Brown-Forman (BF-B) financial statements

Consumer Defensive · Beverages - Wineries & Distilleries · Market cap $12.2B

Brown-Forman reported revenue of $3.9B in fiscal 2026, up 3.1% a year over 9 years.

Net income was $715M and the operating margin 25.5%, against 33.7% in 2017.

Free cash flow was $893M, and the company returned $427M in dividends and $400M in net buybacks.

The diluted share count fell 4% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

02462017201820192020202120222023202420252026RevenueFree cash flow
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Income statement

Fiscal years, from Brown-Forman's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Revenue$3.0B$3.2B$3.3B$3.4B$3.5B$3.9B$4.2B$4.2B$4.0B$3.9B
Cost of revenue$973M$1.0B$1.2B$1.2B$1.4B$1.5B$1.7B$1.7B$1.6B$1.6B
Gross profit$2.0B$2.2B$2.2B$2.1B$2.1B$2.4B$2.5B$2.5B$2.3B$2.4B
Selling, general and admin$657M$765M$641M$642M$671M$690M$742M$826M$744M$807M
Operating income$1.0B$1.0B$1.1B$1.1B$1.2B$1.2B$1.1B$1.4B$1.1B$1.0B
Interest expense$59M$68M$88M$82M$81M$82M$90M$127M$122M$103M
Pre-tax income$933M$977M$1.0B$1.0B$1.1B$1.1B$1.0B$1.3B$1.1B$885M
Income tax$264M$260M$207M$182M$178M$276M$234M$274M$212M$170M
Net income$669M$717M$835M$827M$903M$838M$783M$1.0B$869M$715M
EPS (diluted)$1.37$1.48$1.73$1.72$1.88$1.74$1.63$2.14$1.84$1.53
Diluted shares488M484M482M480M481M481M480M477M473M467M
Gross margin67.5%67.8%65.2%63.2%60.5%60.8%59.0%60.5%58.9%60.5%
Operating margin33.7%32.3%34.4%32.4%33.7%30.6%26.7%33.8%27.8%25.5%
Net margin22.3%22.1%25.1%24.6%26.1%21.3%18.5%24.5%21.9%18.2%

Balance sheet

Fiscal years, from Brown-Forman's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Cash and short-term investments$182M$239M$307M$675M$1.1B$868M$374M$446M$444M$308M
Receivables$557M$639M$609M$570M$753M$813M$855M$769M$830M$832M
Inventory$1.3B$1.4B$1.5B$1.7B$1.8B$1.8B$2.3B$2.6B$2.5B$2.5B
Total current assets$2.4B$2.6B$2.7B$3.3B$3.9B$3.8B$3.8B$4.0B$4.2B$4.0B
Property, plant and equipment$713M$780M$816M$848M$832M$875M$1.0B$1.1B$1.1B$1.1B
Goodwill$753M$763M$753M$756M$779M$761M$1.5B$1.5B$1.5B$1.5B
Total assets$4.6B$5.0B$5.1B$5.8B$6.5B$6.4B$7.8B$8.2B$8.1B$7.9B
Total current liabilities$970M$821M$703M$880M$918M$1.0B$1.1B$1.6B$1.1B$1.2B
Long-term debt$1.7B$2.3B$2.3B$2.3B$2.4B$2.0B$2.7B$2.4B$2.4B$2.1B
Total liabilities$3.3B$3.7B$3.5B$3.8B$3.9B$3.6B$4.5B$4.6B$4.1B$3.9B
Shareholders' equity$1.4B$1.3B$1.6B$2.0B$2.7B$2.7B$3.3B$3.5B$4.0B$4.0B
Net debt$1.8B$2.1B$2.0B$1.6B$1.2B$1.4B$2.3B$2.2B$2.0B$2.1B

Cash flow

Fiscal years, from Brown-Forman's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Operating cash flow$656M$653M$800M$724M$817M$936M$640M$647M$598M$1.0B
Capital spending$115M$128M$121M$119M$65M$138M$183M$228M$167M$107M
Free cash flow$541M$525M$679M$605M$752M$798M$457M$419M$431M$893M
Stock-based compensation$14M$19M$14M$11M$12M$15M$18M$25M$28M$32M
Dividends paid$274M$773M$310M$325M$338M$831M$378M$404M$420M$427M
Share buybacks (net)-$561M-$1M-$207M-$1M$0$0$0-$400M$0-$400M
Net borrowing$595M$342M-$71M$178M$0$0$398M$0-$300M$0
Free cash flow margin18.1%16.2%20.4%18.0%21.7%20.3%10.8%10.0%10.8%22.7%
Dividends per share$0.56$1.60$0.64$0.68$0.70$1.73$0.79$0.85$0.89$0.91
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Questions

What was Brown-Forman's revenue in 2026?

$3.9B in fiscal 2026, from its 10-K filing.

How much free cash flow does Brown-Forman generate?

$893M in fiscal 2026 (operating cash flow minus capital spending).

From Brown-Forman's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.