BROWN FORMAN CORP

Listed Company

BF-ACIK 0000014693NYSELarge AcceleratedBeveragesDelawareFY ends Apr 30

Period

FY 2025

Revenue

$3.98B

Net Income

$869.00M

Total Assets

$8.09B

Equity

$3.99B

Shares Out

472.67M

Op. Cash Flow

$598.00M

Business

BROWN FORMAN CORP primarily manufactures, distills, bottles, imports, exports, markets, and sells beverage alcohol products under a portfolio of recognized brands. Its main products include distilled spirits, liqueurs, ready-to-drink cocktails, and select wines across well-known trademarks such as Jack Daniel’s, Woodford Reserve, Old Forester, tequila, rum, gin, and Scotch whiskies. The company operates through brand-driven business activities and distinct product portfolios, supported by owned distribution operations in key markets and third‑party distribution and licensing arrangements. It sells products globally in over one hundred seventy countries, using distributors, state-controlled channels, owned distribution companies, travel retail, and e-commerce.

Summary from filing dated 2025-06-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Sales	5,056	5,328	5,372	5,081	4,526
Excise taxes	1,081	1,150	1,144	1,148	1,065
Net sales	3,975	4,178	4,228	3,933	3,461
Cost of sales	1,632	1,652	1,734	1,542	1,367
Gross profit	2,343	2,526	2,494	2,391	2,094
Advertising expenses	484	529	506	438	399
Selling, general, and administrative expenses	744	826	742	690	671
Total restructuring and other charges	60	0	0	—	—
Gain on business divestitures	0	−267	0	0	−127
Other expense (income), net	−52	24	119	59	−15
Operating income	1,107	1,414	1,127	1,204	1,166
Non-operating postretirement expense	4	3	29	13	6
Interest income	−17	−14	−9	−5	−2
Interest expense	122	127	90	82	81
Equity method investment income and gain on sale	−83	0	0	—	—
Income before income taxes	1,081	1,298	1,017	1,114	1,081
Income taxes	212	274	234	276	178
Net income	869	1,024	783	838	903
Basic (dollars per share)	1.84	2.15	1.63	1.75	1.89
Diluted (dollars per share)	1.84	2.14	1.63	1.74	1.88

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and cash equivalents	444	446	374	868	1,150
Accounts receivable, net	830	769	855	813	753
Barreled whiskey	1,567	1,490	1,262	1,155	1,101
Finished goods	476	452	509	312	323
Work in process	378	396	321	225	199
Raw materials and supplies	90	218	191	126	128
Total inventories	2,511	2,556	2,283	1,818	1,751
Other current assets	289	265	289	277	263
Assets held for sale	121	0	—	—	—
Total current assets	4,195	4,036	3,801	3,776	3,917
Property, plant, and equipment, net	1,095	1,074	1,031	875	832
Goodwill	1,505	1,455	1,457	761	779
Other intangible assets	981	990	1,164	586	676
Equity method investments	3	270	3	—	—
Deferred tax assets	47	69	66	74	70
Other assets	260	272	255	301	248
Total assets	8,086	8,166	7,777	6,373	6,522
Accounts payable and accrued expenses	741	793	827	703	679
Accrued income taxes	27	38	22	81	34
Short-term borrowings	312	428	235	0	205
Current portion of long-term debt	0	300	0	250	0
Total current liabilities	1,080	1,559	1,084	1,034	918
Long-term debt	2,421	2,372	2,678	2,019	2,354
Deferred tax liabilities	241	315	323	219	169
Accrued pension and other postretirement benefits	164	160	171	183	219
Other liabilities	187	243	253	181	206
Total liabilities	4,093	4,649	4,509	3,636	3,866
Commitments and contingencies	—	—	—	—	—
Additional paid-in capital	36	13	1	0	—
Retained earnings	4,710	4,261	3,643	3,242	3,243
Accumulated other comprehensive income (loss), net of tax	−220	−221	−235	−352	−422
Treasury stock, at cost (11,932,000 and 11,863,000 shares in 2024 and 2025, respectively)	−605	−608	−213	−225	−237
Total stockholders equity	3,993	3,517	3,268	2,737	2,656
Total liabilities and stockholders equity	8,086	8,166	7,777	6,373	6,522

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Asset impairment charges	49	7	96	61	0
Depreciation and amortization	87	87	80	79	77
Stock-based compensation expense	28	25	18	15	12
Deferred income tax provision (benefit)	−39	18	−3	−11	−53
Change in fair value of contingent consideration	−43	9	0	0	—
Other, net	−17	7	18	31	−23
Accounts receivable	−70	88	−21	−77	−150
Inventories	−64	−349	−403	−93	−37
Other current assets	−25	23	4	15	31
Accounts payable and accrued expenses	−40	−31	77	37	137
Accrued income taxes	−13	17	−57	47	8
Other operating assets and liabilities	−41	−11	48	−6	39
Cash provided by operating activities	598	647	640	936	817
Proceeds from business divestitures	0	246	0	0	177
Proceeds from sale of equity method investment	350	0	0	—	—
Business acquisitions, net of cash acquired	0	0	−1,195	0	−14
Additions to property, plant, and equipment	−167	−228	−183	−138	−62
Other, net	66	31	23	11	−3
Cash provided by (used for) investing activities	249	49	−1,355	−127	98
Proceeds from short-term borrowings, maturities greater than 90 days	0	0	600	0	344
Repayments of short-term borrowings, maturities greater than 90 days	0	0	−600	0	−516
Net change in other short-term borrowings	−117	192	234	−196	46
Repayment of long-term debt	−300	0	−250	0	0
Proceeds from long-term debt	0	0	648	0	0
Acquisition of treasury stock	0	−400	0	0	0
Dividends paid	−420	−404	−378	−831	−338
Other, net	−6	−6	−15	−11	−21
Cash provided by (used for) financing activities	−843	−618	239	−1,038	−485
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	3	−6	−14	−47	45
Net increase (decrease) in cash, cash equivalents, and restricted cash	7	72	−490	−276	475
Cash paid for interest	119	125	85	80	79
Cash paid for income taxes	303	242	278	226	204
Non-cash additions to property, plant, and equipment	14	20	27	15	—

Filings

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