What move does the options market price into Brown Forman's report?

Implied ±8.2%, either direction.

BF-BNYSEBeverages

Brown Forman Corp (BF-B) earnings date, market-implied expected move, and options open interest by expiry

30.02

+0.02 · +0.07%

post 28.93 −3.62%

Closed15:59 ET

Open29.80Volume149,261Mkt cap$13.9BP/E18.67EPS1.55Div yield2.98%

Day28.93 – 29.800%52-wk22.63 – 31.1074%

BF-B

Brown Forman Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±8.2%implied · straddle

26.5731.33

spot 28.95exp Dec 18ATM strike 30ATM straddle 2.80

Nov 3 close

Expected move

Inputs

Next report

Dec 3

before open · in 29 days

est.Q2 FY27

Calendar

Next report

Last report

+3.87%

shaded = implied · ▲▼ = realized

Sep 2 '26 · confirmed

Implied vs realized

Largest filed tie

—

13F top-10 QoQ

+1.92%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

597 managers

Top fund weight

0.29%

BF-B weight · XLP

N-PORTJun 30 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Brown Forman (BF-B) is expected to report on Dec 3 before open (estimated date).

Implied vs realized

8 reports

—≥ implied

Dec 5 '24Dec 5 '24confirmed—▲+10.68%—

Mar 5 '25Mar 5 '25confirmed—▲+10.09%—

Jun 5 '25Jun 5 '25confirmed—▼−17.92%—

Aug 28 '25Aug 28 '25confirmed—▼−4.86%—

Q2 FY26Dec 4 '25confirmed—▼−1.30%—

Q3 FY26Mar 4 '26confirmed—▼−6.65%—

Q4 FY26Jun 4 '26confirmed—▲+2.83%—

Q1 FY27Sep 2 '26confirmed—▲+3.87%—

quarterimplied−20%0+20%realized×

Q1 FY27—▲+3.87%—

Q4 FY26—▲+2.83%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 30 close

0.70OI · 4 expiries · Oct 30 closeP/C open interest · Dec 18 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

210+6%Nov 2016d0.063,3510%0.06

report · Dec 3 · before open · est.

1,7430%Dec 1844d2,4920%

3,1790%Jan 1572d1.342,3650%1.34

208+1%Mar 19135d0.277650%0.27

ExpiryPutsCallsP/C

Nov 2016d210+6%3,3510%0.06

report · Dec 3 · before open · est.

Dec 1844d1,7430%2,4920%0.70

Jan 1572d3,1790%

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±8.2%

Funds 4

XLP±0.0%

RSP±0.0%

REVS±0.0%

VIG±0.0%

Dashed = straddleMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ1 FY27

19.32%as filednet margin · revenue −21.40% QoQ · −1.41% YoY

Revenue

$911M−21.40% QoQ

Gross profit

$549M−3.85% QoQ

60.26% margin

Operating income

$252M+162.50% QoQ

27.66% margin

Pre-tax income

$229M+222.54% QoQ

Net income

$176M+225.93% QoQ

19.32% margin

Cost of revenue

$632M+7.48% QoQ

Operating expenses

$297M−37.47% QoQ

SG&A $185M

Marketing $114M

Other expense

$23M

Tax

$53M+211.76% QoQ

Revenue$911M−21.40%

Gross profit

$549M−3.85%

60.26% margin

Operating income

$252M+162.50%

27.66% margin

Pre-tax income

$229M+222.54%

Net income

$176M+225.93%

19.32% margin

Cost of revenue

$632M+7.48%

Operating expenses

$297M−37.47%

SG&A $185M

Marketing $114M

Other expense

$23M

Tax$53M+211.76%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jul 31 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 15:45 ET

Intraday

Event sensitivity

CPROF ×1.63· ±2.5% vs ±1.5% · 12 releases

eventrelease day|move|up · n×base

CPROFcorporate profits±2.5%5 of 12×1.63

FOMCrate decision±2.0%8 of 24×1.33

CPIconsumer prices±2.0%3 of 11×1.29

GDPgross domestic product±1.7%11 of 20×1.13

NFPjobs report±1.5%8 of 10×1.00

PCEpersonal income & outlays±1.4%11 of 20×0.90

PPIproducer prices±1.2%7 of 11×0.76

Bar = avg |move| to ±3% · tick = ±1.5% avg day · ×base = |move| ÷ ±1.5% · min 6 releases

Earnings history

EPS 0.38 · consensus —

Quarter	Reported	EPS	Consensus
Q1 FY27	Sep 2 '26 · confirmed	0.38	—
Q4 FY26	Jun 4 '26 · confirmed	0.12	—
Q3 FY26	Mar 4 '26 · confirmed	0.58	—
Q2 FY26	Dec 4 '25 · confirmed	0.47	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod