus our inclusion efforts on four strategic pillars: our colleagues, our culture, our consumers, and our community.

We continue to experience low voluntary turnover among our salaried population.

We analyze our quantitative and qualitative attrition data regularly, and our voluntary turnover among salaried employees remains consistent with our historical levels.

We will continue to monitor our data carefully to ensure that we identify trends related to attraction, retention, and engagement of our workforce globally.

| Marshall B. Farrer | | | 54 | | | Executive Vice President, Chief Strategic Growth Officer since March 2024. Executive Vice President, Chief Strategic Growth Officer and President Europe from January 2023 to March 2024. Senior Vice President, President Europe from August 2020 to January 2023. Senior Vice President, Managing Director, Global Travel Retail and Developed APAC Region from August 2018 to July 2020. Senior Vice President, Managing Director, Global Travel Retail from May 2015 to July 2018. Vice President, Managing Director, Jack Daniel’s Tennessee Honey from January 2014 to April 2015. | | |

| Crystal L. Peterson | | | 54 | | | Executive Vice President, Chief Inclusion and Global Community Relations Officer since March 2023. Senior Vice President, Chief Inclusion and Global Community Relations Officer from June 2022 to March 2023. Vice President and Chief Diversity Officer from February 2022 to June 2022. Vice President and Human Resources Director - Global Production, Diversity and Inclusion from March 2021 to January 2022. Vice President and Human Resources Director - Global Production from August 2017 to February 2021. Vice President and Human Resources Director - North America Region from May 2015 to July 2017. Human Resources Director - North America Region and Latin America Region from May 2013 to April 2015. | | |

For the fiscal year ended April 30, [removed: 2025][added: 2026]

The aggregate market value, as of the last business day of the most recently completed second fiscal quarter, of the voting and nonvoting equity held by nonaffiliates of the registrant was approximately [removed: $14,700,000,000.][added: $9,000,000,000.]

The number of shares outstanding for each of the registrant’s classes of Common Stock on June 9, [removed: 2025,] [added: 2026,] was:

| Class A Common Stock (voting), $0.15 par value | | | [removed: 169,143,808] [added: 168,480,849] | | |

| Class B Common Stock (nonvoting), $0.15 par value | | | [removed: 303,608,875] [added: 290,383,416] | | |

Portions of Registrant’s Proxy Statement for use in connection with the Annual Meeting of Stockholders to be held on or about July [removed: 24, 2025,] [added: 23, 2026,] are incorporated by reference into Part III of this report.

| Item 1. | | | [removed: [Business](#i71b2d36d277f4284b6b4088cbae246c3_16)] [added: [Business](#i6c99d2cc116a43818c3a2a39d136bd7e_16)] | | | [removed: [4](#i71b2d36d277f4284b6b4088cbae246c3_16)] [added: [4](#i6c99d2cc116a43818c3a2a39d136bd7e_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i71b2d36d277f4284b6b4088cbae246c3_58)] [added: Factors](#i6c99d2cc116a43818c3a2a39d136bd7e_58)] | | | [removed: [16](#i71b2d36d277f4284b6b4088cbae246c3_58)] [added: [16](#i6c99d2cc116a43818c3a2a39d136bd7e_58)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i71b2d36d277f4284b6b4088cbae246c3_61)] [added: Comments](#i6c99d2cc116a43818c3a2a39d136bd7e_61)] | | | [removed: [25](#i71b2d36d277f4284b6b4088cbae246c3_61)] [added: [25](#i6c99d2cc116a43818c3a2a39d136bd7e_61)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i71b2d36d277f4284b6b4088cbae246c3_64)] [added: [Cybersecurity](#i6c99d2cc116a43818c3a2a39d136bd7e_64)] | | | [removed: [25](#i71b2d36d277f4284b6b4088cbae246c3_64)] [added: [26](#i6c99d2cc116a43818c3a2a39d136bd7e_64)] | | |

| Item 2. | | | [removed: [Properties](#i71b2d36d277f4284b6b4088cbae246c3_67)] [added: [Properties](#i6c99d2cc116a43818c3a2a39d136bd7e_67)] | | | [removed: [27](#i71b2d36d277f4284b6b4088cbae246c3_67)] [added: [28](#i6c99d2cc116a43818c3a2a39d136bd7e_67)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i71b2d36d277f4284b6b4088cbae246c3_70)] [added: Proceedings](#i6c99d2cc116a43818c3a2a39d136bd7e_70)] | | | [removed: [27](#i71b2d36d277f4284b6b4088cbae246c3_70)] [added: [28](#i6c99d2cc116a43818c3a2a39d136bd7e_70)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i71b2d36d277f4284b6b4088cbae246c3_73)] [added: Disclosures](#i6c99d2cc116a43818c3a2a39d136bd7e_73)] | | | [removed: [27](#i71b2d36d277f4284b6b4088cbae246c3_73)] [added: [28](#i6c99d2cc116a43818c3a2a39d136bd7e_73)] | | |

| Item 5. | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity [removed: Securities](#i71b2d36d277f4284b6b4088cbae246c3_79)] [added: Securities](#i6c99d2cc116a43818c3a2a39d136bd7e_79)] | | | [removed: [28](#i71b2d36d277f4284b6b4088cbae246c3_79)] [added: [29](#i6c99d2cc116a43818c3a2a39d136bd7e_79)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#i71b2d36d277f4284b6b4088cbae246c3_88)] [added: [\[Reserved\]](#i6c99d2cc116a43818c3a2a39d136bd7e_88)] | | | [removed: [28](#i71b2d36d277f4284b6b4088cbae246c3_88)] [added: [29](#i6c99d2cc116a43818c3a2a39d136bd7e_88)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i71b2d36d277f4284b6b4088cbae246c3_94)] [added: Operations](#i6c99d2cc116a43818c3a2a39d136bd7e_94)] | | | [removed: [29](#i71b2d36d277f4284b6b4088cbae246c3_94)] [added: [30](#i6c99d2cc116a43818c3a2a39d136bd7e_94)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i71b2d36d277f4284b6b4088cbae246c3_169)] [added: Risk](#i6c99d2cc116a43818c3a2a39d136bd7e_169)] | | | [removed: [48](#i71b2d36d277f4284b6b4088cbae246c3_169)] [added: [49](#i6c99d2cc116a43818c3a2a39d136bd7e_169)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i71b2d36d277f4284b6b4088cbae246c3_175)] [added: Data](#i6c99d2cc116a43818c3a2a39d136bd7e_175)] | | | [removed: [49](#i71b2d36d277f4284b6b4088cbae246c3_175)] [added: [50](#i6c99d2cc116a43818c3a2a39d136bd7e_175)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i71b2d36d277f4284b6b4088cbae246c3_283)] [added: Disclosure](#i6c99d2cc116a43818c3a2a39d136bd7e_301)] | | | [removed: [85](#i71b2d36d277f4284b6b4088cbae246c3_283)] [added: [87](#i6c99d2cc116a43818c3a2a39d136bd7e_301)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i71b2d36d277f4284b6b4088cbae246c3_286)] [added: Procedures](#i6c99d2cc116a43818c3a2a39d136bd7e_304)] | | | [removed: [85](#i71b2d36d277f4284b6b4088cbae246c3_286)] [added: [87](#i6c99d2cc116a43818c3a2a39d136bd7e_304)] | | |

