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BF-A

Brown-Forman Corporation

BF-A

Brown-Forman Corporation • NYSE
$28.51 ▲ 0.67% (+0.19)
Market Cap $13.48 B
52w High $45.92
52w Low $26.11
Dividend Yield 0.91%
P/E 15.93
Volume 74.21K
Outstanding Shares 472.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $924M ▲ $292M ▼ $170M ▲ 18.398% ▲ $0.36 ▲ $267M ▲
Q4-2025 $894M ▼ $308M ▼ $146M ▼ 16.331% ▼ $0.31 ▼ $231M ▼
Q3-2025 $1.035B ▼ $339M ▲ $270M ▲ 26.087% ▲ $0.57 ▲ $385M ▲
Q2-2025 $1.095B ▲ $305M ▲ $258M ▲ 23.562% ▲ $0.55 ▲ $367M ▲
Q1-2025 $951M $284M $195M 20.505% $0.41 $307M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $471M ▲ $8.171B ▲ $4.183B ▲ $3.988B ▼
Q4-2025 $444M ▼ $8.086B ▲ $4.093B ▼ $3.993B ▲
Q3-2025 $599M ▲ $8.071B ▼ $4.248B ▼ $3.823B ▲
Q2-2025 $416M $8.332B ▲ $4.627B ▼ $3.705B ▲
Q1-2025 $416M $8.205B $4.74B $3.465B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $170M ▲ $160M ▲ $2M ▲ $-138M ▲ $27M ▲ $129M ▲
Q4-2025 $146M ▼ $152M ▼ $-35M ▼ $-297M ▲ $-157M ▼ $102M ▼
Q3-2025 $270M ▲ $317M ▲ $305M ▲ $-417M ▼ $194M ▲ $272M ▲
Q2-2025 $258M ▲ $112M ▲ $-31M ▼ $-78M ▼ $0 ▲ $81M ▲
Q1-2025 $195M $17M $10M $-51M $-30M $-24M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Nonbranded and bulk
Nonbranded and bulk
 $30.00M ▲$20.00M ▼$20.00M ▲$10.00M ▼
ReadytoDrink
ReadytoDrink
 $130.00M ▲$130.00M ▲$110.00M ▼$130.00M ▲
Rest of portfolio
Rest of portfolio
 $90.00M ▲$70.00M ▼$50.00M ▼$60.00M ▲
Tequila
Tequila
 $70.00M ▲$70.00M ▲$60.00M ▼$60.00M ▲
Whiskey
Whiskey
 $770.00M ▲$750.00M ▼$650.00M ▼$660.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, though the most recent year shows a slight cooling after a particularly strong prior year. Profitability remains solid: the company consistently converts a healthy share of sales into gross profit and operating profit, reflecting pricing power and good cost control. Earnings rose nicely coming out of the pandemic, hit a high point, and then eased back a bit but still sit comfortably above earlier years. Overall, the income statement suggests a mature, resilient spirits business with generally stable margins, some year‑to‑year swings from costs and foreign exchange, and ongoing benefits from premium brands and ready‑to‑drink offerings.

Balance Sheet

Balance Sheet The balance sheet shows a business that has been slowly but steadily building its asset base and shareholders’ equity over time. Debt is meaningful but appears manageable given the company’s size and cash generation, and it has not exploded in recent years. Cash on hand is lower than a few years ago, which likely reflects investments in growth and returns to shareholders rather than liquidity stress. The structure is typical of a branded consumer company: significant long‑lived and intangible assets, moderate leverage, and a growing equity cushion that supports long‑term stability.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is consistently positive and reasonably strong, although it peaked a few years ago and has since eased somewhat. Even after funding capital spending, the company regularly produces positive free cash flow, which is a key strength. Capital investment has been creeping higher, suggesting spending on capacity, technology, or brand‑related assets, but not at a pace that undermines financial flexibility. Overall, the cash flow profile points to a dependable cash engine that can fund investment, service debt, and support shareholder returns without stretching the balance sheet.

Competitive Edge

Competitive Edge Brown‑Forman enjoys a strong competitive position anchored by globally recognized brands such as Jack Daniel’s, supported by other premium labels in whiskey, tequila, rum, and gin. Its focus on higher‑end products aligns well with the trend of consumers choosing fewer but better drinks, which tends to support margins and brand loyalty. Early and ongoing investment in ready‑to‑drink cocktails has given it a foothold in a fast‑growing segment. The long aging cycles in whiskey create natural barriers to entry, strengthening its moat. Key risks to watch include intense competition from other global spirits players, evolving consumer tastes, regulatory shifts in alcohol markets, and currency swings given its international exposure.

Innovation and R&D

Innovation and R&D Innovation is centered more on brand, product, and process than on traditional lab‑style R&D. Brown‑Forman is actively using artificial intelligence to refine pricing, improve supply chain efficiency, sharpen marketing, and accelerate product development, which could gradually enhance profitability and responsiveness to trends. The company continues to roll out new premium expressions, limited releases, and line extensions across its core brands, while expanding its ready‑to‑drink portfolio and entering new categories through acquisitions. A visible pipeline of upcoming launches and deeper use of data and AI suggest a company trying to stay ahead of shifting preferences rather than simply defending legacy brands.

Summary

Overall, Brown‑Forman looks like a mature, high‑quality spirits company with resilient earnings, steady cash generation, and a solid balance sheet. Its strength lies in powerful global brands, a tilt toward premium offerings, and meaningful positions in growth areas like tequila and ready‑to‑drink beverages. The financials show consistency rather than rapid growth, with some recent softening after a strong year but no clear signs of structural weakness. Continued execution on premiumization, innovation, and AI‑driven efficiency, alongside disciplined management of debt and investment, will be important for sustaining its long‑term competitive and financial profile.

NEWS

November 19, 2025 · 4:20 PM UTC

Brown-Forman Increases Cash Dividend for 42nd Consecutive Year

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October 2, 2025 · 8:00 AM UTC

Brown-Forman Board Approves Share Repurchase Authorization of $400 Million

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September 30, 2025 · 8:00 AM UTC

Brown-Forman Announces Investor Day Webcast

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