BROWN FORMAN CORP, 10-Q filed on 3/4/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 9 Months Ended
Jan. 31, 2026
Feb. 28, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 31, 2026  
Document Transition Report false  
Entity File Number 001-00123  
Entity Registrant Name Brown-Forman Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 61-0143150  
Entity Address, Address Line One 850 Dixie Highway  
Entity Address, City or Town Louisville,  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40210  
City Area Code 502  
Local Phone Number 585-1100  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000014693  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --04-30  
Common stock, Class A, voting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class A Common Stock (voting), $0.15 par value  
Trading Symbol BFA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   168,441,239
Common stock, Class B, nonvoting [Member]    
Document Information [Line Items]    
Title of 12(b) Security Class B Common Stock (nonvoting), $0.15 par value  
Trading Symbol BFB  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   290,262,390
1.20% notes, due July 7, 2026 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 1.200% Notes due 2026  
Trading Symbol BF26  
Security Exchange Name NYSE  
2.60% notes, due July 7, 2028 [Member]    
Document Information [Line Items]    
Title of 12(b) Security 2.600% Notes due 2028  
Trading Symbol BF28  
Security Exchange Name NYSE  
v3.25.4
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Income Statement [Abstract]        
Sales $ 1,396 $ 1,348 $ 3,923 $ 3,935
Excise taxes 340 313 907 854
Net sales 1,056 1,035 3,016 3,081
Cost of sales 416 416 1,209 1,251
Gross profit 640 619 1,807 1,830
Advertising expenses 120 125 366 377
Selling, general, and administrative expenses 184 178 548 551
Total restructuring and other charges 3 31 19 33
Other expense (income), net (7) 5 (31) (33)
Operating income 340 280 905 902
Non-operating postretirement expense 3 3 25 4
Interest income (4) (5) (11) (12)
Interest expense 26 31 77 95
Equity method investment income and gain on sale 0 (81) 0 (83)
Income before income taxes 315 332 814 898
Income taxes 48 62 153 175
Net income $ 267 $ 270 $ 661 $ 723
Earnings per share:        
Basic (dollars per share) $ 0.58 $ 0.57 $ 1.41 $ 1.53
Diluted (dollars per share) $ 0.58 $ 0.57 $ 1.41 $ 1.53
v3.25.4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 267 $ 270 $ 661 $ 723
Other comprehensive income (loss), net of tax:        
Currency translation adjustments 86 (60) 120 (128)
Cash flow hedge adjustments (9) 6 (5) 3
Postretirement benefits adjustments 5 2 17 3
Net other comprehensive income (loss) 82 (52) 132 (122)
Comprehensive income $ 349 $ 218 $ 793 $ 601
v3.25.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jan. 31, 2026
Apr. 30, 2025
Assets    
Cash and cash equivalents $ 383 $ 444
Accounts receivable, less allowance for doubtful accounts of $7 at April 30 and $5 at January 31 983 830
Inventories:    
Barreled whiskey 1,559 1,567
Finished goods 493 476
Work in process 413 378
Raw materials and supplies 95 90
Total inventories 2,560 2,511
Assets held for sale 0 121
Other current assets 308 289
Total current assets 4,234 4,195
Property, plant, and equipment, net 1,111 1,095
Goodwill 1,536 1,505
Other intangible assets 1,088 981
Deferred tax assets 50 47
Other assets 283 263
Total assets 8,302 8,086
Liabilities    
Accounts payable and accrued expenses 834 741
Accrued income taxes 40 27
Short-term borrowings 300 312
Current portion of long-term debt 356 0
Total current liabilities 1,530 1,080
Long-term debt 2,089 2,421
Deferred tax liabilities 223 241
Accrued pension and other postretirement benefits 172 164
Other liabilities 206 187
Total liabilities 4,220 4,093
Commitments and contingencies
Stockholders' Equity    
Additional paid-in capital 52 36
Retained earnings 5,050 4,710
Accumulated other comprehensive income (loss), net of tax (88) (220)
Treasury stock, at cost (11,863,000 and 25,833,000 shares at April 30 and January 31, respectively) (1,004) (605)
Total stockholders' equity 4,082 3,993
Total liabilities and stockholders' equity 8,302 8,086
Common stock, Class A, voting [Member]    
Stockholders' Equity    
Common stock 25 25
Common stock, Class B, nonvoting [Member]    
Stockholders' Equity    
Common stock $ 47 $ 47
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jan. 31, 2026
Apr. 30, 2025
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 5 $ 7
Treasury Stock, Common, Shares 25,833,000 11,863,000
Common Class A [Member]    
Class of Stock [Line Items]    
Common stock, par value (dollars per share) $ 0.15 $ 0.15
Common stock, shares authorized 170,000,000 170,000,000
Common stock, shares issued 170,000,000 170,000,000
Nonvoting Common Stock [Member]    
Class of Stock [Line Items]    
Common stock, par value (dollars per share) $ 0.15 $ 0.15
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 314,532,000 314,532,000
v3.25.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Cash flows from operating activities:    
Net income $ 661 $ 723
Adjustments to reconcile net income to net cash provided by operations:    
Equity method investment income and gain on sale 0 (83)
Depreciation and amortization 68 66
Stock-based compensation expense 22 20
Deferred income tax benefit (29) (43)
Change in fair value of contingent consideration (1) 5
Other, net (3) (3)
Changes in assets and liabilities:    
Accounts receivable (126) (106)
Inventories (24) (61)
Other current assets (17) 21
Accounts payable and accrued expenses 77 (64)
Accrued income taxes 15 (10)
Other operating assets and liabilities 66 (19)
Cash provided by operating activities 709 446
Cash flows from investing activities:    
Proceeds from sale of equity method investment 0 350
Additions to property, plant, and equipment (81) (117)
Proceeds from sale of cooperage assets 33 51
Cash provided by (used for) investing activities (48) 284
Cash flows from financing activities:    
Net change in short term borrowings (13) (227)
Payments of withholding taxes related to stock-based awards (1) (2)
Acquisition of treasury stock (400) 0
Dividends paid (321) (313)
Other, net (2) (4)
Cash used for financing activities (737) (546)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 15 (20)
Net increase (decrease) in cash, cash equivalents, and restricted cash (61) 164
Cash, cash equivalents, and restricted cash at beginning of period 463 456
Cash, cash equivalents, and restricted cash at end of period 402 620
Less: Restricted cash (included in other current assets) at end of period (19) (21)
Cash and cash equivalents at end of period 383 599
Supplemental information:    
Non-cash additions to property, plant and equipment 2 7
Right-of-use assets obtained in exchange for new lease obligations $ 22 $ 30
v3.25.4
Condensed Consolidated Financial Statements
 9 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements 
We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods presented in these financial statements. The results for interim periods are not necessarily indicative of future or annual results.

We suggest that you read these condensed financial statements together with the financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2025 (2025 Form 10-K). We prepared the accompanying financial statements on a basis that is substantially consistent with the accounting principles applied in our 2025 Form 10-K.

Accounting standards not yet adopted. In December 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional annual disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance for the annual period ending April 30, 2026. The update can be applied either prospectively or retrospectively. We are still finalizing our assessment of the additional disclosure requirements and do not expect the adoption to have a material impact on our financial position or results of operations.

In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures for the period ending April 30, 2028, and for interim disclosures within fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively. We are currently evaluating the impact that adopting this accounting standards update will have on our disclosures.
v3.25.4
Earnings Per Share
 9 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share 
We calculate basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share further includes the dilutive effect of stock-based compensation awards. We calculate that dilutive effect using the “treasury stock method” (as defined by GAAP).

The following table presents information concerning basic and diluted earnings per share:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions, except per share amounts)2025202620252026
Net income available to common stockholders$270 $267 $723 $661 
Share data (in thousands):  
Basic average common shares outstanding472,661 462,460 472,651 468,624 
Dilutive effect of stock-based awards225 397 309 328 
Diluted average common shares outstanding472,886 462,857 472,960 468,952 
Basic earnings per share$0.57 $0.58 $1.53 $1.41 
Diluted earnings per share$0.57 $0.58 $1.53 $1.41 

We excluded common stock-based awards for approximately 3,378,000 shares and 5,179,000 shares from the calculation of diluted earnings per share for the three months ended January 31, 2025 and 2026, respectively. We excluded common stock-based awards for approximately 2,993,000 shares and 4,718,000 shares from the calculation of diluted earnings per share for the
nine months ended January 31, 2025 and 2026, respectively. We excluded those awards because they were not dilutive for those periods under the treasury stock method.
v3.25.4
Inventories
 9 Months Ended
Jan. 31, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method, or market value. If the LIFO method had not been used, inventories at current cost would have been $600 million higher than reported as of April 30, 2025, and $684 million higher than reported as of January 31, 2026. Changes in the LIFO valuation reserve for interim periods are based on an allocation of the projected change for the entire fiscal year, recognized proportionately over the remainder of the fiscal year.
v3.25.4
Goodwill and Other Intangible Assets
 9 Months Ended
Jan. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The following table shows the changes in goodwill (which includes no accumulated impairment losses) during the nine months ended January 31, 2026:
(Dollars in millions)Goodwill
Balance at April 30, 2025
$1,505 
Foreign currency translation adjustment31 
Balance at January 31, 2026
$1,536 

The following table presents details of our other intangible assets as of April 30, 2025 and January 31, 2026, respectively:

April 30, 2025January 31, 2026
(Dollars in millions)Gross Carrying Amount
Accumulated Amortization
Net Carrying AmountGross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Definite-lived intangible assets:
Supply contract$— $— $— $88 $(6)$82 
Indefinite-lived intangible assets:
Trademarks and brand names981 9811,006 1,006
Total other intangible assets$981 $981 $1,094 $1,088 

During the first quarter of fiscal 2026, we recognized a definite-lived supply contract intangible asset of $88 million. 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 14). 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. We expect to realize the benefit over six years. There was $6 million of amortization capitalized into inventories during the three months and nine months ended January 31, 2026.