| Item 9B. | | | [Other [removed: Information](#i71b2d36d277f4284b6b4088cbae246c3_289)] [added: Information](#i6c99d2cc116a43818c3a2a39d136bd7e_307)] | | | [removed: [85](#i71b2d36d277f4284b6b4088cbae246c3_289)] [added: [87](#i6c99d2cc116a43818c3a2a39d136bd7e_307)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i71b2d36d277f4284b6b4088cbae246c3_292)] [added: Inspections](#i6c99d2cc116a43818c3a2a39d136bd7e_313)] | | | [removed: [85](#i71b2d36d277f4284b6b4088cbae246c3_292)] [added: [87](#i6c99d2cc116a43818c3a2a39d136bd7e_313)] | | |

| Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i71b2d36d277f4284b6b4088cbae246c3_298)] [added: Governance](#i6c99d2cc116a43818c3a2a39d136bd7e_319)] | | | [removed: [85](#i71b2d36d277f4284b6b4088cbae246c3_298)] [added: [87](#i6c99d2cc116a43818c3a2a39d136bd7e_319)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i71b2d36d277f4284b6b4088cbae246c3_301)] [added: Compensation](#i6c99d2cc116a43818c3a2a39d136bd7e_322)] | | | [removed: [86](#i71b2d36d277f4284b6b4088cbae246c3_301)] [added: [87](#i6c99d2cc116a43818c3a2a39d136bd7e_322)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i71b2d36d277f4284b6b4088cbae246c3_304)] [added: Matters](#i6c99d2cc116a43818c3a2a39d136bd7e_325)] | | | [removed: [86](#i71b2d36d277f4284b6b4088cbae246c3_304)] [added: [88](#i6c99d2cc116a43818c3a2a39d136bd7e_325)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i71b2d36d277f4284b6b4088cbae246c3_307)] [added: Independence](#i6c99d2cc116a43818c3a2a39d136bd7e_328)] | | | [removed: [86](#i71b2d36d277f4284b6b4088cbae246c3_307)] [added: [88](#i6c99d2cc116a43818c3a2a39d136bd7e_328)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i71b2d36d277f4284b6b4088cbae246c3_310)] [added: Services](#i6c99d2cc116a43818c3a2a39d136bd7e_331)] | | | [removed: [86](#i71b2d36d277f4284b6b4088cbae246c3_310)] [added: [88](#i6c99d2cc116a43818c3a2a39d136bd7e_331)] | | |

| Item 15. | | | [Exhibits and Financial Statements [removed: Schedules](#i71b2d36d277f4284b6b4088cbae246c3_316)] [added: Schedules](#i6c99d2cc116a43818c3a2a39d136bd7e_337)] | | | [removed: [87](#i71b2d36d277f4284b6b4088cbae246c3_316)] [added: [89](#i6c99d2cc116a43818c3a2a39d136bd7e_337)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i71b2d36d277f4284b6b4088cbae246c3_319)] [added: Summary](#i6c99d2cc116a43818c3a2a39d136bd7e_340)] | | | [removed: [90](#i71b2d36d277f4284b6b4088cbae246c3_319)] [added: [92](#i6c99d2cc116a43818c3a2a39d136bd7e_340)] | | |

| [SCHEDULE II – Valuation and Qualifying [removed: Accounts](#i71b2d36d277f4284b6b4088cbae246c3_328)] [added: Accounts](#i6c99d2cc116a43818c3a2a39d136bd7e_349)] | | | | | | [removed: [93](#i71b2d36d277f4284b6b4088cbae246c3_328)] [added: [95](#i6c99d2cc116a43818c3a2a39d136bd7e_349)] | | |

- Negative publicity related to our company, products, brands, marketing, executive leadership, employees, Board of Directors, family stockholders, operations, business performance, or prospects [added: or risks relating to the increased risk of social media]

| [SIGNATURES](#i6c99d2cc116a43818c3a2a39d136bd7e_343) | | | | | | [93](#i6c99d2cc116a43818c3a2a39d136bd7e_343) | | |

- A downgrade or potential downgrade of our credit ratings

| [SIGNATURES](#i71b2d36d277f4284b6b4088cbae246c3_322) | | | | | | [91](#i71b2d36d277f4284b6b4088cbae246c3_322) | | |

Our Global Information Security team is responsible for [removed: the] [added: our] information security strategy, policy, security engineering, operations, and cyberthreat detection and response.

In order to stay ahead of potential threats and enhance our overall security posture, we rely on threat intelligence as well as other information obtained from governmental, public, [removed: or] [added: and] private sources, including external consultants that we engage.

As part of that effort, we utilize the National Institute of Standards and Technology Cybersecurity Framework [added: v2.0] as a guide for our security controls.

However, we rely on [removed: the] third parties [removed: we use] to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful.

Additional information on cybersecurity risks we face can be found in [removed: Item] [added: “Item] 1A.

Risk [removed: Factors,] [added: Factors,”] which should be read in conjunction with the foregoing information.

The Company’s Information Technology, Enterprise Security, Internal Audit, [removed: as well as the Legal] [added: Legal,] and Privacy teams work closely to identify issues and incidents in a timely manner and report them to senior leadership, the Board of Directors, and regulatory bodies, as appropriate.

Our Company-owned production facilities include distilleries, bottling plants, an RTD canning plant, warehousing operations, [removed: a cooperage1,] visitors’ centers, and retail shops.

| Cour-Cheverny, France | | | [removed: Distilling,] [added: Blending,] bottling, warehousing | | | Home of Chambord | | |

| | | | | | | | | |

| | | | Cooperage | | | Brown-Forman Cooperage1 | | |

1The Brown-Forman Cooperage was closed in April 2025.

As of May 31, [removed: 2025,] [added: 2026,] we had [removed: 2,272] [added: 2,155] holders of record of Class A common stock and [removed: 4,198] [added: 3,937] holders of record of Class B common stock.

Because of overlapping ownership between classes, as of May 31, [removed: 2025,] [added: 2026,] we had only [removed: 4,596] [added: 4,421] distinct common stockholders of record.

The information presented assumes an initial investment of $100 on April 30, [removed: 2020,] [added: 2021,] and that all dividends were reinvested.

The graph shows the value that each of these investments would have had on April 30 in the years since [removed: 2020.][added: 2021.]

