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Brown-Forman Reports Fiscal 2025 Results
LOUISVILLE, Ky.--(BUSINESS WIRE)--Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its fourth quarter and fiscal year ended April 30, 2025. Fourth quarter reported net sales decreased 7% 1 to $894 million (-3% on an organic basis 2) compared to the same prior-year period. In the quarter, reported operating income decreased 45% to $205 million (-2% on an organic basis) and diluted earnings per share decreased 45% to $0.31, largely due to the absence of the prior-year gain on sale of the Sonoma-Cutrer wine business. For the full year, the company's reported net sales decreased 5% to $4.0 billion (+1% on an organic basis) compared to the same prior-year period. Reported operating income decreased 22% to $1.1 billion (+3% on an organic basis) and diluted earnings per share decreased 14% to $1.84. 'Our ability to deliver organic growth on both the top and bottom line in a year of softening consumer demand is a testament to the strength and resilience of our team,' said Lawson Whiting, Brown-Forman's President and Chief Executive Officer. 'While our results did not meet our long-term growth aspirations, we made important progress in an exceptionally challenging macroeconomic environment. Looking ahead to fiscal 2026, we expect continued headwinds. Still, we are confident that with agility, innovation, and a clear focus on execution, we are well positioned to navigate uncertainty and unlock new opportunities for sustainable long-term growth.' Fiscal 2025 Highlights The operating environment remained challenging in fiscal 2025 due to ongoing macroeconomic and geopolitical uncertainties, which the company believes negatively impacted consumer confidence and reduced discretionary spending in many of our top markets. Net sales declined across all geographic aggregations, largely driven by the Finlandia and Sonoma-Cutrer divestitures. Gross profit declined 7% (-2% organic). Gross margin contracted 150 basis points largely driven by higher input costs, unfavorable fixed cost absorption related to lower production levels, and the negative effect of foreign exchange, partially offset by favorable price/mix. Operating expenses declined 10% (-6% organic). A series of strategic restructuring initiatives designed to position the company for future growth resulted in charges of $63 million. Brown-Forman returned $420 million to stockholders through regular quarterly dividends, received $350 million in cash in exchange for its 21.4% ownership interest in The Duckhorn Portfolio Inc. (Duckhorn), and repaid $300 million in principal on maturing notes. Fiscal 2025 Brand Results Net sales for Whiskey 3 products were flat (+1% organic). Growth from Woodford Reserve and Jack Daniel's Tennessee Whiskey was offset by the negative effect of foreign exchange and declines in other super-premium Jack Daniel's expressions. These expressions include Jack Daniel's Single Barrel and various other Jack Daniel's special releases, which declined compared to a strong prior year partially due to a number of product launches. An estimated net increase in distributor inventories positively impacted net sales. Net sales for the Tequila 3 portfolio declined 14% (-12% organic) impacted by challenging macroeconomic conditions in Mexico and a competitive environment in the United States. Driven by these markets, el Jimador's net sales decreased 13% (-11% organic) led by volume declines, and Herradura's net sales decreased 13% (-10% organic) led by volume declines and higher promotional pricing. Net sales were also impacted by the negative effect of foreign exchange. Net sales for the Ready-to-Drink 3 (RTD) portfolio declined 6% (+5% organic). Jack Daniel's RTD/RTP portfolio decreased 8% (+1% organic) largely driven by the Jack Daniel's Country Cocktails business model change (JDCC) 2. Net sales of New Mix declined 1% (+13% organic), as double-digit volume growth was more than offset by the negative effect of foreign exchange. Rest of Portfolio's 3 net sales declined 33% (-2% organic) driven by the Finlandia and Sonoma-Cutrer divestitures and lower volumes of Korbel California Champagnes in the United States. The decline was partially offset by strong double-digit growth from Diplomático. Fiscal 2025 Market Results Net sales in the United States decreased 7% (-2% organic) led by the divestiture of Sonoma-Cutrer; volume declines in a challenging consumer environment, primarily Jack Daniel's Tennessee Whiskey and Korbel California Champagnes; and the impact of JDCC. The declines were partially offset by growth of Woodford Reserve as the brand continued to gain market share and outperformed the U.S. Whiskey category. An estimated net increase in distributor inventories positively impacted net sales. Collectively, net sales in the Developed International 3 markets declined 6% (-3% organic) led by the absence of the Finlandia brand and lower volumes in Italy (in preparation for the May 1, 2025 transition to owned distribution), South Korea, and the United Kingdom. The decline was partially offset by higher volumes of Jack Daniel's Tennessee Whiskey in Japan, reflecting the transition to owned distribution on April 1, 2024. Net sales in Emerging 3 markets declined 2% (+9% organic), largely driven by the negative effect of foreign exchange, the Finlandia divestiture, and declines of the Tequila portfolio in Mexico. The decline was partially offset by growth of the Jack Daniel's family of brands in Türkiye, Brazil, and the United Arab Emirates, and higher volumes of New Mix. An estimated net increase in distributor inventories positively impacted net sales. The Travel Retail channel's net sales decreased 7% (-5% organic) led by declines of other super-premium Jack Daniel's expressions and the divestiture of Finlandia, partially offset by higher volumes of Diplomático. Fiscal 2025 Other P&L Items Gross profit decreased 7% (-2% organic) primarily due to the absence of the divested brands and the negative effect of foreign exchange. Gross margin contracted 150 basis points to 58.9% largely driven by higher input costs, unfavorable fixed cost absorption related to lower production levels, and the negative effect of foreign exchange, partially offset by favorable price/mix. Advertising expense decreased 8% (-6% organic) driven by lower Jack Daniel's Tennessee Whiskey and Jack Daniel's Tennessee Apple spend, the impact of the recently divested brands, and lower Jack Daniel's and Coca-Cola RTD spend as compared to the prior-year period launch in the United States. Selling, general, and administrative (SG&A) expenses decreased 