Brown-Forman (BF.B) Financials

$34.42 +0.56 (+1.66%)

As of 09:38 AM Eastern

Annual Income Statements for Brown-Forman

This table shows Brown-Forman's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/30/2024	4/30/2023	4/30/2022	4/30/2021	4/30/2020	4/30/2019	4/30/2018	4/30/2017	4/30/2016	4/30/2015
Net Income / (Loss) Attributable to Common Shareholders	1,024	783	838	903	827	835	717	669	1,067	684
Consolidated Net Income / (Loss)	1,024	783	838	903	827	835	717	669	1,067	684
Net Income / (Loss) Continuing Operations	1,024	783	838	903	827	835	717	669	1,067	684
Total Pre-Tax Income	1,298	1,017	1,114	1,081	1,009	1,042	977	933	1,489	1,002
Total Operating Income	1,414	1,127	1,204	1,166	1,091	1,144	1,048	1,010	1,533	1,027
Total Gross Profit	2,526	2,494	2,391	2,094	2,127	2,166	2,202	2,021	2,144	2,183
Total Revenue	5,328	5,372	5,081	4,526	4,306	4,276	4,201	3,857	4,011	4,096
Operating Revenue	5,328	5,372	5,081	4,526	4,306	4,276	4,201	3,857	4,011	4,096
Total Cost of Revenue	2,802	2,878	2,690	2,432	2,179	2,110	1,999	1,836	1,867	1,913
Operating Cost of Revenue	2,802	2,878	2,690	2,432	2,179	2,110	1,999	1,836	1,867	1,913
Total Operating Expenses	1,112	1,367	1,187	928	1,036	1,022	1,154	1,011	611	1,156
Selling, General & Admin Expense	826	742	690	671	642	641	765	657	688	697
Marketing Expense	529	506	438	399	383	396	405	372	417	437
Other Operating Expenses / (Income)	24	119	59	-15	11	-15	-16	-18	-9.00	22
Other Special Charges / (Income)	-267	0.00	0.00	-127	0.00	0.00	-	-	-485	0.00
Total Other Income / (Expense), net	-116	-110	-90	-85	-82	-102	-71	-77	-44	-25
Interest Expense	127	90	82	81	82	88	68	59	46	27
Interest & Investment Income	14	9.00	5.00	2.00	5.00	8.00	6.00	3.00	2.00	2.00
Other Income / (Expense), net	-3.00	-29	-13	-6.00	-5.00	-22	-9.00	-21	-	-
Income Tax Expense	274	234	276	178	182	207	260	264	422	318
Basic Earnings per Share	$2.15	$1.63	$1.75	$1.89	$1.73	$1.74	$1.49	$1.38	$2.10	$1.62
Weighted Average Basic Shares Outstanding	472.66M	479.36M	479.05M	478.76M	478.24M	479.90M	481.20M	484.64M	405.95M	211.59M
Diluted Earnings per Share	$2.14	$1.63	$1.74	$1.88	$1.72	$1.73	$1.48	$1.37	$2.09	$1.60
Weighted Average Diluted Shares Outstanding	472.66M	479.36M	479.05M	478.76M	478.24M	479.90M	481.20M	484.64M	405.95M	211.59M
Weighted Average Basic & Diluted Shares Outstanding	472.66M	479.36M	479.05M	478.76M	478.24M	479.90M	481.20M	484.64M	405.95M	211.59M
Cash Dividends to Common per Share	$0.85	$0.79	$1.74	$0.71	$0.68	$0.65	$1.61	$0.56	$0.52	$1.21

This table shows Brown-Forman's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Income / (Loss) Attributable to Common Shareholders	270	258	195	266	285	242	231	207	100	227	249
Consolidated Net Income / (Loss)	270	258	195	266	285	242	231	207	100	227	249
Net Income / (Loss) Continuing Operations	270	258	195	266	285	242	231	207	100	227	249
Total Pre-Tax Income	332	313	253	347	342	310	299	269	124	298	326
Total Operating Income	280	341	281	375	373	339	327	298	173	313	343
Total Gross Profit	619	646	565	569	635	671	651	635	624	613	622
Total Revenue	1,348	1,376	1,211	1,191	1,406	1,405	1,326	1,294	1,406	1,384	1,288
Operating Revenue	1,348	1,376	1,211	1,191	1,406	1,405	1,326	1,294	1,406	1,384	1,288
Total Cost of Revenue	729	730	646	622	771	734	675	659	782	771	666
Operating Cost of Revenue	729	730	646	622	771	734	675	659	782	771	666
Total Operating Expenses	339	305	284	194	262	332	324	337	451	300	279
Selling, General & Admin Expense	178	187	188	231	203	192	200	201	186	180	175
Marketing Expense	125	126	126	115	143	140	131	134	141	121	110
Other Operating Expenses / (Income)	5.00	-8.00	-30	115	6.00	0.00	-7.00	2.00	124	-1.00	-6.00
Restructuring Charge	31	-	-	-	0.00	-	-	-	-	-	-
Other Special Charges / (Income)	0.00	-	-	-	-90	-	-	-	-	-	-
Total Other Income / (Expense), net	52	-28	-28	-28	-31	-29	-28	-29	-49	-15	-17
Interest Expense	31	32	32	34	33	31	29	29	24	18	19
Interest & Investment Income	86	5.00	4.00	7.00	3.00	2.00	2.00	2.00	2.00	3.00	2.00
Other Income / (Expense), net	-3.00	-1.00	0.00	-1.00	-1.00	0.00	-1.00	-2.00	-27	0.00	0.00
Income Tax Expense	62	55	58	81	57	68	68	62	24	71	77
Basic Earnings per Share	$0.57	$0.55	$0.41	$0.57	$0.60	$0.50	$0.48	$0.43	$0.21	$0.47	$0.52
Weighted Average Basic Shares Outstanding	472.67M	472.66M	472.66M	472.66M	472.52M	475.62M	479.39M	479.36M	479.24M	479.15M	479.12M
Diluted Earnings per Share	$0.57	$0.55	$0.41	$0.56	$0.60	$0.50	$0.48	$0.43	$0.21	$0.47	$0.52
Weighted Average Diluted Shares Outstanding	472.67M	472.66M	472.66M	472.66M	472.52M	475.62M	479.39M	479.36M	479.24M	479.15M	479.12M
Weighted Average Basic & Diluted Shares Outstanding	472.67M	472.66M	472.66M	472.66M	472.52M	475.62M	479.39M	479.36M	479.24M	479.15M	479.12M

