NYSE : BF.B
Brown-Forman Corporation — Financial statements
Consumer Staples · Beverages - Wineries & Distilleries · United States
Last price 28.04 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.87B
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Financial statements
Brown-Forman Corporation (BF.B) reported revenue of 3.92B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 3.92B | 3.93B | 3.98B | 4.18B | 4.23B | 3.93B |
| Cost of Revenue | 1.54B | 1.55B | 1.63B | 1.65B | 1.73B | 1.54B |
| Gross Profit | 2.38B | 2.38B | 2.35B | 2.53B | 2.49B | 2.39B |
| Selling, General & Admin | 1.28B | 1.30B | 1.23B | 1.36B | 1.28B | 1.14B |
| Other Operating Expenses | -9.00M | -22.00M | -48.00M | 25.00M | 39.00M | 14.00M |
| Operating Expenses | 1.27B | 1.27B | 1.18B | 1.38B | 1.32B | 1.16B |
| Operating Income | 1.10B | 1.10B | 1.16B | 1.14B | 1.18B | 1.24B |
| Interest Expense | -103.00M | -103.00M | -122.00M | -127.00M | -90.00M | -82.00M |
| Interest & Investment Income | 13.00M | 14.00M | 17.00M | 14.00M | 9.00M | 5.00M |
| Earnings From Equity Investments | 83.00M | |||||
| Currency Exchange Gain (Loss) | 6.00M | -4.00M | 8.00M | 16.00M | 7.00M | |
| EBT Excluding Unusual Items | 1.01B | 1.02B | 1.14B | 1.04B | 1.11B | 1.17B |
| Merger & Restructuring Charges | -7.00M | -19.00M | -63.00M | |||
| Gain (Loss) on Sale of Assets | 12.00M | 267.00M | ||||
| Asset Writedown | -132.00M | -132.00M | -47.00M | -7.00M | -96.00M | -52.00M |
| Other Unusual Items | 19.00M | 15.00M | 43.00M | |||
| Pretax Income | 894.00M | 885.00M | 1.08B | 1.30B | 1.02B | 1.11B |
| Income Tax Expense | 173.00M | 170.00M | 212.00M | 274.00M | 234.00M | 276.00M |
| Net Income | 721.00M | 715.00M | 869.00M | 1.02B | 783.00M | 838.00M |
| Net Income to Common | 721.00M | 715.00M | 869.00M | 1.02B | 783.00M | 838.00M |
| Shares Outstanding (Basic) | 462.86M | 466.33M | 472.65M | 476.39M | 479.15M | 478.88M |
| Shares Outstanding (Diluted) | 463.37M | 466.73M | 472.95M | 477.22M | 480.46M | 480.56M |
| EPS (Basic) | 1.56 | 1.53 | 1.84 | 2.15 | 1.63 | 1.75 |
| EPS (Diluted) | 1.55 | 1.53 | 1.84 | 2.14 | 1.63 | 1.74 |
| Free Cash Flow | 925.00M | 893.00M | 431.00M | 419.00M | 457.00M | 798.00M |
| Free Cash Flow Per Share | 2.00 | 1.91 | 0.91 | 0.88 | 0.95 | 1.66 |
| Dividend Per Share | 0.92 | 0.92 | 0.89 | 0.85 | 0.79 | 0.74 |
| Gross Margin | 60.66% | 60.54% | 59.02% | 60.46% | 58.99% | 60.79% |
| Operating Margin | 28.20% | 28.11% | 29.23% | 27.36% | 27.86% | 31.43% |
| Profit Margin | 18.42% | 18.20% | 21.86% | 24.51% | 18.52% | 21.31% |
| Free Cash Flow Margin | 23.63% | 22.73% | 10.84% | 10.03% | 10.81% | 20.29% |
| EBITDA | 1.19B | 1.19B | 1.25B | 1.23B | 1.26B | 1.31B |
| EBITDA Margin | 30.29% | 30.17% | 31.42% | 29.44% | 29.75% | 33.43% |
| D&A For EBITDA | 82.00M | 81.00M | 87.00M | 87.00M | 80.00M | 79.00M |
| EBIT | 1.10B | 1.10B | 1.16B | 1.14B | 1.18B | 1.24B |
| EBIT Margin | 28.20% | 28.11% | 29.23% | 27.36% | 27.86% | 31.43% |
| Effective Tax Rate | 19.35% | 19.21% | 19.61% | 21.11% | 23.01% | 24.78% |
| Revenue as Reported | 3.92B | 3.93B | 3.98B | 4.18B | 4.23B | 3.93B |
