FirmAtlas
Company handbook · BF-B · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
BF-B · CIK 14693 · LATEST FILING: 10-Q JUL '26 · FILED SEP 2, 2026
BROWN-FORMAN CORPORATION
$28.88
+0.30 (+1.05%)
Close, Oct 16, 2026 · 52-week $23–32
Last fiscal year
BROWN-FORMAN CORPORATION reported revenue of $3.9B for the year ended Apr 30, 2026 (FY25), down 1.2% from FY24. Net income was $715M, operating cash flow $1.0B and free cash flow $893M. Source: 10-K filed Jun 12, 2026.
Market cap
$13.5B
P/E
18.7
EV/EBITDA
14.3x
P/B
3.4
Div yield
3.20%
ROIC
13.0%
Revenue 1Y
−1.2%/yr
EPS 1Y
−16.8%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOLawson E. Whiting
HQLouisville, KY
AuditorErnst & Young LLP
Year endsApril
Revenue by segment · FY25
Whiskey74%
Ready To Drink14%
Tequila6%
Restofportfolio5%
Nonbrandedandbulk1%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−2.3%
−16.1%
−19.3%
2.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.5B deployed
Capex
$274M
18.0%
Dividends
$847M
55.7%
Buybacks
$400M
26.3%
Operating cash flow over the period: $1.6B. Total debt changed by −$231M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Apr 30, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,975
3,928−1.2%
3,915
YoY
−1.2%
Gross profit
2,343
2,378+1.5%
2,375
Gross margin
58.9%
60.5%+1.6 pp
—
Operating income
1,107
1,001−9.6%
993
Operating margin
27.8%
25.5%−2.4 pp
—
EBITDA
1,194
1,093−8.5%
—
EBITDA margin
30.0%
27.8%−2.2 pp
—
Interest expense
122
103−15.6%
—
Interest coverage
9.79x
10.61x+0.82x
—
Net income
869
715−17.7%
721
YoY
−17.7%
Net margin
21.9%
18.2%−3.7 pp
—
EPS (diluted, $)
1.84
1.53−16.8%
1.55
YoY
−16.8%
Balance sheet
Total assets
8,086
7,894−2.4%
7,825
Cash & short-term investments
463
327−29.4%
—
Accounts receivable
830
832+0.2%
—
Inventory
2,511
2,543+1.3%
—
Net PP&E
1,095
1,116+1.9%
—
Other assets
3,187
3,076−3.5%
—
Total liabilities
4,093
3,874−5.4%
3,856
Total debt
2,733
2,502−8.5%
2,441
Other liabilities
1,360
1,372+0.9%
—
Shareholders’ equity
3,993
4,020+0.7%
3,969
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
598
1,000+67.2%
1,013
Net income
869
715−17.7%
—
Depreciation & amortization
87
92+5.7%
—
Stock-based compensation
28
32+14.3%
—
Working capital & other
(386)
161n/m
—
Cash from investing
249
(71)−128.5%
—
Capex
(167)
(107)n/m
—
Acquisitions
0
—
—
Other investing
416
36−91.3%
—
Cash from financing
(843)
(1,074)n/m
—
Debt raised
0
—
—
Debt repaid
(300)
0n/m
—
Dividends
(420)
(427)n/m
—
Buybacks
0
(400)n/m
—
Other financing
(123)
(247)n/m
—
Net change in cash
7
(136)−2042.9%
—
Free cash flow (OCF − capex)
431
893+107.2%
925
Where the cash went
Operating cash flow
598
1,000+67.2%
1,013
Reinvested in the business
167
107−35.9%
—
% of operating cash flow
27.9%
10.7%
Capex
167
107−35.9%
88
Acquisitions
0
—
—
Free cash flow
431
893+107.2%
925
YoY
+107.2%
Returned to shareholders
420
827+96.9%
—
% of free cash flow
97.4%
92.6%
Dividends
420
427+1.7%
—
Buybacks
0
400n/m
—
Change in total debt
—
(231)
—
Cash left over
—
(165)
—
FCF conversion (FCF ÷ net income)
49.6%
124.9%+75.3 pp
—
Owner earnings
—
666
—
Owner earnings margin
—
17.0%
—
Buyback yield
—
3.3%
—
Returns & ratios
ROIC (all capital)
14.2%
13.0%−1.2 pp
—
ROIC (operating)
20.1%
18.1%−1.9 pp
—
Net debt / EBITDA
1.90x
1.99x+0.09x
—
Debt / equity
0.68x
0.62x−0.06x
—
ROE
21.8%
17.8%−4.0 pp
—
ROA
10.7%
9.1%−1.7 pp
—
ROCE
15.8%
15.0%−0.8 pp
—
NOPAT
890
809−9.1%
—
Invested capital (operating)
4,436
4,491+1.2%
—
Invested capital (all)
6,263
6,195−1.1%
—
Reinvestment rate
—
6.8%
—
Debtor days
76
77+1 d
—
Inventory days
562
599+37 d
—
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
1,036
1,056
912
911
vs year-ago quarter
Gross profit
615
640
571
549
Gross margin
59.4%
60.6%
62.6%
60.3%
Operating income
305
340
96
252
Net income
224
267
54
176
vs year-ago quarter
Net margin
21.6%
25.3%
5.9%
19.3%
EPS (diluted, $)
0.47
0.58
0.12
0.38
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
8,221
8,302
7,894
7,825
Cash & equivalents
338
402
327
320
Total debt
2,647
2,745
2,502
2,441
Shareholders’ equity
4,134
4,082
4,020
3,969
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
132
417
291
173
Capex
25
25
26
12
Free cash flow
107
392
265
161
vs year-ago quarter