10% (-5% organic) led by lower compensation and benefit-related expenses and lapping the prior-year expenses related to charitable contributions to the Brown-Forman Foundation and Dendrifund. The company incurred $63 million in charges related to the restructuring program announced in January 2025. The restructuring initiatives include a 12% workforce reduction, the closure of the Louisville-based Brown-Forman Cooperage, and an early retirement benefit offered to qualifying U.S. employees. The charges comprise $60 million presented as 'restructuring and other charges' and $3 million included in cost of sales. These restructuring costs are in line with expectations and should deliver $70 to $80 million in annualized savings to invest in future growth. Operating income declined 22% (+3% organic) with an operating margin decrease of 600 basis points to 27.9%. The decrease was primarily due to the absence of the gains from our divested brands, the decline in gross margin, and a non-cash impairment charge in the fourth quarter related to the Gin Mare brand name, partially offset by lower operating expenses, including the favorable fair value adjustment to Gin Mare's contingent consideration liability. Diluted earnings per share decreased $0.31 driven primarily by the decrease in operating income, partially offset by the pretax gain on sale of the investment in Duckhorn and the benefit of the lower effective tax rate. Fiscal 2025 Financial Stewardship The company paid regular quarterly dividends totaling $420 million to stockholders. Brown-Forman, a member of the S&P 500 Dividend Aristocrats Index, has paid regular quarterly cash dividends for 81 consecutive years and has increased the regular dividend for 41 consecutive years. Brown-Forman received $350 million in cash for its 21.4% ownership interest in Duckhorn and recognized a $78 million pretax gain on its sale. The company maintained a strong financial position with the repayment of the $300 million principal amount of 3.50% senior notes on their maturity date of April 15, 2025. Fiscal 2026 Outlook We anticipate the operating environment for fiscal 2026 will be challenging, with low visibility due to macroeconomic and geopolitical volatility as we face headwinds from consumer uncertainty, the potential impact from currently unknown tariffs, and lower non-branded sales of used barrels. We remain focused on building our business for the long term and navigating the current environment at pace with strategic initiatives in fiscal 2026 that we believe will unlock future growth led by the significant evolution of our U.S. distribution, the restructuring initiative, and meaningful new product innovation. Considering these factors, we expect the following in fiscal 2026: Organic net sales decline in the low-single digit range. Organic operating income decline in the low-single digit range. Our effective tax rate to be in the range of approximately 21% to 23%. Capital expenditures planned to be in the range of $125 to $135 million. Conference Call Details Brown-Forman will host a conference call to discuss these results at 10:00 a.m. (ET) today. A live audio broadcast of the conference call, and the accompanying presentation slides, will be available via Brown-Forman's website, through a link to 'Investors/Events & Presentations.' A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call. Brown-Forman Corporation has been building exceptional spirits brands for more than 150 years, responsibly upholding our founding promise of 'Nothing Better in the Market.' Our portfolio of premium brands includes the Jack Daniel's Family of Brands, Woodford Reserve, Herradura, el Jimador, Korbel, New Mix, Old Forester, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Chambord, Gin Mare, Fords Gin, Slane, and Coopers' Craft. With a team of approximately 5,400 employees worldwide, we proudly share our passion for premium beverages in more than 170 countries. Discover more about us at and stay connected through LinkedIn, Instagram, and X. Important Information on Forward-Looking Statements: This press release contains statements, estimates, and projections that are 'forward-looking statements' as defined under U.S. federal securities laws. Words such as 'aim,' 'ambition,' 'anticipate,' 'aspire,' 'believe,' 'can,' 'continue,' 'could,' 'envision,' 'estimate,' 'expect,' 'expectation,' 'intend,' 'may,' 'might,' 'plan,' 'potential,' 'project,' 'pursue,' 'see,' 'seek,' 'should,' 'will,' 'would,' and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from those expressed in or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: Our substantial dependence upon the continued growth of the Jack Daniel's family of brands Substantial competition from new entrants, consolidations by competitors and retailers, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks Disruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers Risks from changes to the trade policies, tariffs, and import and export regulations of the United States or foreign governments and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and/or distributors Changes in consumer preferences, consumption, or purchase patterns – particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; further legalization of marijuana; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation Route-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs Production facility, aging warehouse, or supply chain disruption Imprecision in supply/demand forecasting Higher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, or labor Risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs, or impairment in recorded value Unfavorable global or regional economic conditions and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations Impact of health epidemics and pandemics, and the risk of the resulting negative economic impacts and related governmental actions Product recalls or other product liability claims, product tampering, contamination, or quality issues Negative publicity related to our company, products, brands, marketing, executive leadership, employees, Board of Directors, family stockholders, operations, business performance, or prospects Failure to attract or retain key executive or employee talent Risks associated with being a U.S.