[removed: ][added: ]

| | | | [removed: 2020 | | |] 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | [added: 2026 | | |]

| Brown-Forman Corporation | | | $100 | | | $91 | | | $88 | | | $66 | | | $49 | | | $37 | | |

| S&P 500 Index | | | $100 | | | $100 | | | $103 | | | $126 | | | $141 | | | $185 | | |

| S&P 500 Consumer Staples Index | | | $100 | | | $117 | | | $119 | | | $122 | | | $140 | | | $152 | | |

| Brown-Forman Corporation | | | $100 | | | $124 | | | $112 | | | $109 | | | $82 | | | $61 | | |

| S&P 500 Index | | | $100 | | | $146 | | | $146 | | | $150 | | | $184 | | | $207 | | |

| S&P 500 Consumer Staples Index | | | $100 | | | $123 | | | $143 | | | $146 | | | $150 | | | $172 | | |

| [Reports of [removed: Management](#i71b2d36d277f4284b6b4088cbae246c3_178)] [added: Management](#i6c99d2cc116a43818c3a2a39d136bd7e_178)] | | | [removed: [50](#i71b2d36d277f4284b6b4088cbae246c3_178)] [added: [51](#i6c99d2cc116a43818c3a2a39d136bd7e_178)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#i71b2d36d277f4284b6b4088cbae246c3_181)] [added: Firm](#i6c99d2cc116a43818c3a2a39d136bd7e_181)] | | | [removed: [51](#i71b2d36d277f4284b6b4088cbae246c3_181)] [added: [52](#i6c99d2cc116a43818c3a2a39d136bd7e_181)] | | |

| [Consolidated Statements of [removed: Operations](#i71b2d36d277f4284b6b4088cbae246c3_187)] [added: Operations](#i6c99d2cc116a43818c3a2a39d136bd7e_187)] | | | [removed: [54](#i71b2d36d277f4284b6b4088cbae246c3_187)] [added: [55](#i6c99d2cc116a43818c3a2a39d136bd7e_187)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i71b2d36d277f4284b6b4088cbae246c3_190)] [added: Income](#i6c99d2cc116a43818c3a2a39d136bd7e_190)] | | | [removed: [55](#i71b2d36d277f4284b6b4088cbae246c3_190)] [added: [56](#i6c99d2cc116a43818c3a2a39d136bd7e_190)] | | |

| [Consolidated Balance [removed: Sheets](#i71b2d36d277f4284b6b4088cbae246c3_193)] [added: Sheets](#i6c99d2cc116a43818c3a2a39d136bd7e_193)] | | | [removed: [56](#i71b2d36d277f4284b6b4088cbae246c3_193)] [added: [57](#i6c99d2cc116a43818c3a2a39d136bd7e_193)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i71b2d36d277f4284b6b4088cbae246c3_196)] [added: Flows](#i6c99d2cc116a43818c3a2a39d136bd7e_196)] | | | [removed: [57](#i71b2d36d277f4284b6b4088cbae246c3_196)] [added: [58](#i6c99d2cc116a43818c3a2a39d136bd7e_196)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#i71b2d36d277f4284b6b4088cbae246c3_199)] [added: Equity](#i6c99d2cc116a43818c3a2a39d136bd7e_202)] | | | [removed: [59](#i71b2d36d277f4284b6b4088cbae246c3_199)] [added: [60](#i6c99d2cc116a43818c3a2a39d136bd7e_202)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i71b2d36d277f4284b6b4088cbae246c3_202)] [added: Statements](#i6c99d2cc116a43818c3a2a39d136bd7e_205)] | | | [removed: [60](#i71b2d36d277f4284b6b4088cbae246c3_202)] [added: [61](#i6c99d2cc116a43818c3a2a39d136bd7e_205)] | | |

Based on this assessment, management concluded that our internal control over financial reporting was effective as of April 30, [removed: 2025.][added: 2026.]

EY, which audited and reported on the Company’s consolidated financial statements, has audited the effectiveness of our internal control over financial reporting as of April 30, [removed: 2025,] [added: 2026,] as stated in their report.

| Dated: | | | June [removed: 13, 2025] [added: 12, 2026] | | | | | | | | |

We have audited the accompanying consolidated balance sheets of Brown-Forman Corporation and [removed: Subsidiaries] [added: subsidiaries] (the Company) as of April 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended April 30, [removed: 2025,] [added: 2026,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at April 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the three years in the period ended April 30, [removed: 2025,] [added: 2026,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: Company’s] [added: Company's] internal control over financial reporting as of April 30, [removed: 2025,] [added: 2026,] based on criteria established in Internal [removed: Control-Integrated] [added: Control—Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated June [removed: 13, 2025] [added: 12, 2026] expressed an unqualified opinion thereon.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the [removed: account] [added: accounts] or disclosures to which it relates.

| *Description of the Matter* | | | | | | At April 30, [removed: 2025,] [added: 2026,] the balance of the Company’s other intangible assets with indefinite lives was [removed: $981] [added: $866] million. As discussed in Notes 1 and 4 to the consolidated financial statements, other intangible assets with indefinite lives include intangible brand names and trademarks (“brand names”) and are assessed for impairment at least annually, or more frequently, if circumstances indicate the carrying amount may be impaired. As described in Note 4, the Company recognized [removed: an] impairment [removed: charge] [added: charges] of [removed: $47] [added: $45] million [added: and $87 million, respectively,] for its Gin Mare [removed: brand name indefinite-lived intangible asset. The Company’s annual impairment test did not result in an impairment of the] [added: and] Diplomático brand name indefinite-lived intangible [removed: asset.] [added: assets.] The Company estimated the fair value of the Gin Mare and Diplomático brand names [removed: indefinite-lived intangible assets] using the relief-from-royalty method. Auditing management’s estimate of the fair value of the Gin Mare and Diplomático brand names was complex due to the significant judgment required to determine the fair value of the brand names. The fair value estimates were sensitive to significant assumptions used in the valuation process, such as net [removed: sales,] [added: sales projections,] discount rates and royalty rates. | | |

| *How We Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls [removed: that address the risks of material misstatement] over the Company’s process to estimate the fair value of the Gin Mare and Diplomático brand [removed: names, including controls over] [added: names. This included] management’s review of the [removed: selection of] [added: significant] assumptions, described above, used in the valuation models. To test the estimated fair value of the [removed: Company’s] Gin Mare and Diplomático brand names, we performed audit procedures that included, among others, [removed: assessing methodologies used in the valuation models and] testing the significant assumptions discussed above. [removed: This included comparing the significant assumptions used by management to observable market data, current industry and economic trends, and historical operating results.] We [removed: assessed management’s historical estimates and] [added: also] performed sensitivity analyses of [added: significant] assumptions to evaluate the changes in the fair value of the brand names that would result from changes in the [added: significant] assumptions. We [removed: also] involved valuation [removed: specialists] [added: specialists, where relevant,] to assist [removed: in evaluating valuation methodologies and certain assumptions used in the models.] [added: with our audit procedures.] | | |

We have audited Brown-Forman Corporation and [removed: Subsidiaries’] [added: subsidiaries’] internal control over financial reporting as of April 30, [removed: 2025,] [added: 2026,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 [removed: framework),] [added: framework)] (the COSO criteria).

In our opinion, Brown-Forman Corporation and [removed: Subsidiaries] [added: subsidiaries] (the Company) maintained, in all material respects, effective internal control over financial reporting as of April 30, [removed: 2025,] [added: 2026,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of April 30, [removed: 2025] [added: 2026] and [removed: 2024,] [added: 2025,] the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended April 30, [removed: 2025,] [added: 2026,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated June [removed: 13, 2025] [added: 12, 2026] expressed an unqualified opinion thereon.

| Year Ended April 30, | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2025] | | |

| Sales | | | $ | [removed: 5,372] [added: 5,328] | | | | | $ | [removed: 5,328] [added: 5,056] | | | | | $ | [removed: 5,056] [added: 5,082] | |

| Excise taxes | | | [removed: 1,144] [added: 1,150] | | | | | | [removed: 1,150] [added: 1,081] | | | | | | [removed: 1,081] [added: 1,154] | | |

| Net sales | | | [removed: 4,228] [added: 4,178] | | | | | | [removed: 4,178] [added: 3,975] | | | | | | [removed: 3,975] [added: 3,928] | | |

| Cost of sales | | | [removed: 1,734] [added: 1,652] | | | | | | [removed: 1,652] [added: 1,632] | | | | | | [removed: 1,632] [added: 1,550] | | |

| Gross profit | | | [removed: 2,494] [added: 2,526] | | | | | | [removed: 2,526] [added: 2,343] | | | | | | [removed: 2,343] [added: 2,378] | | |

| Advertising expenses | | | [removed: 506] [added: 529] | | | | | | [removed: 529] [added: 484] | | | | | | [removed: 484] [added: 462] | | |

| Selling, general, and administrative expenses | | | [removed: 742] [added: 826] | | | | | | [removed: 826] [added: 744] | | | | | | [removed: 744] [added: 807] | | |

| Restructuring and other charges | | | — | | | | | | [removed: —] [added: 60] | | | | | | [removed: 60] [added: 19] | | |

| Gain on business divestitures | | | [removed: —] [added: (267)] | | | | | | [removed: (267)] [added: —] | | | | | | — | | |

| Other expense (income), net | | | [removed: 119] [added: 17] | | | | | | [removed: 24] [added: (99)] | | | | | | [removed: (52)] [added: (43)] | | |

| Operating income | | | [removed: 1,127] [added: 1,414] | | | | | | [removed: 1,414] [added: 1,107] | | | | | | [removed: 1,107] [added: 1,001] | | |

| Non-operating postretirement expense | | | [removed: 29] [added: 3] | | | | | | [removed: 3] [added: 4] | | | | | | [removed: 4] [added: 27] | | |

| Interest income | | | [removed: (9)] [added: (14)] | | | | | | [removed: (14)] [added: (17)] | | | | | | [removed: (17)] [added: (14)] | | |

| Interest expense | | | [removed: 90] [added: 127] | | | | | | [removed: 127] [added: 122] | | | | | | [removed: 122] [added: 103] | | |

| Equity method investment income and gain on sale | | | — | | | | | | [removed: —] [added: (83)] | | | | | | [removed: (83)] [added: —] | | |

| Income before income taxes | | | [removed: 1,017] [added: 1,298] | | | | | | [removed: 1,298] [added: 1,081] | | | | | | [removed: 1,081] [added: 885] | | |

| Income taxes | | | [removed: 234] [added: 274] | | | | | | [removed: 274] [added: 212] | | | | | | [removed: 212] [added: 170] | | |

| Net income | | | $ | [removed: 783] [added: 1,024] | | | | | $ | [removed: 1,024] [added: 869] | | | | | $ | [removed: 869] [added: 715] | |

| Basic | | | $ | [removed: 1.63] [added: 2.15] | | | | | $ | [removed: 2.15] [added: 1.84] | | | | | $ | [removed: 1.84] [added: 1.53] | |

| | | | | | | By: | | | /s/ James W. Peters | | |

| | | | | | | | | | James W. Peters | | |

June 12, 2026

| Net income | | | $ | 1,024 | | | | | $ | 869 | | | | | $ | 715 | |

| Net income | | | $ | 1,024 | | | | | $ | 869 | | | | | $ | 715 | |

| Equity method investment income and gain on sale | | | — | | | | | | (83) | | | | | | — | | |

| Other intangible assets impairment | | | 7 | | | | | | 47 | | | | | | 132 | | |

| Proceeds from sale of cooperage assets | | | — | | | | | | 51 | | | | | | 33 | | |

(Dollars in millions, except per share amounts)

| Acquisition of treasury stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (404) | | | | | | (404) | | |

| Balance at April 30, 2026 | | | $ | 25 | | | | | $ | 47 | | | | | $ | 62 | | | | | $ | 4,998 | | | | | $ | (108) | | | | | $ | (1,004) | | | | | $ | 4,020 | |

In these notes, “we,” “us,” “our,” “Brown-Forman,” and the “Company” refer to Brown-Forman Corporation and its consolidated subsidiaries, collectively.

The years presented reflect fiscal years ended April 30, unless otherwise indicated.

flows or market information.

Intangible assets determined to have a definite life are amortized over their estimated useful lives and are subject to review for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable.

We adopted the new guidance for our annual period ended April 30, 2026 and applied the updated standard prospectively (refer to Note 13).

| | | | 1,939 | | | | | | 2,038 | | |

| | | | $ | 1,095 | | | | | $ | 1,116 | |

| | | | 498 | | | | | | 581 | | |

| | | | $ | 741 | | | | | $ | 795 | |

| | | | $ | 187 | | | | | $ | 180 | |

| April 30, | | | 2025 | | | | | | 2026 | | |

| | | | $ | (220) | | | | | $ | (108) | |

| Year Ended April 30, | | | 2024 | | | | | | 2025 | | | | | | 2026 | | |

| | | | Goodwill | | | | | | | | |

| Balance as of April 30, 2026 | | | $ | 1,522 | | | | | | | |

The following table presents details of our other intangible assets as of April 30, 2025 and 2026, respectively:

| | | | 2025 | | | | | | | | | | | | | | | | | | 2026 | | | | | | | | | | | | | | |

| April 30, | | | Gross Carrying Amount | | | | | | Accumulated Amortization | | | | | | Net Carrying Amount | | | | | | Gross Carrying Amount | | | | | | Accumulated Amortization | | | | | | Net Carrying Amount | | |

| Definite-lived intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Supply contract | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 88 | | | | | $ | (11) | | | | | $ | 77 | |

| Indefinite-lived intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Trademarks and brand names | | | 981 | | | | | | | | | | | | 981 | | | | | | 866 | | | | | | | | | | | | 866 | | |

| Total other intangible assets | | | $ | 981 | | | | | | | | | | | $ | 981 | | | | | $ | 954 | | | | | | | | | | | $ | 943 | |

*Definite-lived intangible assets.* During the first quarter of 2026, we recognized a definite-lived supply contract intangible asset of $88.

This amount relates to a barrel supply agreement and was obtained as partial consideration for the sale of the Brown-Forman Cooperage facility and related assets on May 1, 2025 (refer to Note 6).

We determined the estimated fair value of the supply contract using a discounted cash flow model.

This method requires the use of assumptions, such as projected future market prices and discount rates (refer to Note 16).

Amortization related to the supply contract used in the production of barrels will be capitalized into inventories.

The supply contract will be amortized based on the actual realization of the benefit over the term of the contract.

| | | | | | | By: | | | /s/ Leanne D. Cunningham | | |

| | | | | | | | | | Leanne D. Cunningham | | |

June 13, 2025

(Dollars in millions)

| Equity method investments | | | 270 | | | | | | 3 | | |

| Asset impairment charges | | | 96 | | | | | | 7 | | | | | | 49 | | |

| Business acquisitions, net of cash acquired | | | (1,195) | | | | | | — | | | | | | — | | |

| Proceeds from short-term borrowings, maturities greater than 90 days | | | 600 | | | | | | — | | | | | | — | | |

| Repayments of short-term borrowings, maturities greater than 90 days | | | (600) | | | | | | — | | | | | | — | | |

| Proceeds from long-term debt | | | 648 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at April 30, 2022 | | | $ | 25 | | | | | $ | 47 | | | | | $ | — | | | | | $ | 3,242 | | | | | $ | (352) | | | | | $ | (225) | | | | | $ | 2,737 | |

relief-from-royalty method.

likelihood of being realized upon ultimate resolution.

We adopted the updated standard as of April 30, 2025 (Note 20).