The increase in the indefinite-lived intangible assets from April 30, 2025 to January 31, 2026, was primarily driven by the impact of foreign exchange rates.
v3.25.4
Equity Method Investments
 9 Months Ended
Jan. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
On April 30, 2024, as partial consideration for the sale of the Sonoma-Cutrer wine business to The Duckhorn Portfolio, Inc. (Duckhorn), we obtained a 21.4% ownership interest in the common stock of Duckhorn. During the three months and nine months ended January 31, 2025, we recognized $3 million and $5 million, respectively, of equity method investment income for our share of Duckhorn’s earnings.

Also, effective April 30, 2024, we entered into a transition services agreement (TSA) with Duckhorn related to the sale of the Sonoma-Cutrer wine business. Our cost of sales for the nine months ended January 31, 2025, included $24 million for Sonoma-Cuter products purchased from Duckhorn under the TSA. There was no impact to cost of sales for the three months ended January 31, 2025. Fees earned for transition services provided to Duckhorn under the TSA were immaterial. Services related to the TSA ended on or about August 31, 2024.
On October 6, 2024, Duckhorn entered into a definitive agreement pursuant to which Duckhorn would be acquired by private equity funds managed by Butterfly Equity. The transaction was completed on December 24, 2024. Upon completion of the transaction, we received cash of $350 million in exchange for our 21.4% ownership interest in Duckhorn. As a result of the transaction, we recognized a $78 million gain on sale of our investment in Duckhorn during the three months ended January 31, 2025.

Our other equity method investments, which are included in other assets in the accompanying condensed consolidated balance sheets, are immaterial.
v3.25.4
Restructuring and Other Charges
 9 Months Ended
Jan. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges
On January 13, 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth (Restructuring Initiative). This included reducing our worldwide headcount by approximately 12% and closing our Louisville-based Brown-Forman Cooperage. These actions were substantially implemented in fiscal 2025, with the remainder to be completed by the end of fiscal 2026.

We expect to incur aggregate restructuring charges of approximately $67 to $70 million in connection with these actions, consisting primarily of approximately $31 to $32 million in severance and other employee-related costs and approximately $36 to $38 million in other restructuring costs, including costs related to the Louisville-based Brown-Forman Cooperage facility closure and consulting services associated with the restructuring actions. Through January 31, 2026, we recognized $67 million of restructuring and other charges associated with these actions, comprising $65 million in restructuring charges and $2 million in other charges for asset impairments. In fiscal 2025, we also recorded $12 million in other charges associated with a special, one-time early retirement benefit and $3 million in charges to adjust the carrying amount of certain Brown-Forman Cooperage inventory to the amount we expected to realize upon disposal (included in cost of sales in our consolidated statement of operations). As of January 31, 2026, $52 million of the charges to be settled in cash have been paid.

The following table summarizes the restructuring and other charges recognized during the three months and nine months ended January 31, 2025 and 2026, respectively.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
Restructuring charges:
   Severance and other employee-related costs
$19 $3 $19 $7 
   Other restructuring charges1
6 — 8 12 
Restructuring charges
25 3 27 19 
Other charges2
6 — 6 — 
Total restructuring and other charges
$31 $3 $33 $19 
1Primarily represents one-time costs related to the cooperage facility closure, consulting services, and other miscellaneous exit costs.
2Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets that were recognized during the three months ended January 31, 2025.
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.

The following table summarizes the activity in our accrued restructuring costs:
(Dollars in millions)Severance and Other Employee-Related Costs
Other Restructuring Charges
Total
Balance at April 30, 2025
$13 $6 $19 
Costs incurred and charged to expense
7 12 19 
Costs paid or otherwise settled
(18)(7)(25)
Balance at January 31, 2026
$2 $11 $13 

Additionally, on May 1, 2025, we completed the sale of the Brown-Forman Cooperage facility and related assets for $33 million in cash and $88 million in non-cash consideration related to a supply contract with the sellers (refer to Note 4). The carrying amount of the assets included in the sale was $121 million, consisting of $33 million in property, plant, and equipment, net, and $88 million in inventories. As a result of the sale, we recognized an immaterial pre-tax gain during the first quarter of fiscal 2026.
v3.25.4
Contingencies
 9 Months Ended
Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
We operate in a litigious environment, and we are sued in the normal course of business. Sometimes plaintiffs seek substantial damages. Significant judgment is required in predicting the outcome of these suits and claims, many of which take years to adjudicate. We accrue estimated costs for a contingency when we believe that a loss is probable and we can make a reasonable estimate of the loss, and then adjust the accrual as appropriate to reflect changes in facts and circumstances. We do not believe it is reasonably possible that these existing loss contingencies, individually or in the aggregate, would have a material adverse effect on our financial position, results of operations, or liquidity. No material accrued loss contingencies were recorded as of January 31, 2026.
v3.25.4
Debt
 9 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Our long-term debt (net of unamortized discount and issuance costs) consisted of:
(Principal and carrying amounts in millions)April 30, 2025January 31, 2026
1.20% senior notes, €300 principal amount, due July 7, 2026
342 356 
2.60% senior notes, £300 principal amount, due July 7, 2028
401 410 
4.75% senior notes, $650 principal amount, due April 15, 2033
644 644 
4.00% senior notes, $300 principal amount, due April 15, 2038
296 296 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 249 
4.50% senior notes, $500 principal amount, due July 15, 2045
490 490 
Total long-term debt (including current portion)
2,421 2,445 
Less current portion— 356 
Total long-term debt
$2,421 $2,089 
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2025January 31,
2026
Commercial paper (par amount)$313$301
Average interest rate4.64%3.86%
Average remaining days to maturity1213
v3.25.4
Stockholders' Equity
 9 Months Ended
Jan. 31, 2026
Equity, Attributable to Parent [Abstract]  
Stockholders' Equity Stockholders’ Equity
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2025:
(Dollars in millions)Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAOCITreasury StockTotal
Balance at April 30, 2024
$25 $47 $13 $4,261 $(221)$(608)$3,517 
Net income195 195 
Net other comprehensive income (loss)(43)(43)
Declaration of cash dividends (206)(206)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(5)(5)
Balance at July 31, 2024
25 47 12 4,250 (264)(605)3,465 
Net income258 258 
Net other comprehensive income (loss)(27)(27)
Stock-based compensation expense9 9 
Balance at October 31, 2024
25 47 21 4,508 (291)(605)3,705 
Net income270 270 
Net other comprehensive income (loss)(52)(52)
Declaration of cash dividends(107)(107)
Stock-based compensation expense7 7 
Balance at January 31, 2025
$25 $47 $28 $4,671 $(343)$(605)$3,823 
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2026:
(Dollars in millions)Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAOCITreasury StockTotal
Balance at April 30, 2025
$25 $47 $36 $4,710 $(220)$(605)$3,993 
Net income170 170 
Net other comprehensive income (loss)36 36 
Declaration of cash dividends(214)(214)
Stock-based compensation expense4 4 
Stock issued under compensation plans5 5 
Loss on issuance of treasury stock issued under compensation plans(6)(6)
Balance at July 31, 2025
25 47 34 4,666 (184)(600)3,988 
Net income224 224 
Net other comprehensive income (loss)14 14 
Acquisition of treasury stock(100)(100)
Stock-based compensation expense8 8 
Balance at October 31, 2025
25 47 42 4,890 (170)(700)4,134 
Net income267 267 
Net other comprehensive income (loss)82 82 
Declaration of cash dividends(107)(107)
Acquisition of treasury stock(304)(304)
Stock-based compensation expense10 10 
Balance at January 31, 2026
$25 $47 $52 $5,050 $(88)$(1,004)$4,082 

The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2026:
(Dollars in millions)Currency Translation AdjustmentsCash Flow Hedge AdjustmentsPostretirement Benefits AdjustmentsTotal AOCI
Balance at April 30, 2025
$(92)$(5)$(123)$(220)
Net other comprehensive income (loss)120 (5)17 132 
Balance at January 31, 2026
$28 $(10)$(106)$(88)