This table details how cash moves in and out of Brown-Forman's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/30/2024	4/30/2023	4/30/2022	4/30/2021	4/30/2020	4/30/2019	4/30/2018	4/30/2017	4/30/2016	4/30/2015
Net Change in Cash & Equivalents	72	-490	-276	475	368	68	57	-81	-107	-67
Net Cash From Operating Activities	647	640	936	817	724	800	653	656	524	608
Net Cash From Continuing Operating Activities	647	640	936	817	724	800	653	656	524	608
Net Income / (Loss) Continuing Operations	1,024	783	838	903	827	835	717	669	1,067	684
Consolidated Net Income / (Loss)	1,024	783	838	903	827	835	717	669	1,067	684
Depreciation Expense	87	80	79	77	74	72	64	58	56	51
Non-Cash Adjustments To Reconcile Net Income	-228	132	107	-138	39	22	11	25	-468	24
Changes in Operating Assets and Liabilities, net	-236	-355	-88	-25	-216	-129	-139	-96	-131	-151
Net Cash From Investing Activities	49	-1,355	-127	98	-141	-119	-149	-439	433	-125
Net Cash From Continuing Investing Activities	49	-1,355	-127	98	-141	-119	-149	-439	433	-125
Purchase of Property, Plant & Equipment	-228	-183	-138	-62	-113	-121	-128	-115	-110	-121
Acquisitions	0.00	-1,195	0.00	-14	-22	0.00	0.00	-307	0.00	-4.00
Divestitures	246	0.00	0.00	177	0.00	0.00	0.00	0.00	543	0.00
Other Investing Activities, net	31	23	11	-3.00	-6.00	2.00	-21	-17	-	-
Net Cash From Financing Activities	-618	239	-1,038	-485	-191	-599	-466	-285	-1,060	-531
Net Cash From Continuing Financing Activities	-618	239	-1,038	-485	-191	-599	-466	-285	-1,060	-531
Repayment of Debt	186	-631	-207	-491	178	-71	-259	-157	-175	183
Repurchase of Common Equity	-400	0.00	0.00	0.00	-1.00	-207	-1.00	-561	-1,107	-462
Payment of Dividends	-404	-378	-831	-338	-325	-310	-773	-274	-266	-256
Issuance of Debt	0.00	1,248	0.00	344	0.00	0.00	595	717	490	0.00
Effect of Exchange Rate Changes	-6.00	-	-	45	-24	-14	19	-13	-4.00	-19
Cash Interest Paid	125	85	80	79	83	90	65	48	41	27
Cash Income Taxes Paid	242	278	226	204	143	201	200	266	430	375

This table details how cash moves in and out of Brown-Forman's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Net Change in Cash & Equivalents	194	-	-30	-143	209	-46	52	-53	-659	191	31
Net Cash From Operating Activities	317	112	17	285	265	59	38	230	94	143	173
Net Cash From Continuing Operating Activities	317	112	17	285	265	59	38	230	94	143	173
Net Income / (Loss) Continuing Operations	270	258	195	266	285	242	231	207	100	227	249
Consolidated Net Income / (Loss)	270	258	195	266	285	242	231	207	100	227	249
Depreciation Expense	22	22	22	21	25	20	21	21	20	19	20
Non-Cash Adjustments To Reconcile Net Income	-67	7.00	-6.00	-154	-85	9.00	2.00	6.00	84	27	15
Changes in Operating Assets and Liabilities, net	92	-175	-194	152	40	-212	-216	-4.00	-110	-130	-111
Net Cash From Investing Activities	305	-31	10	-14	124	-17	-44	-55	-1,242	-24	-34
Net Cash From Continuing Investing Activities	305	-31	10	-14	124	-17	-44	-55	-1,242	-24	-34
Purchase of Property, Plant & Equipment	-45	-31	-41	-80	-69	-30	-49	-67	-55	-28	-33
Net Cash From Financing Activities	-417	-78	-51	-406	-189	-73	50	-229	467	95	-94
Net Cash From Continuing Financing Activities	-417	-78	-51	-406	-189	-73	50	-229	467	95	-94
Repayment of Debt	-310	25	54	-306	272	67	153	-783	-34	186	0.00
Payment of Dividends	-107	-103	-103	-104	-103	-98	-99	-99	-99	-90	-90

This table presents Brown-Forman's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/30/2024	4/30/2023	4/30/2022	4/30/2021	4/30/2020	4/30/2019	4/30/2018	4/30/2017	4/30/2016	4/30/2015
Total Assets	8,166	7,777	6,373	6,522	5,766	5,139	4,976	4,625	4,183	4,188
Total Current Assets	4,036	3,801	3,776	3,917	3,265	2,719	2,555	2,351	2,233	2,254
Cash & Equivalents	446	374	868	1,150	675	307	239	182	263	370
Accounts Receivable	769	855	813	753	570	609	639	557	559	583
Inventories, net	2,556	2,283	1,818	1,751	1,685	1,520	1,379	1,270	1,054	953
Other Current Assets	265	-	-	-	-	-	-	-	-	-
Other Current Nonoperating Assets	0.00	-	-	-	-	-	-	-	-	-
Plant, Property, & Equipment, net	1,074	1,031	875	832	848	816	780	713	629	586
Total Noncurrent Assets	3,056	2,945	1,722	1,773	1,653	1,604	1,641	1,561	1,321	1,348
Long-Term Investments	270	3.00	-	-	-	-	-	-	-	-
Goodwill	1,455	1,457	761	779	756	753	763	753	590	607
Intangible Assets	990	1,164	586	676	635	645	670	641	595	611
Noncurrent Deferred & Refundable Income Taxes	69	66	74	70	15	16	16	16	17	18
Other Noncurrent Operating Assets	272	255	301	248	247	190	192	151	119	112
Total Liabilities & Shareholders' Equity	8,166	7,777	6,373	6,522	5,766	5,139	4,976	4,625	4,183	4,188
Total Liabilities	4,649	4,509	3,636	3,866	3,791	3,492	3,660	3,255	2,621	2,283
Total Current Liabilities	1,559	1,084	1,034	918	880	703	821	970	791	958
Short-Term Debt	728	235	250	205	333	150	215	460	271	440
Accounts Payable	793	827	703	679	517	544	581	501	501	497
Current Deferred & Payable Income Tax Liabilities	38	22	81	34	30	9.00	25	9.00	19	12
Total Noncurrent Liabilities	3,090	3,425	2,602	2,948	2,911	2,789	2,839	2,285	1,830	1,325
Long-Term Debt	2,372	2,678	2,019	2,354	2,269	2,290	2,341	1,689	1,230	743
Noncurrent Deferred & Payable Income Tax Liabilities	315	323	219	169	177	145	85	152	101	107
Noncurrent Employee Benefit Liabilities	160	171	183	219	297	197	191	314	353	311
Other Noncurrent Operating Liabilities	243	253	181	206	168	157	222	130	146	164
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,517	3,268	2,737	2,656	1,975	1,647	1,316	1,370	1,562	1,905
Total Preferred & Common Equity	3,517	3,268	2,737	2,656	1,975	1,647	1,316	1,370	1,562	1,905
Total Common Equity	3,517	3,268	2,737	2,656	1,975	1,647	1,316	1,370	1,562	1,905
Common Stock	85	73	72	72	72	72	76	133	148	133
Retained Earnings	4,261	3,643	3,242	3,243	2,708	2,238	1,730	4,470	4,065	3,300
Treasury Stock	-608	-213	-225	-237	-258	-300	-112	-2,843	-2,301	-1,228
Accumulated Other Comprehensive Income / (Loss)	-221	-235	-352	-422	-547	-363	-378	-390	-350	-300

