Balance Sheet Brown-Forman Corporation

Equities

BF.B

US1156372096

Distillers & Wineries

Market Closed - Nyse Other stock markets 21:00:03 08/05/2026 BST			5-day change	1st Jan Change
27.68 ^USD	+1.10%		+8.34%	+6.22%

05-08	Brown-Forman, Pernod Ricard's $15 Billion Deal Talks Fell Apart Over Control of Combined Company	MT
05-07	Campari disappoints but still top of the class

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Published financial data: BROWN-FORMAN CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Revenues	3.46B	3.93B	4.23B	4.18B	3.98B
Total Revenues	3.46B	3.93B	4.23B	4.18B	3.98B
Cost of Goods Sold, Total	1.37B	1.54B	1.73B	1.65B	1.63B
Gross Profit	2.09B	2.39B	2.49B	2.53B	2.34B
Selling General & Admin Expenses, Total	1.08B	1.14B	1.27B	1.36B	1.23B
Other Operating Expenses	2M	14M	-5M	23M	-48M
Other Operating Expenses, Total	1.08B	1.16B	1.26B	1.38B	1.18B
Operating Income	1.02B	1.24B	1.23B	1.14B	1.16B
Interest Expense, Total	-81M	-82M	-90M	-127M	-122M
Interest And Investment Income	2M	5M	9M	14M	17M
Net Interest Expenses	-79M	-77M	-81M	-113M	-105M
Income (Loss) On Equity Invest.	-	-	-	-	83M
Currency Exchange Gains (Loss)	17M	7M	16M	8M	-4M
EBT, Excl. Unusual Items	954M	1.17B	1.17B	1.04B	1.13B
Restructuring Charges	-	-	-	-	-60M
Merger & Related Restructuring Charges	-	-	-55M	-	-
Gain (Loss) On Sale Of Assets	127M	-	-	274M	12M
Asset Writedown	-	-52M	-96M	-7M	-47M
Other Unusual Items	-	-	-	-9M	43M
EBT, Incl. Unusual Items	1.08B	1.11B	1.02B	1.3B	1.08B
Income Tax Expense	178M	276M	234M	274M	212M
Earnings From Continuing Operations	903M	838M	783M	1.02B	869M
Net Income to Company	903M	838M	783M	1.02B	869M
Net Income - (IS)	903M	838M	783M	1.02B	869M
Net Income to Common Incl Extra Items	903M	838M	783M	1.02B	869M
Net Income to Common Excl. Extra Items	903M	838M	783M	1.02B	869M
Per Share Items
Net EPS - Basic	1.89	1.75	1.63	2.15	1.84
Basic EPS - Continuing Operations	1.89	1.75	1.63	2.15	1.84
Basic Weighted Average Shares Outstanding	479M	479M	479M	476M	473M
Net EPS - Diluted	1.88	1.74	1.63	2.14	1.84
Diluted EPS - Continuing Operations	1.88	1.74	1.63	2.14	1.84
Diluted Weighted Average Shares Outstanding	481M	481M	480M	477M	473M
Normalized Basic EPS	1.25	1.52	1.52	1.36	1.5
Normalized Diluted EPS	1.24	1.52	1.52	1.36	1.5
Dividend Per Share	0.71	0.74	0.79	0.85	0.89
Payout Ratio	37.43	42	48.28	39.45	48.33
Supplemental Items
EBITDA	1.09B	1.32B	1.31B	1.23B	1.25B
EBITA	1.02B	1.24B	1.23B	1.14B	1.16B
EBIT	1.02B	1.24B	1.23B	1.14B	1.16B
EBITDAR	1.13B	1.35B	1.35B	1.28B	1.29B
Total Revenues (As Reported)	3.46B	3.93B	4.23B	4.18B	3.98B
Effective Tax Rate - (Ratio)	16.47	24.78	23.01	21.11	19.61
