Brown-Forman Corporation

BF-B · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$11,821	$16,359	$22,610	$31,194	$32,302	$36,529	$29,786	$25,519	$26,836	$22,661	$19,552	$19,091	$19,152	$15,043	$12,351	$10,462	$8,598	$6,998	$8,331	$7,858	$8,929	$6,754	$5,691	$5,610	$5,384	$4,168	$3,757	$5,055	$3,902	$3,465	$2,717	$2,267	$2,348	$2,228	$2,098	$2,172	$1,706	$1,855	$1,527	$993	$716
Enterprise value	$13,664	$18,648	$25,264	$33,733	$33,703	$37,938	$31,713	$27,705	$29,153	$24,628	$20,790	$19,909	$19,720	$15,841	$12,523	$10,654	$9,065	$7,657	$9,218	$8,666	$8,870	$7,090	$6,303	$6,374	$5,475	$4,326	$3,844	$5,181	$3,988	$3,477	$2,930	$2,507	$2,676	$2,314	$2,183	$2,193	$1,715	$1,901	$1,670	$1,184	$959
P/E (TTM) at period end	16.53×	18.83×	22.08×	39.84×	38.55×	40.45×	36.02×	30.56×	37.43×	33.87×	18.32×	27.91×	29.06×	25.45×	24.08×	18.32×	19.19×	16.12×	18.93×	20.20×	27.90×	21.93×	22.06×	22.90×	23.61×	17.89×	17.23×	25.02×	21.09×	20.50×	16.98×	15.25×	18.28×	14.27×	14.33×	14.96×	21.06×	12.84×	14.77×	11.09×	8.29×
P/S (TTM) at period end	3.01×	4.12×	5.41×	7.38×	8.21×	10.55×	8.86×	7.68×	8.26×	7.57×	6.33×	6.09×	6.40×	5.28×	4.54×	4.04×	3.48×	2.82×	3.23×	3.54×	4.52×	2.92×	2.57×	2.72×	2.75×	2.17×	2.00×	2.85×	2.34×	2.19×	1.76×	1.60×	1.68×	1.58×	1.67×	1.94×	1.68×	1.84×	1.43×	0.90×	0.72×
P/B at period end	2.94×	4.10×	6.43×	9.55×	11.80×	13.75×	15.08×	15.49×	20.39×	16.54×	12.52×	10.02×	9.43×	9.24×	5.97×	5.08×	4.54×	3.85×	4.83×	5.00×	5.71×	5.16×	5.24×	6.68×	4.11×	3.51×	3.58×	5.51×	4.78×	4.75×	4.28×	4.15×	5.06×	2.72×	2.85×	3.29×	2.87×	3.34×	3.45×	1.72×	1.39×
EV / EBITDA (TTM)	12.50×	15.62×	16.83×	27.95×	26.27×	30.52×	27.22×	22.78×	26.22×	23.06×	13.08×	18.47×	19.31×	16.69×	14.96×	11.69×	11.79×	10.69×	12.51×	13.41×	14.61×	14.10×	14.42×	14.93×	13.42×	9.88×	9.38×	13.74×	11.14×	10.32×	9.16×	8.05×	9.66×	7.97×	8.29×	8.81×	6.85×	8.28×	–	–	–
EV / Sales (TTM)	3.48×	4.69×	6.05×	7.98×	8.57×	10.96×	9.43×	8.33×	8.98×	8.23×	6.73×	6.35×	6.59×	5.56×	4.60×	4.12×	3.67×	3.09×	3.57×	3.91×	4.49×	3.07×	2.85×	3.09×	2.80×	2.25×	2.05×	2.92×	2.39×	2.20×	1.90×	1.76×	1.91×	1.64×	1.73×	1.96×	1.69×	1.89×	1.57×	1.08×	0.96×
Returns
Return on equity	17.8%	21.8%	29.1%	24.0%	30.6%	34.0%	41.9%	50.7%	54.5%	48.8%	68.3%	35.9%	32.4%	36.3%	24.8%	27.7%	23.6%	23.9%	25.5%	24.7%	20.5%	23.5%	23.8%	29.2%	17.4%	19.6%	20.8%	22.0%	22.6%	23.2%	25.2%	27.2%	27.7%	19.1%	19.9%	22.0%	13.6%	26.0%	23.4%	15.5%	16.7%
Return on invested capital	13.8%	14.2%	18.1%	14.9%	21.9%	24.0%	22.9%	23.9%	21.2%	21.7%	39.2%	25.7%	26.0%	25.3%	23.7%	26.2%	19.8%	18.4%	17.9%	16.7%	23.9%	17.5%	14.9%	15.2%	16.5%	17.7%	19.5%	19.6%	21.2%	23.9%	20.1%	20.5%	19.0%	18.2%	18.6%	21.7%	19.1%	22.2%	19.3%	13.1%	13.3%
Dividend yield	3.6%	2.6%	1.8%	1.2%	2.6%	0.9%	1.1%	1.2%	2.9%	1.2%	1.4%	1.3%	1.2%	7.1%	1.6%	3.1%	2.0%	2.4%	4.3%	1.8%	1.4%	1.6%	1.7%	1.8%	1.7%	2.1%	2.2%	1.6%	1.9%	2.1%	2.6%	3.0%	3.1%	3.2%	3.1%	2.8%	3.1%	2.3%	–	–	–
Financial health
Current ratio	3.24×	3.88×	2.59×	3.51×	3.65×	4.27×	3.71×	3.87×	3.11×	2.42×	2.82×	2.35×	3.88×	3.85×	4.33×	2.79×	2.80×	1.88×	1.48×	1.21×	2.83×	2.06×	2.93×	1.95×	2.08×	1.85×	1.95×	1.93×	2.27×	2.01×	2.53×	2.44×	2.31×	3.42×	3.04×	3.27×	2.95×	2.53×	2.71×	2.84×	2.46×
Debt / equity	0.61×	0.61×	0.76×	0.82×	0.83×	0.96×	1.32×	1.48×	1.78×	1.41×	0.79×	0.52×	0.49×	0.61×	0.24×	0.37×	0.27×	0.55×	0.58×	0.75×	0.37×	0.48×	0.63×	1.00×	0.16×	0.21×	0.25×	0.32×	0.20×	0.10×	0.42×	0.55×	0.77×	0.20×	0.18×	0.17×	0.19×	0.25×	0.43×	0.38×	0.52×
Effective tax rate	19.2%	19.6%	21.1%	23.0%	24.8%	16.5%	18.0%	19.9%	26.6%	28.3%	28.3%	31.7%	30.4%	31.7%	32.5%	31.0%	34.2%	31.0%	31.7%	31.7%	29.3%	35.3%	33.5%	34.3%	34.5%	36.3%	36.4%	36.5%	37.5%	38.1%	37.7%	39.8%	37.4%	35.6%	34.6%	33.8%	48.7%	36.0%	41.0%	44.6%	47.1%
Share count
Diluted shares outstanding	467	473	477	480	481	481	480	482	484	488	511	426	215	215	216	220	149	151	579	582	578	574	572	688	652	643	643	644	647	647	647	647	767	776	777	784	786	789	893	588	587

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$3,915	$3,928	$3,975	$4,178	$4,228	$3,933	$3,461	$3,363	$3,324	$3,248	$2,994	$3,089	$3,134	$2,991	$2,849	$2,723	$2,586	$2,469	$2,481	$2,582	$2,218	$1,976	$2,312	$2,213	$2,060	$1,958	$1,924	$1,877	$1,776	$1,669	$1,584	$1,544	$1,420	$1,401	$1,414	$1,260	$1,119	$1,017	$1,006	$1,067	$1,098	$995
Cost of revenue	($1,540)	($1,550)	($1,632)	($1,652)	($1,734)	($1,542)	($1,367)	($1,236)	($1,158)	($1,046)	($973)	($945)	($951)	($913)	($894)	($928)	($862)	($858)	($904)	($887)	($737)	($655)	($912)	($915)	($878)	($825)	($718)	($712)	($676)	($639)	($630)	($618)	($553)	($538)	($555)	($487)	($427)	($392)	($413)	($489)	($514)	($457)
Gross profit	$2,375	$2,378	$2,343	$2,526	$2,494	$2,391	$2,094	$2,127	$2,166	$2,202	$2,021	$2,144	$2,183	$2,078	$1,955	$1,795	$1,724	$1,611	$1,577	$1,695	$1,481	$1,321	$1,400	$1,298	$1,182	$1,133	$1,206	$1,165	$1,100	$1,030	$954	$926	$867	$863	$860	$773	$692	$624	$593	$577	$584	$538
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($815)	($807)	($744)	($826)	($742)	($690)	($671)	($642)	($641)	($765)	($657)	($688)	($697)	($686)	($650)	($610)	($574)	($539)	($548)	($1,007)	($898)	($792)	($713)	($650)	($812)	($772)	($779)	($755)	($723)	($672)	($617)	($606)	($556)	($586)	($569)	($510)	($443)	($374)	($364)	($364)	($381)	($329)
Total operating expenses	($1,382)	($1,377)	($1,236)	($1,112)	($1,367)	($1,187)	($928)	($1,036)	($1,022)	($1,154)	($1,011)	($611)	($1,156)	($1,107)	($1,057)	($1,007)	($869)	($901)	($916)	($1,010)	($879)	($758)	($955)	($917)	($810)	($780)	($832)	($817)	($778)	($723)	($667)	($652)	($600)	($623)	($604)	($539)	($468)	($399)	($385)	($386)	($402)	($348)
Total costs and expenses	($2,922)	($2,927)	($2,868)	($2,764)	($3,101)	($2,729)	($2,295)	($2,272)	($2,180)	($2,200)	($1,984)	($1,556)	($2,107)	($2,020)	($1,951)	($1,935)	($1,732)	($1,759)	($1,820)	($1,897)	($1,616)	($1,413)	($1,867)	($1,832)	($1,688)	($1,605)	($1,550)	($1,529)	($1,454)	($1,362)	($1,297)	($1,270)	($1,152)	($1,161)	($1,159)	($1,026)	($895)	($792)	($797)	($875)	($916)	($805)
Operating income	$993	$1,001	$1,107	$1,414	$1,127	$1,204	$1,166	$1,091	$1,144	$1,048	$1,010	$1,533	$1,027	$971	$898	$788	$855	$710	$661	$685	$602	$563	$445	$381	$372	$353	$374	$348	$322	$307	$287	$274	$268	$240	$255	$234	$224	$225	$208	$192	$182	$190
Earnings
EBITDA	$1,086	$1,093	$1,194	$1,501	$1,207	$1,283	$1,243	$1,165	$1,216	$1,112	$1,068	$1,589	$1,078	$1,021	$949	$837	$911	$769	$716	$737	$646	$607	$503	$437	$427	$408	$438	$410	$377	$358	$337	$320	$311	$277	$290	$263	$249	$250	$230	–	–	–
Interest income	$13	$14	$17	$14	$9	$5	$2	$5	$8	$6	$3	$2	$2	$2	$3	$3	$3	$3	$6	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($103)	($103)	($122)	($127)	($90)	($82)	($81)	($82)	($88)	($68)	($59)	($46)	($27)	($26)	($36)	($31)	($29)	($31)	($37)	($49)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$894	$885	$1,081	$1,298	$1,017	$1,114	$1,081	$1,009	$1,042	$977	$933	$1,489	$1,002	$947	$865	$760	$829	$682	$630	$644	$586	$559	$476	$388	$373	$348	$366	$343	$318	$296	$273	$257	$247	$257	$243	$224	$220	$158	$226	$175	$162	$163
Income tax expense	($173)	($170)	($212)	($274)	($234)	($276)	($178)	($182)	($207)	($260)	($264)	($422)	($318)	($288)	($274)	($247)	($257)	($233)	($195)	($204)	($186)	($164)	($168)	($130)	($128)	($120)	($133)	($125)	($116)	($111)	($104)	($97)	($98)	($96)	($86)	($77)	($74)	($77)	($81)	($72)	($72)	($77)
Net income	$721	$715	$869	$1,024	$783	$838	$903	$827	$835	$717	$669	$1,067	$684	$659	$591	$513	$572	$449	$435	$440	$389	$320	$308	$258	$245	$228	$233	$218	$202	$185	$169	$160	$149	$128	$156	$146	$145	$81	$144	$103	$90	$86
Per share
Diluted EPS (GAAP)	$1.55	$1.53	$1.84	$2.14	$1.63	$1.74	$1.88	$1.72	$1.73	$1.48	$1.37	$2.09	$1.60	$3.06	$2.75	$2.37	$2.60	$3.02	$2.87	$0.76	$0.67	$0.55	$0.54	$0.42	$0.35	$0.35	$0.36	$0.34	$0.31	$0.28	$0.26	$0.25	$0.23	$0.17	$0.20	$0.19	$0.18	$0.10	$0.18	$0.12	$0.0992	$0.0949
Basic EPS (GAAP)	$1.55	$1.53	$1.84	$2.15	$1.63	$1.75	$1.89	$1.73	$1.74	$1.49	$1.38	$2.10	$1.62	$3.08	$2.77	$2.39	$2.61	$3.03	$2.88	$0.77	$0.68	$0.56	$0.54	$0.43	$0.35	$0.36	$0.36	$0.34	$0.31	$0.28	$0.26	$0.25	$0.23	$0.17	$0.20	$0.19	$0.18	$0.10	$0.18	$0.12	$0.0992	$0.0949
Basic shares outstanding	463	466	473	476	479	479	479	478	479	480	485	507	423	213	213	215	218	148	150	574	576	572	570	569	688	642	642	642	643	646	643	645	646	736	776	777	784	786	789	893	588	587
Margins
Gross margin	60.7%	60.5%	58.9%	60.5%	59.0%	60.8%	60.5%	63.2%	65.2%	67.8%	67.5%	69.4%	69.7%	69.5%	68.6%	65.9%	66.7%	65.3%	63.6%	65.6%	66.8%	66.9%	60.6%	58.7%	57.4%	57.9%	62.7%	62.1%	61.9%	61.7%	60.2%	60.0%	61.1%	61.6%	60.8%	61.4%	61.8%	61.4%	59.0%	54.1%	53.2%	54.0%
Operating margin	25.4%	25.5%	27.8%	33.8%	26.7%	30.6%	33.7%	32.4%	34.4%	32.3%	33.7%	49.6%	32.8%	32.5%	31.5%	28.9%	33.1%	28.8%	26.6%	26.5%	27.1%	28.5%	19.2%	17.2%	18.1%	18.0%	19.4%	18.5%	18.1%	18.4%	18.1%	17.7%	18.9%	17.1%	18.0%	18.5%	20.0%	22.1%	20.7%	18.0%	16.6%	19.1%
Net margin	18.4%	18.2%	21.9%	24.5%	18.5%	21.3%	26.1%	24.6%	25.1%	22.1%	22.3%	34.5%	21.8%	22.0%	20.7%	18.8%	22.1%	18.2%	17.5%	17.0%	17.5%	16.2%	13.3%	11.7%	11.9%	11.6%	12.1%	11.6%	11.4%	11.1%	10.7%	10.4%	10.5%	9.2%	11.0%	11.6%	13.0%	8.0%	14.4%	9.7%	8.2%	8.7%

Analyst consensus

Hold36 analysts

Bearish · 7 · Hold · 24 · Bullish · 5

Earnings history

	EPS	Estimate
Q2 2025	$0.55	$0.49	Beat
Q3 2025	$0.43	$0.46	Miss
Q4 2025	$0.31	$0.34	Miss
Q1 2026	$0.36	$0.47	Miss
Q2 2026	$0.47	$0.47	Miss
Q3 2026	$0.58	$0.47	Beat
Q4 2026	$0.12	$0.31	Miss
Q1 2027	$0.38	$0.38	Match

Peers

Company overview

IPO dateMar 17, 1980

CEOLawson E. Whiting

Employees4,900

SectorConsumer Defensive

IndustryBeverages - Wineries & Distilleries

CountryUS

ExchangeNew York Stock Exchange

Websitewww.brown-forman.com

Brown-Forman Corporation, along with its subsidiaries, operates globally within the alcoholic beverage industry. The company is actively involved in the production, distillation, bottling, international trade (importing and exporting), marketing, and sale of a diverse portfolio of alcoholic products. Its extensive offerings encompass a wide variety of spirits, wines, and whiskey products, including specialty whiskey spirits and flavored whiskey liqueurs. The range also features convenient ready-to-drink and ready-to-pour options, pre-mixed cocktails, vodkas, tequilas, champagnes, brandy, bourbons, and other liqueurs. These beverages are primarily marketed under prominent brands such as Jack Daniel's, Reserve, Old Forester, Coopers' Craft, Herradura, el Jimador, New Mix, Korbel Champagnes, Sonoma-Cutrer, Finlandia, GlenDronach, Benriach, Glenglassaugh, Chambord, Slane, and Fords Gin. Beyond beverage sales, Brown-Forman also engages in the sale of used barrels, bulk whiskey, and wine, in addition to offering contract bottling services. The company's distribution model involves reaching retail customers and end consumers through independent distributors or state governments, while directly supplying retailers, wholesalers, and provincial governments. With a history dating back to its founding in 1870, Brown-Forman Corporation is headquartered in Louisville, Kentucky, and conducts substantial operations across the United States, Germany, Australia, the United Kingdom, Mexico, and numerous other international markets.

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