| Advertising Expenses | 462.00M | 484.00M | 529.00M | 506.00M | 438.00M |
Balance sheet
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 301.00M | 308.00M | 444.00M | 446.00M | 374.00M | 868.00M |
| Cash & Short-Term Investments | 301.00M | 308.00M | 444.00M | 446.00M | 374.00M | 868.00M |
| Receivables | 822.00M | 832.00M | 830.00M | 769.00M | 855.00M | 813.00M |
| Inventory | 2.57B | 2.54B | 2.51B | 2.56B | 2.28B | 1.82B |
| Prepaid Expenses | 122.00M | 155.00M | ||||
| Restricted Cash | 19.00M | 19.00M | 19.00M | 10.00M | 6.00M | |
| Other Current Assets | 242.00M | 289.00M | 391.00M | 255.00M | 167.00M | 116.00M |
| Total Current Assets | 3.96B | 3.99B | 4.20B | 4.04B | 3.80B | 3.78B |
| Property, Plant & Equipment | 1.10B | 1.22B | 1.20B | 1.17B | 1.11B | 949.00M |
| Long-Term Investments | 270.00M | 3.00M | ||||
| Goodwill | 1.51B | 1.52B | 1.50B | 1.46B | 1.46B | 761.00M |
| Other Intangible Assets | 936.00M | 943.00M | 981.00M | 990.00M | 1.16B | 586.00M |
| Long-Term Deferred Tax Assets | 35.00M | 35.00M | 47.00M | 69.00M | 66.00M | 74.00M |
| Other Long-Term Assets | 283.00M | 181.00M | 162.00M | 176.00M | 171.00M | 227.00M |
| Total Assets | 7.83B | 7.89B | 8.09B | 8.17B | 7.78B | 6.37B |
| Accounts Payable | 689.00M | 214.00M | 243.00M | 267.00M | 308.00M | 218.00M |
| Accrued Expenses | 535.00M | 461.00M | 501.00M | 497.00M | 463.00M | |
| Short-Term Debt | 358.00M | 68.00M | 312.00M | 428.00M | 235.00M | |
| Current Portion of Long-Term Debt | 351.00M | 300.00M | 250.00M | |||
| Current Portion of Leases | 31.00M | 26.00M | 24.00M | 22.00M | 21.00M | |
| Current Income Taxes Payable | 49.00M | 18.00M | 27.00M | 38.00M | 22.00M | 81.00M |
| Other Current Liabilities | 117.00M | 15.00M | 11.00M | 1.00M | 1.00M | |
| Total Current Liabilities | 1.21B | 1.23B | 1.08B | 1.56B | 1.08B | 1.03B |
| Long-Term Debt | 2.08B | 2.08B | 2.42B | 2.37B | 2.68B | 2.02B |
| Long-Term Leases | 78.00M | 78.00M | 73.00M | 63.00M | 54.00M | |
| Pension & Post-Retirement Benefits | 171.00M | 172.00M | 164.00M | 160.00M | 171.00M | 183.00M |
| Long-Term Deferred Tax Liabilities | 200.00M | 207.00M | 241.00M | 315.00M | 323.00M | 219.00M |
| Other Long-Term Liabilities | 189.00M | 102.00M | 109.00M | 170.00M | 190.00M | 127.00M |
| Total Liabilities | 3.86B | 3.87B | 4.09B | 4.65B | 4.51B | 3.64B |
| Common Stock | 72.00M | 72.00M | 72.00M | 72.00M | 72.00M | 72.00M |
| Additional Paid-In Capital | 57.00M | 62.00M | 36.00M | 13.00M | 1.00M | |
| Retained Earnings | 4.96B | 5.00B | 4.71B | 4.26B | 3.64B | 3.24B |
| Treasury Stock | -998.00M | -1.00B | -605.00M | -608.00M | -213.00M | -225.00M |
| Comprehensive Income & Other | -124.00M | -108.00M | -220.00M | -221.00M | -235.00M | -352.00M |
| Shareholders' Equity | 3.97B | 4.02B | 3.99B | 3.52B | 3.27B | 2.74B |
| Total Liabilities & Equity | 7.83B | 7.89B | 8.09B | 8.17B | 7.78B | 6.37B |
| Total Debt | 2.44B | 2.61B | 2.84B | 3.20B | 3.00B | 2.34B |
| Net Cash (Debt) | -2.14B | -2.30B | -2.39B | -2.75B | -2.62B | -1.48B |
| Net Cash Per Share | -4.62 | -4.93 | -5.06 | -5.76 | -5.46 | -3.07 |
| Filing Date Shares Outstanding | 458.86M | 458.86M | 472.75M | 472.66M | 479.36M | 479.05M |
| Total Common Shares Outstanding | 458.70M | 458.70M | 472.67M | 472.60M | 478.56M | 479.02M |
| Working Capital | 2.75B | 2.76B | 3.12B | 2.48B | 2.72B | 2.74B |
| Book Value Per Share | 8.65 | 8.76 | 8.45 | 7.44 | 6.83 | 5.71 |
| Tangible Book Value | 1.52B | 1.55B | 1.51B | 1.07B | 647.00M | 1.39B |
| Tangible Book Value Per Share | 3.31 | 3.39 | 3.19 | 2.27 | 1.35 | 2.90 |
| Land | 57.00M | 49.00M | 49.00M | 97.00M | 86.00M | |
| Buildings | 917.00M | 841.00M | 782.00M | 717.00M | 660.00M | |
| Machinery | 948.00M | 869.00M | 928.00M | 889.00M | 849.00M | |
| Construction In Progress | 116.00M | 180.00M | 181.00M | 217.00M | 129.00M |
Cash flow statement
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 721.00M | 715.00M | 869.00M | 1.02B | 783.00M | 838.00M |
| Depreciation & Amortization | 82.00M | 81.00M | 87.00M | 87.00M | 80.00M | 79.00M |
| Loss (Gain) From Sale of Assets | -267.00M | |||||
| Asset Writedown & Restructuring Costs | 132.00M | 132.00M | 47.00M | 7.00M | 96.00M | 61.00M |
| Loss (Gain) on Equity Investments | -83.00M | |||||
| Stock-Based Compensation | 32.00M | 32.00M | 28.00M | 25.00M | 18.00M | 15.00M |
| Other Operating Activities | -39.00M | -42.00M | -97.00M | 34.00M | 15.00M | 20.00M |
| Change in Accounts Receivable | 45.00M | 25.00M | -70.00M | 88.00M | -21.00M | -77.00M |
| Change in Inventory | -22.00M | -64.00M | -349.00M | -403.00M | -93.00M | |
| Change in Accounts Payable | 36.00M | -40.00M | -31.00M | 77.00M | 37.00M | |
| Change in Income Taxes | -27.00M | -7.00M | -13.00M | 17.00M | -57.00M | 47.00M |
| Change in Other Net Operating Assets | 67.00M | 50.00M | -66.00M | 12.00M | 52.00M | 9.00M |
| Operating Cash Flow | 1.01B | 1.00B | 598.00M | 647.00M | 640.00M | 936.00M |
| Capital Expenditures | -88.00M | -107.00M | -167.00M | -228.00M | -183.00M | -138.00M |
| Sale of Property, Plant & Equipment | 33.00M | 51.00M | ||||
| Cash Acquisitions | -1.20B | |||||
| Divestitures | 246.00M | |||||
| Investment in Securities | 350.00M | |||||
| Other Investing Activities | 2.00M | 3.00M | 15.00M | 31.00M | 23.00M | 11.00M |
| Investing Cash Flow | -86.00M | -71.00M | 249.00M | 49.00M | -1.35B | -127.00M |
| Short-Term Debt Issued | 192.00M | 834.00M | ||||
| Long-Term Debt Issued | 648.00M | |||||
| Total Debt Issued | 289.00M | 192.00M | 1.48B | |||
| Short-Term Debt Repaid | -244.00M | -117.00M | -600.00M | -196.00M | ||
| Long-Term Debt Repaid | -300.00M | -250.00M | ||||
| Total Debt Repaid | -557.00M | -244.00M | -417.00M | -850.00M | -196.00M | |
| Net Debt Issued (Repaid) | -268.00M | -244.00M | -417.00M | 192.00M | 632.00M | -196.00M |
| Repurchase of Common Stock | -402.00M | -400.00M | -400.00M | |||
| Common Dividends Paid | -426.00M | -427.00M | -420.00M | -404.00M | -378.00M | -831.00M |
| Other Financing Activities | -4.00M | -3.00M | -6.00M | -6.00M | -15.00M | -11.00M |
| Financing Cash Flow | -1.10B | -1.07B | -843.00M | -618.00M | 239.00M | -1.04B |
| Foreign Exchange Rate Adjustments | 3.00M | 9.00M | 3.00M | -6.00M | -14.00M | -47.00M |
| Miscellaneous Cash Flow Adjustments | -19.00M | -19.00M | -19.00M | -10.00M | -10.00M | -6.00M |
