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Stocks · Consumer staples · Beverages

Brown–Forman

BF-B Clue Score47
United States Fiscal year ends April CIK 0000014693
$26.81 +1.59% Close, 12 Oct 2026
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Price $26.81 −60.45% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue2,994.0Operating income1,010.0Net income669.0EPS, diluted1.37Fiscal year 2018Revenue3,248.0 +8.5%Operating income1,048.0Net income717.0 +7.2%EPS, diluted1.48 +8.0%Fiscal year 2019Revenue3,324.0 +2.3%Operating income1,144.0Net income835.0 +16.5%EPS, diluted1.73 +16.9%Fiscal year 2020Revenue3,363.0 +1.2%Operating income1,091.0Net income827.0 −1.0%EPS, diluted1.72 −0.6%Fiscal year 2021Revenue3,461.0 +2.9%Operating income1,166.0Net income903.0 +9.2%EPS, diluted1.88 +9.3%Fiscal year 2022Revenue3,933.0 +13.6%Operating income1,204.0Net income838.0 −7.2%EPS, diluted1.74 −7.4%Fiscal year 2023Revenue4,228.0 +7.5%Operating income1,127.0Net income783.0 −6.6%EPS, diluted1.63 −6.3%Fiscal year 2024Revenue4,178.0 −1.2%Operating income1,414.0Net income1,024.0 +30.8%EPS, diluted2.14 +31.3%Fiscal year 2025Revenue3,975.0 −4.9%Operating income1,107.0Net income869.0 −15.1%EPS, diluted1.84 −14.0%Fiscal year 2026Revenue3,928.0 −1.2%Operating income1,001.0Net income715.0 −17.7%EPS, diluted1.53 −16.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 2,994.0 3,248.0 3,324.0 3,363.0 3,461.0 3,933.0 4,228.0 4,178.0 3,975.0 3,928.0
Growth +8.5% +2.3% +1.2% +2.9% +13.6% +7.5% −1.2% −4.9% −1.2%
Operating income 1,010.0 1,048.0 1,144.0 1,091.0 1,166.0 1,204.0 1,127.0 1,414.0 1,107.0 1,001.0
Net income 669.0 717.0 835.0 827.0 903.0 838.0 783.0 1,024.0 869.0 715.0
Growth +7.2% +16.5% −1.0% +9.2% −7.2% −6.6% +30.8% −15.1% −17.7%
EPS, diluted 1.37 1.48 1.73 1.72 1.88 1.74 1.63 2.14 1.84 1.53
Growth +8.0% +16.9% −0.6% +9.3% −7.4% −6.3% +31.3% −14.0% −16.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin67.5%Operating margin33.7%Net margin22.3%Free cash flow margin18.2%Fiscal year 2018Gross margin67.8%Operating margin32.3%Net margin22.1%Free cash flow margin16.2%Fiscal year 2019Gross margin65.2%Operating margin34.4%Net margin25.1%Free cash flow margin20.5%Fiscal year 2020Gross margin63.2%Operating margin32.4%Net margin24.6%Free cash flow margin18.2%Fiscal year 2021Gross margin60.5%Operating margin33.7%Net margin26.1%Free cash flow margin21.8%Fiscal year 2022Gross margin60.8%Operating margin30.6%Net margin21.3%Free cash flow margin20.3%Fiscal year 2023Gross margin59.0%Operating margin26.7%Net margin18.5%Free cash flow margin10.8%Fiscal year 2024Gross margin60.5%Operating margin33.8%Net margin24.5%Free cash flow margin10.0%Fiscal year 2025Gross margin58.9%Operating margin27.8%Net margin21.9%Free cash flow margin10.8%Fiscal year 2026Gross margin60.5%Operating margin25.5%Net margin18.2%Free cash flow margin22.7%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Gross margin 67.5% 67.8% 65.2% 63.2% 60.5% 60.8% 59.0% 60.5% 58.9% 60.5%
Operating margin 33.7% 32.3% 34.4% 32.4% 33.7% 30.6% 26.7% 33.8% 27.8% 25.5%
Net margin 22.3% 22.1% 25.1% 24.6% 26.1% 21.3% 18.5% 24.5% 21.9% 18.2%
Free cash flow margin 18.2% 16.2% 20.5% 18.2% 21.8% 20.3% 10.8% 10.0% 10.8% 22.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow656.0Capital expenditure−112.0Free cash flow544.0Buybacks−561.0Dividends paid−274.0Fiscal year 2018Operating cash flow653.0Capital expenditure−127.0Free cash flow526.0 −3.3%Buybacks−1.0Dividends paid−773.0Fiscal year 2019Operating cash flow800.0Capital expenditure−119.0Free cash flow681.0 +29.5%Buybacks−207.0Dividends paid−310.0Fiscal year 2020Operating cash flow724.0Capital expenditure−113.0Free cash flow611.0 −10.3%Buybacks−1.0Dividends paid−325.0Fiscal year 2021Operating cash flow817.0Capital expenditure−62.0Free cash flow755.0 +23.6%Buybacks0.0Dividends paid−338.0Fiscal year 2022Operating cash flow936.0Capital expenditure−138.0Free cash flow798.0 +5.7%Buybacks0.0Dividends paid−831.0Fiscal year 2023Operating cash flow640.0Capital expenditure−183.0Free cash flow457.0 −42.7%Buybacks0.0Dividends paid−378.0Fiscal year 2024Operating cash flow647.0Capital expenditure−228.0Free cash flow419.0 −8.3%Buybacks−400.0Dividends paid−404.0Fiscal year 2025Operating cash flow598.0Capital expenditure−167.0Free cash flow431.0 +2.9%Buybacks0.0Dividends paid−420.0Fiscal year 2026Operating cash flow1,000.0Capital expenditure−107.0Free cash flow893.0 +107.2%Buybacks−400.0Dividends paid−427.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow 656.0 653.0 800.0 724.0 817.0 936.0 640.0 647.0 598.0 1,000.0
Capital expenditure −112.0 −127.0 −119.0 −113.0 −62.0 −138.0 −183.0 −228.0 −167.0 −107.0
Free cash flow 544.0 526.0 681.0 611.0 755.0 798.0 457.0 419.0 431.0 893.0
Growth −3.3% +29.5% −10.3% +23.6% +5.7% −42.7% −8.3% +2.9% +107.2%
Buybacks −561.0 −1.0 −207.0 −1.0 0.0 0.0 0.0 −400.0 0.0 −400.0
Dividends paid −274.0 −773.0 −310.0 −325.0 −338.0 −831.0 −378.0 −404.0 −420.0 −427.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash182.0Total debt1,938.0Net cash (debt)−1,756.0Shareholders’ equity1,370.0Debt to equity1.41Fiscal year 2018Cash239.0Total debt2,341.0Net cash (debt)−2,102.0Shareholders’ equity1,316.0Debt to equity1.78Fiscal year 2019Cash307.0Total debt2,290.0Net cash (debt)−1,983.0Shareholders’ equity1,647.0Debt to equity1.39Fiscal year 2020Cash675.0Total debt2,269.0Net cash (debt)−1,594.0Shareholders’ equity1,975.0Debt to equity1.15Fiscal year 2021Cash1,150.0Total debt2,354.0Net cash (debt)−1,204.0Shareholders’ equity2,656.0Debt to equity0.89Fiscal year 2022Cash868.0Total debt2,269.0Net cash (debt)−1,401.0Shareholders’ equity2,737.0Debt to equity0.83Fiscal year 2023Cash374.0Total debt2,678.0Net cash (debt)−2,304.0Shareholders’ equity3,268.0Debt to equity0.82Fiscal year 2024Cash446.0Total debt2,672.0Net cash (debt)−2,226.0Shareholders’ equity3,517.0Debt to equity0.76Fiscal year 2025Cash444.0Total debt2,421.0Net cash (debt)−1,977.0Shareholders’ equity3,993.0Debt to equity0.61Fiscal year 2026Cash308.0Total debt2,434.0Net cash (debt)−2,126.0Shareholders’ equity4,020.0Debt to equity0.61
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 182.0 239.0 307.0 675.0 1,150.0 868.0 374.0 446.0 444.0 308.0
Total debt 1,938.0 2,341.0 2,290.0 2,269.0 2,354.0 2,269.0 2,678.0 2,672.0 2,421.0 2,434.0
Net cash (debt) −1,756.0 −2,102.0 −1,983.0 −1,594.0 −1,204.0 −1,401.0 −2,304.0 −2,226.0 −1,977.0 −2,126.0
Shareholders’ equity 1,370.0 1,316.0 1,647.0 1,975.0 2,656.0 2,737.0 3,268.0 3,517.0 3,993.0 4,020.0
Debt to equity 1.41 1.78 1.39 1.15 0.89 0.83 0.82 0.76 0.61 0.61

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending April, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Apr 2017 FY2018 30 Apr 2018 FY2019 30 Apr 2019 FY2020 30 Apr 2020 FY2021 30 Apr 2021 FY2022 30 Apr 2022 FY2023 30 Apr 2023 FY2024 30 Apr 2024 FY2025 30 Apr 2025 FY2026 30 Apr 2026
Margins
67.5% 67.8% 65.2% 63.2% 60.5% 60.8% 59.0% 60.5% 58.9% 60.5%
33.7% 32.3% 34.4% 32.4% 33.7% 30.6% 26.7% 33.8% 27.8% 25.5%
31.2% 30.1% 31.3% 30.0% 31.2% 28.3% 24.1% 31.1% 27.2% 22.5%
22.3% 22.1% 25.1% 24.6% 26.1% 21.3% 18.5% 24.5% 21.9% 18.2%
18.2% 16.2% 20.5% 18.2% 21.8% 20.3% 10.8% 10.0% 10.8% 22.7%
Spending
21.9% 23.6% 19.3% 19.1% 19.4% 17.5% 17.5% 19.8% 18.7% 20.5%
3.7% 3.9% 3.6% 3.4% 1.8% 3.5% 4.3% 5.5% 4.2% 2.7%
28.3% 26.6% 19.9% 18.0% 16.5% 24.8% 23.0% 21.1% 19.6% 19.2%
Returns
48.8% 54.5% 50.7% 41.9% 34.0% 30.6% 24.0% 29.1% 21.8% 17.8%
14.5% 14.4% 16.2% 14.3% 13.8% 13.1% 10.1% 12.5% 10.7% 9.1%
Balance and payout
1.41 1.78 1.39 1.15 0.89 0.83 0.82 0.76 0.61 0.61
70.4% 73.6% 68.0% 65.7% 59.3% 57.1% 58.0% 56.9% 50.6% 49.1%
41.0% 107.8% 37.1% 39.3% 37.4% 99.2% 48.3% 39.5% 48.3% 59.7%
153.5% 147.1% 75.9% 53.4% 44.8% 104.1% 82.7% 191.9% 97.4% 92.6%