This table presents Brown-Forman's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Total Assets	8,071	8,332	8,205	8,166	8,237	8,115	8,086	7,777	7,754	6,852	6,521
Total Current Assets	4,279	4,196	4,081	4,036	4,415	4,273	4,190	3,801	3,843	4,258	3,923
Cash & Equivalents	599	416	416	446	589	373	426	374	428	1,087	899
Accounts Receivable	855	954	806	769	878	948	872	855	944	894	841
Inventories, net	2,451	2,565	2,596	2,556	2,529	2,585	2,502	2,283	2,160	1,995	1,912
Other Current Assets	254	261	263	265	258	250	255	-	311	282	271
Other Current Nonoperating Assets	120	-	-	0.00	161	117	135	-	-	-	-
Plant, Property, & Equipment, net	1,041	1,060	1,052	1,074	1,014	1,060	1,050	1,031	955	890	880
Total Noncurrent Assets	2,751	3,076	3,072	3,056	2,808	2,782	2,846	2,945	2,956	1,704	1,718
Long-Term Investments	3.00	272	270	270	-	-	-	3.00	-	-	-
Goodwill	1,435	1,468	1,464	1,455	1,464	1,461	1,494	1,457	1,455	748	756
Intangible Assets	973	1,000	997	990	1,004	989	1,014	1,164	1,145	571	578
Noncurrent Deferred & Refundable Income Taxes	63	60	63	69	66	63	67	66	87	82	81
Other Noncurrent Operating Assets	277	276	278	272	274	269	271	255	269	303	303
Total Liabilities & Shareholders' Equity	8,071	8,332	8,205	8,166	8,237	8,115	8,086	7,777	7,754	6,852	6,521
Total Liabilities	4,248	4,627	4,740	4,649	4,992	4,661	4,748	4,509	4,716	3,812	3,714
Total Current Liabilities	1,227	1,553	1,649	1,559	1,612	1,297	1,308	1,084	1,933	1,243	1,110
Short-Term Debt	502	812	784	728	728	456	389	235	1,004	436	250
Accounts Payable	695	695	669	793	747	794	761	827	787	750	644
Current Deferred & Payable Income Tax Liabilities	30	46	93	38	19	36	47	22	44	57	126
Total Noncurrent Liabilities	3,021	3,074	3,091	3,090	3,380	3,364	3,440	3,425	2,783	2,569	2,604
Long-Term Debt	2,361	2,391	2,384	2,372	2,678	2,654	2,687	2,678	2,024	1,974	1,998
Noncurrent Deferred & Payable Income Tax Liabilities	266	290	302	315	289	299	324	323	341	234	236
Noncurrent Employee Benefit Liabilities	161	159	159	160	171	171	171	171	171	183	183
Other Noncurrent Operating Liabilities	233	234	246	243	242	240	258	253	247	178	187
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,823	3,705	3,465	3,517	3,245	3,454	3,338	3,268	3,038	3,040	2,807
Total Preferred & Common Equity	3,823	3,705	3,465	3,517	3,245	3,454	3,338	3,268	3,038	3,040	2,807
Total Common Equity	3,823	3,705	3,465	3,517	3,245	3,454	3,338	3,268	3,038	3,040	2,807
Common Stock	100	93	84	85	87	80	73	73	78	75	72
Retained Earnings	4,671	4,508	4,250	4,261	3,995	3,916	3,674	3,643	3,437	3,534	3,307
Treasury Stock	-605	-605	-605	-608	-613	-252	-210	-213	-219	-220	-221
Accumulated Other Comprehensive Income / (Loss)	-343	-291	-264	-221	-224	-290	-199	-235	-258	-349	-351