-based company with a global business, including commercial, political, and financial risks; local labor policies and conditions; compliance with local trade practices and other regulations; terrorism, kidnapping, extortion, or other types of violence; and health pandemics Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations Fluctuations in foreign currency exchange rates, particularly due to a stronger U.S. dollar Changes in laws, regulatory measures, or governmental policies, especially those affecting production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products Tax rate changes (including excise, corporate, sales or value-added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur Decline in the social acceptability of beverage alcohol in significant markets Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products Counterfeiting and inadequate protection of our intellectual property rights Significant legal disputes and proceedings, or government investigations Cyberbreach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws Our status as a family 'controlled company' under New York Stock Exchange rules, and our dual-class share structure For further information on these and other risks, please refer to our public filings, including the 'Risk Factors' section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Brown-Forman Corporation Unaudited Consolidated Statements of Operations For the Twelve Months Ended April 30, 2024 and 2025 (Dollars in millions, except per share amounts) 2024 2025 Change Net sales $ 4,178 $ 3,975 (5%) Cost of sales 1,652 1,632 (1%) Gross profit 2,526 2,343 (7%) Advertising expenses 529 484 (8%) Selling, general, and administrative expenses 826 744 (10%) Restructuring and other charges — 60 Gain on sale of business (267 ) — Other expense (income), net 24 (52 ) Operating income 1,414 1,107 (22)% Non-operating postretirement expense 3 4 Interest expense, net 113 105 Equity method investment income and gain on sale — (83 ) Income before income taxes 1,298 1,081 (17)% Income taxes 274 212 Net income $ 1,024 $ 869 (15)% Earnings per share: Basic $ 2.15 $ 1.84 (14)% Diluted $ 2.14 $ 1.84 (14)% Gross margin 60.5 % 58.9 % Operating margin 33.8 % 27.9 % Effective tax rate 21.2 % 19.6 % Cash dividends paid per common share $ 0.8466 $ 0.8886 Shares (in thousands) used in the calculation of earnings per share Basic 476,394 472,655 Diluted 477,220 472,950 Expand Brown-Forman Corporation Unaudited Condensed Consolidated Balance Sheets (Dollars in millions) April 30, 2024 April 30, 2025 Assets: Cash and cash equivalents $ 446 $ 444 Accounts receivable, net 769 830 Inventories 2,556 2,511 Assets held for sale — 121 Other current assets 265 289 Total current assets 4,036 4,195 Property, plant, and equipment, net 1,074 1,095 Goodwill 1,455 1,505 Other intangible assets 990 981 Equity method investments 270 3 Other assets 341 307 Total assets $ 8,166 $ 8,086 Liabilities: Accounts payable and accrued expenses $ 793 $ 741 Accrued income taxes 38 27 Short-term borrowings 428 312 Current portion of long-term debt 300 — Total current liabilities 1,559 1,080 Long-term debt 2,372 2,421 Deferred income taxes 315 241 Accrued postretirement benefits 160 164 Other liabilities 243 187 Total liabilities 4,649 4,093 Stockholders' equity 3,517 3,993 Total liabilities and stockholders' equity $ 8,166 $ 8,086 Expand Brown-Forman Corporation Unaudited Condensed Consolidated Statements of Cash Flows For the Twelve Months Ended April 30, 2024 and 2025 (Dollars in millions) 2024 2025 Cash provided by operating activities $ 647 $ 598 Cash flows from investing activities: Proceeds from sale of business 246 — Proceeds from sale of equity method investment — 350 Additions to property, plant, and equipment (228 ) (167 ) Other 31 66 Cash provided by (used for) investing activities 49 249 Cash flows from financing activities: Net change in short-term borrowings 192 (117 ) Repayment of long-term debt — (300 ) Acquisition of treasury stock (400 ) — Dividends paid (404 ) (420 ) Other (6 ) (6 ) Cash provided by (used for) financing activities (618 ) (843 ) Effect of exchange rate changes (6 ) 3 Net increase (decrease) in cash, cash equivalents, and restricted cash 72 7 Cash, cash equivalents, and restricted cash at beginning of period 384 456 Cash, cash equivalents, and restricted cash at end of period 456 463 Less: Restricted cash at end of period (10 ) (19 ) Cash and cash equivalents at end of period $ 446 $ 444 Expand Schedule A Brown-Forman Corporation Supplemental Statement of Operations Information (Unaudited) Percentage change versus the prior-year period ended April 30, 2025 3 Months 12 Months Reported change in net sales (7 %) (5 %) Acquisitions and divestitures 3 % 3 % Other items * — % 1 % Foreign exchange 1 % 2 % Organic change in net sales (3 %) 1 % Reported change in gross profit (10 %) (7 %) Acquisitions and divestitures 2 % 3 % Other items 1 % — % Foreign exchange 2 % 3 % Organic change in gross profit (5 %) (2 %) Reported change in advertising expenses (7 %) (8 %) Acquisitions and divestitures 1 % 2 % Foreign exchange — % 1 % Organic change in advertising expenses (6 %) (6 %) Reported change in SG&A (16 %) (10 %) Acquisitions and divestitures 1 % 1 % Other Items 9 % 3 % Foreign exchange — % 1 % Organic change in SG&A (6 %) (5 %) Reported change in operating income (45 %) (22 %) Acquisitions and divestitures 24 % 16 % Impairment charges 21 % 4 % Other items 3 % 2 % Foreign exchange (4 %) 3 % Organic change in operating income (2 %) 3 % Expand ____________________ * See 'Note 2 - Non-GAAP Financial Measures' for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers. Note: Totals may differ due to rounding. Expand Schedule B Brown-Forman Corporation Supplemental Statement of Operations Information (Unaudited) Twelve Months Ended April 30, 2025 Supplemental Information ^ Volumes (9-Liter Cases) Net Sales % Change vs. Prior-Year Period Product Category / Brand Family / Brand ^ Depletions (Millions) * % Change vs. Prior-Year Period Shipments (Millions) * % Change vs. Prior-Year Period Reported Acquisitions and Divestitures Other Items Foreign Exchange Organic ^ Whiskey 21.0 (3 %) 20.9 1 % — % — % — % 1 % 1 % JDTW 13.9 (4 %) 13.8 1 % — % — % — % 1 % 1 % JDTH 2.0 (2 %) 2.0 2 % — % — % — % 2 % 2 % Gentleman Jack 0.8 (1 %) 0.8 5 % 4 % — % — % 1 % 5 % JDTA 0.9 5 % 1.0 6 % — % — % — % 3 % 3 % JDTF 0.6 (8 %) 0.6 (3 %) (3 %) — % — % 1 % (2 %) Woodford Reserve 1.8 2 % 1.8 6 % 8 % — % — % — % 8 % Old Forester 0.5 (1 %) 0.5 1 % 8 % — % — % — % 8 % Rest of Whiskey 0.5 (20 %) 0.4 (21 %) (23 %) — % — % 1 % (22 %) Ready-to-Drink 21.6 3 % 21.6 4 % (6 %) — % 5 % 6 % 5 % JD RTD/RTP 10.3 (4 %) 10.3 (2 %) (8 %) — % 7 % 3 % 1 % New Mix 11.3 11 % 11.3 11 % (1 %) — % — % 13 % 13 % Tequila 2.0 (11 %) 2.0 (11 %) (14 %) — % — % 2 % (12 %) el Jimador 1.3 (10 %) 1.3 (12 %) (13 %) — % — % 1 % (11 %) Herradura 0.6 (10 %) 0.6 (8 %) (13 %) — % — % 3 % (10 %) Rest of Portfolio 2.1 (6 %) 2.1 (5 %) (33 %) 31 % — % 1 % (2 %) Non-branded and bulk NA NA NA NA 18 % 1 % — % — % 18 % Total Portfolio 46.8 (1 %) 46.7 2 % (5 %) 3 % 1 % 2 % 1 % Other Brands and Aggregations Jack Daniel's Family 28.8 (4 %) 28.8 — % (2 %) — % 1 % 1 % 1 % American Whiskey 20.9 (3 %) 20.8 1 % 1 % — % — % 1 % 2 % Diplomático 0.3 4 % 0.3 28 % 27 % — % — % (1 %) 26 % Gin Mare 0.2 2 % 0.2 2 % 1 % — % — % — % 1 % Expand ____________________ ^ See 'Note 2 - Non-GAAP Financial Measures' for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers. See 'Note 3 - Definitions' for details on our brand aggregations and other metrics. * Volumes are adjusted to (i) remove increases or decreases related to acquired and divested brands for periods not comparable year over year and (ii) reflect the Jack Daniel's Country Cocktails business model change (JDCC) during fiscal 2024 and fiscal 2025. For additional information concerning acquisitions and divestitures impacting depletions and shipments and the change in JDCC, see the applicable defined terms in 'Note 2 – Non-GAAP Financial Measures.' Note: Totals may differ due to rounding. Expand Schedule C Brown-Forman Corporation Supplemental Statement of Operations Information (Unaudited) Twelve Months Ended April 30, 2025 Net Sales % Change vs. Prior-Year Period Geographic Area ^ Reported Acquisitions and Divestitures Other Items Foreign Exchange Organic ^ United States (7 %) 3 % 1 % — % (2 %) Developed International (6 %) 2 % — % 1 % (3 %) Germany (4 %) — % — % — % (3 %) Australia (2 %) 1 % — % 3 % 1 % United Kingdom (6 %) — % — % (1 %) (6 %) France — % — % — % — % — % Canada (14 %) 4 % — % 2 % (8 %) Rest of Developed International (9 %) 5 % — % 2 % (3 %) Emerging (2 %) 5 % — % 6 % 9 % Mexico (8 %) — % — % 12 % 4 % Poland (11 %) 21 % — % (5 %) 4 % Brazil 12 % — % — % 7 % 19 % Türkiye 30 % 1 % — % 12 % 43 % Rest of Emerging (2 %) 6 % — % 1 % 5 % Travel Retail (7 %) 2 % — % — % (5 %) Non-branded and bulk 18 % 1 % — % — % 18 % Total (5 %) 3 % 1 % 2 % 1 % Expand ____________________ ^ See 'Note 2 - Non-GAAP Financial Measures' for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers. See 'Note 3 - Definitions' for details on our geographic aggregations. Note: Totals may differ due to rounding. Expand Schedule D Brown-Forman Corporation Supplemental Information (Unaudited) — Estimated Net Change in Distributor Inventories Twelve Months Ended April 30, 2025 Estimated Net Change in Distributor Inventories ^ vs. Prior-Year Period Geographic Area ^ - Net Sales United States 3% Developed International 3% Emerging 3% Travel Retail (1%) Non-branded and bulk —% Product category / brand family / brand ^ Whiskey 4% JDTW 4% JDTH 4% Gentleman Jack 6% JDTA 1% JDTF 5% Woodford Reserve 3% Old Forester —% Rest of Whiskey —% Ready-to-Drink 2% JD RTD/RTP 3% New Mix —% Tequila —% el Jimador (2%) Herradura 3% Rest of Portfolio (1%) Non-branded and bulk —% Statement of Operations Line Items Net Sales 3% Cost of Sales 3% Gross Profit 3% Operating Income 7% ____________________ ^ See 'Note 3 - Definitions' for details on our geographic aggregations, brand aggregations, and other metrics. A positive difference is interpreted as a net increase in distributors' inventories; whereas, a negative difference is interpreted as a net decrease in distributors' inventories. Expand Note 1 - All related commentary and percentage growth rates are on a reported basis and compared to the same prior-year periods, unless otherwise noted. Note 2 - Non-GAAP Financial Measures Use of Non-GAAP Financial Information. We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). Additionally, we use some financial measures in this press release that are not measures of financial performance under GAAP. These non-GAAP measures, defined below, should be viewed as supplements to (not substitutes for) our results of operations and other measures reported under GAAP. Other companies may define or calculate these non-GAAP measures differently. Reconciliations of these non-GAAP measures to the most closely comparable GAAP measures are presented on Schedules A, B, and C of this press release. 'Organic change' in measures of statements of operations. We present changes in certain measures, or line items, of the statements of operations that are adjusted to an 'organic' basis. We use 'organic change' for the following measures: (a) organic net sales; (b) organic cost of sales; (c) organic gross profit; (d) organic advertising expenses; (e) organic selling, general, and administrative (SG&A) expenses; (f) organic other expense (income) net; (g) organic operating expenses *; and (h) organic operating income. To calculate these measures, we adjust, as applicable, for (1) acquisitions and divestitures, (2) impairment charges, (3) other items, and (4) foreign exchange. We explain these adjustments below. 'Acquisitions and divestitures.' This adjustment removes (a) the gain or loss recognized on the sale of divested brands and certain assets, (b) any non-recurring effects related to our acquisitions and divestitures (e.g., transaction, transition, and integration costs), (c) the effects of operating activity related to acquired and divested brands for periods not comparable year over year (non-comparable periods), and (d) fair value changes to contingent consideration liabilities. Excluding non-comparable periods allows us to include the effects of acquired and divested brands only to the extent that results are comparable year over year. During fiscal 2023, we acquired Gin Mare Brand, S.L.U. and Mareliquid Vantguard, S.L.U., which owned the Gin Mare brand (Gin Mare). This adjustment removes the fair value adjustments to Gin Mare's contingent consideration liability that is payable in cash no later than July 2027. We recognized $43 million in favorable fair value adjustments to Gin Mare's contingent consideration liability during fiscal 2025. During fiscal 2024, we sold our Finlandia vodka business, which resulted in a pre-tax gain of $92 million, and entered into a related transition services agreement (TSA) for this business. This adjustment removes the (a) transaction costs related to the divestiture; (b) the gain on sale of the Finlandia vodka business; (c) operating activity for the non-comparable period, which is activity in the first and second quarters of fiscal 2024; and (d) net sales, cost of sales, and operating expenses recognized pursuant to the TSA related to distribution services in certain markets. During fiscal 2024, we sold the Sonoma-Cutrer wine business in exchange for an ownership percentage of 21.4% in The Duckhorn Portfolio Inc. (Duckhorn) along with $50 million cash and entered into a related TSA for this business. This transaction resulted in a pre-tax gain of $175 million. This adjustment removes the (a) transaction costs related to the divestiture; (b) the gain on sale of the Sonoma-Cutrer wine business; (c) operating activity for the non-comparable period, which is all activity in fiscal 2024; and (d) net sales, cost of sales, and operating expenses recognized pursuant to the TSA related to distribution services in certain markets. During fiscal 2024, we recognized a gain of $7 million on the sale of certain fixed assets related to a divested mill. During fiscal 2025, we recognized a gain of $12 million on the sale of the Alabama cooperage. This adjustment removes the gains from our other expense (income), net and operating income. 