Adoption had no material impact on our consolidated financial statements.

*Accounting standards not yet adopted.* In December 2023, the FASB issued an updated accounting standard requiring additional disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid.

We are required to adopt the new guidance beginning in fiscal 2026.

The update can be applied either prospectively or retrospectively.

| | | | 1,940 | | | | | | 1,939 | | |

| | | | $ | 1,074 | | | | | $ | 1,095 | |

| | | | 526 | | | | | | 498 | | |

| | | | $ | 793 | | | | | $ | 741 | |

| | | | $ | 243 | | | | | $ | 187 | |

| | | | $ | (221) | | | | | $ | (220) | |

| Balance as of April 30, 2023 | | | $ | 1,457 | | | | | $ | 1,164 | |

| Purchase accounting adjustments | | | 40 | | | | | | (53) | | |

| Impairment | | | — | | | | | | (7) | | |

| Impairment | | | — | | | | | | (47) | | |

Our other intangible assets consist of trademarks and brand names, all with indefinite useful lives.

During fiscal 2024, we recorded a $7 impairment charge related to the write-off of the carrying amount of an immaterial discontinued brand name.

The carrying amount of our investment in Duckhorn was $267 as of April 30, 2024, reflecting the fair value of the common stock, based on its quoted market price at the April 30, 2024 closing date of the transaction.

Through April 30, 2025, we recognized $48 of restructuring and other charges associated with these actions, comprising $46 in restructuring charges and $2 in asset impairments included in other charges.

The remaining $12 in other charges represents costs associated with a special one-time early retirement benefit.

We also recorded $3 in charges to adjust the carrying value of certain Brown-Forman Cooperage inventory to the amount we expect to realize upon disposal.

These charges are included in cost of sales in our consolidated statement of operations.

The charges we currently expect to incur in connection with the Restructuring Initiative are subject to a number of assumptions and risks, and actual results may differ materially.

We may also incur other material charges not currently contemplated due to events that may occur as a result of, or in connection with, the Restructuring Initiative.

| 4.00% senior notes, $300 principal amount, due April 15, 2038 | | | 295 | | | | | | 296 | | |

| | | | 2,672 | | | | | | 2,421 | | |

*Evaluation of Disclosure Controls and Procedures.* Our management, with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO) (our principal executive and principal financial officers), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the [removed: Securities] Exchange Act [removed: of 1934,] as [removed: amended (the “Exchange Act”)) as] of the end of fiscal [removed: 2025.][added: 2026.]

*Changes in Internal Control over Financial Reporting.* There has been no change in our internal control over financial reporting during the quarter ended April 30, [removed: 2025,] [added: 2026,] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

*Management’s Report on Internal Control over Financial Reporting and Report of Independent Registered Public Accounting Firm.* Management’s report on our internal control over financial reporting as of April 30, [removed: 2025,] [added: 2026,] and our independent registered public accounting firm’s report on our internal control over financial reporting are set forth in “Item 8.

[added: (b)] During the three months ended April 30, [removed: 2025,] [added: 2026,] no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation [removed: S-K, except as described in the table below:][added: S-K.]

(a) One-Time Transaction-Related Recognition Awards

On June 8, 2026, the Compensation Committee of the Board of Directors of the Company approved one-time, transaction-related cash recognition awards (the “Transaction-Related Recognitions”) for certain members of the Company’s executive leadership team, who assumed central roles in advancing a previously announced contemplated business transaction that was terminated in April 2026.

The Transaction-Related Recognitions approved for the Company’s Named Executive Officers were as follows: Lawson E.

Whiting, $2,712,763; Leanne D.

Cunningham, $829,150; James.

W.

Peters, $79,063; Timothy M.

Nall, $644,000; and Jeremy J.

Shepherd, $644,000.

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name & Title | | | Action | | | Character of Trading Arrangement | | | Date | | | Duration of Trading Arrangement1 | | | Aggregate Number of Securities to be Sold Pursuant to Trading Arrangement | | |

| Lawson E. Whiting President and Chief Executive Officer | | | Adoption | | | Rule 10b5-1 trading arrangement | | | 3/31/2025 | | | 3/31/2026 | | | Up to 70,921 shares of the Company’s Class A and/or Class B common stock | | |

1Trading arrangement terminates upon the earlier of (a) the completion of all sales under the trading arrangement and (b) the date listed in the table above.

For the other information required by this item, see the following sections of our definitive proxy statement for the Annual Meeting of Stockholders to be held on or about July [removed: 24, 2025 (“2025] [added: 23, 2026 (“2026] Proxy Statement”), which information is incorporated into this report by reference: (a) “Proposal 1: Election of Directors” (for biographical information on directors and family relationships); (b) “Code of Conduct and Code of Ethics for Senior Financial Officers” (for information on our code of ethics); (c) “Selection of Directors” (for information on the procedures by which security holders may recommend nominees to the Company's Board of Directors); (d) “Board Committees” (for information on our Audit Committee); (e) “Insider Trading Policy: Hedging, Derivatives, and Short Sale Transactions Prohibited” (for information on our Insider Trading Policy); and (f) Delinquent Section 16(a) Reports.

For the information required by this item, refer to the following sections of our [removed: 2025] [added: 2026] Proxy Statement, which information is incorporated into this report by reference: (a) “Compensation Discussion and Analysis”; (b) “Compensation Tables”; (c) “Director Compensation”; (d) “Pay Ratio Disclosure”; (e) “Pay Versus Performance”; (f) “Compensation Committee Interlocks and Insider Participation”; and (g) “Compensation Committee Report”.

The following table summarizes information as of April 30, [removed: 2025,] [added: 2026,] about our equity compensation plans under which we have made grants of stock options, stock appreciation rights, restricted stock, market value units, performance units, or other equity awards.

| Equity compensation plans approved by Class A common stockholders | | | | | | | | | [removed: 1,055,595] [added: 2,125,236] | | | | | | [removed: $55.29] [added: $52.45] | | | | | | [removed: 10,639,688] [added: 9,286,964] | | |

1Includes [removed: 203,442] [added: 318,291] Class B restricted stock units (RSUs); [removed: 467,967] [added: 1,413,553] Class B performance-based restricted stock units (PBRSUs); [removed: 168,791] [added: 121,017] Class A PBRSUs; [removed: 186,346] [added: 244,377] Class A common deferred stock units (DSUs); and [removed: 29,049] [added: 27,998] Class B common DSUs issued under the Brown-Forman 2004, 2013 Omnibus, and 2022 Omnibus Compensation Plans.

The fair market value of our common stock at fiscal year-end has been used for the purposes of reporting the number of shares to be issued upon exercise of the [removed: 3,877,659] [added: 4,053,213] SSARs outstanding at fiscal year-end.

For the other information required by this item, refer to the section entitled “Stock Ownership” of our [removed: 2025] [added: 2026] Proxy Statement, which information is incorporated into this report by reference.

For the information required by this item, refer to the following sections of our [removed: 2025] [added: 2026] Proxy Statement, which information is incorporated into this report by reference: (a) “Certain Relationships and Related Transactions”; and (b) “Our Independent Directors.”

For the information required by this item, refer to the following sections of our [removed: 2025] [added: 2026] Proxy Statement, which information is incorporated into this report by reference: (a) “Fees Paid to Independent Registered Public Accounting Firm”; and (b) “Audit Committee Pre-Approval Policies and Procedures.”

