BROWN FORMAN CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BROWN FORMAN CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	3,857	4,201	4,276	4,306	4,526	5,081	5,372	5,328	5,056	5,082
Cost of revenue	973	1,046	1,158	1,236	1,367	1,542	1,734	1,652	1,632	1,550
Gross profit	2,021	2,202	2,166	2,127	2,094	2,391	2,494	2,526	2,343	2,378
Selling, general and administrative	657	765	641	642	671	690	742	826	744	807
Operating income	1,010	1,048	1,144	1,091	1,166	1,204	1,127	1,414	1,107	1,001
Interest expense	59	68	88	82	81	82	90	127	122	103
Interest income	3	6	8	5	2	5	9	14	17	14
Pre-tax income	933	977	1,042	1,009	1,081	1,114	1,017	1,298	1,081	885
Income tax	264	260	207	182	178	276	234	274	212	170
Net income	669	717	835	827	903	838	783	1,024	869	715
EBITDA	1,068	1,112	1,216	1,165	1,243	1,283	1,207	1,501	1,194	1,093
EPS, basic	1.38	1.49	1.74	1.73	1.89	1.75	1.63	2.15	1.84	1.53
EPS, diluted	1.37	1.48	1.73	1.72	1.88	1.74	1.63	2.14	1.84	1.53
Shares, basic (weighted)	485	480	479	478	479	479	479	476	473	466
Shares, diluted (weighted)	488	484	482	480	481	481	480	477	473	467
Dividend per share	0.56	1.61	0.65	0.68	0.71	1.74	0.79	0.85	0.89	0.92

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	182	239	307	675	1,150	868	374	446	444	308
Receivables	557	639	609	570	753	813	855	769	830	832
Inventory	1,270	1,379	1,520	1,685	1,751	1,818	2,283	2,556	2,511	2,543
Other current assets	132	102	92	140	93	122	167	265	289	308
Total current assets	2,351	2,555	2,719	3,265	3,917	3,776	3,801	4,036	4,195	3,991
Property, plant and equipment	713	780	816	848	832	875	1,031	1,074	1,095	1,116
Lease right-of-use assets				51	67	74	84	96	101	106
Goodwill	753	763	753	756	779	761	1,457	1,455	1,505	1,522
Intangible assets	641	670	645	635	676	586	1,164	990	981	943
Other non-current assets	151	192	190	247	248	301	255	272	263	287
Total assets	4,625	4,976	5,139	5,766	6,522	6,373	7,777	8,166	8,086	7,894
Accounts payable	137	154	150	131	172	218	308	267	243	214
Accrued liabilities	364	427	394	386	507	485	519	526	498	581
Short-term debt	249	0	150	333	0	250	0	300	0	351
Total current liabilities	970	821	703	880	918	1,034	1,084	1,559	1,080	1,232
Long-term debt	1,689	2,341	2,290	2,269	2,354	2,019	2,678	2,372	2,421	2,083
Lease liabilities				37	49	54	63	73	78	78
Other non-current liabilities	130	222	157	168	206	181	253	243	187	180
Total liabilities	3,255	3,660	3,492	3,791	3,866	3,636	4,509	4,649	4,093	3,874
Total debt	1,938	2,341	2,290	2,269	2,354	2,269	2,678	2,672	2,421	2,434
Paid-in capital	65	4	0		0	0	1	13	36	62
Retained earnings	4,470	1,730	2,238	2,708	3,243	3,242	3,643	4,261	4,710	4,998
Treasury stock	-2,843	-112	-300	-258	-237	-225	-213	-608	-605	-1,004
Other comprehensive income	-390	-378	-363	-547	-422	-352	-235	-221	-220	-108
Shareholders' equity	1,370	1,316	1,647	1,975	2,656	2,737	3,268	3,517	3,993	4,020
Total equity	1,370	1,316	1,647	1,975	2,656	2,737	3,268	3,517	3,993	4,020
Total liabilities and equity	4,625	4,976	5,139	5,766	6,522	6,373	7,777	8,166	8,086	7,894
Shares outstanding	480	481	477	478	479	479	479	473	473

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	669	717	835	827	903	838	783	1,024	869	715
Depreciation and amortization	58	64	72	74	77	79	80	87	87	92
Stock-based compensation	14	19	14	11	12	15	18	25	28	32
Deferred income tax	-10	-69	38	39	-53	-11	-3	18	-39	-37
Change in receivables	6	-70	23	12	-150	-77	-21	88	-70	25
Change in inventory	-86	-102	-162	-203	-37	-93	-403	-349	-64	-22
Change in payables	-17	58	-43	-30	137	37	77	-31	-40	36
Cash from operations	656	653	800	724	817	936	640	647	598	1,000
Capital expenditures	-112	-127	-119	-113	-62	-138	-183	-228	-167	-107
Acquisitions	-307	0	0	-22	-14	0	-1,195	0	0
Cash from investing	-439	-149	-119	-141	98	-127	-1,355	49	249	-71
Debt issued	717	595	0	0	0	0	648	0	0
Debt repaid	0	-250	0	0	0	0	-250	0	-300	0
Share buybacks	-561	-1	-207	-1	0	0	0	-400	0	-400
Dividends paid	-274	-773	-310	-325	-338	-831	-378	-404	-420	-427
Cash from financing	-285	-466	-599	-191	-485	-1,038	239	-618	-843	-1,074
Exchange rate effect	-13	19	-14	-24	45	-47	-14	-6	3	9
Net change in cash	-81	57	68	368	475	-276	-490	72	7	-136
Free cash flow	544	526	681	611	755	798	457	419	431	893
Interest paid	48	65	90	83	79	80	85	125	119	101
Income taxes paid	266	200	201	143	204	226	278	242	303	232

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $26.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.8%	Gross profit / revenue.
Operating margin	19.6%	Operating income / revenue.
EBITDA margin	21.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.6%	Pre-tax income / revenue.
Net margin	14.2%	Net income / revenue.
FCF margin	18.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.0%	Cash from operations / revenue.
Effective tax rate	19.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.2%	Net income / average total assets.
Return on invested capital (ROIC)	13.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	16.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	1.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-3.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-17.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-4.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-16.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-4.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	67.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	107.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.26x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.25x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.6%	Total debt / total assets.
Liabilities / assets	49.3%	Total liabilities / total assets.
Net debt	$1.78B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.64x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.64x	Operating income / interest expense.
Working capital	$2.75B	Current assets - current liabilities.
Goodwill and intangibles / assets	31.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.65x	Revenue / average total assets.
Fixed asset turnover	4.61x	Revenue / average property, plant and equipment.
Inventory turnover	0.60x	Cost of revenue / average inventory.
Days inventory	610 days	365 x average inventory / cost of revenue.
Receivables turnover	6.17x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
FCF conversion	128.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.04	Revenue / diluted weighted shares.
FCF per share	$2.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.20	Cash from operations / diluted weighted shares.
Book value per share	$8.64	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.31	Tangible book value / shares outstanding.
Cash per share	$0.66	(Cash + short-term investments) / shares outstanding.
Payout ratio	59.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	46.1%	Dividends paid / free cash flow, when free cash flow is positive.

What was BROWN FORMAN CORP's revenue in fiscal 2026?

BROWN FORMAN CORP reported revenue of $5.08B for fiscal 2026, 0.5% higher than the year before.

Was BROWN FORMAN CORP profitable in fiscal 2026?

Yes. Net income was $715.0M, a net margin of 14.1%.

How much free cash flow did BROWN FORMAN CORP generate in fiscal 2026?

Cash from operations of $1.00B minus capital expenditures of $107.0M left free cash flow of $893.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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