'Impairment Charges.' This adjustment removes the impact of impairment charges from our results of operations. During fiscal 2024, we recognized a non-cash impairment charge of $7 million for an immaterial discontinued brand name. During fiscal 2025, we recognized a non-cash impairment charge of $47 million for the Gin Mare brand name. *Operating expenses include advertising expenses, SG&A expenses, restructuring and other charges, and other expenses (income), net. Expand 'Other Items.' Other Items include the additional items outlined below. ' Foundation.' During fiscal 2024, we committed $23 million to the Brown-Forman Foundation and Dendrifund (the Foundation and Dendrifund) to support the communities where our employees live and work. This adjustment removes the expenses related to charitable contributions to the Foundation and Dendrifund from our organic SG&A expenses and organic operating income to present our organic results on a comparable basis. 'Jack Daniel's Country Cocktails business model change (JDCC).' In fiscal 2021, we entered into a partnership with the Pabst Brewing Company for the supply, sales, and distribution of Jack Daniel's Country Cocktails in the United States while Brown-Forman continued to produce certain products. During fiscal 2024, this production fully transitioned to Pabst Brewing Company for the Jack Daniel's Country Cocktails products. This adjustment removes the non-comparable operating activity related to the sales of Brown-Forman-produced Jack Daniel's Country Cocktails products for fiscal 2024 and 2025. 'Franchise tax refund.' During fiscal 2025, we recognized a $13 million franchise tax refund due to a change in franchise tax calculation methodology for the state of Tennessee. This modification lowered our annual franchise tax obligation and was retroactively applied to franchise taxes paid during fiscal 2020 through fiscal 2023. This adjustment removes the franchise tax refund from our other expense (income), net and operating income. 'Restructuring initiative.' During fiscal 2025, our Board of Directors approved a plan to reduce our structural cost base and realign resources toward future sources of growth. This included reducing our workforce by approximately 12% and closing the Louisville-based Brown-Forman Cooperage. We also offered a special, one-time early retirement benefit to qualifying U.S. employees. Collectively, this adjustment removes the $63 million* impact from our cost of sales, operating expenses, and operating income from the third and fourth quarters of fiscal 2025. 'Foreign exchange.' We calculate the percentage change in certain line items of the statements of operations in accordance with GAAP and adjust to exclude the cost or benefit of currency fluctuations. Adjusting for foreign exchange allows us to understand our business on a constant-dollar basis, as fluctuations in exchange rates can distort the organic trend both positively and negatively. (In this press release, 'dollar' means the U.S. dollar unless stated otherwise.) To eliminate the effect of foreign exchange fluctuations when comparing across periods, we translate current-year results at prior-year rates and remove transactional and hedging foreign exchange gains and losses from current- and prior-year periods. We use the non-GAAP measure 'organic change,' along with other metrics, to: (a) understand our performance from period to period on a consistent basis; (b) compare our performance to that of our competitors; (c) calculate components of management incentive compensation; (d) plan and forecast; and (e) communicate our financial performance to the Board of Directors, stockholders, and the investment community. We have consistently applied the adjustments within our reconciliations in arriving at each non-GAAP measure. We believe these non-GAAP measures are useful to readers and investors because they enhance the understanding of our historical financial performance and comparability between periods. When we provide guidance for organic change in certain measures of the statements of operations, we do not provide guidance for the corresponding GAAP change, as the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, such as foreign exchange, which could have a significant impact to our GAAP income statement measures. In addition to the non-GAAP financial measures presented, we believe that our results are affected by changes in distributor inventories, particularly in our largest market, the United States, where the spirits industry is subject to regulations that essentially mandate a so-called 'three-tier system,' with a value chain that includes suppliers, distributors, and retailers. Accordingly, we also provide information concerning estimated fluctuations in distributor inventories. We believe such information is useful in understanding our performance and trends as it provides relevant information regarding customers' demand for our products. See Schedule D of this press release. Note 3 - Definitions From time to time, to explain our results of operations or to highlight trends and uncertainties affecting our business, we aggregate markets according to stage of economic development as defined by the International Monetary Fund (IMF), and we aggregate brands by beverage alcohol category. Below, we define the geographic and brand aggregations used in this release. Geographic Aggregations. In Schedule C and Schedule D, we provide supplemental information for our top markets ranked by percentage of reported net sales. In addition to markets listed by country name, we include the following aggregations: 'Developed International' markets are 'advanced economies' as defined by the IMF, excluding the United States. Our top developed international markets were Germany, Australia, the United Kingdom, France, and Canada. This aggregation represents our net sales of branded products to these markets. 