BROWN FORMAN CORP BF-B
Brown-Forman Corporation (the "Company," "Brown-Forman," "we," "us," or "our" below) was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands. We employ approximately 4,900 people (excluding individuals who work on a part-time or temporary basis) on six continents, including approximately 1,900 people in the United States (approximately 7% of whom are represented by a union) and 700 people in Louisville, Kentucky, USA, home of our world headquarters. According to International Wine & Spirit Research (IWSR), we are the largest American-owned premium-plus spirits company. We are a "controlled company" under New York Stock Exchange rules because the Brown family owns more than 50% of our voting stock.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.93B | $3.98B | $4.18B | $4.23B | $3.93B | $3.46B | $3.36B | $3.32B | $3.25B | $2.99B |
| Cost of revenue | $1.55B | $1.63B | $1.65B | $1.73B | $1.54B | $1.37B | $1.24B | $1.16B | $1.05B | $973.0M |
| Gross profit | $2.38B | $2.34B | $2.53B | $2.49B | $2.39B | $2.09B | $2.13B | $2.17B | $2.20B | $2.02B |
| SG&A | $807.0M | $744.0M | $826.0M | $742.0M | $690.0M | $671.0M | $642.0M | $641.0M | $765.0M | $657.0M |
| Operating income | $1.00B | $1.11B | $1.41B | $1.13B | $1.20B | $1.17B | $1.09B | $1.14B | $1.05B | $1.01B |
| Interest expense | $103.0M | $122.0M | $127.0M | $90.0M | $82.0M | $81.0M | $82.0M | $88.0M | $68.0M | $59.0M |
| Pre-tax income | $885.0M | $1.08B | $1.30B | $1.02B | $1.11B | $1.08B | $1.01B | $1.04B | $977.0M | $933.0M |
| Income tax | $170.0M | $212.0M | $274.0M | $234.0M | $276.0M | $178.0M | $182.0M | $207.0M | $260.0M | $264.0M |
| Net income | $715.0M | $869.0M | $1.02B | $783.0M | $838.0M | $903.0M | $827.0M | $835.0M | $717.0M | $669.0M |
| EPS, basic | 1.53 | 1.84 | 2.15 | 1.63 | 1.75 | 1.89 | 1.73 | 1.74 | 1.49 | 1.38 |
| EPS, diluted | 1.53 | 1.84 | 2.14 | 1.63 | 1.74 | 1.88 | 1.72 | 1.73 | 1.48 | 1.37 |
| Shares, diluted (wtd. avg.) | $466.7M | $472.9M | $477.2M | $480.5M | $480.6M | $480.7M | $480.4M | $482.1M | $484.2M | $488.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $308.0M | $444.0M | $446.0M | $384.0M | $874.0M | $1.15B | $675.0M | $307.0M | $239.0M | $182.0M |
| Receivables | $832.0M | $830.0M | $769.0M | $855.0M | $813.0M | $753.0M | $570.0M | $609.0M | $639.0M | $557.0M |
| Inventory | $2.54B | $2.51B | $2.56B | $2.28B | $1.82B | $1.75B | $1.69B | $1.52B | $1.38B | $1.27B |
| Total current assets | $3.99B | $4.20B | $4.04B | $3.80B | $3.78B | $3.92B | $3.27B | $2.72B | $2.56B | $2.35B |
| Property, plant and equipment | $1.12B | $1.09B | $1.07B | $1.03B | $875.0M | $832.0M | $848.0M | $816.0M | $780.0M | $713.0M |
| Goodwill | $1.52B | $1.50B | $1.46B | $1.46B | $761.0M | $779.0M | $756.0M | $753.0M | $763.0M | $753.0M |
| Other intangibles | $943.0M | $981.0M | $990.0M | $1.16B | $586.0M | $676.0M | $635.0M | $645.0M | $670.0M | $641.0M |
| Total assets | $7.89B | $8.09B | $8.17B | $7.78B | $6.37B | $6.52B | $5.77B | $5.14B | $4.98B | $4.62B |
| Short-term debt | $351.0M | $0 | $300.0M | $0 | $250.0M | $0 | $333.0M | $150.0M | $215.0M | $249.0M |
| Total current liabilities | $1.23B | $1.08B | $1.56B | $1.08B | $1.03B | $918.0M | $880.0M | $703.0M | $821.0M | $970.0M |
| Long-term debt | $2.08B | $2.42B | $2.37B | $2.68B | $2.02B | $2.35B | $2.27B | $2.29B | $2.34B | $1.69B |
| Total liabilities | $3.87B | $4.09B | $4.65B | $4.51B | $3.64B | $3.87B | $3.79B | $3.49B | $3.66B | $3.25B |
| Retained earnings | $5.00B | $4.71B | $4.26B | $3.64B | $3.24B | $3.24B | $2.71B | $2.24B | $1.73B | $4.47B |
| Total equity | $4.02B | $3.99B | $3.52B | $3.27B | $2.74B | $2.66B | $1.98B | $1.65B | $1.32B | $1.37B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.00B | $598.0M | $647.0M | $640.0M | $936.0M | $817.0M | $724.0M | $800.0M | $653.0M | $656.0M |
| Stock-based compensation | $32.0M | $28.0M | $25.0M | $18.0M | $15.0M | $12.0M | $11.0M | $14.0M | $19.0M | $14.0M |
| Capital expenditure | $107.0M | $167.0M | $228.0M | $183.0M | $138.0M | $62.0M | $113.0M | $119.0M | $127.0M | $112.0M |
| Investing cash flow | -$71.0M | $249.0M | $49.0M | -$1.35B | -$127.0M | $98.0M | -$141.0M | -$119.0M | -$149.0M | -$439.0M |
| Financing cash flow | -$1.07B | -$843.0M | -$618.0M | $239.0M | -$1.04B | -$485.0M | -$191.0M | -$599.0M | -$466.0M | -$285.0M |
| Dividends paid | $427.0M | $420.0M | $404.0M | $378.0M | $831.0M | $338.0M | $325.0M | $310.0M | $773.0M | $274.0M |
| Buybacks | $400.0M | $0 | $400.0M | $0 | $0 | $0 | $1.0M | $207.0M | $1.0M | $561.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-275853.
Others in SIC 2080
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|---|---|---|---|---|
| KO | COCA COLA CO | $378.92B | 29.0x | 1.9% |
| PEP | PEPSICO INC | $187.85B | 22.9x | 2.3% |
| KDP | Keurig Dr Pepper Inc. | $44.35B | 21.3x | 8.2% |
| PRMB | Primo Brands Corp | $7.97B | 137.5x | 29.3% |
| COCO | Vita Coco Company, Inc. | $3.16B | 46.3x | 18.2% |
| BRCC | BRC Inc. | $1.03B | — | 1.7% |
| WEST | Westrock Coffee Co | $756.6M | — | 39.8% |
| BUDA | BUDA JUICE, INC. | $99.3M | 39.5x | 11.8% |