Brown-Forman (BF.B) Financials

$34.41 -0.09 (-0.26%)

Closing price 03:59 PM Eastern

Extended Trading

$34.40 -0.01 (-0.03%)

As of 04:46 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	4/30/2015	4/30/2016	4/30/2017	4/30/2018	4/30/2019	4/30/2020	4/30/2021	4/30/2022	4/30/2023	4/30/2024
Net Income / (Loss) Attributable to Common Shareholders	684	1,067	669	717	835	827	903	838	783	1,024
Consolidated Net Income / (Loss)	684	1,067	669	717	835	827	903	838	783	1,024
Net Income / (Loss) Continuing Operations	684	1,067	669	717	835	827	903	838	783	1,024
Total Pre-Tax Income	1,002	1,489	933	977	1,042	1,009	1,081	1,114	1,017	1,298
Total Operating Income	1,027	1,533	1,010	1,048	1,144	1,091	1,166	1,204	1,127	1,414
Total Gross Profit	2,183	2,144	2,021	2,202	2,166	2,127	2,094	2,391	2,494	2,526
Total Revenue	4,096	4,011	3,857	4,201	4,276	4,306	4,526	5,081	5,372	5,328
Operating Revenue	4,096	4,011	3,857	4,201	4,276	4,306	4,526	5,081	5,372	5,328
Total Cost of Revenue	1,913	1,867	1,836	1,999	2,110	2,179	2,432	2,690	2,878	2,802
Operating Cost of Revenue	1,913	1,867	1,836	1,999	2,110	2,179	2,432	2,690	2,878	2,802
Total Operating Expenses	1,156	611	1,011	1,154	1,022	1,036	928	1,187	1,367	1,112
Selling, General & Admin Expense	697	688	657	765	641	642	671	690	742	826
Marketing Expense	437	417	372	405	396	383	399	438	506	529
Other Operating Expenses / (Income)	22	-9.00	-18	-16	-15	11	-15	59	119	24
Other Special Charges / (Income)	0.00	-485	-	-	0.00	0.00	-127	0.00	0.00	-267
Total Other Income / (Expense), net	-25	-44	-77	-71	-102	-82	-85	-90	-110	-116
Interest Expense	27	46	59	68	88	82	81	82	90	127
Interest & Investment Income	2.00	2.00	3.00	6.00	8.00	5.00	2.00	5.00	9.00	14
Other Income / (Expense), net	-	-	-21	-9.00	-22	-5.00	-6.00	-13	-29	-3.00
Income Tax Expense	318	422	264	260	207	182	178	276	234	274
Basic Earnings per Share	$1.62	$2.10	$1.38	$1.49	$1.74	$1.73	$1.89	$1.75	$1.63	$2.15
Weighted Average Basic Shares Outstanding	211.59M	405.95M	484.64M	481.20M	479.90M	478.24M	478.76M	479.05M	479.36M	472.66M
Diluted Earnings per Share	$1.60	$2.09	$1.37	$1.48	$1.73	$1.72	$1.88	$1.74	$1.63	$2.14
Weighted Average Diluted Shares Outstanding	211.59M	405.95M	484.64M	481.20M	479.90M	478.24M	478.76M	479.05M	479.36M	472.66M
Weighted Average Basic & Diluted Shares Outstanding	211.59M	405.95M	484.64M	481.20M	479.90M	478.24M	478.76M	479.05M	479.36M	472.66M
Cash Dividends to Common per Share	$1.21	$0.52	$0.56	$1.61	$0.65	$0.68	$0.71	$1.74	$0.79	$0.85

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Brown-Forman's Financials

When does Brown-Forman's fiscal year end?

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

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

Brown-Forman's net income were at $1.02 billion at the end of 2024, a 30.8% increase from 2023, and a 49.7% increase since 2015. View Brown-Forman's forecast to see where analysts expect Brown-Forman to go next.

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%.

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

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Brown-Forman (BF.B) Financials

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