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i71b2d36d277f4284b6b4088cbae246c3_181)] [added: Firm](#i6c99d2cc116a43818c3a2a39d136bd7e_181)] (PCAOB ID 42) | | | [removed: [51](#i71b2d36d277f4284b6b4088cbae246c3_181)] [added: [52](#i6c99d2cc116a43818c3a2a39d136bd7e_181)] | | |

| | | | [Consolidated Statements of [removed: Operations](#i71b2d36d277f4284b6b4088cbae246c3_187)] [added: Operations](#i6c99d2cc116a43818c3a2a39d136bd7e_187)] | | | [removed: [54](#i71b2d36d277f4284b6b4088cbae246c3_187)] [added: [55](#i6c99d2cc116a43818c3a2a39d136bd7e_187)] | | |

| | | | [Consolidated Statements of Comprehensive [removed: Income](#i71b2d36d277f4284b6b4088cbae246c3_190)] [added: Income](#i6c99d2cc116a43818c3a2a39d136bd7e_190)] | | | [removed: [55](#i71b2d36d277f4284b6b4088cbae246c3_190)] [added: [56](#i6c99d2cc116a43818c3a2a39d136bd7e_190)] | | |

| | | | [Consolidated Balance [removed: Sheets](#i71b2d36d277f4284b6b4088cbae246c3_193)] [added: Sheets](#i6c99d2cc116a43818c3a2a39d136bd7e_193)] | | | [removed: [56](#i71b2d36d277f4284b6b4088cbae246c3_193)] [added: [57](#i6c99d2cc116a43818c3a2a39d136bd7e_193)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#i71b2d36d277f4284b6b4088cbae246c3_196)] [added: Flows](#i6c99d2cc116a43818c3a2a39d136bd7e_196)] | | | [removed: [57](#i71b2d36d277f4284b6b4088cbae246c3_196)] [added: [58](#i6c99d2cc116a43818c3a2a39d136bd7e_196)] | | |

| | | | [Consolidated Statements of Stockholders’ [removed: Equity](#i71b2d36d277f4284b6b4088cbae246c3_199)] [added: Equity](#i6c99d2cc116a43818c3a2a39d136bd7e_202)] | | | [removed: [59](#i71b2d36d277f4284b6b4088cbae246c3_199)] [added: [60](#i6c99d2cc116a43818c3a2a39d136bd7e_202)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i71b2d36d277f4284b6b4088cbae246c3_202)] [added: Statements](#i6c99d2cc116a43818c3a2a39d136bd7e_205)] | | | [removed: [60](#i71b2d36d277f4284b6b4088cbae246c3_202)] [added: [61](#i6c99d2cc116a43818c3a2a39d136bd7e_205)] | | |

| | | | [Schedule II – Valuation and Qualifying [removed: Accounts](#i71b2d36d277f4284b6b4088cbae246c3_328)] [added: Accounts](#i6c99d2cc116a43818c3a2a39d136bd7e_349)] | | | [removed: [93](#i71b2d36d277f4284b6b4088cbae246c3_328)] [added: [95](#i6c99d2cc116a43818c3a2a39d136bd7e_349)] | | |

| 21 | | | [Subsidiaries of Brown-Forman [removed: Corporation.](https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-ex21_2025430x10kapril.htm)] [added: Corporation.](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex21_2026430xevergreen.htm)] | | |

| 23 | | | [Consent of Ernst & Young LLP, independent registered public accounting [removed: firm.](https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-ex23_2025430x10kapril.htm)] [added: firm.](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex23_2026430xevergreen.htm)] | | |

| 31.1 | | | [CEO Certification pursuant to Section 302 of Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-ex311_2025430x10kapril.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex311_2026430xevergreen.htm)] | | |

| 31.2 | | | [CFO Certification pursuant to Section 302 of Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-ex312_2025430x10kapril.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex312_2026430xevergreen.htm)] | | |

| 32 | | | [CEO and CFO Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (not considered to be [removed: filed).](https://www.sec.gov/Archives/edgar/data/14693/000001469325000062/bfb-ex32_2025430x10kapril.htm)] [added: filed).](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex32_2026430xevergreen.htm)] | | |

| 101 | | | The following materials from Brown-Forman Corporation's Annual Report on Form 10-K for the fiscal year ended April 30, [removed: 2025,] [added: 2026,] in Inline XBRL (eXtensible Business Reporting Language) format: (a) Consolidated Statements of Operations, (b) Consolidated Statements of Comprehensive Income, (c) Consolidated Balance Sheets, (d) Consolidated Statements of Cash Flows, (e) Consolidated Statements of Stockholders’ Equity, and (f) Notes to Consolidated Financial Statements. | | |

| [removed: 4.9] [added: 4.10] | | | [Form of [removed: 3.500%] [added: 4.00%] Note due [removed: 2025,] [added: 2038,] incorporated into this report by reference to Exhibit [removed: 4.5] [added: 4.6] of Brown-Forman Corporation’s Form 8-K filed on March 26, 2018 (File No. [removed: 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312518096030/d558670dex45.htm)] [added: 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312518096030/d558670dex46.htm)] | | | | | |

| [removed: 4.10] [added: 4.9] | | | [Form of 3.75% Note due 2043, incorporated into this report by reference to Exhibit 4.6 of Brown-Forman Corporation’s Form 8-K filed on December 12, 2012 (File No. 002-26821).](https://www.sec.gov/Archives/edgar/data/14693/000119312512500174/d454178dex46.htm) | | | | | |

| [removed: 4.11] [added: 4.12] | | | [Form of [removed: 4.00%] [added: 4.750%] Note due [removed: 2038,] [added: 2033,] incorporated into this report by reference to Exhibit [removed: 4.6] [added: 4.5] of Brown-Forman Corporation’s Form 8-K filed on March [removed: 26, 2018] [added: 23, 2023] (File No. [removed: 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312518096030/d558670dex46.htm)] [added: 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312523077925/d367875dex45.htm)] | | | | | |

| [removed: 4.12] [added: 4.11] | | | [Form of 4.500% Notes due 2045, incorporated into this report by reference to Exhibit 4.5 of Brown-Forman Corporation’s Form 8-K filed on June 29, 2015 (File No. 002-26821).](https://www.sec.gov/Archives/edgar/data/14693/000119312515239509/d947872dex45.htm) | | | | | |

| [removed: 4.13] [added: 10.17] | | | [removed: [Form] [added: [Brown-Forman Corporation Executive Change in Control Severance Plan, effective as] of [removed: 4.750% Note due 2033,] [added: October 31, 2025,] incorporated into this report by reference to Exhibit [removed: 4.5] [added: 10.1] of Brown-Forman Corporation’s Form 8-K filed on [removed: March 23, 2023] [added: October 31, 2025] (File No. [removed: 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312523077925/d367875dex45.htm)] [added: 001-00123). *](https://www.sec.gov/Archives/edgar/data/14693/000001469325000101/exhibit101.htm)] | | | | | |

| [removed: 4.14] [added: 4.13] | | | [Officer’s Certificate dated December 12, 2012, pursuant to Sections 1.01, 2.02, 3.01, and 3.03 of the Indenture dated as of April 2, 2007, as supplemented by the First Supplemental Indenture dated as of December 13, 2010, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee, setting forth the terms of the 3.75% Notes due 2043, incorporated into this report by reference to Exhibit 4.3 of Brown-Forman Corporation’s Form 8-K filed on December 12, 2012 (File No. 002-26821).](https://www.sec.gov/Archives/edgar/data/14693/000119312512500174/d454178dex43.htm) | | | | | |

