BROWN FORMAN CORP Earnings Per Share Disclosure
| 2023 | 2024 | 2025 | |||||||||||||||
| Net income available to common stockholders | $ | 783 | $ | 1,024 | $ | 869 | |||||||||||
| Share data (in thousands): | |||||||||||||||||
| Basic average common shares outstanding | 479,155 | 476,394 | 472,655 | ||||||||||||||
| Dilutive effect of stock-based awards | 1,310 | 826 | 295 | ||||||||||||||
| Diluted average common shares outstanding | 480,465 | 477,220 | 472,950 | ||||||||||||||
| Basic earnings per share | $ | 1.63 | $ | 2.15 | $ | 1.84 | |||||||||||
| Diluted earnings per share | $ | 1.63 | $ | 2.14 | $ | 1.84 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jun 13, 2025 | Showing above |
| 2024 | Jun 14, 2024 | |
| 2023 | Jun 16, 2023 | |
| 2022 | Jun 17, 2022 | |
| 2021 | Jun 21, 2021 | |
| 2020 | Jun 19, 2020 | |
| 2019 | Jun 13, 2019 | |
| 2018 | Jun 13, 2018 | |
| 2017 | Jun 15, 2017 | |
| 2016 | Jun 16, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.