Current Domestic Taxes	181M	223M	191M	175M	178M
Current Foreign Taxes	50M	64M	46M	81M	73M
Total Current Taxes	231M	287M	237M	256M	251M
Deferred Domestic Taxes	-6M	-2M	-9M	23M	-58M
Deferred Foreign Taxes	-47M	-9M	6M	-5M	19M
Total Deferred Taxes	-53M	-11M	-3M	18M	-39M
Normalized Net Income	596M	729M	730M	650M	708M
Non-Cash Pension Expense	7M	13M	28M	1M	2M
Supplemental Operating Expense Items
Advertising Expense	399M	438M	506M	529M	484M
Selling and Marketing Expenses	399M	438M	506M	529M	484M
Net Rental Expense, Total	41M	38M	38M	51M	45M
Imputed Operating Lease Interest Expense	10.06M	10.03M	10.24M	16.73M	14.56M
Imputed Operating Lease Depreciation	30.94M	27.97M	27.76M	34.27M	30.44M
Stock-Based Comp., SG&A Exp. (Total)	12M	15M	18M	25M	28M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	12M	15M	18M	25M	28M

Fiscal Period: April	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.15B	868M	374M	446M	444M
Total Cash And Short Term Investments	1.15B	868M	374M	446M	444M
Accounts Receivable, Total	753M	813M	855M	769M	830M
Total Receivables	753M	813M	855M	769M	830M
Inventory	1.75B	1.82B	2.28B	2.56B	2.51B
Prepaid Expenses	170M	155M	122M	100M	-
Restricted Cash	-	6M	10M	-	-
Other Current Assets, Total	93M	116M	157M	165M	410M
Total Current Assets	3.92B	3.78B	3.8B	4.04B	4.2B
Gross Property Plant And Equipment	1.69B	1.8B	2B	2.04B	2.04B
Accumulated Depreciation	-792M	-849M	-889M	-866M	-844M
Net Property Plant And Equipment	899M	949M	1.12B	1.17B	1.2B
Long-term Investments	-	-	-	270M	3M
Goodwill	779M	761M	1.46B	1.46B	1.5B
Other Intangibles, Total	676M	586M	1.16B	990M	981M
Deferred Tax Assets Long-Term	70M	74M	66M	69M	47M
Other Long-Term Assets, Total	181M	227M	174M	176M	159M
Total Assets	6.52B	6.37B	7.78B	8.17B	8.09B
Liabilities
Accounts Payable, Total	172M	218M	308M	267M	243M
Accrued Expenses, Total	487M	463M	496M	502M	472M
Short-term Borrowings	205M	-	235M	428M	312M
Current Portion of Long-Term Debt	-	250M	-	300M	-
Current Portion of Leases	20M	21M	22M	24M	26M
Current Income Taxes Payable	34M	81M	22M	38M	27M
Other Current Liabilities	-	1M	1M	-	-
Total Current Liabilities	918M	1.03B	1.08B	1.56B	1.08B
Long-Term Debt	2.35B	2.02B	2.68B	2.37B	2.42B
Long-Term Leases	49M	54M	63M	73M	78M
Pension & Other Post Retirement Benefits	219M	183M	171M	160M	164M
Deferred Tax Liability Non Current	169M	219M	323M	315M	241M
Other Non Current Liabilities	157M	127M	190M	170M	109M
Total Liabilities	3.87B	3.64B	4.51B	4.65B	4.09B
Common Stock, Total	72M	72M	72M	72M	72M
Additional Paid In Capital	-	-	1M	13M	36M
Retained Earnings	3.24B	3.24B	3.64B	4.26B	4.71B
Treasury Stock	-237M	-225M	-213M	-608M	-605M