| Net Cash Flow | -189.00M | -155.00M | -12.00M | 62.00M | -500.00M | -282.00M |
| Free Cash Flow | 925.00M | 893.00M | 431.00M | 419.00M | 457.00M | 798.00M |
| Free Cash Flow Margin | 23.63% | 22.73% | 10.84% | 10.03% | 10.81% | 20.29% |
| Free Cash Flow Per Share | 2.00 | 1.91 | 0.91 | 0.88 | 0.95 | 1.66 |
| Levered Free Cash Flow | 685.62M | 739.62M | 372.00M | 336.00M | 140.00M | 606.25M |
| Unlevered Free Cash Flow | 750.00M | 804.00M | 448.25M | 415.38M | 196.25M | 657.50M |
| Cash Interest Paid | 101.00M | 101.00M | 119.00M | 125.00M | 85.00M | 80.00M |
| Cash Income Tax Paid | 232.00M | 232.00M | 303.00M | 242.00M | 278.00M | 226.00M |
| Change in Working Capital | 85.00M | 82.00M | -253.00M | -263.00M | -352.00M | -77.00M |
Ratios
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 13.17B | 11.82B | 16.47B | 22.61B | 31.19B | 32.30B |
| Enterprise Value | 15.31B | 14.18B | 18.73B | 25.43B | 33.79B | 33.82B |
| Last Close Price | 28.71 | 25.33 | 33.14 | 44.56 | 59.78 | 61.24 |
| PE Ratio | 18.52 | 16.53 | 18.95 | 22.08 | 39.84 | 38.55 |
| Forward PE | 16.80 | 15.24 | 19.48 | 24.73 | 32.72 | 36.42 |
| PS Ratio | 3.37 | 3.01 | 4.14 | 5.41 | 7.38 | 8.21 |
| PB Ratio | 3.32 | 2.94 | 4.12 | 6.43 | 9.54 | 11.80 |
| P/TBV Ratio | 8.67 | 7.60 | 10.93 | 21.09 | 48.21 | 23.24 |
| P/FCF Ratio | 14.24 | 13.24 | 38.21 | 53.96 | 68.26 | 40.48 |
| P/OCF Ratio | 13.00 | 11.82 | 27.54 | 34.95 | 48.74 | 34.51 |
| PEG Ratio | 13.78 | 26.93 | 79.89 | 7.24 | 4.30 | 4.54 |
| EV/Sales Ratio | 3.91 | 3.61 | 4.71 | 6.09 | 7.99 | 8.60 |
| EV/EBITDA Ratio | 12.91 | 11.97 | 15.00 | 20.67 | 26.86 | 25.72 |
| EV/EBIT Ratio | 13.87 | 12.85 | 16.12 | 22.25 | 28.69 | 27.36 |
| EV/FCF Ratio | 16.56 | 15.88 | 43.46 | 60.69 | 73.95 | 42.38 |
| Debt / Equity Ratio | 0.61 | 0.65 | 0.71 | 0.91 | 0.92 | 0.86 |
| Debt / EBITDA Ratio | 1.98 | 2.12 | 2.19 | 2.50 | 2.31 | 1.73 |
| Debt / FCF Ratio | 2.64 | 2.92 | 6.58 | 7.63 | 6.56 | 2.94 |
| Net Debt / Equity Ratio | 0.54 | 0.57 | 0.60 | 0.78 | 0.80 | 0.54 |
| Net Debt / EBITDA Ratio | 1.80 | 1.94 | 1.92 | 2.24 | 2.09 | 1.12 |
| Net Debt / FCF Ratio | 2.31 | 2.58 | 5.55 | 6.57 | 5.74 | 1.85 |
| Asset Turnover | 0.49 | 0.49 | 0.49 | 0.52 | 0.60 | 0.61 |
| Inventory Turnover | 0.60 | 0.61 | 0.64 | 0.68 | 0.85 | 0.86 |
| Quick Ratio | 0.93 | 0.93 | 1.18 | 0.78 | 1.13 | 1.63 |
| Current Ratio | 3.26 | 3.24 | 3.88 | 2.59 | 3.51 | 3.65 |
| Return on Equity (ROE) | 18.12% | 17.85% | 23.14% | 30.18% | 26.08% | 31.08% |
| Return on Assets (ROA) | 8.63% | 8.64% | 8.94% | 8.96% | 10.41% | 11.98% |
| Return on Invested Capital (ROIC) | 14.32% | 14.04% | 14.76% | 14.83% | 17.95% | 22.28% |
| Return on Capital Employed (ROCE) | 16.70% | 16.60% | 16.60% | 17.30% | 17.60% | 23.20% |
| Earnings Yield | 5.40% | 6.05% | 5.28% | 4.53% | 2.51% | 2.59% |
| FCF Yield | 7.02% | 7.55% | 2.62% | 1.85% | 1.47% | 2.47% |
| Dividend Yield | 3.22% | 3.55% | 2.55% | 1.77% | 1.21% | 1.09% |
| Payout Ratio | 59.59% | 59.72% | 48.33% | 39.45% | 48.28% | 99.17% |
| Buyback Yield / Dilution | 2.03% | 1.31% | 0.90% | 0.68% | 0.02% | 0.02% |
| Total Shareholder Return | 5.24% | 4.87% | 3.45% | 2.44% | 1.23% | 1.11% |