'Emerging' markets are 'emerging and developing economies' as defined by the IMF. Our top emerging markets were Mexico, Poland, Brazil, and Türkiye. This aggregation represents our net sales of branded products to these markets. 'Brazil' includes Brazil, Paraguay, Uruguay, and certain other surrounding territories. 'Travel Retail' represents our net sales of branded products to global duty-free customers, other travel retail customers, and the U.S. military, regardless of customer location. 'Non-branded and bulk' includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey, regardless of customer location. Brand Aggregations. In Schedule B and Schedule D, we provide supplemental information for our top brands ranked by percentage of reported net sales. In addition to brands listed by name, we include the aggregations outlined below. Beginning in fiscal 2025, we aggregated the 'Wine' and 'Vodka' product categories with 'Rest of Portfolio,' due to the divestitures of Sonoma-Cutrer and Finlandia. Please refer to the new definition of 'Rest of Portfolio' for more information. The fiscal 2024 'Rest of Portfolio' amounts have been adjusted accordingly for comparison purposes. 'Whiskey' 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 defined below), the Woodford Reserve family of brands (Woodford Reserve), the Old Forester family of brands (Old Forester), The Glendronach, Benriach, Glenglassaugh, and Slane Irish Whiskey. 'American whiskey' includes the Jack Daniel's family of brands (excluding the 'Ready-to-Drink' products defined below), Woodford Reserve, and Old Forester. 'Super-premium American whiskey' includes Woodford Reserve, Gentleman Jack, and other super-premium Jack Daniel's expressions. 'Ready-to-Drink' includes all ready-to-drink (RTD) and ready-to-pour (RTP) products. The brands included in this category are Jack Daniel's RTD and RTP products (JD RTD/RTP), New Mix, and other RTD/RTP products. 'Jack Daniel's RTD/RTP' products include all RTD line extensions of Jack Daniel's, such as Jack Daniel's & Coca-Cola RTD, Jack Daniel's & Cola, Jack Daniel's Double Jack, Jack Daniel's Country Cocktails, and other malt- and spirit-based Jack Daniel's RTDs, along with Jack Daniel's Winter Jack RTP. 'Jack Daniel's & Coca-Cola RTD' includes all Jack Daniel's & Coca-Cola RTD products and Jack Daniel's bulk whiskey shipments for the production of these products. 'Tequila' includes el Jimador, the Herradura family of brands (Herradura), and other tequilas. 'Rest of Portfolio' includes Korbel California Champagnes*, Diplomático, Chambord, Gin Mare, Sonoma-Cutrer (which was divested on April 30, 2024), Finlandia Vodka (which was divested on November 1, 2023), Korbel Brandy, Fords Gin, and other agency brands (brands we do not own, but sell in certain markets). 'Non-branded and bulk' includes net sales of used barrels, contract bottling services, and non-branded bulk whiskey and wine. 'Jack Daniel's family of brands' includes Jack Daniel's Tennessee Whiskey (JDTW), JD RTD/RTP, Jack Daniel's Tennessee Honey (JDTH), Gentleman Jack, Jack Daniel's Tennessee Apple (JDTA), Jack Daniel's Tennessee Fire (JDTF), Jack Daniel's Single Barrel Collection (JDSB), Jack Daniel's Sinatra Select, Jack Daniel's Bonded Tennessee Whiskey, Jack Daniel's Bonded Rye Tennessee Whiskey, Jack Daniel's Triple Mash Blended Straight Whiskey, Jack Daniel's American Single Malt, Jack Daniel's 12 Year Old, Jack Daniel's 14 Year Old, Jack Daniel's 10 Year Old, and other Jack Daniel's expressions. Other Metrics. 'Shipments.' We generally record revenues when we ship or deliver our products to our customers. In this release unless otherwise specified, we refer to shipments when discussing volume. 'Depletions.' This metric is commonly used in the beverage alcohol industry to describe volume. Depending on the context, depletions usually means either (a) where Brown-Forman is the distributor, shipments directly to retail or wholesale customers or (b) where Brown-Forman is not the distributor, shipments from distributor customers to retailers and wholesalers. We believe that depletions measure volume in a way that more closely reflects consumer demand than our shipments to distributor customers do. 'Consumer takeaway.' When discussing trends in the market, we refer to consumer takeaway, a term commonly used in the beverage alcohol industry that refers to the purchase of product by consumers from retail outlets, including products purchased through e-commerce channels, as measured by volume or retail sales value. This information is provided by outside parties, such as Nielsen and the National Alcohol Beverage Control Association (NABCA). Our estimates of market share or changes in market share are derived from consumer takeaway data using the retail sales value metric. 'Estimated net change in distributor inventories.' We generally recognize revenue when our products are shipped or delivered to customers. In the United States and certain other markets, our customers are distributors that sell downstream to retailers and consumers. We believe that our distributors' downstream sales more closely reflect actual consumer demand than do our shipments to distributors. Our shipments increase distributors' inventories, while distributors' depletions (as described above) reduce their inventories. Therefore, it is possible that our shipments do not coincide with distributors' downstream depletions and merely reflect changes in distributors' inventories. Because changes in distributors' inventories could affect our trends, we believe it is useful for investors to understand those changes in the context of our operating results. We perform the following calculation to determine the 'estimated net change in distributor inventories': For both the current-year period and the comparable prior-year period, we calculate a 'depletion-based' amount by (a) dividing the organic dollar amount (e.g., organic net sales) by the corresponding shipment volumes to arrive at a shipment-per-case amount, and (b) multiplying the resulting shipment-per-case amount by the corresponding depletion volumes. We subtract the year-over-year percentage change of the 'depletion-based' amount from the year-over-year percentage change of the organic amount to calculate the 'estimated net change in distributor inventories.' A positive difference is interpreted as a net increase in distributors' inventories, which implies that organic trends could decrease as distributors reduce inventories; whereas a negative difference is interpreted as a net decrease in distributors' inventories, which implies that organic trends could increase as distributors rebuild inventories.
San Francisco Chronicle
4 days ago
- Entertainment
- San Francisco Chronicle
Carín León battles through vocal struggles to close La Onda festival
It may sound harsh to call Carín León's headlining set at La Onda a disappointment, but if you asked the singer from Sonora, he might nod in agreement. León took the main stage Sunday, June 1, with visible strain and an ailing voice, powering through a closing set that capped the second edition of Wine Country's Latin-focused festival with more grit than glory. His delivery — hoarse, limited, at times painfully distant from his signature resonance — was far from the vocal force that has propelled him into the upper tiers of Latin music stardom. Still, he pressed on. 'There is no fire in my voice,' he admitted to the crowd, 'but I'm going to put heart into it.' That became the mantra of the night. What followed was near- 80 minutes of raw effort and improvised remedies: a red elixir (Chloraseptic throat spray? Tequila?), a banana between songs, apologies to the tens of thousands gathered in front of the La Onda stage. Ever the professional, León never walked off stage (albeit ending his set five minutes early) but he couldn't rise to the performance either. The crowd — warm, forgiving and singing along — carried the set as much as he did. There were highlights. His rendition of 'Tennessee Whiskey,' a nod to the crossover appeal that made him the only artist to perform at both BottleRock Napa Valley and La Onda this year, earned a swell of cheers. But the cover and most of his offerings on Sunday felt more like a reminder of what wasn't working rather than what was. La Onda's organizers had bet heavily on León. Already a banner booking for BottleRock the weekend before, he was elevated to headline La Onda on Sunday after Grupo Firme abruptly canceled after being denied entry into the United States. Tito Doble P, the rising star of corridos tumbados, was shifted to the Verizon Stage and León moved to the main stage to anchor the night. But despite his high energy and momentum, the field in front of him never quite filled. The gravity was with León, and so was the weight. That's what lingered. Not the missed notes or the rasping falsetto attempts, but the sheer will of an artist who refused to bail. 'No me voy a rajar,' he said multiple times. León didn't deliver a masterclass in vocal performance, but he delivered something human. Some nights, the voice doesn't show up; Sunday was one of them. But the heart did — and for that, Carín León still earned his moment under La Onda's closing lights.
Chicago Tribune
5 days ago
- Entertainment
- Chicago Tribune
Lake Forest's Gorton Center begins its summer 2025 season on June 20
The Gorton Center in Lake Forest will feature entertainment for all ages this summer. 'We have such a wide range of who we're trying to serve,' explained Director of Events Ann Wildman. 'We always try to keep a diverse mix. I look at different demographics and different genres.' The season starts at 7:30 p.m. on June 20 with Dueling Pianos, featuring Pianomonium. 'It's a fun, comedic event with audience participation,' Wildman said. She noted that this is primarily adult entertainment. Tickets are $21-$33.60. Long-time dueling piano pros Mike Sherman and Robert Deason have been performing as Pianomonium for two years. 'We're very funny together,' Sherman said. 'We engage with each other onstage. It's almost like we're siblings. There's a lot of bickering and messing with each other while we take requests and play the songs for the audience.' The first act of the show is preplanned. 'It's a lot of performance pieces, a lot of greatest hits — Billy Joel, Elton John, Queen, Bon Jovi,' Sherman said. At intermission, the audience members are invited to come on the stage and write on a piece of paper the pieces they want the duo to play. 'Then we come back for act two and it's nonstop chaos,' Sherman reported. 'We play everything, mashing songs up — weird, silly things. We crush out as many songs as we can for that second half of the show.' It helps that the duo knows thousands of songs, Sherman revealed. Chris Stapleton Tribute: Tennessee Whiskey will perform at 4 p.m. on June 29. Wildman said that this group has 'broad appeal to all generations, with the hope that families will come and bring their young kids.' Tickets are $15.75-$26.25. Rich Sawyer formed Tennessee Whiskey in 2022 with local Chicago musicians. 'Our intention was to do six shows a year,' Sawyer said. 'Once the word got out, it started to get legs of its own and grow. We have traveled the country. We've done shows in Vegas, and we're going to be in the Hamptons this summer.' Sawyer said that the songs that get the biggest reaction from audiences include 'Tennessee Whiskey,' 'White Horse,' and 'Fire Away.' They end concerts with a sing-along of that last number. 'Everybody gets their phone lights out,' Sawyer said. 'That's usually so loud.' Sawyer concluded that the Gorton Center show 'will be the closest thing to going to a Chris Stapleton concert.' Back by popular demand is the Cornhole Classic and Concert on July 13 from 4-7 p.m. 'It will be the fourth year for that,' Wildman said. 'It's a fun community event. And now we're going to have a VIP lounge.' It will include sofas and a private bar. Tickets are $10.50, $63 for Competitive Division Team, and $1,000 for VIP tickets. Kids will take a trip in song and dance to Miss Jamie's Farm at 10:30 a.m. on July 19. 'We love to always have good family and young children programming,' Wildman said. Tickets are $10.50. 'I've been doing this for 11 years, and I've been doing five hundred shows a year for many years,' said Jamie Martin, who is known professionally as Miss Jamie. Martin was inspired to share her love of farming with audiences because she grew up on a 600-acre goat and cattle ranch in a small town in Texas. 'It was such an amazing childhood, exploring the creeks and hanging out with the goats, climbing trees, and getting dirty,' Martin said. 'Enjoying time with animals and enjoying time with nature was foundational for me. I hope I can bring a little bit of that old-fashioned life to the kids in the city and beyond.' Martin will be joined by her band. 'The show is mostly nursery rhymes turned farm,' Martin explained. 'We do go on a magical journey of their imagination where we get on a school bus and pretend we're going to the farm.' Once there, they get to imagine they are animals. 'Pre-K to second-graders love this show,' Martin noted. 'It's very engaging. It's very physically active.' The kids will learn about where our food comes from and other farm facts. 'But mostly it's singing and dancing and using their imagination,' Martin concluded. The series closes on July 27 at 4 p.m. with folk music storyteller Pierce Pettis. 'He appeals to those people who enjoy indie singer-songwriters,' Wildman said. Tickets are $26.25. Gorton Center is at 400 E. Illinois Road in Lake Forest. For tickets, call 847-234-6060 or visit
Black America Web
20-05-2025
- Entertainment
- Black America Web
Jamal Roberts Becomes 1st Black Male American Idol Winner In 22 Years
Source: Mike Coppola / Getty On May 18, history was made on the American Idol stage as Jamal Roberts, a 27-year-old father and P.E. teacher from Meridian, Mississippi, became the Season 23 champion. Read more about how he became the first Black man to win the competition in 22 years since Ruben Studdard. With his soulful voice and magnetic stage presence, Roberts not only beat out finalists Breanna Nix and John Foster but also became the first Black man to win the competition in 22 years—since Ruben Studdard's iconic victory in 2003. Throughout the season, Jamal captivated audiences with performances of 'Tennessee Whiskey,' 'A Change Is Gonna Come,' and his original single 'Heal.' Known for his emotional range and powerful vocal control, Roberts consistently brought the house down, becoming a fan favorite and a symbol of perseverance, purpose, and pure talent. 'I'm anointed. I know how to use it. I know how to tap in,' he told Gold Derby , moments after rolling around in confetti and making a snow angel on stage—a first for the Mississippi native. 'It still hasn't settled in yet,' he added, humbled by the support from his hometown, which showed out in full force during his pre-finale visit. Roberts joins a short but mighty list of Black Idol winners, including Fantasia Barrino, Jordin Sparks, Candice Glover, and Just Sam. His win also signifies a cultural moment for the show, highlighting a resurgence of R&B and soul in mainstream competition after years dominated by country-pop artists. Judge Carrie Underwood praised the season's talent, comparing the finale's energy to early Idol seasons. Showrunner Megan Wolflick echoed the sentiment, saying Jamal's win had 'old-school Idol finale' vibes reminiscent of the Ruben vs. Clay Aiken showdown. Despite skyrocketing fame, Jamal insists he's staying grounded. 'I love my city,' he said. 'There's no traffic. I don't wait in line to eat. I love my life!' With plans to record an 'inspirational soul' album, Jamal Roberts is just getting started. And with this monumental win, he's carved out a powerful new lane for Black male artists in the world of televised music competitions—two decades in the making. Congrats, Jamal! SEE ALSO Jamal Roberts Becomes 1st Black Male American Idol Winner In 22 Years was originally published on Black America Web Featured Video CLOSE
Forbes
17-05-2025
- Entertainment
- Forbes
Best Tennessee Whiskey Named By SF World Spirits Competition
The three finalists for World's Best Tennessee Whiskey at the 2025 SFWSC Three Tennessee whiskeys are finalists in their category at the 2025 San Francisco World Spirits Competition. The SFWSC is the world's largest and most prestigious judging of American whiskey. Below are brief backgrounds and tasting notes on the finalists. The Top Shelf 2025 Awards Gala, a highly anticipated whiskey industry event, will announce the winner on November 9 at Hotel Nikko in San Francisco. Roaming Man is a premium, small-batch, no-age-statement whiskey produced by Sugarlands Distilling Company in Gatlinburg, Tennessee. It follows the traditional Lincoln County Process of filtering the whiskey through maple wood charcoal. Unlike mass-market Tennessee whiskey, Roaming Man is bottled as a cask-strength, limited-edition release, typically between 110 and 120 proof, offering a unique and intriguing twist on the classic Tennessee whiskey. Pronounced aromas of charred oak, caramelized banana, vanilla bean, and fresh-baked cornbread are featured on the nose. It's robust and creamy on the palate, showcasing intense molasses, honeycomb, toasted almonds, toffee, and cold smoke flavors, underscored by a subtle peppery spice. The finish is long and sweet, with lingering oak, dark caramel, vanilla, and smoky notes. Roaming Man is a powerful, full-bodied Tennessee whiskey, offering a more concentrated and flavorful expression of the style. The SFWSC Judging Panel described the whiskey as expressing 'aromas of vanilla and tobacco leaves, along with maple candy and corn pudding. The palate features similar flavors and red Thai chili, kumquat, and molasses notes. The finish is long, slightly sweet, with lingering pepper and oak wood notes.' Uncle Nearest 1856 Premium Aged Whiskey pays tribute to Nathan "Nearest" Green, the formerly enslaved master distiller who taught Jack Daniel the art of whiskey-making. This whiskey, sourced, blended, and bottled in Tennessee, with a future goal of transitioning entirely to estate-distilled whiskey, is a testament to Tennessee's rich whiskey heritage. The source of the whiskey has not been disclosed, but it has long been rumored to be George Dickel. 1856 is a premium offering, bottled at 100 proof and typically aged around 8 years. It's rich and aromatic on the nose, featuring ripe apples, brown sugar, and cinnamon notes surrounded by the cold charcoal smoke of the Lincoln County Process. 1856 is smooth and flavorful on the palate, showcasing caramel cream, toasted oak, nutmeg, and baked apricot flavors, around a well-integrated, structured oak backbone. The finish is long, slightly smoky, sweet, and spicy, with lingering vanilla bean, clove, and brown butter notes. Uncle Nearest 1856 is an elegant, meditative whiskey, honoring Tennessee heritage, offering a smooth, flavorful dram. The SFWSC Judging Panel described the whiskey as featuring 'peppery aromas with caramel and vanilla notes, some anise/licorice, and maple candy. It's robust on the palate, with caramel, toasted oak, candied citrus, and rawhide leather notes. The finish is long and sweet with lingering spice, vanilla, and oak wood notes.' A glass of Tennessee whiskey on ice Old Dominick Bonded Tennessee Whiskey, produced at the Old Dominick Distillery in Memphis, Tennessee, is a historic brand reborn in 2017 after nearly a century's dormancy. The whiskey, part of the distillery's Bottled-in-Bond series, meets the bottled-in-bond standards: distilled at a single distillery, in a single season, aged at least four years, and bottled at precisely 100 proof. Old Dominick uses a high-rye mash bill and the traditional Tennessee charcoal filtration process, ensuring a robust and flavorful whiskey. The nose opens with aromas of rye toast, caramel, cinnamon, clove, charred oak, and a hint of baked pear. The palate presents nuanced layers of caramelized sugar, spiced baked pear, cracked black pepper, roasted nuts, and rye spices. The rye spice notes complement the Tennessee whiskey sweetness, creating a sweet and spicy character. The finish is medium-long and sweet, with lingering notes of oak, vanilla, and a subtle herbal note. Old Dominick Bonded is a robust, flavorful Tennessee whiskey, balancing sweetness and spice. The SFWSC Judging Panel described the whiskey as featuring 'aromas of milk chocolate, rye bread toast, cinnamon, and caramel. The palate is sweet and spicy, with baked apple and pear, roasted nuts, cinnamon, clove, and a hint of nutmeg. The finish is long, sweet, and spicy with lingering notes of vanilla and caramel.' These three Tennessee whiskeys from the 2025 SFWSC are all over proof, presenting a more intensely flavored, concentrated version of the typical Tennessee whiskey profile. The results are exceptionally intense, smooth, flavorful, easy-drinking whiskeys, expanding Tennessee whiskey's aroma and flavor profile. These expressions are outstanding and well worth trying if you are a fan of Tennessee whiskey.
