Brown-Forman Corporation (NYSE:BF) (NYSE:BF) stock traded higher Thursday after the spirits maker reported fourth-quarter results that topped revenue expectations, though earnings fell short of Wall Street estimates.

The Louisville, Kentucky-based company, whose brands include Jack Daniel’s, Old Forester, Woodford Reserve, Herradura and Korbel, reported fourth-quarter net sales of $912 million, up 2% from a year earlier and ahead of analyst estimates of $883.8 million. Organic net sales also increased 2%.

Operating income fell 53% year over year to $96 million. On an organic basis, operating income was unchanged. Adjusted earnings declined to 12 cents per share from 32 cents a year earlier, missing analyst expectations of 33 cents per share.

Brown-Forman Full-Year Results

For fiscal 2026, net sales declined, primarily reflecting the termination of the Korbel Champagne Cellars relationship and the absence of transition services revenue tied to the prior-year Sonoma-Cutrer divestiture.

Growth in emerging markets and the travel retail channel was partially offset by weaker sales in the United States, while developed international markets were largely unchanged.

Gross margin ...