The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2026:
Declaration DateRecord DatePayable DateAmount per Share
May 22, 2025June 9, 2025July 1, 2025$0.2265
July 24, 2025September 3, 2025October 1, 2025$0.2265
November 19, 2025December 5, 2025January 2, 2026$0.2310
On February 18, 2026, our Board of Directors declared a regular quarterly cash dividend on our Class A and Class B common stock of $0.2310 per share. The dividend is payable on April 1, 2026, to stockholders of record on March 9, 2026.
v3.25.4
Net Sales
 9 Months Ended
Jan. 31, 2026
Net Sales [Abstract]  
Net Sales Net Sales 
The following table shows our net sales by geography:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
United States
$459 $427 $1,367 $1,257 
Developed International1
298 307 867 851 
Emerging2
220 276 647 748 
Travel Retail3
35 39 121 131 
Non-branded and bulk4
23 7 79 29 
Total$1,035 $1,056 $3,081 $3,016 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, and Canada.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, Brazil, and Türkiye.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military, regardless of customer location.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey, regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
Whiskey1
$749 $797 $2,177 $2,227 
Ready-to-Drink2
126 146 380 412 
Tequila3
68 60 202 189 
Non-branded and bulk4
23 7 79 29 
Rest of portfolio5
69 46 243 159 
Total$1,035 $1,056 $3,081 $3,016 
1Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel’s family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, The GlenDronach, Benriach, Glenglassaugh, and Slane Irish Whiskey.
2Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
3Includes el Jimador, the Herradura family of brands, and other tequilas.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
5Includes Korbel California Champagnes and Korbel Brandy (the sales, marketing, and distribution relationship ended on June 30, 2025), Diplomático, Chambord, Gin Mare, Sonoma-Cutrer (which was divested on April 30, 2024), Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and other agency brands (brands we do not own, but sell in certain markets).
v3.25.4
Pension and Other Postretirement Benefits
 9 Months Ended
Jan. 31, 2026
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The following table shows the components of the net cost recognized for our U.S. pension and other postretirement benefit plans. Similar information for our international defined benefit plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
Pension Benefits:
  
Service cost$4 $3 $13 $10 
Interest cost9 8 27 23 
Expected return on plan assets(10)(8)(29)(25)
Amortization of:    
Prior service cost— — 1 1 
Net actuarial loss
1 1 1 3 
Curtailment loss
1 — 1 — 
Settlement charge— 1 — 22 
Net cost$5 $5 $14 $34 
Other Postretirement Benefits:
  
Interest cost$— $— $1 $1 
Special termination benefits
1 — 1 — 
Curtailment loss
1 — 1 — 
Net cost$2 $— $3 $1 
During the three months and nine months ended January 31, 2026, we recognized pension settlement charges of $1 million and $22 million, respectively, triggered by fiscal year-to-date lump-sum payments under certain pension plans surpassing total annual service and interest cost for those plans.
v3.25.4
Income Taxes
 9 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our consolidated interim effective tax rate is based on our expected annual operating income, statutory tax rates, and income tax laws in the various jurisdictions where we operate. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the fiscal quarter in which the related event or a change in judgment occurs. The effective tax rate on ordinary income for the full fiscal year is expected to be 20.8%, which is less than the U.S. federal statutory rate of 21.0%, due to the beneficial impact of the foreign-derived intangible income deduction and tax credits, mostly offset by state taxes and the tax effects of foreign operations.

The effective tax rate of 18.7% for the nine months ended January 31, 2026, was lower than the expected tax rate of 20.8% on ordinary income for the full fiscal year ending April 30, 2026, primarily due to the beneficial impact of prior fiscal year true-ups and tax rate changes in the current period. The effective tax rate of 18.7% for the nine months ended January 31, 2026, was lower than the effective tax rate of 19.5% for the same period last year. The decrease in our effective tax rate was driven primarily by the favorable year-over-year impact of tax rate changes, lower state taxes, tax credits and changes in valuation allowances, which were partially offset by the unfavorable year-over-year impact of prior fiscal year true-ups.

The Organization for Economic Co-operation and Development (OECD) 15% global minimum tax under the Pillar Two Model Rules, which is now effective in countries with enacted legislation, did not materially impact our financial results in the nine months ended January 31, 2026. We will continue to evaluate the impact in future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules. On January 5, 2026, the OECD Inclusive Framework members approved changes to the model rules for the global minimum tax. We are monitoring the implementation of these rules into local laws; however, no material impact to the financial statements is expected for the fiscal year ending April 30, 2026.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the United States, which encompasses a broad range of tax reform provisions. We do not expect this to have a material impact on our estimated annual effective tax rate for the fiscal year ending April 30, 2026.
v3.25.4
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Jan. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
We are subject to market risks, including the effect of fluctuations in foreign currency exchange rates, commodity prices, and interest rates. We use derivatives to help manage financial exposures that occur in the normal course of business. We formally document the purpose of each derivative contract, which includes linking the contract to the financial exposure it is designed to mitigate. We do not hold or issue derivatives for trading or speculative purposes.

We use currency derivative contracts to limit our exposure to the foreign currency exchange rate risk that we cannot mitigate internally by using netting strategies. We designate most of these contracts as cash flow hedges of forecasted transactions (expected to occur within two years). We record all changes in the fair value of cash flow hedges in AOCI until the underlying hedged transaction occurs, at which time we reclassify that amount to earnings.

Some of our currency derivatives are not designated as hedges because we use them to partially offset the immediate earnings impact of changes in foreign currency exchange rates on existing assets or liabilities. We immediately recognize the change in fair value of these contracts in earnings.

We had outstanding currency derivatives, related primarily to our euro, British pound, and Australian dollars with notional amounts for all hedged currencies totaling $463 million at April 30, 2025, and $502 million at January 31, 2026. The maximum term of outstanding derivative contracts was 24 months at both April 30, 2025 and January 31, 2026.

We also use foreign currency-denominated debt instruments to help manage our foreign currency exchange rate risk. We designate a portion of those debt instruments as net investment hedges, which are intended to mitigate foreign currency exposure related to non-U.S. dollar net investments in certain foreign subsidiaries. Any change in value of the designated portion of the hedging instruments is recorded in AOCI, offsetting the foreign currency translation adjustment of the related net investments that is also recorded in AOCI. The amount of foreign currency-denominated debt instruments designated as net investment hedges was $531 million at April 30, 2025, and $546 million at January 31, 2026.

At inception, we expect each financial instrument designated as a hedge to be highly effective in offsetting the financial exposure it is designed to mitigate. We assess the effectiveness of our hedges continually. If we determine that any financial instruments designated as hedges are no longer highly effective, we discontinue hedge accounting for those instruments.

We use forward purchase contracts with suppliers to protect against corn price volatility. We expect to take physical delivery of the corn underlying each contract and use it for production over a reasonable period of time. Accordingly, we account for these contracts as normal purchases rather than as derivative instruments.

The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20252026
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$12 $(15)
Net gain (loss) reclassified from AOCI into earningsSales4 (3)
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$6 $(4)
Net gain (loss) recognized in earningsOther income (expense), net(1)3 
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$22 $(21)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,348 $1,396 
Other income (expense), net(5)7 
Nine Months Ended
January 31,
(Dollars in millions)Classification20252026
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$11 $(16)
Net gain (loss) reclassified from AOCI into earningsSales7 (10)
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$6 $(5)
Net gain (loss) recognized in earningsOther income (expense), net(6)6 
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$7 $(13)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$3,935 $3,923 
Other income (expense), net33 31 

We expect to reclassify $15 million of deferred net losses on cash flow hedges recorded in AOCI as of January 31, 2026 to earnings during the next 12 months. This reclassification would offset the anticipated earnings impact of the underlying hedged exposures. The actual amounts that we ultimately reclassify to earnings will depend on the exchange rates in effect when the underlying hedged transactions occur.

The following table presents the fair values of our derivative instruments:
April 30, 2025January 31, 2026
(Dollars in millions)
Classification		Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Designated as cash flow hedges:
Currency derivativesAccrued expenses$2 $(11)$— $(18)
Currency derivativesOther liabilities— (3)— (3)
Not designated as hedges:
Currency derivativesOther current assets2 — 1 — 

The fair values reflected in the above table are presented on a gross basis. However, as discussed further below, the fair values of those instruments subject to net settlement agreements are presented on a net basis in our balance sheets.

In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.

Credit risk. We are exposed to credit-related losses if the counterparties to our derivative contracts default. This credit risk is limited to the fair value of the contracts. To manage this risk, we contract only with major financial institutions that have investment-grade credit ratings and with whom we have standard International Swaps and Derivatives Association (ISDA) agreements that allow for net settlement of the derivative contracts. Also, we have established counterparty credit guidelines that we monitor regularly, and we monetize contracts when we believe it is warranted. Because of these safeguards, we believe we have no derivative positions that warrant credit valuation adjustments.

Our derivative instruments require us to maintain a specific level of creditworthiness, which we have maintained. If our creditworthiness were to fall below that level, then the counterparties to our derivative instruments could request immediate payment or collateralization for derivative instruments in net liability positions. The aggregate fair value of our derivatives with creditworthiness requirements that were in a net liability position was $12 million at April 30, 2025, and $21 million at January 31, 2026.
Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets.