This table displays calculated financial ratios and metrics derived from Brown-Forman's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	4/30/2024	4/30/2023	4/30/2022	4/30/2021	4/30/2020	4/30/2019	4/30/2018	4/30/2017	4/30/2016	4/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.82%	5.73%	12.26%	5.11%	0.70%	1.79%	8.92%	-3.84%	-2.08%	3.80%
EBITDA Growth	27.16%	-7.24%	2.67%	6.64%	-2.85%	8.25%	5.35%	-34.11%	47.40%	5.58%
EBIT Growth	28.51%	-7.81%	2.67%	6.81%	-3.21%	7.99%	5.06%	-35.49%	49.27%	5.77%
NOPAT Growth	28.56%	-4.20%	-7.01%	8.92%	-2.46%	19.20%	6.20%	-34.07%	56.69%	3.75%
Net Income Growth	30.78%	-6.56%	-7.20%	9.19%	-0.96%	16.46%	7.17%	-37.30%	55.99%	3.79%
EPS Growth	31.29%	-6.32%	-7.45%	9.30%	-0.58%	16.89%	8.03%	-37.30%	55.99%	3.79%
Operating Cash Flow Growth	1.09%	-31.62%	14.57%	12.85%	-9.50%	22.51%	-0.46%	25.19%	-13.82%	-6.32%
Free Cash Flow Firm Growth	227.58%	-195.87%	2.68%	5.02%	0.32%	62.70%	152.71%	-81.46%	71.09%	23.01%
Invested Capital Growth	1.67%	40.26%	1.80%	4.18%	3.23%	4.05%	8.87%	19.18%	3.28%	4.27%
Revenue Q/Q Growth	-1.90%	0.83%	4.20%	3.26%	-1.03%	-0.07%	1.52%	-1.15%	-0.37%	1.34%
EBITDA Q/Q Growth	5.49%	5.65%	5.75%	-1.51%	-3.41%	7.57%	-7.93%	-32.93%	45.65%	4.05%
EBIT Q/Q Growth	5.85%	5.88%	6.15%	-1.61%	-3.55%	7.68%	-8.38%	-34.20%	47.69%	4.37%
NOPAT Q/Q Growth	5.48%	7.03%	4.16%	-0.75%	-3.42%	5.77%	-5.70%	-33.08%	54.27%	0.82%
Net Income Q/Q Growth	6.11%	7.70%	3.84%	-0.88%	-3.61%	6.23%	-4.78%	-35.92%	55.54%	1.03%
EPS Q/Q Growth	6.47%	7.95%	2.96%	-1.05%	-3.91%	4.85%	-5.73%	-35.92%	55.54%	1.03%
Operating Cash Flow Q/Q Growth	9.29%	-3.47%	0.86%	3.81%	-1.09%	23.46%	-17.65%	25.91%	-23.05%	-4.10%
Free Cash Flow Firm Q/Q Growth	31.50%	0.37%	-2.33%	-17.53%	21.25%	25.22%	-10.83%	-71.51%	40.79%	17.46%
Invested Capital Q/Q Growth	-1.96%	1.19%	0.34%	-1.02%	-5.04%	-1.05%	1.82%	1.64%	-2.03%	-5.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.41%	46.43%	47.06%	46.27%	49.40%	50.65%	52.42%	52.40%	53.45%	53.30%
EBITDA Margin	28.12%	21.93%	25.00%	27.33%	26.94%	27.92%	26.26%	27.15%	39.62%	26.32%
Operating Margin	26.54%	20.98%	23.70%	25.76%	25.34%	26.75%	24.95%	26.19%	38.22%	25.07%
EBIT Margin	26.48%	20.44%	23.44%	25.63%	25.22%	26.24%	24.73%	25.64%	38.22%	25.07%
Profit (Net Income) Margin	19.22%	14.58%	16.49%	19.95%	19.21%	19.53%	17.07%	17.35%	26.60%	16.70%
Tax Burden Percent	78.89%	76.99%	75.22%	83.53%	81.96%	80.13%	73.39%	71.70%	71.66%	68.26%
Interest Burden Percent	91.99%	92.62%	93.53%	93.19%	92.91%	92.87%	94.03%	94.34%	97.13%	97.57%
Effective Tax Rate	21.11%	23.01%	24.78%	16.47%	18.04%	19.87%	26.61%	28.30%	28.34%	31.74%
Return on Invested Capital (ROIC)	19.06%	17.46%	22.08%	24.45%	23.28%	24.73%	22.07%	23.60%	39.87%	26.40%
ROIC Less NNEP Spread (ROIC-NNEP)	15.34%	13.15%	17.26%	20.19%	19.97%	21.06%	19.64%	20.16%	36.78%	23.92%
Return on Net Nonoperating Assets (RNNOA)	11.12%	8.62%	9.00%	14.55%	22.38%	31.63%	31.32%	22.03%	21.69%	8.35%
Return on Equity (ROE)	30.18%	26.08%	31.08%	39.00%	45.67%	56.36%	53.39%	45.63%	61.55%	34.75%
Cash Return on Invested Capital (CROIC)	17.40%	-16.06%	20.30%	20.36%	20.10%	20.77%	13.58%	6.10%	36.64%	22.22%
Operating Return on Assets (OROA)	17.70%	15.52%	18.47%	18.88%	19.92%	22.18%	21.64%	22.46%	36.63%	24.77%
Return on Assets (ROA)	12.85%	11.07%	13.00%	14.70%	15.17%	16.51%	14.94%	15.19%	25.49%	16.50%
Return on Common Equity (ROCE)	30.18%	26.08%	31.08%	39.00%	45.67%	56.36%	53.39%	45.63%	61.55%	34.75%
Return on Equity Simple (ROE_SIMPLE)	29.12%	23.96%	30.62%	34.00%	41.87%	50.70%	54.48%	48.83%	68.31%	35.91%
Net Operating Profit after Tax (NOPAT)	1,116	868	906	974	894	917	769	724	1,099	701
NOPAT Margin	20.94%	16.15%	17.83%	21.52%	20.77%	21.44%	18.31%	18.78%	27.39%	17.12%
Net Nonoperating Expense Percent (NNEP)	3.72%	4.30%	4.82%	4.26%	3.31%	3.67%	2.43%	3.45%	3.09%	2.48%
Cost of Revenue to Revenue	52.59%	53.57%	52.94%	53.73%	50.60%	49.35%	47.58%	47.60%	46.55%	46.70%
SG&A Expenses to Revenue	15.50%	13.81%	13.58%	14.83%	14.91%	14.99%	18.21%	17.03%	17.15%	17.02%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.87%	25.45%	23.36%	20.50%	24.06%	23.90%	27.47%	26.21%	15.23%	28.22%
Earnings before Interest and Taxes (EBIT)	1,411	1,098	1,191	1,160	1,086	1,122	1,039	989	1,533	1,027
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,498	1,178	1,270	1,237	1,160	1,194	1,103	1,047	1,589	1,078
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.46	9.41	11.15	12.78	13.74	14.28	18.51	8.43	3.97	5.26
Price to Tangible Book Value (P/TBV)	21.18	47.51	21.95	28.27	46.48	94.44	0.00	0.00	16.43	14.58
Price to Revenue (P/Rev)	4.26	5.72	6.01	7.50	6.30	5.50	5.80	2.99	1.54	2.44
Price to Earnings (P/E)	22.17	39.26	36.41	37.60	32.82	28.16	33.98	17.26	5.81	14.64
Dividend Yield	1.73%	1.22%	2.87%	1.04%	1.28%	3.39%	3.05%	1.65%	1.44%	1.51%
Earnings Yield	4.51%	2.55%	2.75%	2.66%	3.05%	3.55%	2.94%	5.80%	17.22%	6.83%
Enterprise Value to Invested Capital (EV/IC)	4.25	5.73	7.71	8.70	7.45	6.79	7.34	4.05	2.65	3.99
Enterprise Value to Revenue (EV/Rev)	4.71	6.19	6.28	7.81	6.75	6.00	6.35	3.50	1.85	2.64
Enterprise Value to EBITDA (EV/EBITDA)	16.75	28.25	25.13	28.59	25.06	21.48	24.19	12.90	4.68	10.04
Enterprise Value to EBIT (EV/EBIT)	17.78	30.31	26.80	30.48	26.77	22.86	25.68	13.66	4.85	10.54
Enterprise Value to NOPAT (EV/NOPAT)	22.49	38.35	35.24	36.30	32.51	27.98	34.69	18.66	6.77	15.44
Enterprise Value to Operating Cash Flow (EV/OCF)	38.78	51.99	34.10	43.28	40.15	32.06	40.86	20.60	14.19	17.81
Enterprise Value to Free Cash Flow (EV/FCFF)	24.63	0.00	38.33	43.60	37.65	33.32	56.39	72.17	7.36	18.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.88	0.89	0.83	0.96	1.32	1.48	1.94	1.57	0.96	0.62
Long-Term Debt to Equity	0.67	0.82	0.74	0.89	1.15	1.39	1.78	1.23	0.79	0.39
Financial Leverage	0.73	0.66	0.52	0.72	1.12	1.50	1.59	1.09	0.59	0.35
Leverage Ratio	2.35	2.36	2.39	2.65	3.01	3.41	3.57	3.00	2.41	2.11
Compound Leverage Factor	2.16	2.18	2.24	2.47	2.80	3.17	3.36	2.83	2.35	2.05
Debt to Total Capital	46.85%	47.13%	45.33%	49.07%	56.85%	59.70%	66.01%	61.07%	49.00%	38.31%
Short-Term Debt to Total Capital	11.00%	3.80%	4.99%	3.93%	7.28%	3.67%	5.55%	13.07%	8.85%	14.25%
Long-Term Debt to Total Capital	35.85%	43.33%	40.33%	45.14%	49.57%	56.03%	60.46%	48.00%	40.16%	24.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	53.15%	52.87%	54.67%	50.93%	43.15%	40.30%	33.99%	38.93%	51.00%	61.69%
Debt to EBITDA	2.07	2.47	1.79	2.07	2.24	2.04	2.32	2.05	0.94	1.10
Net Debt to EBITDA	1.59	2.15	1.10	1.14	1.66	1.79	2.10	1.88	0.78	0.75
Long-Term Debt to EBITDA	1.58	2.27	1.59	1.90	1.96	1.92	2.12	1.61	0.77	0.69
Debt to NOPAT	2.78	3.36	2.51	2.63	2.91	2.66	3.32	2.97	1.37	1.69
Net Debt to NOPAT	2.14	2.92	1.55	1.45	2.16	2.33	3.01	2.72	1.13	1.16
Long-Term Debt to NOPAT	2.13	3.09	2.23	2.42	2.54	2.50	3.04	2.33	1.12	1.06
Altman Z-Score	5.25	6.32	7.68	7.80	6.82	6.67	6.43	5.38	5.36	5.89
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.59	3.51	3.65	4.27	3.71	3.87	3.11	2.42	2.82	2.35
Quick Ratio	0.78	1.13	1.63	2.07	1.41	1.30	1.07	0.76	1.04	0.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,019	-798	833	811	772	770	473	187	1,010	590
Operating Cash Flow to CapEx	283.77%	349.73%	678.26%	1,317.74%	640.71%	661.16%	510.16%	570.43%	476.36%	502.48%
Free Cash Flow to Firm to Interest Expense	8.02	-8.87	10.15	10.01	9.42	8.75	6.96	3.17	21.95	21.85
Operating Cash Flow to Interest Expense	5.09	7.11	11.41	10.09	8.83	9.09	9.60	11.12	11.39	22.52
Operating Cash Flow Less CapEx to Interest Expense	3.30	5.08	9.73	9.32	7.45	7.72	7.72	9.17	9.00	18.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.76	0.79	0.74	0.79	0.85	0.88	0.88	0.96	0.99
Accounts Receivable Turnover	6.56	6.44	6.49	6.84	7.30	6.85	7.03	6.91	7.02	7.11
Inventory Turnover	1.16	1.40	1.51	1.42	1.36	1.46	1.51	1.58	1.86	2.09
Fixed Asset Turnover	5.06	5.64	5.95	5.39	5.18	5.36	5.63	5.75	6.60	7.37
Accounts Payable Turnover	3.46	3.76	3.89	4.07	4.11	3.75	3.70	3.66	3.74	3.94
Days Sales Outstanding (DSO)	55.63	56.67	56.25	53.35	49.97	53.26	51.96	52.81	51.96	51.33
Days Inventory Outstanding (DIO)	315.17	260.05	242.13	257.84	268.43	250.74	241.84	231.01	196.19	175.06
Days Payable Outstanding (DPO)	105.51	97.02	93.76	89.75	88.86	97.30	98.78	99.60	97.55	92.63
Cash Conversion Cycle (CCC)	265.29	219.70	204.62	221.44	229.54	206.70	195.02	184.21	150.59	133.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,901	5,804	4,138	4,065	3,902	3,780	3,633	3,337	2,800	2,711
Invested Capital Turnover	0.91	1.08	1.24	1.14	1.12	1.15	1.21	1.26	1.46	1.54
Increase / (Decrease) in Invested Capital	97	1,666	73	163	122	147	296	537	89	111
Enterprise Value (EV)	25,087	33,276	31,914	35,360	29,071	25,650	26,679	13,511	7,434	10,827
Market Capitalization	22,703	30,740	30,513	33,951	27,144	23,517	24,362	11,544	6,196	10,014
Book Value per Share	$7.44	$6.82	$5.71	$5.55	$4.13	$3.45	$2.74	$3.57	$7.81	$9.05
Tangible Book Value per Share	$2.27	$1.35	$2.90	$2.51	$1.22	$0.52	($0.24)	($0.06)	$1.88	$3.26
Total Capital	6,617	6,181	5,006	5,215	4,577	4,087	3,872	3,519	3,063	3,088
Total Debt	3,100	2,913	2,269	2,559	2,602	2,440	2,556	2,149	1,501	1,183
Total Long-Term Debt	2,372	2,678	2,019	2,354	2,269	2,290	2,341	1,689	1,230	743
Net Debt	2,384	2,536	1,401	1,409	1,927	2,133	2,317	1,967	1,238	813
Capital Expenditures (CapEx)	228	183	138	62	113	121	128	115	110	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,759	2,578	2,124	2,054	2,043	1,859	1,710	1,659	1,450	1,366
Debt-free Net Working Capital (DFNWC)	3,205	2,952	2,992	3,204	2,718	2,166	1,949	1,841	1,713	1,736
Net Working Capital (NWC)	2,477	2,717	2,742	2,999	2,385	2,016	1,734	1,381	1,442	1,296
Net Nonoperating Expense (NNE)	92	85	68	71	67	82	52	55	32	17
Net Nonoperating Obligations (NNO)	2,384	2,536	1,401	1,409	1,927	2,133	2,317	1,967	1,238	806
Total Depreciation and Amortization (D&A)	87	80	79	77	74	72	64	58	56	51
Debt-free, Cash-free Net Working Capital to Revenue	51.78%	47.99%	41.80%	45.38%	47.45%	43.48%	40.70%	43.01%	36.15%	33.35%
Debt-free Net Working Capital to Revenue	60.15%	54.95%	58.89%	70.79%	63.12%	50.65%	46.39%	47.73%	42.71%	42.38%
Net Working Capital to Revenue	46.49%	50.58%	53.97%	66.26%	55.39%	47.15%	41.28%	35.81%	35.95%	31.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.15	$1.63	$1.75	$1.89	$1.73	$1.74	$1.49	$1.02	$1.56	$0.96
Adjusted Weighted Average Basic Shares Outstanding	472.66M	479.36M	479.05M	478.76M	478.24M	477.27M	481.11M	646.18M	662.41M	696.33M
Adjusted Diluted Earnings per Share	$2.14	$1.63	$1.74	$1.88	$1.72	$1.73	$1.48	$1.02	$1.55	$0.95
Adjusted Weighted Average Diluted Shares Outstanding	472.66M	479.36M	479.05M	478.76M	478.24M	477.27M	481.11M	646.18M	662.41M	696.33M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.73	$1.74	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	472.66M	479.36M	479.05M	478.76M	478.24M	477.27M	481.11M	646.18M	662.41M	696.33M
Normalized Net Operating Profit after Tax (NOPAT)	905	868	906	868	894	917	769	724	751	701
Normalized NOPAT Margin	16.98%	16.15%	17.83%	19.18%	20.77%	21.44%	18.31%	18.78%	18.72%	17.12%
Pre Tax Income Margin	24.36%	18.93%	21.92%	23.88%	23.43%	24.37%	23.26%	24.19%	37.12%	24.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	11.11	12.20	14.52	14.32	13.24	12.75	15.28	16.76	33.33	38.04
NOPAT to Interest Expense	8.78	9.64	11.05	12.02	10.91	10.42	11.31	12.27	23.88	25.97
EBIT Less CapEx to Interest Expense	9.32	10.17	12.84	13.56	11.87	11.38	13.40	14.81	30.93	33.56
NOPAT Less CapEx to Interest Expense	6.99	7.61	9.36	11.26	9.53	9.04	9.43	10.33	21.49	21.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.45%	48.28%	99.16%	37.43%	39.30%	37.13%	107.81%	40.96%	24.93%	37.43%
Augmented Payout Ratio	78.52%	48.28%	99.16%	37.43%	39.42%	61.92%	107.95%	124.81%	128.68%	104.97%

This table displays calculated financial ratios and metrics derived from Brown-Forman's official financial filings.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022	7/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.13%	-2.06%	-8.67%	-7.96%	0.00%	1.52%	2.95%	3.52%	3.00%	7.87%	8.88%
EBITDA Growth	-24.69%	0.84%	-12.68%	24.61%	139.16%	8.13%	-4.41%	24.80%	-54.77%	-2.64%	17.86%
EBIT Growth	-25.54%	0.30%	-13.80%	26.35%	154.79%	8.31%	-4.96%	25.96%	-57.93%	-2.19%	18.69%
NOPAT Growth	-26.74%	6.21%	-14.27%	25.36%	122.79%	10.99%	-3.57%	33.34%	-49.08%	-5.56%	27.01%
Net Income Growth	-5.26%	6.61%	-15.58%	28.50%	185.00%	6.61%	-7.23%	37.09%	-61.39%	-3.81%	29.69%
EPS Growth	-5.00%	10.00%	-14.58%	30.23%	185.71%	6.38%	-7.69%	38.71%	-61.11%	-4.08%	30.00%
Operating Cash Flow Growth	19.62%	89.83%	-55.26%	23.91%	181.91%	-58.74%	-78.03%	-9.09%	-72.99%	-4.67%	-6.49%
Free Cash Flow Firm Growth	915.73%	110.02%	108.91%	113.26%	101.89%	-2,032.17%	-1,385.58%	-1,551.60%	-672.94%	-52.40%	-18.16%
Invested Capital Growth	-0.91%	2.22%	1.44%	1.67%	4.93%	39.47%	40.46%	40.26%	39.09%	3.88%	3.61%
Revenue Q/Q Growth	-2.03%	13.63%	1.68%	-15.29%	0.07%	5.96%	2.47%	-7.97%	1.59%	7.45%	3.04%
EBITDA Q/Q Growth	-17.40%	19.47%	-23.29%	-0.50%	10.59%	3.46%	9.46%	90.96%	-50.00%	-8.54%	42.91%
EBIT Q/Q Growth	-18.53%	21.00%	-24.87%	0.54%	9.73%	3.99%	10.14%	102.74%	-53.35%	-8.75%	45.96%
NOPAT Q/Q Growth	-18.99%	29.78%	-24.66%	-7.52%	17.46%	4.75%	10.17%	64.37%	-41.48%	-8.99%	52.34%
Net Income Q/Q Growth	4.65%	32.31%	-26.69%	-6.67%	17.77%	4.76%	11.59%	107.00%	-55.95%	-8.84%	64.90%
EPS Q/Q Growth	3.64%	34.15%	-26.79%	-6.67%	20.00%	4.17%	11.63%	104.76%	-55.32%	-9.62%	67.74%
Operating Cash Flow Q/Q Growth	183.04%	558.82%	-94.04%	7.55%	349.15%	55.26%	-83.48%	144.68%	-34.27%	-17.34%	-31.62%
Free Cash Flow Firm Q/Q Growth	93.53%	11.87%	-31.44%	584.30%	101.91%	0.55%	-2.00%	2.43%	-2,052.22%	-33.83%	15.17%
Invested Capital Q/Q Growth	-4.12%	2.81%	2.53%	-1.96%	-1.08%	2.03%	2.76%	1.19%	31.47%	2.76%	2.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.92%	46.95%	46.66%	47.78%	45.16%	47.76%	49.10%	49.07%	44.38%	44.29%	48.29%
EBITDA Margin	22.18%	26.31%	25.02%	33.17%	28.24%	25.55%	26.17%	24.50%	11.81%	23.99%	28.18%
Operating Margin	20.77%	24.78%	23.20%	31.49%	26.53%	24.13%	24.66%	23.03%	12.30%	22.62%	26.63%
EBIT Margin	20.55%	24.71%	23.20%	31.40%	26.46%	24.13%	24.59%	22.87%	10.38%	22.62%	26.63%
Profit (Net Income) Margin	20.03%	18.75%	16.10%	22.33%	20.27%	17.22%	17.42%	16.00%	7.11%	16.40%	19.33%
Tax Burden Percent	81.33%	82.43%	77.08%	76.66%	83.33%	78.06%	77.26%	76.95%	80.65%	76.17%	76.38%
Interest Burden Percent	119.86%	92.06%	90.04%	92.78%	91.94%	91.45%	91.72%	90.88%	84.93%	95.21%	95.04%
Effective Tax Rate	18.67%	17.57%	22.92%	23.34%	16.67%	21.94%	22.74%	23.05%	19.35%	23.83%	23.62%
Return on Invested Capital (ROIC)	14.45%	17.21%	15.52%	21.97%	20.43%	19.58%	20.19%	19.15%	10.72%	21.27%	25.28%
ROIC Less NNEP Spread (ROIC-NNEP)	16.17%	16.31%	14.69%	21.10%	19.48%	18.44%	19.13%	18.02%	8.89%	20.39%	24.37%
Return on Net Nonoperating Assets (RNNOA)	11.25%	11.73%	11.25%	15.30%	16.97%	11.23%	12.65%	11.81%	6.88%	8.89%	12.67%
Return on Equity (ROE)	25.70%	28.94%	26.77%	37.27%	37.40%	30.81%	32.84%	30.96%	17.61%	30.17%	37.96%
Cash Return on Invested Capital (CROIC)	17.85%	15.62%	16.54%	17.40%	13.18%	-16.02%	-16.84%	-16.06%	-16.25%	18.32%	19.50%
Operating Return on Assets (OROA)	12.92%	15.58%	14.85%	20.99%	17.97%	17.51%	18.21%	17.37%	7.92%	17.76%	21.08%
Return on Assets (ROA)	12.59%	11.82%	10.31%	14.93%	13.77%	12.50%	12.90%	12.15%	5.42%	12.88%	15.31%
Return on Common Equity (ROCE)	25.70%	28.94%	26.77%	37.27%	37.40%	30.81%	32.84%	30.96%	17.61%	30.17%	37.96%
Return on Equity Simple (ROE_SIMPLE)	25.87%	27.10%	28.51%	0.00%	29.74%	22.58%	22.92%	0.00%	23.93%	29.14%	31.88%
Net Operating Profit after Tax (NOPAT)	228	281	217	287	311	265	253	229	140	238	262
NOPAT Margin	16.89%	20.43%	17.88%	24.14%	22.11%	18.84%	19.05%	17.72%	9.92%	17.23%	20.34%
Net Nonoperating Expense Percent (NNEP)	-1.72%	0.90%	0.83%	0.87%	0.94%	1.15%	1.06%	1.13%	1.84%	0.88%	0.91%
Return On Investment Capital (ROIC_SIMPLE)	3.41%	-	-	-	4.67%	-	-	-	-	-	-
Cost of Revenue to Revenue	54.08%	53.05%	53.34%	52.23%	54.84%	52.24%	50.91%	50.93%	55.62%	55.71%	51.71%
SG&A Expenses to Revenue	13.20%	13.59%	15.52%	19.40%	14.44%	13.67%	15.08%	15.53%	13.23%	13.01%	13.59%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.15%	22.17%	23.45%	16.29%	18.63%	23.63%	24.43%	26.04%	32.08%	21.68%	21.66%
Earnings before Interest and Taxes (EBIT)	277	340	281	374	372	339	326	296	146	313	343
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	299	362	303	395	397	359	347	317	166	332	363
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.09	5.60	6.18	6.46	7.97	7.72	10.05	9.41	10.32	10.55	12.28
Price to Tangible Book Value (P/TBV)	11.06	16.76	21.33	21.18	33.30	26.56	40.40	47.51	71.58	18.63	23.40
Price to Revenue (P/Rev)	3.05	4.00	4.11	4.26	4.76	4.91	6.20	5.72	5.88	6.07	6.65
Price to Earnings (P/E)	15.83	20.65	21.68	22.17	26.81	34.19	43.84	39.26	43.12	36.19	38.51
Dividend Yield	2.64%	2.00%	1.88%	1.73%	1.51%	1.46%	1.14%	1.22%	1.18%	2.60%	2.46%
Earnings Yield	6.32%	4.84%	4.61%	4.51%	3.73%	2.92%	2.28%	2.55%	2.32%	2.76%	2.60%
Enterprise Value to Invested Capital (EV/IC)	3.00	3.74	3.95	4.25	4.77	4.83	6.07	5.73	5.92	7.65	8.43
Enterprise Value to Revenue (EV/Rev)	3.50	4.49	4.58	4.71	5.28	5.41	6.69	6.19	6.37	6.32	6.91
Enterprise Value to EBITDA (EV/EBITDA)	13.18	15.96	16.44	16.75	20.20	24.73	31.14	28.25	30.45	25.37	27.03
Enterprise Value to EBIT (EV/EBIT)	14.08	17.01	17.50	17.78	21.52	26.56	33.47	30.31	32.74	26.97	28.77
Enterprise Value to NOPAT (EV/NOPAT)	17.66	21.21	22.14	22.49	27.13	33.22	42.15	38.35	41.88	35.24	37.25
Enterprise Value to Operating Cash Flow (EV/OCF)	24.51	34.24	38.18	38.78	48.46	69.85	71.66	51.99	51.21	36.41	38.76
Enterprise Value to Free Cash Flow (EV/FCFF)	16.75	24.19	24.06	24.63	37.04	0.00	0.00	0.00	0.00	42.57	44.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.75	0.86	0.91	0.88	1.05	0.90	0.92	0.89	1.00	0.79	0.80
Long-Term Debt to Equity	0.62	0.65	0.69	0.67	0.83	0.77	0.81	0.82	0.67	0.65	0.71
Financial Leverage	0.70	0.72	0.77	0.73	0.87	0.61	0.66	0.66	0.77	0.44	0.52
Leverage Ratio	2.31	2.30	2.39	2.35	2.55	2.30	2.38	2.36	2.52	2.26	2.39
Compound Leverage Factor	2.77	2.11	2.16	2.18	2.34	2.11	2.18	2.14	2.14	2.15	2.27
Debt to Total Capital	42.82%	46.37%	47.76%	46.85%	51.21%	47.38%	47.96%	47.13%	49.92%	44.22%	44.47%
Short-Term Debt to Total Capital	7.51%	11.75%	11.82%	11.00%	10.95%	6.95%	6.06%	3.80%	16.55%	8.00%	4.95%
Long-Term Debt to Total Capital	35.31%	34.61%	35.94%	35.85%	40.26%	40.43%	41.89%	43.33%	33.37%	36.22%	39.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.18%	53.63%	52.24%	53.15%	48.79%	52.62%	52.04%	52.87%	50.08%	55.78%	55.53%
Debt to EBITDA	2.11	2.20	2.18	2.07	2.40	2.62	2.65	2.47	2.72	1.83	1.70
Net Debt to EBITDA	1.66	1.73	1.71	1.59	1.98	2.30	2.28	2.15	2.33	1.01	1.02
Long-Term Debt to EBITDA	1.74	1.64	1.64	1.58	1.89	2.23	2.31	2.27	1.82	1.50	1.51
Debt to NOPAT	2.82	2.92	2.93	2.78	3.22	3.51	3.58	3.36	3.74	2.54	2.34
Net Debt to NOPAT	2.23	2.29	2.30	2.14	2.66	3.09	3.09	2.92	3.21	1.40	1.40
Long-Term Debt to NOPAT	2.33	2.18	2.21	2.13	2.53	3.00	3.13	3.09	2.50	2.08	2.08
Altman Z-Score	4.22	4.58	4.54	4.83	5.01	5.36	6.10	5.98	5.65	7.22	7.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.49	2.70	2.47	2.59	2.74	3.29	3.20	3.51	1.99	3.43	3.53
Quick Ratio	1.19	0.88	0.74	0.78	0.91	1.02	0.99	1.13	0.71	1.59	1.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	283	146	131	190	28	-1,457	-1,465	-1,437	-1,472	75	114
Operating Cash Flow to CapEx	704.44%	361.29%	0.00%	356.25%	384.06%	347.06%	77.55%	343.28%	200.00%	595.83%	524.24%
Free Cash Flow to Firm to Interest Expense	9.12	4.57	4.08	5.60	0.84	-47.01	-50.53	-49.54	-61.35	4.19	6.00
Operating Cash Flow to Interest Expense	10.23	3.50	0.53	8.38	8.03	1.90	1.31	7.93	3.92	7.94	9.11
Operating Cash Flow Less CapEx to Interest Expense	8.77	2.53	0.84	6.03	5.94	1.35	-0.38	5.62	1.96	6.61	7.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.63	0.64	0.67	0.68	0.73	0.74	0.76	0.76	0.79	0.79
Accounts Receivable Turnover	5.92	5.45	6.21	6.56	5.96	5.90	6.32	6.44	6.12	5.79	6.31
Inventory Turnover	1.10	1.08	1.09	1.16	1.21	1.24	1.31	1.40	1.45	1.48	1.48
Fixed Asset Turnover	4.99	4.89	4.96	5.06	5.52	5.57	5.61	5.64	6.01	6.21	6.12
Accounts Payable Turnover	3.78	3.72	3.88	3.46	3.70	3.69	4.11	3.76	4.02	3.85	4.28
Days Sales Outstanding (DSO)	61.70	66.96	58.74	55.63	61.23	61.90	57.79	56.67	59.60	63.07	57.85
Days Inventory Outstanding (DIO)	333.28	339.43	335.52	315.17	301.42	293.28	279.03	260.05	252.21	246.54	246.57
Days Payable Outstanding (DPO)	96.50	98.14	94.11	105.51	98.61	98.87	88.82	97.02	90.90	94.89	85.36
Cash Conversion Cycle (CCC)	298.47	308.25	300.15	265.29	264.04	256.31	248.00	219.70	220.92	214.72	219.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,964	6,220	6,050	5,901	6,019	6,085	5,964	5,804	5,736	4,363	4,246
Invested Capital Turnover	0.86	0.84	0.87	0.91	0.92	1.04	1.06	1.08	1.08	1.23	1.24
Increase / (Decrease) in Invested Capital	-55	135	86	97	283	1,722	1,718	1,666	1,612	163	148
Enterprise Value (EV)	17,916	23,250	23,900	25,087	28,691	29,406	36,186	33,276	33,951	33,392	35,814
Market Capitalization	15,655	20,735	21,418	22,703	25,874	26,669	33,536	30,740	31,351	32,069	34,465
Book Value per Share	$8.09	$7.84	$7.33	$7.44	$6.82	$7.21	$6.96	$6.82	$6.34	$6.34	$5.86
Tangible Book Value per Share	$2.99	$2.62	$2.12	$2.27	$1.63	$2.09	$1.73	$1.35	$0.91	$3.59	$3.07
Total Capital	6,686	6,908	6,633	6,617	6,651	6,564	6,414	6,181	6,066	5,450	5,055
Total Debt	2,863	3,203	3,168	3,100	3,406	3,110	3,076	2,913	3,028	2,410	2,248
Total Long-Term Debt	2,361	2,391	2,384	2,372	2,678	2,654	2,687	2,678	2,024	1,974	1,998
Net Debt	2,261	2,515	2,482	2,384	2,817	2,737	2,650	2,536	2,600	1,323	1,349
Capital Expenditures (CapEx)	45	31	-10	80	69	17	49	67	47	24	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,955	3,039	2,800	2,759	2,942	3,059	2,845	2,578	2,486	2,364	2,164
Debt-free Net Working Capital (DFNWC)	3,554	3,455	3,216	3,205	3,531	3,432	3,271	2,952	2,914	3,451	3,063
Net Working Capital (NWC)	3,052	2,643	2,432	2,477	2,803	2,976	2,882	2,717	1,910	3,015	2,813
Net Nonoperating Expense (NNE)	-42	23	22	21	26	23	22	22	40	11	13
Net Nonoperating Obligations (NNO)	2,141	2,515	2,585	2,384	2,774	2,631	2,626	2,536	2,698	1,323	1,439
Total Depreciation and Amortization (D&A)	22	22	22	21	25	20	21	21	20	19	20
Debt-free, Cash-free Net Working Capital to Revenue	57.65%	58.62%	53.71%	51.78%	54.17%	56.32%	52.59%	47.99%	46.66%	44.71%	41.73%
Debt-free Net Working Capital to Revenue	69.33%	66.65%	61.69%	60.15%	65.02%	63.19%	60.46%	54.95%	54.69%	65.27%	59.06%
Net Working Capital to Revenue	59.54%	50.98%	46.65%	46.49%	51.61%	54.80%	53.27%	50.58%	35.85%	57.03%	54.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.57	$0.55	$0.41	$0.57	$0.60	$0.50	$0.48	$0.43	$0.21	$0.47	$0.52
Adjusted Weighted Average Basic Shares Outstanding	472.67M	472.66M	472.66M	472.66M	472.52M	475.62M	479.39M	479.36M	479.24M	479.15M	479.12M
Adjusted Diluted Earnings per Share	$0.57	$0.55	$0.41	$0.56	$0.60	$0.50	$0.48	$0.43	$0.21	$0.47	$0.52
Adjusted Weighted Average Diluted Shares Outstanding	472.67M	472.66M	472.66M	472.66M	472.52M	475.62M	479.39M	479.36M	479.24M	479.15M	479.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	472.67M	472.66M	472.66M	472.66M	472.52M	475.62M	479.39M	479.36M	479.24M	479.15M	479.12M
Normalized Net Operating Profit after Tax (NOPAT)	253	281	217	287	236	265	253	229	140	238	262
Normalized NOPAT Margin	18.76%	20.43%	17.88%	24.14%	16.77%	18.84%	19.05%	17.72%	9.92%	17.23%	20.34%
Pre Tax Income Margin	24.63%	22.75%	20.89%	29.14%	24.32%	22.06%	22.55%	20.79%	8.82%	21.53%	25.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.94	10.63	8.78	11.00	11.27	10.94	11.24	10.21	6.08	17.39	18.05
NOPAT to Interest Expense	7.35	8.78	6.77	8.45	9.42	8.54	8.71	7.91	5.81	13.25	13.79
EBIT Less CapEx to Interest Expense	7.48	9.66	9.09	8.65	9.18	10.39	9.55	7.90	4.13	16.06	16.32
NOPAT Less CapEx to Interest Expense	5.89	7.82	7.08	6.10	7.33	7.99	7.02	5.60	3.85	11.91	12.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.16%	41.14%	41.30%	39.45%	41.35%	50.64%	50.59%	48.28%	50.76%	94.70%	93.30%
Augmented Payout Ratio	42.16%	76.79%	41.30%	78.52%	82.80%	56.03%	50.59%	48.28%	50.76%	94.70%	93.30%

Frequently Asked Questions About Brown-Forman's Financials

When does Brown-Forman's financial year end?

According to the most recent income statement we have on file, Brown-Forman's fiscal year ends in April. Their fiscal year 2024 ended on April 30, 2024.

How has Brown-Forman's net income changed over the last 9 years?

In the past 9 years, Brown-Forman's net income has ranged from $669 million in 2017 to $1.07 billion in 2016, and is currently $1.02 billion as of their latest financial filing in 2024. See where experts think Brown-Forman is headed by visiting Brown-Forman's forecast page.

What is Brown-Forman's operating income?

Brown-Forman's total operating income in 2024 was $1.41 billion, based on the following breakdown:

Total Gross Profit: $2.53 billion
Total Operating Expenses: $1.11 billion

How has Brown-Forman revenue changed over the last 9 years?

Over the last 9 years, Brown-Forman's total revenue changed from $4.10 billion in 2015 to $5.33 billion in 2024, a change of 30.1%.

How much debt does Brown-Forman have?

Brown-Forman's total liabilities were at $4.65 billion at the end of 2024, a 3.1% increase from 2023, and a 103.6% increase since 2015.

How much cash does Brown-Forman have?

In the past 9 years, Brown-Forman's cash and equivalents has ranged from $182 million in 2017 to $1.15 billion in 2021, and is currently $446 million as of their latest financial filing in 2024.

How has Brown-Forman's book value per share changed over the last 9 years?

Over the last 9 years, Brown-Forman's book value per share changed from 9.05 in 2015 to 7.44 in 2024, a change of -17.7%.

Related Companies

This page (NYSE:BF.B) was last updated on 5/29/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Brown-Forman (BF.B) Financials

Frequently Asked Questions About Brown-Forman's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Brown-Forman (BF.B) Financials

Annual Income Statements for Brown-Forman

Quarterly Income Statements for Brown-Forman

Annual Cash Flow Statements for Brown-Forman

Quarterly Cash Flow Statements for Brown-Forman

Annual Balance Sheets for Brown-Forman

Quarterly Balance Sheets for Brown-Forman

Annual Metrics And Ratios for Brown-Forman

Quarterly Metrics And Ratios for Brown-Forman

Frequently Asked Questions About Brown-Forman's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools