Brown-Forman produces and sells distilled spirits, most notably Jack Daniel's whiskey, along with other spirits brands, one of the largest American-owned spirits companies with products sold in markets around the world. Jack Daniel's represents the company's largest and most globally recognized brand, a Tennessee whiskey with strong brand loyalty built over more than a century that generates the majority of Brown-Forman's revenue and profit. The company sells across a global footprint, giving it exposure to international spirits consumption trends and currency fluctuations beyond just its U.S. home market, along with exposure to international trade policy and tariffs that can affect spirits exports. Brown-Forman's results are sensitive to discretionary consumer spending on alcohol, along with shifting consumer preferences between different spirits categories and the broader premiumization trend that has favored higher-priced spirits brands over lower-cost alternatives.