The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetNet Amounts Presented in Balance SheetGross Amounts Not Offset in Balance SheetNet Amounts
April 30, 2025
Derivative assets$4 $(2)$2 $— $2 
Derivative liabilities(14)2 (12)— (12)
January 31, 2026
Derivative assets1 — 1 — 1 
Derivative liabilities(21)— (21)— (21)

No cash collateral was received or pledged related to our derivative contracts as of April 30, 2025, or January 31, 2026.
v3.25.4
Fair Value Measurements
 9 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2025January 31, 2026
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$444 $444 $383 $383 
Currency derivatives, net2 2 1 1 
Liabilities  
Currency derivatives, net12 12 21 21 
Contingent consideration
31 31 31 31 
Short-term borrowings312 312 300 300 
Long-term debt (including current portion)
2,421 2,255 2,445 2,318 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We categorize the fair values of assets and liabilities into three levels based on the assumptions (inputs) used to determine those values. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 – Observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive markets; or other inputs that are observable or can be derived from or corroborated by observable market data.
•Level 3 – Unobservable inputs supported by little or no market activity.

We determine the fair values of our currency derivatives (forward contracts) using standard valuation models. The significant inputs used in these models, which are readily available in public markets or can be derived from observable market transactions, include the applicable spot exchange rates, forward exchange rates, and interest rates. These fair value measurements are categorized as Level 2 within the valuation hierarchy.
We determine the fair value of long-term debt primarily based on the prices at which identical or similar debt has recently traded in the market and also considering the overall market conditions on the date of valuation. These fair value measurements are categorized as Level 2 within the valuation hierarchy.

The fair values of cash, cash equivalents, and short-term borrowings approximate the carrying amounts due to the short maturities of these instruments.

The contingent consideration liability reflects the estimated fair value of the contingent future cash payments of up to €90 million to the sellers of the Gin Mare brand under an “earn-out” provision of the acquisition agreement (Gin Mare was acquired on November 3, 2022). Any contingent consideration earned by the sellers will become payable in cash upon exercise by the sellers of the right to receive the payment, which can occur no later than July 2027. The amount payable will depend on the achievement of net sales targets for Gin Mare for the latest fiscal year completed prior to the date of exercise by the sellers. The possible payments range from zero to €90 million.

We determine the fair value of our contingent consideration liability using a Monte Carlo simulation model, which requires the use of Level 3 inputs, such as projected future net sales, discount rates, and volatility rates. Changes in any of these Level 3 inputs could result in material changes to the fair value of the contingent consideration and could materially impact the amount of noncash expense (or income) recorded each reporting period.

The following table shows the changes in our contingent consideration liability during the nine months ended January 31, 2026:
(Dollars in millions)
Balance at April 30, 2025
$31 
Change in fair value1
(1)
Foreign currency translation adjustment1 
Balance at January 31, 2026
$31 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.

We measure some assets and liabilities at fair value on a nonrecurring basis. That is, we do not measure them at fair value on an ongoing basis, but we do adjust them to fair value in some circumstances (for example, when we determine that an asset is impaired). During the first quarter of fiscal 2026, we recognized a supply contract intangible asset of $88 million, obtained as partial consideration for the sale of the Brown-Forman Cooperage facility and related assets on May 1, 2025 (refer to Note 6). We used the discounted cash flow model to determine the fair value of the supply contract as of the transaction date. The fair value measurement determined using this model is categorized as Level 3 within the valuation hierarchy. No other material nonrecurring fair value measurements were required during the periods presented in these financial statements.
v3.25.4
Other Comprehensive Income
 9 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Other Comprehensive Income Other Comprehensive Income
The following table shows the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
January 31, 2025January 31, 2026
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(55)$(5)$(60)$80 $6 $86 
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(55)(5)(60)80 6 86 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments12 (3)9 (15)3 (12)
Reclassification to earnings1
(4)1 (3)3 — 3 
Other comprehensive income (loss), net8 (2)6 (12)3 (9)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost1 — 1 6 (2)4 
Reclassification to earnings2
1 — 1 2 (1)1 
Other comprehensive income (loss), net2 — 2 8 (3)5 
Total other comprehensive income (loss), net$(45)$(7)$(52)$76 $6 $82 
Nine Months EndedNine Months Ended
January 31, 2025January 31, 2026
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(126)$(2)$(128)$117 $3 $120 
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(126)(2)(128)117 3 120 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments11 (3)8 (16)3 (13)
Reclassification to earnings1
(7)2 (5)10 (2)8 
Other comprehensive income (loss), net4 (1)3 (6)1 (5)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost1 — 1 (3)— (3)
Reclassification to earnings2
2 — 2 26 (6)20 
Other comprehensive income (loss), net3 — 3 23 (6)17 
Total other comprehensive income (loss), net$(119)$(3)$(122)$134 $(2)$132 
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.25.4
Segment Information
 9 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our business constitutes a single operating segment, which derives its revenues predominantly from global sales of beverage alcohol consumer products.
Our Chief Executive Officer is our chief operating decision maker, who manages business operations, evaluates performance, and allocates resources based on segment metrics such as net sales, gross profit, operating income, and net income. Significant segment expenses include cost of sales, advertising expenses, and selling, general, and administrative expenses. Other segment items include (when applicable): restructuring and other charges; other expense (income), net; non-operating postretirement expense; interest income; interest expense; equity method investment income and gain on sale; and income taxes. The amount of each of these segment measures is the same as the consolidated amount presented in the accompanying condensed consolidated statements of operations.
The segment’s assets, expenditures for additions to long-lived assets, and depreciation and amortization are the same as the consolidated amounts presented in the accompanying condensed consolidated balance sheets and condensed consolidated statements of cash flows.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Condensed Consolidated Financial Statements (Policies)
 9 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting
We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. In accordance with those rules and regulations, we condensed or omitted certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). In our opinion, the accompanying financial statements include all adjustments, consisting only of normal recurring adjustments (unless otherwise indicated), necessary for a fair statement of our financial results for the periods presented in these financial statements. The results for interim periods are not necessarily indicative of future or annual results.
New Accounting Pronouncements
Accounting standards not yet adopted. In December 2023, the Financial Accounting Standards Board (FASB) issued an updated accounting standard requiring additional annual disclosures about income taxes, primarily related to the rate reconciliation and information about income taxes paid. We are required to adopt the new guidance for the annual period ending April 30, 2026. The update can be applied either prospectively or retrospectively. We are still finalizing our assessment of the additional disclosure requirements and do not expect the adoption to have a material impact on our financial position or results of operations.

In November 2024, the FASB issued an updated accounting standard requiring disaggregation, in the notes to the financial statements, of expense line items in the income statement that include certain categories of expenses. We are required to adopt the updated standard for annual disclosures for the period ending April 30, 2028, and for interim disclosures within fiscal 2029, with earlier adoption permitted. The update can be applied either prospectively or retrospectively. We are currently evaluating the impact that adopting this accounting standards update will have on our disclosures.
Inventory, Policy We value some of our consolidated inventories, including most of our U.S. inventories, at the lower of cost, using the last-in, first-out (LIFO) method, or market value.
Classification of Cash Flows Related to Cash Flow Hedges
In our statements of cash flows, we classify cash flows related to cash flow hedges in the same category as the cash flows from the hedged items.
Derivatives, Offsetting Fair Value Amounts, Policy
Offsetting. As noted above, our derivative contracts are governed by ISDA agreements that allow for net settlement of derivative contracts with the same counterparty. It is our policy to present the fair values of current derivatives (that is, those with a remaining term of 12 months or less) with the same counterparty on a net basis in our balance sheets. Similarly, we present the fair values of noncurrent derivatives with the same counterparty on a net basis. We do not net current derivatives with noncurrent derivatives in our balance sheets.
v3.25.4
Earnings Per Share (Tables)
 9 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table presents information concerning basic and diluted earnings per share:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions, except per share amounts)2025202620252026
Net income available to common stockholders$270 $267 $723 $661 
Share data (in thousands):  
Basic average common shares outstanding472,661 462,460 472,651 468,624 
Dilutive effect of stock-based awards225 397 309 328 
Diluted average common shares outstanding472,886 462,857 472,960 468,952 
Basic earnings per share$0.57 $0.58 $1.53 $1.41 
Diluted earnings per share$0.57 $0.58 $1.53 $1.41 
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Jan. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill [Table Text Block]
The following table shows the changes in goodwill (which includes no accumulated impairment losses) during the nine months ended January 31, 2026:
(Dollars in millions)Goodwill
Balance at April 30, 2025
$1,505 
Foreign currency translation adjustment31 
Balance at January 31, 2026
$1,536 
Schedule of Indefinite-Lived Intangible Assets [Table Text Block]
The following table presents details of our other intangible assets as of April 30, 2025 and January 31, 2026, respectively:

