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BF-BBrown–Forman

Consumer staples · Beverages · NYSE
BF-B quote by TradingView
Compare with peers → Embed
FY2026 at a glance

Sales down 1.2%, free cash flow up to $893.0M

XBRL, from each 10-K
RevenueStatements ↓
$3.9B
from $4.0B in FY2025
FY2017FY2026
Net incomeStatements ↓
$715.0M
from $869.0M in FY2025
FY2017FY2026
Free cash flowStatements ↓
$893.0M
from $431.0M in FY2025
FY2017FY2026
EPS (diluted)Statements ↓
$1.53
from $1.84 in FY2025
FY2017FY2026
Operating marginStatements ↓
25.5%
from 27.8% in FY2025
FY2017FY2026
Total debtStatements ↓
$2.5B
from $2.7B in FY2025
FY2017FY2026
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.55Sales (ttm)3.9BNet income (ttm)721.0MSales growth-1.2%EPS growth-16.8%Sales Q/Q-1.4%
Free cash flow925.0MGross margin60.7%Oper. margin25.4%Net margin18.4%FCF margin23.6%ROE18.2%
ROA9.2%R&D / sales-Dividend0.92Debt/Eq0.62Curr. ratio3.26Cash301.0M
Op. cash flow (ttm)1.0BEBITDA1.1BEBITDA margin27.8%Net debt2.1BQuick ratio1.17Interest cover9.72
ROIC12.6%Payout ratio59.8%Tax rate19.2%Stock pay / sales0.8%Shares out.459.5MShares Y/Y-1.3%
Book / share8.64Cash / share0.66Sales / share8.52Asset turnover0.50Inventory turns0.61Days sales out.77
Sales 3Y CAGR-2.4%Sales 5Y CAGR+2.6%EPS 3Y CAGR-2.1%EPS 5Y CAGR-4.0%Employees4,900Sales / employee799K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Free cash flow rose 107%$431.0M → $893.0M · Cash from operations − capital expenditure · 10-K ↗
  • Operating margin narrowed to 25.5%27.8% → 25.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

BF-B against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
BF-BPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
-1.2%25th of 33 · median +2.1%
Net margin
18.4%8th of 33 · median 8.0%
Return on equity
18.2%17th of 29 · median 18.6%
Free cash flow margin
23.6%4th of 33 · median 10.7%
Debt / equity (less is better)
0.6211th of 29 · median 0.82
BF-B and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
BF-B Brown–Forman$3.9B -1.2%60.7%18.4%18.2%23.6%0.62
STZ Constellation Brands$9.2B -10.5%52.7%20.9%22.4%20.0%1.20
SJM J.M. Smucker$9.2B +3.7%38.7%2.5%4.0%17.3%1.17
MKC McCormick & Company$7.7B +1.7%39.1%19.4%21.3%12.0%0.72
CLX Clorox$7.6B +0.2%44.7%11.9%-10.7%-
CHD Church & Dwight$6.2B +1.6%46.1%12.4%17.3%16.9%0.49
Where each dollar goes

From $3.9B of sales to $838.0M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $1.2BOperating profit to Net profit: $838.0MOperating profit to Tax & other: $366.0M Revenue: $3.9B Revenue$3.9B +14% Y/Y Gross profit: $2.4B · 61% margin Gross profit$2.4B61% margin +14% Y/Y Cost of revenue: $1.5B · 39% of revenue Cost of revenue$1.5B39% of revenue Operating profit: $1.2B · 31% margin Operating profit$1.2B31% margin +3% Y/Y Operating expenses: $1.2B · 30% of revenue Operating expenses$1.2B30% of revenue Net profit: $838.0M · 21% margin Net profit$838.0M21% margin −7% Y/Y Tax & other: $366.0M · 9% of revenue Tax & other$366.0M9% of revenue

Swipe sideways for the whole flow →

From $4.2B of sales to $783.0M of profit

FY2023, from the 10-K income statement and revenue by product
Whiskey to Revenue: $2.9BReady-to-Drink to Revenue: $509.0MTequila to Revenue: $320.0MRest of portfolio to Revenue: $396.0MNon-branded and bulk to Revenue: $88.0MRevenue to Gross profit: $2.5BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $783.0MOperating profit to Tax & other: $344.0M Whiskey: $2.9B · 69% Whiskey$2.9B69% Ready-to-Drink: $509.0M · 12% Ready-to-Drink$509.0M12% Tequila: $320.0M · 8% Tequila$320.0M8% Rest of portfolio: $396.0M · 9% Rest of portfolio$396.0M9% Non-branded and bulk: $88.0M · 2% Non-branded and bulk$88.0M2% Revenue: $4.2B Revenue$4.2B +8% Y/Y Gross profit: $2.5B · 59% margin Gross profit$2.5B59% margin +4% Y/Y Cost of revenue: $1.7B · 41% of revenue Cost of revenue$1.7B41% of revenue Operating profit: $1.1B · 27% margin Operating profit$1.1B27% margin −6% Y/Y Operating expenses: $1.4B · 32% of revenue Operating expenses$1.4B32% of revenue Net profit: $783.0M · 19% margin Net profit$783.0M19% margin −7% Y/Y Tax & other: $344.0M · 8% of revenue Tax & other$344.0M8% of revenue

