Brown Forman
BF-B · NYSEBeverages · Fiscal year ends Apr 30
Brown Forman reported revenue of $3.9B in the fiscal year ended Apr 2026, down 1.2% from the year before. Operating income was $1B, an operating margin of 25.5%, and net income was $715M. Operating cash flow of $1B less capital expenditure of $107M left free cash flow of $893M. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue | $3.9B | $4.2B | $4.2B | $4B | $3.9B |
| Cost of revenue | $1.5B | $1.7B | $1.7B | $1.6B | $1.6B |
| Gross profit | $2.4B | $2.5B | $2.5B | $2.3B | $2.4B |
| Selling, general & admin | $690M | $742M | $826M | $744M | $807M |
| Operating income | $1.2B | $1.1B | $1.4B | $1.1B | $1B |
| Interest expense | $82M | $90M | $127M | $122M | $103M |
| Pre-tax income | $1.1B | $1B | $1.3B | $1.1B | $885M |
| Income tax | $276M | $234M | $274M | $212M | $170M |
| Net income | $838M | $783M | $1B | $869M | $715M |
| Diluted EPS | 1.74 | 1.63 | 2.14 | 1.84 | 1.53 |
| Diluted shares | 481M | 480M | 477M | 473M | 467M |
Balance sheet
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $868M | $374M | $446M | $444M | $308M |
| Receivables | $813M | $855M | $769M | $830M | $832M |
| Inventory | $1.8B | $2.3B | $2.6B | $2.5B | $2.5B |
| Current assets | $3.8B | $3.8B | $4B | $4.2B | $4B |
| Net PP&E | $875M | $1B | $1.1B | $1.1B | $1.1B |
| Goodwill | $761M | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $6.4B | $7.8B | $8.2B | $8.1B | $7.9B |
| Current liabilities | $1B | $1.1B | $1.6B | $1.1B | $1.2B |
| Short-term debt | $250M | $0 | $300M | $0 | $351M |
| Long-term debt | $2B | $2.7B | $2.4B | $2.4B | $2.1B |
| Total liabilities | $3.6B | $4.5B | $4.6B | $4.1B | $3.9B |
| Shareholders' equity | $2.7B | $3.3B | $3.5B | $4B | $4B |
Cash flow
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $936M | $640M | $647M | $598M | $1B |
| Capital expenditure | $138M | $183M | $228M | $167M | $107M |
| Free cash flow | $798M | $457M | $419M | $431M | $893M |
| Depreciation & amortisation | $79M | $80M | $87M | $87M | $92M |
| Stock-based compensation | $15M | $18M | $25M | $28M | $32M |
| Acquisitions | $0 | $1.2B | $0 | $0 | – |
| Share buybacks | $0 | $0 | $400M | $0 | $400M |
| Dividends paid | $831M | $378M | $404M | $420M | $427M |
| Dividend per share | 1.74 | 0.79 | 0.85 | 0.89 | 0.92 |
Key ratios
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.5% | −1.2% | −4.9% | −1.2% |
| Operating income growth (YoY) | – | −6.4% | 25.5% | −21.7% | −9.6% |
| EPS growth (YoY) | – | −6.3% | 31.3% | −14.0% | −16.8% |
| Gross margin | 60.8% | 59.0% | 60.5% | 58.9% | 60.5% |
| Operating margin | 30.6% | 26.7% | 33.8% | 27.8% | 25.5% |
| Net margin | 21.3% | 18.5% | 24.5% | 21.9% | 18.2% |
| Return on equityBlank when equity is negative | 30.6% | 24.0% | 29.1% | 21.8% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.6% | 16.8% | 21.4% | 15.8% | 15.0% |
| Free cash flow margin | 20.3% | 10.8% | 10.0% | 10.8% | 22.7% |
| Cash conversion (CFO ÷ net income) | 1.12x | 0.82x | 0.63x | 0.69x | 1.40x |
| Receivable days | 75 | 74 | 67 | 76 | 77 |
| Inventory days | 430 | 481 | 565 | 562 | 599 |
| Interest cover | 14.7x | 12.5x | 11.1x | 9.07x | 9.72x |
| Debt ÷ equity | 0.83x | 0.82x | 0.76x | 0.61x | 0.61x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.4B | $2.3B | $2.2B | $2B | $2.1B |
| Current ratio | 3.65x | 3.51x | 2.59x | 3.88x | 3.24x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.