April 30, 2025January 31, 2026
(Dollars in millions)Gross Carrying Amount
Accumulated Amortization
Net Carrying AmountGross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Definite-lived intangible assets:
Supply contract$— $— $— $88 $(6)$82 
Indefinite-lived intangible assets:
Trademarks and brand names981 9811,006 1,006
Total other intangible assets$981 $981 $1,094 $1,088 
v3.25.4
Restructuring and Other Charges (Tables)
 9 Months Ended
Jan. 31, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs [Table Text Block]
The following table summarizes the restructuring and other charges recognized during the three months and nine months ended January 31, 2025 and 2026, respectively.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
Restructuring charges:
   Severance and other employee-related costs
$19 $3 $19 $7 
   Other restructuring charges1
6 — 8 12 
Restructuring charges
25 3 27 19 
Other charges2
6 — 6 — 
Total restructuring and other charges
$31 $3 $33 $19 
1Primarily represents one-time costs related to the cooperage facility closure, consulting services, and other miscellaneous exit costs.
2Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets that were recognized during the three months ended January 31, 2025.
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
The following table summarizes the activity in our accrued restructuring costs:
(Dollars in millions)Severance and Other Employee-Related Costs
Other Restructuring Charges
Total
Balance at April 30, 2025
$13 $6 $19 
Costs incurred and charged to expense
7 12 19 
Costs paid or otherwise settled
(18)(7)(25)
Balance at January 31, 2026
$2 $11 $13 
v3.25.4
Debt (Tables)
 9 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Our long-term debt (net of unamortized discount and issuance costs) consisted of:
(Principal and carrying amounts in millions)April 30, 2025January 31, 2026
1.20% senior notes, €300 principal amount, due July 7, 2026
342 356 
2.60% senior notes, £300 principal amount, due July 7, 2028
401 410 
4.75% senior notes, $650 principal amount, due April 15, 2033
644 644 
4.00% senior notes, $300 principal amount, due April 15, 2038
296 296 
3.75% senior notes, $250 principal amount, due January 15, 2043
248 249 
4.50% senior notes, $500 principal amount, due July 15, 2045
490 490 
Total long-term debt (including current portion)
2,421 2,445 
Less current portion— 356 
Total long-term debt
$2,421 $2,089 
Schedule of Short-term Debt [Table Text Block]
Our short-term borrowings consisted of borrowings under our commercial paper program, as follows:
(Dollars in millions)April 30, 2025January 31,
2026
Commercial paper (par amount)$313$301
Average interest rate4.64%3.86%
Average remaining days to maturity1213
v3.25.4
Stockholders' Equity (Tables)
 9 Months Ended
Jan. 31, 2026
Equity, Attributable to Parent [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2025:
(Dollars in millions)Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAOCITreasury StockTotal
Balance at April 30, 2024
$25 $47 $13 $4,261 $(221)$(608)$3,517 
Net income195 195 
Net other comprehensive income (loss)(43)(43)
Declaration of cash dividends (206)(206)
Stock-based compensation expense4 4 
Stock issued under compensation plans3 3 
Loss on issuance of treasury stock issued under compensation plans(5)(5)
Balance at July 31, 2024
25 47 12 4,250 (264)(605)3,465 
Net income258 258 
Net other comprehensive income (loss)(27)(27)
Stock-based compensation expense9 9 
Balance at October 31, 2024
25 47 21 4,508 (291)(605)3,705 
Net income270 270 
Net other comprehensive income (loss)(52)(52)
Declaration of cash dividends(107)(107)
Stock-based compensation expense7 7 
Balance at January 31, 2025
$25 $47 $28 $4,671 $(343)$(605)$3,823 
The following table shows the changes in stockholders’ equity by quarter during the nine months ended January 31, 2026:
(Dollars in millions)Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAOCITreasury StockTotal
Balance at April 30, 2025
$25 $47 $36 $4,710 $(220)$(605)$3,993 
Net income170 170 
Net other comprehensive income (loss)36 36 
Declaration of cash dividends(214)(214)
Stock-based compensation expense4 4 
Stock issued under compensation plans5 5 
Loss on issuance of treasury stock issued under compensation plans(6)(6)
Balance at July 31, 2025
25 47 34 4,666 (184)(600)3,988 
Net income224 224 
Net other comprehensive income (loss)14 14 
Acquisition of treasury stock(100)(100)
Stock-based compensation expense8 8 
Balance at October 31, 2025
25 47 42 4,890 (170)(700)4,134 
Net income267 267 
Net other comprehensive income (loss)82 82 
Declaration of cash dividends(107)(107)
Acquisition of treasury stock(304)(304)
Stock-based compensation expense10 10 
Balance at January 31, 2026
$25 $47 $52 $5,050 $(88)$(1,004)$4,082 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table shows the change in each component of accumulated other comprehensive income (AOCI), net of tax, during the nine months ended January 31, 2026:
(Dollars in millions)Currency Translation AdjustmentsCash Flow Hedge AdjustmentsPostretirement Benefits AdjustmentsTotal AOCI
Balance at April 30, 2025
$(92)$(5)$(123)$(220)
Net other comprehensive income (loss)120 (5)17 132 
Balance at January 31, 2026
$28 $(10)$(106)$(88)
Dividends Declared [Table Text Block]
The following table shows the cash dividends declared per share on our Class A and Class B common stock during the nine months ended January 31, 2026:
Declaration DateRecord DatePayable DateAmount per Share
May 22, 2025June 9, 2025July 1, 2025$0.2265
July 24, 2025September 3, 2025October 1, 2025$0.2265
November 19, 2025December 5, 2025January 2, 2026$0.2310
v3.25.4
Net Sales (Tables)
 9 Months Ended
Jan. 31, 2026
Net Sales [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table shows our net sales by geography:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
United States
$459 $427 $1,367 $1,257 
Developed International1
298 307 867 851 
Emerging2
220 276 647 748 
Travel Retail3
35 39 121 131 
Non-branded and bulk4
23 7 79 29 
Total$1,035 $1,056 $3,081 $3,016 
1Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, and Canada.
2Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, Brazil, and Türkiye.
3Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military, regardless of customer location.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey, regardless of customer location.

The following table shows our net sales by product category:
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
Whiskey1
$749 $797 $2,177 $2,227 
Ready-to-Drink2
126 146 380 412 
Tequila3
68 60 202 189 
Non-branded and bulk4
23 7 79 29 
Rest of portfolio5
69 46 243 159 
Total$1,035 $1,056 $3,081 $3,016 
1Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel’s family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, The GlenDronach, Benriach, Glenglassaugh, and Slane Irish Whiskey.
2Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
3Includes el Jimador, the Herradura family of brands, and other tequilas.
4Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
5Includes Korbel California Champagnes and Korbel Brandy (the sales, marketing, and distribution relationship ended on June 30, 2025), Diplomático, Chambord, Gin Mare, Sonoma-Cutrer (which was divested on April 30, 2024), Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and other agency brands (brands we do not own, but sell in certain markets).
v3.25.4
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Jan. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The following table shows the components of the net cost recognized for our U.S. pension and other postretirement benefit plans. Similar information for our international defined benefit plans is not presented due to immateriality.
Three Months EndedNine Months Ended
January 31,January 31,
(Dollars in millions)2025202620252026
Pension Benefits:
  
Service cost$4 $3 $13 $10 
Interest cost9 8 27 23 
Expected return on plan assets(10)(8)(29)(25)
Amortization of:    
Prior service cost— — 1 1 
Net actuarial loss
1 1 1 3 
Curtailment loss
1 — 1 — 
Settlement charge— 1 — 22 
Net cost$5 $5 $14 $34 
Other Postretirement Benefits:
  
Interest cost$— $— $1 $1 
Special termination benefits
1 — 1 — 
Curtailment loss
1 — 1 — 
Net cost$2 $— $3 $1 
v3.25.4
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Jan. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss) [Table Text Block]
The following table presents the pre-tax impact that changes in the fair value of our derivative instruments and non-derivative hedging instruments had on AOCI and earnings:
Three Months Ended
January 31,
(Dollars in millions)Classification20252026
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$12 $(15)
Net gain (loss) reclassified from AOCI into earningsSales4 (3)
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$6 $(4)
Net gain (loss) recognized in earningsOther income (expense), net(1)3 
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$22 $(21)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$1,348 $1,396 
Other income (expense), net(5)7 
Nine Months Ended
January 31,
(Dollars in millions)Classification20252026
Derivative Instruments
Currency derivatives designated as cash flow hedges:   
Net gain (loss) recognized in AOCIn/a$11 $(16)
Net gain (loss) reclassified from AOCI into earningsSales7 (10)
Currency derivatives not designated as hedging instruments:   
Net gain (loss) recognized in earningsSales$6 $(5)
Net gain (loss) recognized in earningsOther income (expense), net(6)6 
Non-Derivative Hedging Instruments
Foreign currency-denominated debt designated as net investment hedge:
Net gain (loss) recognized in AOCIn/a$7 $(13)
Total amounts presented in the accompanying condensed consolidated statements of operations for line items affected by the net gains (losses) shown above:
Sales$3,935 $3,923 
Other income (expense), net33 31 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents the fair values of our derivative instruments:
April 30, 2025January 31, 2026
(Dollars in millions)
Classification		Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Designated as cash flow hedges:
Currency derivativesAccrued expenses$2 $(11)$— $(18)
Currency derivativesOther liabilities— (3)— (3)
Not designated as hedges:
Currency derivativesOther current assets2 — 1 — 
Offsetting Derivative Assets and Liabilities [Table Text Block]
The following table summarizes the gross and net amounts of our derivative contracts:
(Dollars in millions)Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset in Balance SheetNet Amounts Presented in Balance SheetGross Amounts Not Offset in Balance SheetNet Amounts
April 30, 2025
Derivative assets$4 $(2)$2 $— $2 
Derivative liabilities(14)2 (12)— (12)
January 31, 2026
Derivative assets1 — 1 — 1 
Derivative liabilities(21)— (21)— (21)
v3.25.4
Fair Value Measurements (Tables)
 9 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the assets and liabilities measured or disclosed at fair value on a recurring basis:
April 30, 2025January 31, 2026
 CarryingFairCarryingFair
(Dollars in millions)AmountValueAmountValue
Assets  
Cash and cash equivalents$444 $444 $383 $383 
Currency derivatives, net2 2 1 1 
Liabilities  
Currency derivatives, net12 12 21 21 
Contingent consideration
31 31 31 31 
Short-term borrowings312 312 300 300 
Long-term debt (including current portion)
2,421 2,255 2,445 2,318 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table shows the changes in our contingent consideration liability during the nine months ended January 31, 2026:
(Dollars in millions)
Balance at April 30, 2025
$31 
Change in fair value1
(1)
Foreign currency translation adjustment1 
Balance at January 31, 2026
$31 
1Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.25.4
Other Comprehensive Income (Tables)
 9 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Comprehensive Income (Loss) [Table Text Block]
The following table shows the components of net other comprehensive income (loss):
Three Months EndedThree Months Ended
January 31, 2025January 31, 2026
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(55)$(5)$(60)$80 $6 $86 
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(55)(5)(60)80 6 86 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments12 (3)9 (15)3 (12)
Reclassification to earnings1
(4)1 (3)3 — 3 
Other comprehensive income (loss), net8 (2)6 (12)3 (9)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost1 — 1 6 (2)4 
Reclassification to earnings2
1 — 1 2 (1)1 
Other comprehensive income (loss), net2 — 2 8 (3)5 
Total other comprehensive income (loss), net$(45)$(7)$(52)$76 $6 $82 
Nine Months EndedNine Months Ended
January 31, 2025January 31, 2026
(Dollars in millions)Pre-TaxTaxNetPre-TaxTaxNet
Currency translation adjustments:
Net gain (loss) on currency translation$(126)$(2)$(128)$117 $3 $120 
Reclassification to earnings— — — — — — 
Other comprehensive income (loss), net(126)(2)(128)117 3 120 
Cash flow hedge adjustments:
Net gain (loss) on hedging instruments11 (3)8 (16)3 (13)
Reclassification to earnings1
(7)2 (5)10 (2)8 
Other comprehensive income (loss), net4 (1)3 (6)1 (5)
Postretirement benefits adjustments:
Net actuarial gain (loss) and prior service cost1 — 1 (3)— (3)
Reclassification to earnings2
2 — 2 26 (6)20 
Other comprehensive income (loss), net3 — 3 23 (6)17 
Total other comprehensive income (loss), net$(119)$(3)$(122)$134 $(2)$132 
1Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
2Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.25.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Earnings Per Share [Abstract]        
Net income available to common stockholders, basic $ 267 $ 270 $ 661 $ 723
Net income available to common stockholders, diluted $ 267 $ 270 $ 661 $ 723
Share data (in thousands):        
Basic average common shares outstanding 462,460 472,661 468,624 472,651
Dilutive effect of stock-based awards 397 225 328 309
Diluted average common shares outstanding 462,857 472,886 468,952 472,960
Basic earnings per share (dollars per share) $ 0.58 $ 0.57 $ 1.41 $ 1.53
Diluted earnings per share (dollars per share) $ 0.58 $ 0.57 $ 1.41 $ 1.53
v3.25.4
Earnings Per Share (Details Textual) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Earnings Per Share (Textual) [Abstract]        
Common stock-based awards excluded from the calculation of diluted earnings per share 5,179 3,378 4,718 2,993
v3.25.4
Inventories (Details) - USD ($)
$ in Millions
Jan. 31, 2026
Apr. 30, 2025
Inventories (Textual) [Abstract]    
Excess of current costs over stated LIFO value $ 684 $ 600
v3.25.4
Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Millions
 9 Months Ended
Jan. 31, 2026
Apr. 30, 2025
Goodwill [Roll Forward]    
Balance at April 30, 2025 $ 1,505  
Foreign currency translation adjustment 31  
Balance at January 31, 2026 1,536  
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Definite-lived supply contract, Gross Carrying Amount 88 $ 0
Finite-Lived Intangible Assets, Accumulated Amortization (6) 0
Definite-lived supply contract, Net Carrying Amount 82 0
Indefinite-lived trademarks and brand names, Gross Carrying Amount 1,006 981
Indefinite-lived trademarks and brand names, Net Carrying Amount 1,006 981
Total other intangible assets, Gross Carrying Amount 1,094 981
Total other intangible assets, Net Carrying Amount $ 1,088 $ 981
v3.25.4
Goodwill and Other Intangible Assets (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
May 01, 2025
Jan. 31, 2026
Jan. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]      
Fair Value of Assets Acquired $ 88    
Finite-Lived Intangible Assets, Amortization Capitalized Into Inventories   $ 6 $ 6
v3.25.4
Equity Method Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Apr. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Income (Loss) from Equity Method Investments $ 3   $ 5  
Related Party Transaction, Purchases from Related Party     24  
Proceeds from sale of equity method investment 350 $ 0 $ 350  
Equity Method Investment, Realized Gain (Loss) on Disposal $ 78      
Duckhorn        
Schedule of Equity Method Investments [Line Items]        
Equity Method Investment, Ownership Percentage       21.40%
v3.25.4
Restructuring and Other Charges (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Apr. 30, 2025
Jan. 13, 2025
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Percentage of Positions Eliminated           12.00%
Restructuring and Related Impairment Charges, Incurred to Date $ 67   $ 67      
Other charges [1] 0 $ 6 0 $ 6    
Inventory Write-down         $ 3  
Restructuring Costs, Cash Payments to Date 52   52      
Special Termination Benefits [Member]            
Restructuring Cost and Reserve [Line Items]            
Other charges   $ 4   $ 4 $ 12  
Restructuring Charges            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Impairment Charges, Incurred to Date 65   65      
Impairment Charge [Member]            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Impairment Charges, Incurred to Date 2   2      
Minimum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Cost 67   67      
Maximum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Cost 70   70      
Severance and Other Employee-Related Costs [Member] | Minimum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Cost 31   31      
Severance and Other Employee-Related Costs [Member] | Maximum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Cost 32   32      
Other Restructuring Charges [Member] | Minimum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Cost 36   36      
Other Restructuring Charges [Member] | Maximum            
Restructuring Cost and Reserve [Line Items]            
Restructuring and Related Cost, Expected Cost $ 38   $ 38      
[1] Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets that were recognized during the three months ended January 31, 2025.
v3.25.4
Restructuring and Other Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Apr. 30, 2025
Restructuring Costs [Abstract]          
Restructuring charges $ 3 $ 25 $ 19 $ 27  
Other charges [1] 0 6 0 6  
Total restructuring and other charges 3 31 19 33  
Special Termination Benefits [Member]          
Restructuring Costs [Abstract]          
Other charges   4   4 $ 12
Impairment Charge [Member]          
Restructuring Costs [Abstract]          
Other charges   2   2  
Severance and Other Employee-Related Costs [Member]          
Restructuring Costs [Abstract]          
Restructuring charges 3 19 7 19  
Other Restructuring Charges [Member]          
Restructuring Costs [Abstract]          
Restructuring charges [2] $ 0 $ 6 $ 12 $ 8  
[1] Represents $4 million in costs associated with a special, one-time early retirement benefit to qualifying U.S. employees and $2 million in impairment charges on certain cooperage facility assets that were recognized during the three months ended January 31, 2025.
[2] Primarily represents one-time costs related to the cooperage facility closure, consulting services, and other miscellaneous exit costs.
v3.25.4
Restructuring and Other Charges (Details 1) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Restructuring Reserve [Roll Forward]        
Balance at April 30, 2025     $ 19  
Costs incurred and charged to expense $ 3 $ 25 19 $ 27
Costs paid or otherwise settled     (25)  
Balance at January 31, 2026 13   13  
Severance and Other Employee-Related Costs [Member]        
Restructuring Reserve [Roll Forward]        
Balance at April 30, 2025     13  
Costs incurred and charged to expense 3 19 7 19
Costs paid or otherwise settled     (18)  
Balance at January 31, 2026 2   2  
Other Restructuring Charges [Member]        
Restructuring Reserve [Roll Forward]        
Balance at April 30, 2025     6  
Costs incurred and charged to expense [1] 0 $ 6 12 $ 8
Costs paid or otherwise settled     (7)  
Balance at January 31, 2026 $ 11   $ 11  
[1] Primarily represents one-time costs related to the cooperage facility closure, consulting services, and other miscellaneous exit costs.
v3.25.4
Restructuring and Other Charges (Details 2) - USD ($)
$ in Millions
 9 Months Ended
May 01, 2025
Jan. 31, 2026
Jan. 31, 2025
Apr. 30, 2025
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]        
Proceeds from sale of cooperage assets $ 33 $ 33 $ 51  
Non-cash consideration, supply contract 88      
Assets held for sale 121 $ 0   $ 121
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current 33      
Disposal Group, Including Discontinued Operation, Inventory, Current $ 88      
v3.25.4
Debt (Details)
€ in Millions, £ in Millions, $ in Millions
 9 Months Ended
Jan. 31, 2026
USD ($)
Jan. 31, 2026
EUR (€)
Jan. 31, 2026
GBP (£)
Apr. 30, 2025
USD ($)
Apr. 30, 2025
EUR (€)
Apr. 30, 2025
GBP (£)
Debt Instrument [Line Items]            
Long-term debt, including current portion $ 2,445     $ 2,421    
Current portion of long-term debt 356     0    
Long-term debt $ 2,089     $ 2,421    
1.20% notes, due July 7, 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 300     € 300  
Debt Instrument, Maturity Date Jul. 07, 2026          
Debt Instrument, Interest Rate, Stated Percentage 1.20% 1.20% 1.20% 1.20% 1.20% 1.20%
Long-term debt, including current portion $ 356     $ 342    
2.60% notes, due July 7, 2028 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | £     £ 300     £ 300
Debt Instrument, Maturity Date Jul. 07, 2028          
Debt Instrument, Interest Rate, Stated Percentage 2.60% 2.60% 2.60% 2.60% 2.60% 2.60%
Long-term debt, including current portion $ 410     $ 401    
4.75% senior notes, due April 15, 2033 {Member}            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 650     $ 650    
Debt Instrument, Maturity Date Apr. 15, 2033          
Debt Instrument, Interest Rate, Stated Percentage 4.75% 4.75% 4.75% 4.75% 4.75% 4.75%
Long-term debt, including current portion $ 644     $ 644    
4.00% senior notes, due April 15, 2038 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300     $ 300    
Debt Instrument, Maturity Date Apr. 15, 2038          
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Long-term debt, including current portion $ 296     $ 296    
3.75% notes, due January 15, 2043 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 250     $ 250    
Debt Instrument, Maturity Date Jan. 15, 2043          
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
Long-term debt, including current portion $ 249     $ 248    
4.50% notes, due July 15, 2045 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 500     $ 500    
Debt Instrument, Maturity Date Jul. 15, 2045          
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Long-term debt, including current portion $ 490     $ 490    
v3.25.4
Debt Short-term Borrowings (Details) - Commercial Paper - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 31, 2025
Jan. 31, 2026
Apr. 30, 2025
Short-Term Debt [Line Items]      
Commercial paper (par amount)   $ 301 $ 313
Average interest rate   3.86% 4.64%
Average remaining days to maturity 12 days 13 days  
v3.25.4
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Oct. 31, 2025
Jul. 31, 2025
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2026
Jan. 31, 2025
Beginning balance $ 4,134 $ 3,988 $ 3,993 $ 3,705 $ 3,465 $ 3,517 $ 3,993 $ 3,517
Net income 267 224 170 270 258 195 661 723
Net other comprehensive income (loss) 82 14 36 (52) (27) (43) 132 (122)
Declaration of cash dividends (107)   (214) (107)   (206)    
Acquisition of treasury stock (304) (100)            
Stock-based compensation expense 10 8 4 7 9 4    
Stock issued under compensation plans     5     3    
Loss on issuance of treasury stock issued under compensation plans     (6)     (5)    
Ending balance 4,082 4,134 3,988 3,823 3,705 3,465 4,082 3,823
Additional Paid-in Capital [Member]                
Beginning balance 42 34 36 21 12 13 36 13
Stock-based compensation expense 10 8 4 7 9 4    
Loss on issuance of treasury stock issued under compensation plans     (6)     (5)    
Ending balance 52 42 34 28 21 12 52 28
Retained Earnings [Member]                
Beginning balance 4,890 4,666 4,710 4,508 4,250 4,261 4,710 4,261
Net income 267 224 170 270 258 195    
Declaration of cash dividends (107)   (214) (107)   (206)    
Ending balance 5,050 4,890 4,666 4,671 4,508 4,250 5,050 4,671
AOCI Attributable to Parent [Member]                
Beginning balance (170) (184) (220) (291) (264) (221) (220) (221)
Net other comprehensive income (loss) 82 14 36 (52) (27) (43) 132  
Ending balance (88) (170) (184) (343) (291) (264) (88) (343)
Treasury Stock, Common [Member]                
Beginning balance (700) (600) (605) (605) (605) (608) (605) (608)
Acquisition of treasury stock (304) 100            
Stock issued under compensation plans     5     3    
Ending balance (1,004) (700) (600) (605) (605) (605) (1,004) (605)
Common stock, Class A, voting [Member] | Common Stock [Member]                
Beginning balance 25 25 25 25 25 25 25 25
Ending balance 25 25 25 25 25 25 25 25
Common stock, Class B, nonvoting [Member] | Common Stock [Member]                
Beginning balance 47 47 47 47 47 47 47 47
Ending balance $ 47 $ 47 $ 47 $ 47 $ 47 $ 47 $ 47 $ 47
v3.25.4
Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Oct. 31, 2025
Jul. 31, 2025
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2026
Jan. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance $ 4,134 $ 3,988 $ 3,993 $ 3,705 $ 3,465 $ 3,517 $ 3,993 $ 3,517
Net other comprehensive income (loss) 82 14 36 (52) (27) (43) 132 (122)
Ending balance 4,082 4,134 3,988 3,823 3,705 3,465 4,082 3,823
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (92)       (92)  
Net other comprehensive income (loss) 86     (60)     120 (128)
Ending balance 28           28  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (5)       (5)  
Net other comprehensive income (loss) (9)     6     (5) 3
Ending balance (10)           (10)  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance     (123)       (123)  
Net other comprehensive income (loss) 5     2     17 3
Ending balance (106)           (106)  
AOCI Attributable to Parent [Member]                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Beginning balance (170) (184) (220) (291) (264) (221) (220) (221)
Net other comprehensive income (loss) 82 14 36 (52) (27) (43) 132  
Ending balance $ (88) $ (170) $ (184) $ (343) $ (291) $ (264) $ (88) $ (343)
v3.25.4
Stockholders' Equity Dividends - (Details) - $ / shares
 9 Months Ended
Feb. 18, 2026
Jan. 31, 2026
July 2025 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   May 22, 2025
Dividends Payable, Date of Record   Jun. 09, 2025
Dividends Payable, Date to be Paid   Jul. 01, 2025
Common Stock, Dividends, Per Share, Declared   $ 0.2265
October 2025 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   Jul. 24, 2025
Dividends Payable, Date of Record   Sep. 03, 2025
Dividends Payable, Date to be Paid   Oct. 01, 2025
Common Stock, Dividends, Per Share, Declared   $ 0.2265
January 2026 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared   Nov. 19, 2025
Dividends Payable, Date of Record   Dec. 05, 2025
Dividends Payable, Date to be Paid   Jan. 02, 2026
Common Stock, Dividends, Per Share, Declared   $ 0.2310
Subsequent Event [Member] | April 2026 dividend payment    
Class of Stock [Line Items]    
Dividends Payable, Date Declared Feb. 18, 2026  
Dividends Payable, Date of Record Mar. 09, 2026  
Dividends Payable, Date to be Paid Apr. 01, 2026  
Common Stock, Dividends, Per Share, Declared $ 0.2310  
v3.25.4
Net Sales by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Disaggregation of Revenue [Line Items]        
Net sales $ 1,056 $ 1,035 $ 3,016 $ 3,081
United States [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 427 459 1,257 1,367
Developed International [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 307 298 851 867
Emerging [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [2] 276 220 748 647
Travel Retail [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 39 35 131 121
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] $ 7 $ 23 $ 29 $ 79
[1] Represents net sales of branded products to “advanced economies” as defined by the International Monetary Fund (IMF), excluding the United States. Our top developed international markets are Germany, Australia, the United Kingdom, France, and Canada.
[2] Represents net sales of branded products to “emerging and developing economies” as defined by the IMF. Our top emerging markets are Mexico, Poland, Brazil, and Türkiye.
[3] Represents net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military, regardless of customer location.
[4] Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey, regardless of customer location.
v3.25.4
Net Sales by Product Category (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Disaggregation of Revenue [Line Items]        
Net sales $ 1,056 $ 1,035 $ 3,016 $ 3,081
Whiskey [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [1] 797 749 2,227 2,177
Ready-to-Drink [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [2] 146 126 412 380
Tequila [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [3] 60 68 189 202
Non-branded and bulk [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [4] 7 23 29 79
Rest of portfolio [Member]        
Disaggregation of Revenue [Line Items]        
Net sales [5] $ 46 $ 69 $ 159 $ 243
[1] Includes all whiskey spirits and whiskey-based flavored liqueurs. The brands included in this category are the Jack Daniel’s family of brands (excluding the “ready-to-drink” products outlined below), the Woodford Reserve family of brands, the Old Forester family of brands, The GlenDronach, Benriach, Glenglassaugh, and Slane Irish Whiskey.
[2] Includes the Jack Daniel’s ready-to-drink (RTD) and ready-to-pour (RTP) products, New Mix, and other RTD/RTP products.
[3] Includes el Jimador, the Herradura family of brands, and other tequilas.
[4] Includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey.
[5] Includes Korbel California Champagnes and Korbel Brandy (the sales, marketing, and distribution relationship ended on June 30, 2025), Diplomático, Chambord, Gin Mare, Sonoma-Cutrer (which was divested on April 30, 2024), Finlandia Vodka (which was divested on November 1, 2023), Fords Gin, and other agency brands (brands we do not own, but sell in certain markets).
v3.25.4
Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined Benefit Plan, Sponsor Location [Extensible List] United States [Member] United States [Member] United States [Member] United States [Member]
Pension Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost $ 3 $ 4 $ 10 $ 13
Interest cost 8 9 23 27
Expected return on plan assets (8) (10) (25) (29)
Amortization of prior service cost (credit) 0 0 1 1
Amortization of net actuarial loss (gain) 1 1 3 1
Curtailment loss 0 1 0 1
Settlement charge 1 0 22 0
Net cost 5 5 34 14
Other Postretirement Benefits Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Interest cost 0 0 1 1
Special termination benefits 0 1 0 1
Curtailment loss 0 1 0 1
Net cost $ 0 $ 2 $ 1 $ 3
v3.25.4
Income Taxes (Details)
 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Income Tax Disclosure [Abstract]    
Expected Tax Rate on Ordinary Income 20.80%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%  
Effective Income Tax Rate Reconciliation, Percent 18.70% 19.50%
v3.25.4
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2026
Jan. 31, 2025
Total amounts presented in the accompanying consolidated statements of operations for line items affected by the net gains (losses) shown above: [Abstract]        
Sales $ 1,396 $ 1,348 $ 3,923 $ 3,935
Other income (expense), net 7 (5) 31 33
Foreign Currency Denominated Debt [Member]        
Foreign currency-denominated debt designated as net investment hedge: [Abstract]        
Net gain (loss) recognized in AOCI (21) 22 (13) 7
Currency derivatives [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) recognized in AOCI (15) 12 (16) 11
Currency derivatives [Member] | Sales [Member]        
Currency derivatives designated as cash flow hedges: [Abstract]        
Net gain (loss) reclassified from AOCI into earnings (3) 4 (10) 7
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings (4) 6 (5) 6
Currency derivatives [Member] | Other Income [Member]        
Currency derivatives not designated as hedging instruments: [Abstract]        
Net gain (loss) recognized in earnings $ 3 $ (1) $ 6 $ (6)
v3.25.4
Derivative Financial Instruments and Hedging Activities (Details 1) - USD ($)
$ in Millions
Jan. 31, 2026
Apr. 30, 2025
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset $ 1 $ 4
Derivative Liability, Fair Value, Gross Liability 21 14
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 2
Derivative Liability, Fair Value, Gross Liability (18) (11)
Currency derivatives [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other Liabilities [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 0 0
Derivative Liability, Fair Value, Gross Liability (3) (3)
Currency derivatives [Member] | Not designated as hedges [Member] | Other Current Assets [Member]    
Fair values of derivative instruments    
Derivative Asset, Fair Value, Gross Asset 1 2
Derivative Liability, Fair Value, Gross Liability $ 0 $ 0
v3.25.4
Derivative Financial Instruments and Hedging Activities (Details Textual) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Jan. 31, 2026
Apr. 30, 2025
Derivative Financial Instruments (Textual) [Abstract]    
Maximum term of outstanding derivative contracts 24 months 24 months
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months $ (15)  
Derivative, Net Liability Position, Aggregate Fair Value 21 $ 12
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt Instrument, Face Amount 546 531
Foreign Exchange Contract [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Notional Amount $ 502 $ 463
v3.25.4
Derivative Financial Instruments and Hedging Activities- Offsetting Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Jan. 31, 2026
Apr. 30, 2025
Offsetting Assets and Liabilities [Line Items]    
Gross Amount of Derivative Assets $ 1 $ 4
Gross Amount of Derivative Liabilities Offset Against Derivative Assets in Balance Sheet 0 (2)
Net Amount of Derivative Assets Presented in Balance Sheet 1 2
Gross Amount of Derivative Liabilities Not Offset Against Derivative Assets in Balance Sheet 0 0
Net Amount of Derivative Assets 1 2
Gross Amount of Derivative Liabilities (21) (14)
Gross Amount of Derivative Assets Offset Against Derivative Liabilities in Balance Sheet 0 2
Net Amount of Derivative Liabilities Presented in Balance Sheet (21) (12)
Gross Amount of Derivative Assets Not Offset Against Derivative Liabilities in Balance Sheet 0 0
Net Amount of Derivative Liabilities $ (21) $ (12)
v3.25.4
Fair Value Measurements (Details)
$ in Millions
Jan. 31, 2026
USD ($)
Apr. 30, 2025
USD ($)
Jan. 31, 2025
USD ($)
Nov. 03, 2022
EUR (€)
Assets:        
Cash and cash equivalents $ 383 $ 444 $ 599  
Cash and cash equivalents, Fair Value 383 444    
Liabilities:        
Contingent consideration, Carrying Amount 31 31    
Short-term borrowings, Carrying Amount 300 312    
Short-term borrowings, Fair Value 300 312    
Long-term debt (including current portion), Carrying Amount 2,445 2,421    
Gin Mare        
Business Combination, Contingent Consideration [Abstract]        
Business Combination, Contingent Consideration, Range of Outcomes, Minimum, Amount | €       € 0
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount | €       € 90,000,000
Fair Value, Inputs, Level 2 [Member]        
Assets:        
Currency derivatives, net, Fair Value 1 2    
Liabilities:        
Currency derivatives, net, Fair Value 21 12    
Long-term debt (including current portion), Fair Value 2,318 2,255    
Fair Value, Inputs, Level 3 [Member]        
Liabilities:        
Contingent consideration, Fair Value 31 31    
Foreign Exchange Contract [Member]        
Assets:        
Currency derivatives, net, Carrying Amount 1 2    
Liabilities:        
Currency derivatives, net, Carrying Amount $ 21 $ 12    
v3.25.4
Fair Value Measurements - Rollforward of Contingent Consideration (Details)
$ in Millions
 9 Months Ended
Jan. 31, 2026
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at April 30, 2025 $ 31
Change in fair value (1) [1]
Foreign currency translation adjustment 1
Balance at January 31, 2026 $ 31
[1] Classified as “other expense (income), net” in the accompanying condensed consolidated statement of operations.
v3.25.4
Fair Value Measurements (Details 1)
$ in Millions
May 01, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Non-cash consideration, supply contract $ 88
Fair Value, Inputs, Level 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Non-cash consideration, supply contract $ 88
v3.25.4
Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Oct. 31, 2025
Jul. 31, 2025
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Jan. 31, 2026
Jan. 31, 2025
Before Tax:                
Net other comprehensive income (loss) $ 76     $ (45)     $ 134 $ (119)
Tax Effect:                
Net other comprehensive income (loss) 6     (7)     (2) (3)
Net of Tax:                
Net other comprehensive income (loss) 82 $ 14 $ 36 (52) $ (27) $ (43) 132 (122)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 80     (55)     117 (126)
Reclassification to earnings 0     0     0 0
Net other comprehensive income (loss) 80     (55)     117 (126)
Tax Effect:                
Net gain (loss) 6     (5)     3 (2)
Reclassification to earnings 0     0     0 0
Net other comprehensive income (loss) 6     (5)     3 (2)
Net of Tax:                
Net gain (loss) 86     (60)     120 (128)
Reclassification to earnings 0     0     0 0
Net other comprehensive income (loss) 86     (60)     120 (128)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]                
Before Tax:                
Net gain (loss) (15)     12     (16) 11
Reclassification to earnings [1] 3     (4)     10 (7)
Net other comprehensive income (loss) (12)     8     (6) 4
Tax Effect:                
Net gain (loss) 3     (3)     3 (3)
Reclassification to earnings [1] 0     1     (2) 2
Net other comprehensive income (loss) 3     (2)     1 (1)
Net of Tax:                
Net gain (loss) (12)     9     (13) 8
Reclassification to earnings [1] 3     (3)     8 (5)
Net other comprehensive income (loss) (9)     6     (5) 3
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]                
Before Tax:                
Net gain (loss) 6     1     (3) 1
Reclassification to earnings [2] 2     1     26 2
Net other comprehensive income (loss) 8     2     23 3
Tax Effect:                
Net gain (loss) (2)     0     0 0
Reclassification to earnings [2] (1)     0     (6) 0
Net other comprehensive income (loss) (3)     0     (6) 0
Net of Tax:                
Net gain (loss) 4     1     (3) 1
Reclassification to earnings [2] 1     1     20 2
Net other comprehensive income (loss) $ 5     $ 2     $ 17 $ 3
[1] Pre-tax amount for each period is classified as sales in the accompanying condensed consolidated statements of operations.
[2] Pre-tax amount for each period is classified as non-operating postretirement expense in the accompanying condensed consolidated statements of operations.
v3.25.4
Segment Reporting (Details)
 9 Months Ended
Jan. 31, 2026
Segment
Segment Reporting [Abstract]  
Number of operating segments 1