| [removed: 4.15] [added: 4.14] | | | [Officer’s Certificate dated June 29, 2015, pursuant to Sections 1.02, 2.02, 3.01 and 3.03 of the Indenture dated as of April 2, 2007, as supplemented by the First Supplemental Indenture dated as of December 13, 2010, and the Second Supplemental Indenture dated as of June 24, 2015, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee, setting forth the terms of the 4.500% Notes due 2045, incorporated into this report by reference to Exhibit 4.4 of Brown-Forman Corporation’s Form 8-K filed on June 29, 2015 (File No. 002-26821).](https://www.sec.gov/Archives/edgar/data/14693/000119312515239509/d947872dex44.htm) | | | | | |

| [removed: 4.16] [added: 4.15] | | | [Officers’ Certificate dated July 7, 2016, pursuant to Sections 1.01, 2.02, 3.01, and 3.03 of the Indenture dated as of April 2, 2007, as supplemented by the First Supplemental Indenture dated as of December 13, 2010, and the Second Supplemental Indenture dated as of June 24, 2015, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee, setting forth the terms of the 1.200% Notes due 2026 and the 2.600% Notes due 2028, incorporated into this report by reference to Exhibit 4.4 of Brown-Forman Corporation’s Form 8-K filed on July 8, 2016 (File No. 002-26821).](https://www.sec.gov/Archives/edgar/data/14693/000119312516644569/d210478dex44.htm) | | | | | |

| [removed: 4.17] [added: 4.16] | | | [Officers’ Certificate dated March 26, 2018, pursuant to Sections 1.02, 2.02, 3.01, and 3.03 of the Indenture dated April 2, 2007, as supplemented by the First Supplemental Indenture dated as of December 13, 2010, and the Second Supplemental Indenture dated as of June 24, 2015, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee, setting forth the terms of the 3.500% Note due 2025 and the 4.000% Note due 2038, incorporated into this report by reference to Exhibit 4.4 of Brown-Forman Corporation’s Form 8-K filed on March 26, 2018 (File No. 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312518096030/d558670dex44.htm) | | | | | |

| [removed: 4.18] [added: 4.17] | | | [Officers’ Certificate, dated March 23, 2023, pursuant to Sections 1.01, 2.02, 3.01, and 3.03 of the Indenture dated April 2, 2007, as supplemented by the First Supplemental Indenture, dated as of December 13, 2010, and the Second Supplemental Indenture, dated as of June 24, 2015, between Brown-Forman Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as Trustee, setting forth the terms of the 4.750% Notes due 2033, incorporated into this report by reference to Exhibit 4.4 of Brown-Forman Corporation’s Form 8-K filed on March 23, 2023 (File No. 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312523077925/d367875dex44.htm) | | | | | |

| [removed: 10.2] [added: 10.20] | | | [Brown-Forman Corporation [added: 2025] Amended and Restated Supplemental Executive Retirement [removed: Plan and First Amendment thereto,] [added: Plan,] incorporated into this report by reference to Exhibit [removed: 10(a)] [added: 10.3] of Brown-Forman Corporation’s Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: April 30, 2010,] [added: July 31, 2025,] filed on [removed: June 25, 2010] [added: August 28, 2025] (File No. [removed: 002-26821).*](https://www.sec.gov/Archives/edgar/data/14693/000001469310000057/ex10a.htm)] [added: 001-00123). *](https://www.sec.gov/Archives/edgar/data/14693/000001469325000096/bfb-07312025xex103xamended.htm)] | | | | | |

| [removed: 10.3] [added: 10.2] | | | [removed: [Second Amendment to the Brown-Forman] [added: [Brown-Forman] Corporation Amended and Restated [removed: Supplemental Executive Retirement Plan,] [added: Non-Employee Director Deferred Stock Unit Program,] incorporated into this report by reference to Exhibit [removed: 10(a)] [added: 10.2] of Brown-Forman Corporation’s Form [removed: 10-Q for the quarter ended January 31, 2011,] [added: 8-K] filed on [removed: March 9, 2011] [added: July 26, 2013] (File No. [removed: 002-26821).*](https://www.sec.gov/Archives/edgar/data/14693/000001469311000011/ex10a.htm)] [added: 002-26821).*](https://www.sec.gov/Archives/edgar/data/14693/000119312513304362/d573514dex102.htm)] | | | | | |

| [removed: 10.4] [added: 10.21] | | | [Brown-Forman Corporation Amended and Restated Non-Employee Director Deferred Stock Unit Program, incorporated into this report by reference to Exhibit [removed: 10.2 of] [added: 10.](https://www.sec.gov/Archives/edgar/data/14693/000001469325000096/bfb-07312025xex104xnonxemp.htm)[4](https://www.sec.gov/Archives/edgar/data/14693/000001469325000096/bfb-07312025xex104xnonxemp.htm) [of] Brown-Forman Corporation’s Form [removed: 8-K] [added: 10-Q for the quarter ended July 31, 2025,] filed on [removed: July 26, 2013] [added: August 28, 2025] (File No. [removed: 002-26821).*](https://www.sec.gov/Archives/edgar/data/14693/000119312513304362/d573514dex102.htm)] [added: 001-00123). *](https://www.sec.gov/Archives/edgar/data/14693/000001469325000096/bfb-07312025xex104xnonxemp.htm)] | | | | | |

| [removed: 10.5] [added: 10.4] | | | [Brown-Forman Corporation 2013 Omnibus Compensation Plan, incorporated into this report by reference to Exhibit 10.1 of Brown-Forman Corporation’s Form 8-K filed on July 26, 2013 (File No. 002-26821).*](https://www.sec.gov/Archives/edgar/data/14693/000119312513304362/d573514dex101.htm) | | | | | |

| [removed: 10.6] [added: 10.5] | | | [Form of Employee Stock-Settled Stock Appreciation Right Award Agreement, incorporated into this report by reference to Exhibit 10.1 of Brown-Forman Corporation’s Form 8-K filed on August 1, 2016 (File No. 001-00123).*](https://www.sec.gov/Archives/edgar/data/14693/000001469316000227/a20160728-formofemployeess.htm) | | | | | |

| [removed: 10.7] [added: 10.6] | | | [Form of Performance-Based Restricted Stock Unit Award Agreement (Class [removed: A)](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classapbrsua.htm) [for Fiscal](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classapbrsua.htm) [2021,] [added: A) for Fiscal 2021,] 2022, and [removed: 2023](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classapbrsua.htm) [incorporated] [added: 2023 incorporated] into this report by reference to Exhibit 10.1 of Brown-Forman Corporation’s Form 10-Q for the quarter ended July 31, 2020, filed on September 2, [removed: 2020](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classapbrsua.htm)[.](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classapbrsua.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classapbrsua.htm)] | | | | | |

| [removed: 10.8] [added: 10.7] | | | [Form of Performance-Based Restricted Stock Unit Award Agreement (Class [removed: B)](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm) [for] [added: B) for] Fiscal 2021, 2022 and [removed: 2023](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm) [incorporated] [added: 2023 incorporated] into this report by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)[1](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)] [added: 10.](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)[2](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)] [of Brown-Forman Corporation’s Form 10-Q for the quarter ended July 31, 2020, filed on September 2, [removed: 2020](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)[.](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/14693/000001469320000137/formof2020classbpbrsua.htm)] | | | | | |

| [removed: 10.9] [added: 10.8] | | | [First Amendment to Brown-Forman Corporation Amended and Restated Non-Employee Director Deferred Stock Unit Program, incorporated into this report by reference to Exhibit 10.23 of Brown-Forman Corporation’s Form 10-K for the fiscal year ended April 30, 2022, filed on June 17, 2022 (File No. 001-00123).*](https://www.sec.gov/Archives/edgar/data/14693/000001469322000069/brown-formanfirstamendment.htm) | | | | | |

| [removed: 10.10] [added: 10.3] | | | [Brown-Forman 2022 Omnibus Compensation Plan, incorporated into this report by reference to Appendix B of Brown-Forman Corporation’s definitive proxy statement, filed on June 24, 2022, in connection with its 2022 Annual Meeting of Stockholders (File No. [removed: 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312522181464/d310953ddef14a.htm)*] [added: 001-00123).*](https://www.sec.gov/Archives/edgar/data/14693/000119312522181464/d310953ddef14a.htm)] | | | | | |

| [removed: 10.11] [added: 10.9] | | | [Fiscal 2024 Form of Performance-Based Restricted Stock Unit Award Agreement (Class A), incorporated into this report by reference to Exhibit 10.1 of Brown-Forman Corporation’s Form 10-Q for the quarter ended July 31, 2023, filed on August 30, 2023.*](https://www.sec.gov/Archives/edgar/data/14693/000001469323000153/fy24pbrsuclassa.htm) | | | | | |

| [removed: 10.12] [added: 10.10] | | | [Fiscal 2024 Form of Performance-Based Restricted Stock Unit Award Agreement (Class B), incorporated into this report by reference to Exhibit 10.2 of Brown-Forman Corporation’s Form 10-Q for the quarter ended July 31, 2023, filed on August 30, 2023.*](https://www.sec.gov/Archives/edgar/data/14693/000001469323000153/fy24pbrsuclassb.htm) | | | | | |

| [removed: 10.13] [added: 10.11] | | | [Fiscal 2024 Form of Employee Stock-Settled Stock Appreciation Right Award Agreement, incorporated into this report by reference to Exhibit 10.3 of Brown-Forman Corporation’s Form 10-Q for the quarter ended July 31, 2023, filed on August 30, 2023.*](https://www.sec.gov/Archives/edgar/data/14693/000001469323000153/fy24ssaragreement.htm) | | | | | |

| [removed: 10.14] [added: 10.12] | | | [Securities and Asset Purchase Agreement among Brown-Forman Corporation, and Destillers United Group S.L., and Destilerias Unidas Corp., dated as of October 6, 2022, incorporated into this report by reference to Exhibit 10.1 of Brown-Forman Corporation’s Form 10-Q for the quarter ended October 31, 2022, filed on December 7, 2022 (File No. 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000001469322000151/sapa-finalizedredactedex.htm) | | | | | |

| [removed: 10.15] [added: 10.13] | | | [Amendment No. 1 to Securities and Asset Purchase Agreement, dated as of January 4, 2023, by and among Brown-Forman Corporation, Destillers United Group S.L., and Destilerias Unidas Corp, incorporated into this report by reference to Exhibit 10.3 of Brown-Forman Corporation’s Form 8-K filed on January 5, 2023 (File No. 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000001469323000004/exh103amendmentno1tosapa.htm) | | | | | |

| [removed: 10.16] [added: 10.14] | | | [Second Amended and Restated Five-Year Credit Agreement, dated as of May 26, 2023, among Brown-Forman Corporation, any borrowing subsidiaries as may become a party thereto, certain lenders party thereto, and U.S. Bank National Association, as Administrative Agent, incorporated into this report by reference to Exhibit 10.1 of Brown-Forman Corporation’s Form 8-K filed on May 30, 2023 (File No. 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000119312523156688/d506047dex101.htm) | | | | | |

| [removed: 10.17] [added: 19] | | | [removed: [Services Agreement, dated May 6, 2024, by and between Brown-Forman] [added: [Brown-Forman] Corporation [removed: and Thomas W. Hinrichs,] [added: Insider Trading](https://www.sec.gov/Archives/edgar/data/14693/000001469324000086/insidertradingpolicy.htm) [P](https://www.sec.gov/Archives/edgar/data/14693/000001469324000086/insidertradingpolicy.htm)[olicy,] incorporated into this report by reference to Exhibit [removed: 10.1 of](https://www.sec.gov/Archives/edgar/data/14693/000001469324000050/consultingagreement-thwork.htm) [Brown Forman](https://www.sec.gov/Archives/edgar/data/14693/000001469324000050/consultingagreement-thwork.htm) [Corporation’s] [added: 19 of Brown-Forman Corporation’s] Form [removed: 8-K] [added: 10-K for the fiscal year ended April 30, 2024,] filed on [removed: May 8,] [added: June 14,] 2024 (File [removed: No.](https://www.sec.gov/Archives/edgar/data/14693/000001469324000050/consultingagreement-thwork.htm) [001-00123)*](https://www.sec.gov/Archives/edgar/data/14693/000001469324000050/consultingagreement-thwork.htm)] [added: No. 001-00123).](https://www.sec.gov/Archives/edgar/data/14693/000001469324000086/insidertradingpolicy.htm)] | | | | | |

| 10.1 | | | [Fiscal 2027 Form of Time-Based Restricted Stock Unit Award Agreement.*](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex101_2026430xxbrownxf.htm) | | |

| 10.2 | | | [Yiannis Pafilis Employment Agreement.*](https://www.sec.gov/Archives/edgar/data/14693/000001469326000024/bfb-ex102_2026430xxemploym.htm) | | |

Date: June [removed: 13, 2025][added: 12, 2026]

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on June [removed: 13, 2025,] [added: 12, 2026,] as indicated.

| /s/ Campbell P. Brown | | | | | | [removed: Director, Chair of the Board] [added: Director] | | |

| /s/ Marshall B. Farrer | | | | | | [removed: Director] [added: Director, Chair of the Board] | | |

| /s/ [removed: Leanne D. Cunningham] [added: James W. Peters] | | | | | | Executive Vice President and Chief Financial Officer | | |

| [removed: Leanne D. Cunningham] [added: James W. Peters] | | | | | | (Principal Financial Officer) | | |

| /s/ Angela S. Enyard | | | | | | Senior Vice [removed: President and] [added: President,] Chief Accounting Officer [added: and Treasurer] | | |

For the Years Ended April 30, [removed: 2023,] 2024, [added: 2025,] and [removed: 2025][added: 2026]

| Allowance for doubtful accounts | | | $ | [removed: 13] [added: 7] | | | | | $ | [removed: —] [added: 1] | | | | | $ | — | | | | | $ | [removed: 6] [added: 2] | | (1) | | | $ | [removed: 7] [added: 6] | |

| Deferred tax valuation allowance | | | $ | [removed: 27] [added: 35] | | | | | $ | [removed: 4] [added: 5] | | | | | $ | [removed: —] [added: 9] | | | | | $ | [removed: 17] [added: 11] | | | | | $ | [removed: 14] [added: 38] | |

| 2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |