On this page of StockholderLetter.com we present the latest annual shareholder letter from BROWN FORMAN CORP — ticker symbol BF.A. Reading current and past BF.A letters to shareholders can bring important insights into the investment thesis.
2025 Integrated Annual Report
In This Report 5 CEO s Message 8 9 The Power of Our People 10 Chair of the Board s Message 13 Leveraging Our Strength Brown Forman Corporation has been building exceptional spirits brands for more than 155 years, responsibly upholding our founding promise of Nothing Better in the Market.
The #1 American Whiskey in the World 1. Source: IWSR 2024 Jack Daniel s Tennessee Whiskey by value N -F O R M OW AN BR Call it Jack. Call it JD. Call it Old No. 7. Jack Daniel s is one of the most recognizable and repeated names in any bar around the world. Since 1866, Jack Daniel s Tennessee Whiskey has endured with a commitment to quality, craftsmanship, and authenticity along with an iconic bottle bearing the name of the real man who lived life on his own terms. Today, Jack Daniel s has friends from Tennessee and T rkiye to Brazil and Barcelona, making it the most valuable global spirit brand in the world.1
The Third-Largest Super-Premium+ Rum Globally Within the super-premium and above price tier, Diplom tico is the world s third-largest rum by value globally, led by Diplom tico Reserva Exclusiva.2 Blending is the secret of fine rum, and Diplom tico Rum has mastered the craft with 300,000 9-liter cases sold and strong double-digit reported net sales growth in fiscal 2025. The face of the brand, Don Juancho, is inspired by the Mantuanos, 19th-century noblemen known for traveling widely always while championing their home. True to this spirit, Diplom tico Rum is known for its rich heritage and rum-making tradition. 2 2. International Wine and Spirits Record (IWSR) 2024
The #1 RTD in Mexico New Mix is the largest brand by volume and value3 within the steadily growing Ready-to-Drink (RTD) category in Mexico. E GR EPORT 3 LR 2 0 2 5 I NT 3. International Wine and Spirits Record (IWSR) 2024 N -F O R M OW AN BR More than 11 million 9-liter cases of New Mix were sold in fiscal 2025, representing a double-digit increase in shipments. As the world s first tequila-based RTD, New Mix offers consumers the ideal combination of convenience and flavor capitalizing on a category that has seen a surge of expansion. ATE NNUA DA
 • shareholder letter icon 6/20/2025 Letter Continued (Full PDF)
 • stockholder letter icon 6/22/2023 BF.A Stockholder Letter
 • stockholder letter icon 6/20/2024 BF.A Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


BF.A Shareholder/Stockholder Letter Transcript:

2025 Integrated Annual Report

In This Report
5
CEO   s Message
8   9
The Power of Our People
10
Chair of the Board   s Message
13
Leveraging Our Strength
Brown   Forman Corporation has been
building exceptional spirits brands
for more than 155 years, responsibly
upholding our founding promise of
   Nothing Better in the Market.   

The #1 American Whiskey
in the World
1. Source: IWSR 2024 Jack Daniel   s Tennessee Whiskey by value
N -F O R M
OW
AN
BR
Call it Jack. Call it JD. Call it Old No. 7. Jack Daniel   s is one of the most
recognizable and repeated names in any bar around the world. Since 1866,
Jack Daniel   s Tennessee Whiskey has endured with a commitment to
quality, craftsmanship, and authenticity along with an iconic bottle
bearing the name of the real man who lived life on his own terms. Today,
Jack Daniel   s has friends from Tennessee and T  rkiye to Brazil and
Barcelona, making it the most valuable global spirit brand in the world.1

The Third-Largest
Super-Premium+
Rum Globally
Within the super-premium and
above price tier, Diplom  tico is
the world   s third-largest rum by
value globally, led by Diplom  tico
Reserva Exclusiva.2
Blending is the secret of fine rum,
and Diplom  tico Rum has mastered
the craft with 300,000 9-liter cases
sold and strong double-digit
reported net sales growth in fiscal
2025. The face of the brand,
Don Juancho, is inspired by
the Mantuanos, 19th-century
noblemen known for traveling
widely   always while championing
their home. True to this spirit,
Diplom  tico Rum is known
for its rich heritage and
rum-making tradition.
2
2. International Wine and Spirits Record (IWSR) 2024

The #1 RTD
in Mexico
New Mix is the largest
brand by volume and
value3 within the steadily
growing Ready-to-Drink
(RTD) category in Mexico.
E
GR
EPORT
3
LR
2 0 2 5 I NT
3. International Wine and Spirits Record (IWSR) 2024
N -F O R M
OW
AN
BR
More than 11 million 9-liter
cases of New Mix were sold
in fiscal 2025, representing
a double-digit increase in
shipments. As the world   s
first tequila-based RTD,
New Mix offers consumers
the ideal combination
of convenience and
flavor   capitalizing on a
category that has seen
a surge of expansion.
ATE NNUA
DA



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