Swipe sideways for the whole flow →

From $4.2B of sales to $1.0B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $2.5BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $1.1BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $390.0M Revenue: $4.2B Revenue$4.2B −1% Y/Y Gross profit: $2.5B · 60% margin Gross profit$2.5B60% margin +1% Y/Y Cost of revenue: $1.7B · 40% of revenue Cost of revenue$1.7B40% of revenue Operating profit: $1.4B · 34% margin Operating profit$1.4B34% margin +25% Y/Y Operating expenses: $1.1B · 27% of revenue Operating expenses$1.1B27% of revenue Net profit: $1.0B · 25% margin Net profit$1.0B25% margin +31% Y/Y Tax & other: $390.0M · 9% of revenue Tax & other$390.0M9% of revenue

Swipe sideways for the whole flow →

From $4.0B of sales to $869.0M of profit

FY2025, from the 10-K income statement and revenue by product
Whiskey to Revenue: $2.8BReady-to-Drink to Revenue: $491.0MTequila to Revenue: $262.0MRest of portfolio to Revenue: $292.0MNon-branded and bulk to Revenue: $102.0MRevenue to Gross profit: $2.3BRevenue to Cost of revenue: $1.6BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.2BOperating profit to Net profit: $869.0MOperating profit to Tax & other: $238.0M Whiskey: $2.8B · 71% Whiskey$2.8B71% Ready-to-Drink: $491.0M · 12% Ready-to-Drink$491.0M12% Tequila: $262.0M · 7% Tequila$262.0M7% Rest of portfolio: $292.0M · 7% Rest of portfolio$292.0M7% Non-branded and bulk: $102.0M · 3% Non-branded and bulk$102.0M3% Revenue: $4.0B Revenue$4.0B −5% Y/Y Gross profit: $2.3B · 59% margin Gross profit$2.3B59% margin −7% Y/Y Cost of revenue: $1.6B · 41% of revenue Cost of revenue$1.6B41% of revenue Operating profit: $1.1B · 28% margin Operating profit$1.1B28% margin −22% Y/Y Operating expenses: $1.2B · 31% of revenue Operating expenses$1.2B31% of revenue Net profit: $869.0M · 22% margin Net profit$869.0M22% margin −15% Y/Y Tax & other: $238.0M · 6% of revenue Tax & other$238.0M6% of revenue

Swipe sideways for the whole flow →

From $3.9B of sales to $715.0M of profit

FY2026, from the 10-K income statement and revenue by product
Whiskey to Revenue: $2.9BReady-to-Drink to Revenue: $542.0MTequila to Revenue: $251.0MRest of portfolio to Revenue: $201.0MNon-branded and bulk to Revenue: $33.0MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $1.6BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $715.0MOperating profit to Tax & other: $286.0M Whiskey: $2.9B · 74% Whiskey$2.9B74% Ready-to-Drink: $542.0M · 14% Ready-to-Drink$542.0M14% Tequila: $251.0M · 6% Tequila$251.0M6% Rest of portfolio: $201.0M · 5% Rest of portfolio$201.0M5% Non-branded and bulk: $33.0M · 1% Non-branded and bulk$33.0M1% Revenue: $3.9B Revenue$3.9B −1% Y/Y Gross profit: $2.4B · 61% margin Gross profit$2.4B61% margin +1% Y/Y Cost of revenue: $1.6B · 39% of revenue Cost of revenue$1.6B39% of revenue Operating profit: $1.0B · 25% margin Operating profit$1.0B25% margin −10% Y/Y Operating expenses: $1.4B · 35% of revenue Operating expenses$1.4B35% of revenue Net profit: $715.0M · 18% margin Net profit$715.0M18% margin −18% Y/Y Tax & other: $286.0M · 7% of revenue Tax & other$286.0M7% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median18.4% vs 8.0%
  • ✓
    Gross margin up over 5 years60.5% → 60.5%
  • ✓
    Return on equity above 15%18.2%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 22.3% → 18.2%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 9.7× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.62 on the latest balance sheet (peer median 0.82)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.26
  • ✓
    Net debt under 3 years of free cash flow$2.1B net debt, 2.3 years
Debt / equity at each year end, FY2017 to FY2026: 1.57 → 0.62
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$893.0M last year
  • ✓
    Share count down over 5 years−2.9%
  • ✓
    Dividend per share up over 5 years$0.71 → $0.92
  • ✓
    Cash from operations above net income$1.0B vs $715.0M
Free cash flow, FY2017 to FY2026: 544.0M → 893.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$2.5B of principal due, schedule of Apr 30, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2026

