Brown-Forman Corp. Class B Common Stock (BF.B) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.37	$0.38	+2.7%	—	$911M	—
Q4 26	$0.32	$0.12	-62.5%	—	$912M	—
Q3 26	$0.47	$0.58	+23.4%	—	$1.1B	—
Q2 26	$0.48	$0.47	-2.1%	—	$1B	—
Q1 26	$0.37	$0.36	-2.7%	—	$924M	—
Q4 25	$0.34	$0.31	-8.8%	—	$894M	—
Q3 25	$0.46	$0.57	+23.9%	—	$1B	—
Q2 25	$0.49	$0.55	+12.2%	—	$1.1B	—
Q1 25	$0.46	$0.41	-10.9%	—	$951M	—
Q4 24	$0.42	$0.56	+33.3%	—	$964M	—
Q3 24	$0.56	$0.6	+7.1%	—	$1.1B	—
Q2 24	$0.51	$0.5	-2.0%	—	$1.1B	—
Q1 24	$0.53	$0.48	-9.4%	—	$1B	—
Q4 23	$0.43	$0.43	0.0%	—	$1B	—
Q3 23	$0.48	$0.21	-56.3%	—	$1.1B	—
Q2 23	$0.55	$0.47	-14.5%	—	$1.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$1.53	—	—	$3.9B	—
FY25	—	$1.84	—	—	$4B	—
FY24	—	$2.15	—	—	$4.2B	—
FY23	—	$1.63	—	—	$4.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$3B	$3.2B	$3.3B	$3.4B	$3.5B	$3.9B	$4.2B	$4.2B	$4B	$3.9B
YoY change	-3.08%	+8.48%	+2.34%	+1.17%	+2.91%	+13.6%	+7.5%	-1.18%	-4.86%	-1.18%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	3B	3.2B	3.3B	3.4B	3.5B	3.9B	4.2B	4.2B	4B	3.9B
Cost of revenue	973M	1B	1.2B	1.2B	1.4B	1.5B	1.7B	1.7B	1.6B	1.6B
Gross profit	2B	2.2B	2.2B	2.1B	2.1B	2.4B	2.5B	2.5B	2.3B	2.4B
Gross margin	67.5%	67.8%	65.2%	63.2%	60.5%	60.8%	59%	60.5%	58.9%	60.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	1.2B	1B	1B	1.1B	1.1B	1.2B	1.4B	1.2B	1.3B
Operating expenses	1B	1.2B	1B	1B	1.1B	1.2B	1.4B	1.4B	1.2B	1.2B
Operating income	1B	1B	1.1B	1.1B	1B	1.2B	1.1B	1.1B	1.2B	1.2B
Operating margin	33.7%	32.3%	34.4%	32.4%	30%	30.6%	26.7%	27.5%	29.4%	29.3%
Non-operating income, net	-21M	-9M	-22M	-5M	121M	-13M	-29M	264M	19M	-178M
Pretax income	933M	977M	1B	1B	1.1B	1.1B	1B	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	1B	869M	715M
Net margin	22.3%	22.1%	25.1%	24.6%	26.1%	21.3%	18.5%	24.5%	21.9%	18.2%
EBITDA	1.1B	1.1B	1.2B	1.2B	1.1B	1.3B	1.2B	1.2B	1.4B	1.2B
EPS	1.38	1.49	1.74	1.73	1.89	1.75	1.63	2.15	1.84	1.53
Diluted EPS	1.37	1.48	1.73	1.72	1.88	1.74	1.63	2.14	1.84	1.53

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.1B	1.1B	964M	951M	1.1B	1B	894M	924M	1B	1.1B	912M	911M
Cost of revenue	436M	434M	395M	386M	449M	416M	381M	372M	421M	416M	341M	362M
Gross profit	671M	635M	569M	565M	646M	619M	513M	552M	615M	640M	571M	549M
Gross margin	60.6%	59.4%	59%	59.4%	59%	59.8%	57.4%	59.7%	59.4%	60.6%	62.6%	60.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	332M	346M	346M	314M	313M	303M	300M	297M	313M	304M	355M	299M
Operating expenses	332M	262M	461M	284M	305M	308M	281M	280M	306M	297M	343M	297M
Operating income	339M	373M	108M	281M	341M	311M	232M	272M	309M	343M	228M	252M
Operating margin	30.6%	34.9%	11.2%	29.5%	31.1%	30%	26%	29.4%	29.8%	32.5%	25%	27.7%
Non-operating income, net	—	-1M	266M	—	1M	47M	-27M	-31M	-7M	-6M	-134M	-1M
Pretax income	310M	342M	347M	253M	313M	332M	183M	220M	279M	315M	71M	229M
Income tax	68M	57M	81M	58M	55M	62M	37M	50M	55M	48M	17M	53M
Net income	242M	285M	266M	195M	258M	270M	146M	170M	224M	267M	54M	176M
Net margin	21.9%	26.7%	27.6%	20.5%	23.6%	26.1%	16.3%	18.4%	21.6%	25.3%	5.92%	19.3%
EBITDA	361M	400M	402M	307M	367M	416M	258M	279M	331M	368M	253M	277M
EPS	0.5	0.6	0.56	0.41	0.55	0.57	0.31	0.36	0.47	0.58	0.12	0.38
Diluted EPS	0.5	0.6	0.56	0.41	0.55	0.57	0.31	0.36	0.47	0.58	0.12	0.38

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	18.3B	26.9B	25.5B	29.7B	36.5B	32.3B	31.2B	22.8B	16.5B	12B	11.9B
Enterprise value	20.3B	29.2B	27.7B	31.6B	37.9B	33.7B	33.7B	25.4B	18.8B	14.2B	14.1B
Shares outstanding	484.6M	480.3M	479M	477.8M	478.5M	478.9M	479.2M	476.4M	472.7M	466.3M	466.3M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	27.4	37.5	30.6	35.9	40.4	38.5	39.8	22.3	18.9	16.8	16.6
P/S	6.13	8.29	7.68	8.84	10.5	8.21	7.38	5.46	4.14	3.06	3.02
P/B	13.4	20.5	15.5	15	13.7	11.8	9.54	6.48	4.12	2.99	2.97
EV/EBITDA	19.3	26.4	23.1	27.2	34.1	26.4	28.4	20.4	13.9	11.5	11.9
EV/Sales	6.78	9	8.34	9.41	11	8.57	7.98	6.09	4.72	3.62	3.61
Earnings yield	3.65%	2.66%	3.27%	2.78%	2.47%	2.59%	2.51%	4.49%	5.28%	5.95%	6.03%
FCF yield	2.95%	1.95%	2.66%	2.06%	2.07%	2.47%	1.47%	1.84%	2.62%	7.43%	5.74%
PEG	—	—	—	—	—	—	—	—	—	—	2.99

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	67.5%	67.8%	65.2%	63.2%	60.5%	60.8%	59%	60.5%	58.9%	60.5%	60.3%
Operating margin	33.7%	32.3%	34.4%	32.4%	30%	30.6%	26.7%	27.5%	29.4%	29.3%	27.6%
Net margin	22.3%	22.1%	25.1%	24.6%	26.1%	21.3%	18.5%	24.5%	21.9%	18.2%	18.4%
ROE	48.8%	54.5%	50.7%	41.9%	34%	30.6%	24%	29.1%	21.8%	17.8%	18.1%
ROA	14.5%	14.4%	16.2%	14.3%	13.8%	13.1%	10.1%	12.5%	10.7%	9.06%	8.63%
ROIC	21.7%	21.2%	23.9%	22.9%	21.4%	21.9%	14.9%	14.7%	14.9%	15%	14.9%
Return on tangible assets	36.4%	34%	35.6%	27.7%	25%	22.8%	30.9%	31.3%	27.9%	24.1%	24.6%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.42	3.11	3.87	3.71	4.27	3.65	3.51	2.59	3.88	3.24	3.26
Quick ratio	1.11	1.43	1.71	1.8	2.36	1.89	1.4	0.95	1.56	1.18	1.14
Debt / equity	1.57	1.94	1.51	1.32	0.96	0.83	0.89	0.88	0.68	0.62	0.62
Debt / assets	0.46	0.51	0.49	0.45	0.39	0.36	0.37	0.38	0.34	0.32	0.31
Net debt / EBITDA	1.87	2.09	1.82	1.65	1.27	1.1	2.14	2.13	1.7	1.78	1.74
Interest coverage	16.8	15.4	12.8	13.3	14.3	14.6	12.3	11.2	9.86	9.59	9.68
Effective tax rate	28.3%	26.6%	19.9%	18%	16.5%	24.8%	23%	21.1%	19.6%	19.2%	19.4%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	6.18	6.76	6.94	7.04	7.23	8.21	8.82	8.77	8.41	8.42	8.46
EPS (basic)	1.38	1.49	1.74	1.73	1.89	1.75	1.63	2.15	1.84	1.53	1.53
EPS (diluted)	1.37	1.48	1.73	1.72	1.88	1.74	1.63	2.14	1.84	1.53	1.55
Book value per share	2.83	2.74	3.44	4.13	5.55	5.72	6.82	7.38	8.45	8.62	8.65
FCF per share	1.12	1.09	1.42	1.28	1.58	1.67	0.95	0.88	0.91	1.91	2.01
Cash per share	0.38	0.5	0.64	1.41	2.4	1.81	0.78	0.94	0.94	0.66	0.66
Capex per share	0.23	0.26	0.25	0.24	0.13	0.29	0.38	0.48	0.35	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	3.74%	3.91%	3.58%	3.36%	1.79%	3.51%	4.33%	5.46%	4.2%	—	—
Capex / operating cash flow	16.8%	19.7%	14.6%	16.3%	6.62%	16.7%	30.4%	25.6%	25.9%	—	—
Payout ratio	41%	107.8%	37.1%	39.3%	37.4%	99.2%	48.3%	39.5%	48.3%	59.7%	59.3%
Dividend yield	1.49%	2.87%	1.21%	1.09%	0.93%	2.57%	1.21%	1.77%	2.55%	3.55%	3.55%

Yield

3.55%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.231

ex-dividend Sep 3, 2026

Payout ratio

59%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 3, 2026	$0.231
Jun 10, 2026	$0.231
Mar 9, 2026	$0.231

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.1B	$1.1B	$964M	$951M	$1.1B	$1B	$894M	$924M	$1B	$1.1B	$912M	$911M
YoY change	+1.19%	-1.11%	-7.84%	-8.38%	-1.08%	-3.18%	-7.26%	-2.84%	-5.39%	+2.03%	+2.01%	-1.41%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & 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	4B	4.2B	4B
Property, plant & equipment	875M	937M	968M	1B	1B	1.1B	314M	292M	254M	199M
Goodwill & intangibles	2.8B	2.9B	2.8B	2.8B	2.9B	2.7B	5.2B	4.9B	5B	4.9B
Total assets	4.6B	5B	5.1B	5.8B	6.5B	6.4B	7.8B	8.2B	8.1B	7.9B
Accounts payable	137M	154M	150M	131M	172M	218M	308M	267M	243M	214M
Short-term debt	460M	215M	166M	333M	205M	250M	235M	728M	312M	419M
Total current liabilities	970M	821M	703M	880M	918M	1B	1.1B	1.6B	1.1B	1.2B
Long-term debt	1.7B	2.3B	2.3B	2.3B	2.4B	2B	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	2B	2.7B	2.7B	3.3B	3.5B	4B	4B
Total debt	2.1B	2.6B	2.5B	2.6B	2.6B	2.3B	2.9B	3.1B	2.7B	2.5B
Net debt	2B	2.3B	2.2B	1.9B	1.4B	1.4B	2.5B	2.7B	2.3B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	373M	589M	446M	416M	416M	599M	444M	471M	319M	383M	308M	301M
Receivables	948M	878M	769M	806M	954M	855M	830M	847M	1B	983M	832M	822M
Inventory	2.6B	2.5B	2.6B	2.6B	2.6B	2.5B	2.5B	2.6B	2.6B	2.6B	2.5B	2.6B
Total current assets	4.3B	4.4B	4B	4.1B	4.2B	4.3B	4.2B	4.2B	4.2B	4.2B	4B	4B
Property, plant & equipment	—	—	292M	—	—	—	254M	—	—	—	199M	—
Goodwill & intangibles	4.9B	4.9B	4.9B	4.9B	4.9B	4.8B	5B	5.2B	5.2B	5.2B	4.9B	4.9B
Total assets	8.1B	8.2B	8.2B	8.2B	8.3B	8.1B	8.1B	8.2B	8.2B	8.3B	7.9B	7.8B
Accounts payable	794M	747M	267M	669M	695M	695M	243M	687M	802M	834M	214M	700M
Short-term debt	456M	728M	728M	784M	812M	502M	312M	626M	575M	656M	419M	359M
Total current liabilities	1.3B	1.6B	1.6B	1.6B	1.6B	1.2B	1.1B	1.5B	1.4B	1.5B	1.2B	1.2B
Long-term debt	2.7B	2.7B	2.4B	2.4B	2.4B	2.4B	2.4B	2.1B	2.1B	2.1B	2.1B	2.1B
Total liabilities	4.7B	5B	4.6B	4.7B	4.6B	4.2B	4.1B	4.2B	4.1B	4.2B	3.9B	3.9B
Shareholders' equity	3.5B	3.2B	3.5B	3.5B	3.7B	3.8B	4B	4B	4.1B	4.1B	4B	4B
Total debt	3.1B	3.4B	3.1B	3.2B	3.2B	2.9B	2.7B	2.7B	2.6B	2.7B	2.5B	2.4B
Net debt	2.7B	2.8B	2.7B	2.8B	2.8B	2.3B	2.3B	2.2B	2.3B	2.4B	2.2B	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	669M	717M	835M	827M	903M	838M	783M	1B	869M	715M
Depreciation & amortization	58M	64M	72M	74M	77M	79M	80M	87M	87M	92M
Stock-based compensation	14M	19M	14M	11M	12M	15M	18M	25M	28M	32M
Change in working capital	-75M	-169M	-147M	-273M	20M	-124M	-295M	-280M	-240M	89M
Operating cash flow	667M	645M	816M	693M	936M	828M	601M	890M	645M	1B
Capital expenditure	-112M	-127M	-119M	-113M	-62M	-138M	-183M	-228M	-167M	—
Investing cash flow	-436M	-148M	-117M	-141M	98M	-127M	-1.4B	49M	249M	3M
Dividends paid	-274M	-773M	-310M	-325M	-338M	-831M	-378M	-404M	-420M	-427M
Share repurchases	-561M	-1M	-207M	-1M	0	0	0	-400M	0	-400M
Financing cash flow	-437M	-466M	-670M	-191M	-1B	-1.2B	-361M	-618M	-960M	-1.1B
Net change in cash	-206M	31M	29M	361M	33M	-533M	-1.1B	321M	-66M	-71M
Free cash flow	541M	525M	679M	611M	755M	798M	457M	419M	431M	893M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	242M	285M	266M	195M	258M	270M	146M	170M	224M	267M	54M	176M
Depreciation & amortization	20M	25M	21M	22M	22M	22M	21M	22M	22M	24M	24M	23M
Stock-based compensation	7M	7M	7M	4M	9M	7M	8M	4M	8M	10M	10M	4M
Change in working capital	-178M	37M	110M	-247M	-121M	139M	-11M	-82M	-67M	125M	113M	-59M
Operating cash flow	71M	373M	436M	-37M	162M	414M	106M	160M	132M	417M	291M	173M
Capital expenditure	-30M	-56M	-93M	-41M	-31M	6M	-101M	—	—	—	—	—
Investing cash flow	-17M	-70M	-14M	10M	-31M	6M	-101M	33M	0	—	0	-1M
Dividends paid	-98M	-103M	-104M	-103M	-103M	-107M	-107M	-107M	-107M	-107M	-106M	-106M
Share repurchases	—	-358M	0	—	—	0	0	—	—	-301M	0	—
Financing cash flow	-31M	-189M	-406M	-51M	-78M	-417M	3M	-138M	-162M	-338M	-337M	-164M
Net change in cash	23M	114M	16M	-78M	53M	3M	8M	55M	-30M	79M	-46M	8M
Free cash flow	29M	196M	205M	-24M	81M	272M	102M	129M	107M	392M	265M	161M

Date	Ratio
Mar 1, 2018	5:4
Aug 19, 2016	2:1
Aug 4, 2016	2:1
Aug 13, 2012	3:2
Oct 28, 2008	5:4
Jan 21, 2004	2:1
May 31, 1994	3:1
Apr 2, 1987	3:2
Jul 17, 1981	2:1

Brown-Forman Corp. Class B Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history