Brown-Forman (NYSE:BF.B) shares slid over 15% intra-day today following a disappointing fourth-quarter report and a downbeat forecast for the year ahead.

The iconic spirits producer, best known for Jack Daniel’s whiskey, reported quarterly adjusted earnings of $0.31 per share, coming in below analyst expectations of $0.34. Revenue also fell short, dropping 7% year-over-year to $894 million—well under the $968.4 million consensus.

For fiscal 2025, the company’s net sales dipped 5% to $4 billion, though organic sales edged up 1%. Management attributed the weakness to persistent macroeconomic and geopolitical pressures, which have weighed on consumer confidence and dampened discretionary spending across several core markets.

Looking ahead to fiscal 2026, Brown-Forman anticipates a difficult backdrop. The company projects low-single-digit declines in both organic net sales and operating income, citing concerns such as continued global uncertainty, potential tariffs, and softer demand for non-branded barrel sales.