Revenue 3.9B Net income 715.0M
FY2017 revenue 3.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-19-000099 FY2017 net income 669.0M · NetIncomeLoss, 0000014693-19-000099 3.0B FY2017 FY2018 revenue 3.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-20-000070 FY2018 net income 717.0M · NetIncomeLoss, 0000014693-20-000070 3.2B FY2018 FY2019 revenue 3.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-21-000091 FY2019 net income 835.0M · NetIncomeLoss, 0000014693-21-000091 3.3B FY2019 FY2020 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-22-000069 FY2020 net income 827.0M · NetIncomeLoss, 0000014693-22-000069 3.4B FY2020 FY2021 revenue 3.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-23-000074 FY2021 net income 903.0M · NetIncomeLoss, 0000014693-23-000074 3.5B FY2021 FY2022 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-24-000086 FY2022 net income 838.0M · NetIncomeLoss, 0000014693-24-000086 3.9B FY2022 FY2023 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-25-000062 FY2023 net income 783.0M · NetIncomeLoss, 0000014693-25-000062 4.2B FY2023 FY2024 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-26-000024 FY2024 net income 1.0B · NetIncomeLoss, 0000014693-26-000024 4.2B FY2024 FY2025 revenue 4.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-26-000024 FY2025 net income 869.0M · NetIncomeLoss, 0000014693-26-000024 4.0B FY2025 FY2026 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000014693-26-000024 FY2026 net income 715.0M · NetIncomeLoss, 0000014693-26-000024 3.9B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

BF-B's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.9B
FY2017: 3.0BFY2018: 3.2BFY2019: 3.3BFY2020: 3.4BFY2021: 3.5BFY2022: 3.9BFY2023: 4.2BFY2024: 4.2BFY2025: 4.0BFY2026: 3.9B FY2018FY2020FY2022FY2024FY2026
Net income715.0M
FY2017: 669.0MFY2018: 717.0MFY2019: 835.0MFY2020: 827.0MFY2021: 903.0MFY2022: 838.0MFY2023: 783.0MFY2024: 1.0BFY2025: 869.0MFY2026: 715.0M FY2018FY2020FY2022FY2024FY2026
Free cash flow893.0M
FY2017: 544.0MFY2018: 526.0MFY2019: 681.0MFY2020: 611.0MFY2021: 755.0MFY2022: 798.0MFY2023: 457.0MFY2024: 419.0MFY2025: 431.0MFY2026: 893.0M FY2018FY2020FY2022FY2024FY2026
EPS (diluted)1.53
FY2017: 1.37FY2018: 1.48FY2019: 1.73FY2020: 1.72FY2021: 1.88FY2022: 1.74FY2023: 1.63FY2024: 2.14FY2025: 1.84FY2026: 1.53 FY2018FY2020FY2022FY2024FY2026
Dividend per share0.92
FY2017: 0.56FY2018: 1.61FY2019: 0.65FY2020: 0.68FY2021: 0.71FY2022: 1.74FY2023: 0.79FY2024: 0.85FY2025: 0.89FY2026: 0.92 FY2018FY2020FY2022FY2024FY2026
Diluted shares466.7M
FY2017: 488.1MFY2018: 484.2MFY2019: 482.1MFY2020: 480.4MFY2021: 480.7MFY2022: 480.6MFY2023: 480.5MFY2024: 477.2MFY2025: 472.9MFY2026: 466.7M FY2018FY2020FY2022FY2024FY2026

Revenue by product or service

year to Apr 30, 2026
RevenueSharevs year before
Whiskey 2.9B73.9% +2.6%
Ready-to-Drink 542.0M13.8% +10.4%
Tequila 251.0M6.4% -4.2%
Rest of portfolio 201.0M5.1% -31.2%
Non-branded and bulk 33.0M0.8% -67.6%

10-K 0000014693-26-000024, segment and revenue notes (XBRL).

Revenue by region

year to Apr 30, 2026
RevenueSharevs year before
United States 1.6B42.0% -6.6%
Other 1.3B34.3% +2.4%
Developed International 1.1B27.9% +0.5%
Emerging 974.0M24.8% +14.3%
Mexico 319.0M8.1% +19.5%
Germany 248.0M6.3% -2.0%
Australia 200.0M5.1% +0.5%
Travel Retail 177.0M4.5% +6.6%
United Kingdom 164.0M4.2% -5.7%
Non-branded and bulk 33.0M0.8% -67.6%

10-K 0000014693-26-000024, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue3.0B3.2B3.3B3.4B3.5B3.9B4.2B4.2B4.0B3.9B
Cost of revenue973.0M1.0B1.2B1.2B1.4B1.5B1.7B1.7B1.6B1.6B
Gross profit2.0B2.2B2.2B2.1B2.1B2.4B2.5B2.5B2.3B2.4B
SG&A657.0M765.0M641.0M642.0M671.0M690.0M742.0M826.0M744.0M807.0M
Operating income1.0B1.0B1.1B1.1B1.2B1.2B1.1B1.4B1.1B1.0B
Interest expense59.0M68.0M88.0M82.0M81.0M82.0M90.0M127.0M122.0M103.0M
Pretax income933.0M977.0M1.0B1.0B1.1B1.1B1.0B1.3B1.1B885.0M
Income tax264.0M260.0M207.0M182.0M178.0M276.0M234.0M274.0M212.0M170.0M
Net income669.0M717.0M835.0M827.0M903.0M838.0M783.0M1.0B869.0M715.0M
EPS (diluted)1.371.481.731.721.881.741.632.141.841.53
Diluted shares488.1M484.2M482.1M480.4M480.7M480.6M480.5M477.2M472.9M466.7M
Depreciation & amortization58.0M64.0M72.0M74.0M77.0M79.0M80.0M87.0M87.0M92.0M
EBITDA1.1B1.1B1.2B1.2B1.2B1.3B1.2B1.5B1.2B1.1B
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%
Revenue growth-+8.5%+2.3%+1.2%+2.9%+13.6%+7.5%-1.2%-4.9%-1.2%
EPS growth-+8.0%+16.9%-0.6%+9.3%-7.4%-6.3%+31.3%-14.0%-16.8%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash182.0M239.0M307.0M675.0M1.1B868.0M374.0M446.0M444.0M308.0M
Receivables557.0M639.0M609.0M570.0M753.0M813.0M855.0M769.0M830.0M832.0M
Inventory1.3B1.4B1.5B1.7B1.8B1.8B2.3B2.6B2.5B2.5B
Current assets2.4B2.6B2.7B3.3B3.9B3.8B3.8B4.0B4.2B4.0B
Property & equipment713.0M780.0M816.0M848.0M832.0M875.0M1.0B1.1B1.1B1.1B
Goodwill753.0M763.0M753.0M756.0M779.0M761.0M1.5B1.5B1.5B1.5B
Total assets4.6B5.0B5.1B5.8B6.5B6.4B7.8B8.2B8.1B7.9B
Current liabilities970.0M821.0M703.0M880.0M918.0M1.0B1.1B1.6B1.1B1.2B
Total debt2.1B2.6B2.4B2.6B2.5B2.3B2.9B3.1B2.7B2.5B
Total liabilities3.3B3.7B3.5B3.8B3.9B3.6B4.5B4.6B4.1B3.9B
Shareholders' equity1.4B1.3B1.6B2.0B2.7B2.7B3.3B3.5B4.0B4.0B
Retained earnings4.5B1.7B2.2B2.7B3.2B3.2B3.6B4.3B4.7B5.0B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow656.0M653.0M800.0M724.0M817.0M936.0M640.0M647.0M598.0M1.0B
Capital spending112.0M127.0M119.0M113.0M62.0M138.0M183.0M228.0M167.0M107.0M
Free cash flow544.0M526.0M681.0M611.0M755.0M798.0M457.0M419.0M431.0M893.0M
Stock-based pay (added back)14.0M19.0M14.0M11.0M12.0M15.0M18.0M25.0M28.0M32.0M
Dividends paid274.0M773.0M310.0M325.0M338.0M831.0M378.0M404.0M420.0M427.0M
Buybacks561.0M1.0M207.0M1.0M000400.0M0400.0M
Acquisitions307.0M0022.0M14.0M01.2B00-
Debt raised717.0M595.0M0000648.0M00-
Debt repaid0250.0M0000250.0M0300.0M0
Investing cash flow-439.0M-149.0M-119.0M-141.0M98.0M-127.0M-1.4B49.0M249.0M-71.0M
Financing cash flow-285.0M-466.0M-599.0M-191.0M-485.0M-1.0B239.0M-618.0M-843.0M-1.1B
Dividend per share0.561.610.650.680.711.740.790.850.890.92

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)14.0M19.0M14.0M11.0M12.0M15.0M18.0M25.0M28.0M32.0M
Stock-based pay / revenue0.5%0.6%0.4%0.3%0.3%0.4%0.4%0.6%0.7%0.8%
Operating lease cash paid---21.0M26.0M25.0M25.0M29.0M30.0M35.0M
Right-of-use assets---51.0M67.0M74.0M84.0M96.0M101.0M106.0M
Operating lease liabilities---53.0M69.0M75.0M85.0M97.0M104.0M109.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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