Brown-Forman (BF-B) risk factors: FY2026 10-K

1. Our business performance depends substantially on the continued health of the Jack Daniel’s family of brands.reworded
2. Changes to our route-to-consumer models and consolidation among beverage alcohol producers, distributors, wholesalers, suppliers, and retailers could hinder the marketing, sale, or distribution of our products.
3. We are subject to risks from changes to the trade policies, tariffs, and import and export regulations of the United States and foreign governments.rewordedTariffs
4. Changes in consumer preferences and purchases, any decline in the social acceptability of our products, or governmental adoption of policies disadvantageous to beverage alcohol could negatively affect our business results.
5. Production facility disruption could adversely affect our business.
6. The inherent uncertainty in supply/demand forecasting could adversely affect our business, particularly with respect to our aged products.
7. Higher costs or unavailability of water, raw materials, product ingredients, or labor could adversely affect our financial results.
8. Unfavorable economic conditions could negatively affect our operations and results.
9. We might not succeed in our strategies for investments, acquisitions, dispositions, and other strategic transactions.
10. 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.new
11. Product recalls or other product liability claims could materially and adversely affect our sales.
12. Our failure to attract or retain key talent could adversely affect our business.
13. Our business faces various risks related to health epidemics and pandemics that could materially and adversely affect our business, our operations, our cash flows, and our financial results.

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1. Our global business is subject to commercial, political, and financial risks.
2. A failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations may have a material adverse effect on our business and financial results.
3. Fluctuations in foreign currency exchange rates relative to the U.S. dollar could have a material adverse effect on our financial results.
4. 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.new

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1. National and local governments may adopt regulations or undertake investigations that could limit our business activities or increase our costs.
2. Tax increases and changes in tax rules could adversely affect our financial results.
3. Our ability to market and sell our products depends heavily on societal attitudes toward drinking and governmental policies that both flow from and affect those attitudes.
4. Significant additional labeling, warning requirements, or limitations on the availability of our products could inhibit sales of affected products.
5. Counterfeiting or inadequate protection of our intellectual property rights could adversely affect our business prospects.
6. Litigation and legal disputes could expose our business to financial and reputational risk.

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1. We rely on information technology (IT) systems to manage our business operations. A cyber breach, a failure or corruption of one or more of our key IT systems, networks, processes, associated sites, or service providers, or a failure to comply with personal data privacy laws could have a material adverse impact on our business.Cybersecurity

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1. The Brown family has the ability to control the outcome of matters submitted for stockholder approval.

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Headings in the FY2025 10-K with no match this year.

1. Negative publicity could affect our business performance.