Comprehensive Income and Other	-422M	-352M	-235M	-221M	-220M
Total Common Equity	2.66B	2.74B	3.27B	3.52B	3.99B
Total Equity	2.66B	2.74B	3.27B	3.52B	3.99B
Total Liabilities And Equity	6.52B	6.37B	7.78B	8.17B	8.09B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	479M	479M	479M	473M	473M
ECS Total Common Shares Outstanding	479M	479M	479M	473M	473M
Book Value / Share	5.55	5.71	6.83	7.44	8.45
Tangible Book Value	1.2B	1.39B	647M	1.07B	1.51B
Tangible Book Value Per Share	2.51	2.9	1.35	2.27	3.19
Total Debt	2.63B	2.34B	3B	3.2B	2.84B
Net Debt	1.48B	1.48B	2.62B	2.75B	2.39B
Debt Equivalent of Unfunded Proj. Benefit Obligation	176M	105M	125M	103M	107M
Debt Equivalent Oper. Leases	328M	304M	304M	408M	360M
Equity Method Investments, Total	-	-	-	270M	3M
Account Code - Inventory Valuation	4	4	4	4	4
LIFO Reserve, Total	-353M	-385M	-429M	-512M	600M
Inventories - Raw Materials, Total	128M	126M	191M	218M	90M
Inventories - Work In Process, Total	1.3B	1.38B	1.58B	1.89B	1.94B
Inventories - Finished Goods, Total	323M	312M	509M	452M	476M
Land - (BS)	82M	86M	97M	49M	49M
Buildings, Total	659M	660M	717M	782M	841M
Machinery, Total	833M	849M	889M	928M	869M
Full Time Employees	4.7K	5.2K	5.6K	5.7K	5K
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	7M	13M	7M	8M	7M

Fiscal Period: April	2021	2022	2023	2024	2025
Net Income	903M	838M	783M	1.02B	869M
Depreciation & Amortization - CF	77M	79M	80M	87M	87M
Depreciation & Amortization, Total	77M	79M	80M	87M	87M
(Gain) Loss From Sale Of Asset	-127M	-	-	-267M	-
Asset Writedown & Restructuring Costs	-	61M	96M	7M	49M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-83M
Stock-Based Compensation (CF)	12M	15M	18M	25M	28M
Other Operating Activities, Total	-76M	20M	15M	34M	-99M
Change In Accounts Receivable	-150M	-77M	-21M	88M	-70M
Change In Inventories	-37M	-93M	-403M	-349M	-64M
Change In Accounts Payable	137M	37M	77M	-31M	-40M
Change In Income Taxes	8M	47M	-57M	17M	-13M
Change in Other Net Operating Assets	70M	9M	52M	12M	-66M
Cash from Operations	817M	936M	640M	647M	598M
Capital Expenditure	-62M	-138M	-183M	-228M	-167M
Cash Acquisitions	-14M	-	-1.2B	-	-
Divestitures	177M	-	-	246M	-
Sale (Purchase) of Intangible assets	-3M	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-	-	350M
Other Investing Activities, Total	-	11M	23M	31M	66M
Cash from Investing	98M	-127M	-1.36B	49M	249M
Short Term Debt Issued, Total	390M	-	834M	192M	-
Long-Term Debt Issued, Total	-	-	648M	-	-
Total Debt Issued	390M	-	1.48B	192M	-
Short Term Debt Repaid, Total	-516M	-196M	-600M	-	-117M
Long-Term Debt Repaid, Total	-	-	-250M	-	-300M
Total Debt Repaid	-516M	-196M	-850M	-	-417M
Repurchase of Common Stock	-21M	-11M	-	-400M	-
Common Dividends Paid	-338M	-352M	-378M	-404M	-420M
Common & Preferred Stock Dividends Paid	-338M	-352M	-378M	-404M	-420M
Special Dividend Paid	-	-479M	-	-	-
Other Financing Activities, Total	-	-	-15M	-6M	-6M
Cash from Financing	-485M	-1.04B	239M	-618M	-843M
Foreign Exchange Rate Adjustments	45M	-47M	-14M	-6M	3M
Miscellaneous Cash Flow Adjustments	-	-	-10M	-10M	-19M
Net Change in Cash	475M	-276M	-500M	62M	-12M
Supplemental Items
Cash Interest Paid	79M	80M	85M	125M	119M
Cash Income Tax Paid (Refund)	204M	226M	278M	242M	303M
Levered Free Cash Flow	593M	606M	174M	337M	370M
Unlevered Free Cash Flow	644M	658M	231M	417M	446M
Change In Net Working Capital	15M	71M	455M	183M	226M
Net Debt Issued / Repaid	-126M	-196M	632M	192M	-417M

Fiscal Period: April	2021	2022	2023	2024	2025
Profitability
Return on Assets	10.34	11.98	10.89	8.98	8.91
Return on Total Capital	12.81	14.91	13.58	11.03	10.7
Return On Equity %	39	31.08	26.08	30.18	23.14
Return on Common Equity	39	31.08	26.08	30.18	23.14
Margin Analysis
Gross Profit Margin %	60.5	60.79	58.99	60.46	58.94
SG&A Margin	31.09	29.01	29.94	32.5	30.99
EBITDA Margin %	31.58	33.44	31.05	29.49	31.35
EBITA Margin %	29.36	31.43	29.16	27.41	29.16
EBIT Margin %	29.36	31.43	29.16	27.41	29.16
Income From Continuing Operations Margin %	26.09	21.31	18.52	24.51	21.86
Net Income Margin %	26.09	21.31	18.52	24.51	21.86
Net Avail. For Common Margin %	26.09	21.31	18.52	24.51	21.86
Normalized Net Income Margin	17.23	18.53	17.27	15.56	17.81
Levered Free Cash Flow Margin	17.14	15.41	4.12	8.07	9.31
Unlevered Free Cash Flow Margin	18.61	16.72	5.45	9.97	11.23
Asset Turnover
Asset Turnover	0.56	0.61	0.6	0.52	0.49
Fixed Assets Turnover	3.85	4.26	4.1	3.66	3.36
Receivables Turnover (Average Receivables)	5.23	5.02	5.07	5.15	4.97
Inventory Turnover (Average Inventory)	0.8	0.86	0.85	0.68	0.64
Short Term Liquidity
Current Ratio	4.27	3.65	3.51	2.59	3.88
Quick Ratio	2.07	1.63	1.13	0.78	1.18
Operating Cash Flow to Current Liabilities	0.89	0.91	0.59	0.42	0.55
Days Sales Outstanding (Average Receivables)	69.76	72.67	72	71.13	73.41
Days Outstanding Inventory (Average Inventory)	458.72	422.4	431.62	536.04	566.62
Average Days Payable Outstanding	38.59	44.24	43.65	54.66	58.65
Cash Conversion Cycle (Average Days)	489.89	450.83	459.97	552.51	581.39
Long Term Solvency
Total Debt/Equity	98.95	85.64	91.74	90.9	71.05
Total Debt / Total Capital	49.74	46.13	47.85	47.62	41.54
LT Debt/Equity	90.47	75.74	83.87	69.52	62.58
Long-Term Debt / Total Capital	45.48	40.8	43.74	36.42	36.59
Total Liabilities / Total Assets	59.28	57.05	57.98	56.93	50.62
EBIT / Interest Expense	12.54	15.07	13.7	9.02	9.5
EBITDA / Interest Expense	14	16.5	15.01	10.1	10.58
(EBITDA - Capex) / Interest Expense	13.23	14.82	12.98	8.31	9.21
Total Debt / EBITDA	2.32	1.73	2.22	2.49	2.2
Net Debt / EBITDA	1.3	1.09	1.94	2.14	1.85
Total Debt / (EBITDA - Capex)	2.45	1.93	2.57	3.03	2.52
Net Debt / (EBITDA - Capex)	1.38	1.21	2.25	2.61	2.13
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.91	13.64	7.5	-1.18	-4.86
Gross Profit, 1 Yr. Growth %	-1.55	14.18	4.31	1.28	-7.24
EBITDA, 1 Yr. Growth %	-7.92	20.31	-0.15	-6.17	1.14
EBITA, 1 Yr. Growth %	-8.72	21.65	-0.24	-7.14	1.22
EBIT, 1 Yr. Growth %	-8.72	21.65	-0.24	-7.14	1.22
Earnings From Cont. Operations, 1 Yr. Growth %	9.19	-7.2	-6.56	30.78	-15.14
Net Income, 1 Yr. Growth %	9.19	-7.2	-6.56	30.78	-15.14
Normalized Net Income, 1 Yr. Growth %	-6.65	22.22	0.17	-10.96	8.94
Diluted EPS Before Extra, 1 Yr. Growth %	9.3	-7.45	-6.32	31.29	-14.09
Accounts Receivable, 1 Yr. Growth %	32.11	7.97	5.17	-10.06	7.93
Inventory, 1 Yr. Growth %	3.92	3.83	25.58	11.96	-1.76
Net Property, Plant and Equip., 1 Yr. Growth %	0	5.56	17.49	4.93	2.22
Total Assets, 1 Yr. Growth %	13.11	-2.28	22.03	5	-0.98
Tangible Book Value, 1 Yr. Growth %	105.65	15.74	-53.45	65.69	40.58
Common Equity, 1 Yr. Growth %	34.48	3.05	19.4	7.62	13.53
Cash From Operations, 1 Yr. Growth %	12.85	14.57	-31.62	1.09	-7.57
Capital Expenditures, 1 Yr. Growth %	-45.13	122.58	32.61	24.59	-26.75
Levered Free Cash Flow, 1 Yr. Growth %	44.59	1.66	-71.24	93.4	9.75
Unlevered Free Cash Flow, 1 Yr. Growth %	39.51	1.62	-64.92	80.65	7.14
Dividend Per Share, 1 Yr. Growth %	3.97	4.01	7.07	7.44	4.96
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.04	8.14	10.53	3.07	-3.04
Gross Profit, 2 Yr. CAGR %	-1.68	6.02	9.13	2.78	-3.07
EBITDA, 2 Yr. CAGR %	-4.08	5.83	9.6	-3.21	-0.48
EBITA, 2 Yr. CAGR %	-4.59	6	10.16	-3.75	-0.81
EBIT, 2 Yr. CAGR %	-4.59	6	10.16	-3.75	-0.81
Earnings From Cont. Operations, 2 Yr. CAGR %	3.99	0.66	-6.88	10.54	5.35
Net Income, 2 Yr. CAGR %	3.99	0.66	-6.88	10.54	5.35
Normalized Net Income, 2 Yr. CAGR %	-4.32	7.5	10.65	-5.56	0.89
Diluted EPS Before Extra, 2 Yr. CAGR %	4.25	0.58	-6.89	10.9	6.2
Accounts Receivable, 2 Yr. CAGR %	11.2	19.43	6.56	-2.74	-1.47
Inventory, 2 Yr. CAGR %	7.33	3.87	14.19	18.57	4.87
Net Property, Plant and Equip., 2 Yr. CAGR %	4.96	2.74	11.37	11.03	3.57
Total Assets, 2 Yr. CAGR %	12.66	5.13	9.2	13.2	1.97
Tangible Book Value, 2 Yr. CAGR %	119.62	54.28	-26.6	-12.18	52.62
Common Equity, 2 Yr. CAGR %	26.99	17.72	10.92	13.36	10.54
Cash From Operations, 2 Yr. CAGR %	1.06	13.7	-11.49	-16.86	-3.34
Capital Expenditures, 2 Yr. CAGR %	-27.82	10.51	71.8	28.54	-4.47
Levered Free Cash Flow, 2 Yr. CAGR %	13.76	21.86	-45.93	-25.42	62.6
Unlevered Free Cash Flow, 2 Yr. CAGR %	11.99	19.62	-40.3	-20.4	50.82
Dividend Per Share, 2 Yr. CAGR %	4.5	3.99	5.53	7.25	6.19
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.14	5.77	7.93	6.48	0.35
Gross Profit, 3 Yr. CAGR %	-1.66	3.35	5.45	6.45	-0.67
EBITDA, 3 Yr. CAGR %	-0.03	3.44	3.8	4.07	-1.78
EBITA, 3 Yr. CAGR %	-0.46	3.46	3.88	4.06	-2.12
EBIT, 3 Yr. CAGR %	-0.46	3.46	3.88	4.06	-2.12
Earnings From Cont. Operations, 3 Yr. CAGR %	7.99	0.12	-1.81	4.28	1.22
Net Income, 3 Yr. CAGR %	7.99	0.12	-1.81	4.28	1.22
Normalized Net Income, 3 Yr. CAGR %	-0.79	3.82	5	2.92	-0.95
Diluted EPS Before Extra, 3 Yr. CAGR %	8.3	0.19	-1.78	4.41	1.85
Accounts Receivable, 3 Yr. CAGR %	5.62	10.11	14.47	0.7	0.69
Inventory, 3 Yr. CAGR %	8.29	6.15	10.65	13.44	11.37
Net Property, Plant and Equip., 3 Yr. CAGR %	4.85	5.16	7.44	9.18	8.02
Total Assets, 3 Yr. CAGR %	9.44	7.44	10.49	7.78	8.26
Tangible Book Value, 3 Yr. CAGR %	117.33	77.39	3.47	-3.72	2.73
Common Equity, 3 Yr. CAGR %	26.37	18.45	18.28	9.81	13.42
Cash From Operations, 3 Yr. CAGR %	7.75	5.37	-4.03	-7.48	-13.87
Capital Expenditures, 3 Yr. CAGR %	-21.26	5.06	17.43	54.35	6.56
Levered Free Cash Flow, 3 Yr. CAGR %	5.51	9.76	-24.69	-17.31	-15.17
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.54	8.59	-20.53	-13.65	-12.11
Dividend Per Share, 3 Yr. CAGR %	5.19	4.34	5.01	6.16	6.48
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.3	5.61	5.42	4.68	3.4
Gross Profit, 5 Yr. CAGR %	-0.47	3.42	2.52	3.12	1.95
EBITDA, 5 Yr. CAGR %	-0.29	4.62	3.72	0.73	1.2
EBITA, 5 Yr. CAGR %	-0.71	4.52	3.66	0.51	1.05
EBIT, 5 Yr. CAGR %	-0.71	4.52	3.66	0.51	1.05
Earnings From Cont. Operations, 5 Yr. CAGR %	-3.28	4.61	1.78	4.17	1
Net Income, 5 Yr. CAGR %	-3.28	4.61	1.78	4.17	1
Normalized Net Income, 5 Yr. CAGR %	-1.02	4.56	3.64	-0.04	2.35
Diluted EPS Before Extra, 5 Yr. CAGR %	-2.1	4.9	1.95	4.35	1.34
Accounts Receivable, 5 Yr. CAGR %	6.14	7.86	6	4.78	7.81
Inventory, 5 Yr. CAGR %	10.69	7.44	10.61	10.95	8.31
Net Property, Plant and Equip., 5 Yr. CAGR %	7.4	5.89	7.41	7.47	5.88
Total Assets, 5 Yr. CAGR %	9.29	6.62	9.34	9.7	7
Tangible Book Value, 5 Yr. CAGR %	26.08	125.2	40.78	33.91	20.88
Common Equity, 5 Yr. CAGR %	11.2	14.84	19.95	16.38	15.12
Cash From Operations, 5 Yr. CAGR %	9.29	7.37	-0.4	-4.16	-3.75
Capital Expenditures, 5 Yr. CAGR %	-10.51	4.26	7.58	13.89	8.13
Levered Free Cash Flow, 5 Yr. CAGR %	3.22	12.9	-19.17	-5.96	-1.94
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.77	12.35	-15.89	-4.1	-0.58
Dividend Per Share, 5 Yr. CAGR %	6.19	5.47	5.32	5.49	5.48