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BF-B

Brown-Forman Corporation

BF-B

Brown-Forman Corporation • NYSE
$28.98 ▲ 1.19% (+0.34)
Market Cap $13.70 B
52w High $46.22
52w Low $25.53
Dividend Yield 0.91%
P/E 16.19
Volume 2.32M
Outstanding Shares 472.70M

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 generally trended upward over the last few years, but growth has cooled recently and pulled back a bit from its peak. Profitability remains solid, with healthy margins for a branded spirits company, though the latest year shows some pressure versus the prior high point. Earnings have been somewhat up and down rather than on a perfectly smooth climb, reflecting cost inflation, currency swings, and spending on brand building and innovation. Overall, the income statement tells a story of a mature business with resilient profits, but not one that is currently in a phase of rapid growth or margin expansion.

Balance Sheet

Balance Sheet The balance sheet looks reasonably sturdy, with total assets and shareholder equity building over time, suggesting steady reinvestment in brands, production, and distribution. Debt has risen compared with several years ago and now represents a meaningful part of the capital structure, but it has eased slightly from its most recent peak. Cash on hand is lower than a few years back, indicating less of a liquidity cushion but still some flexibility. In simple terms, Brown-Forman is using more leverage than before but continues to sit on a solid equity base, which supports its long-term, brand-focused strategy.

Cash Flow

Cash Flow Cash generation from day-to-day operations has been consistently positive but has softened from earlier highs, partly as working capital needs and costs have moved around. Free cash flow remains positive as well, though it has been squeezed by higher investment spending. Capital expenditures have clearly stepped up, pointing to capacity expansion and brand or technology investments that weigh on cash in the short term but are aimed at supporting future growth. The cash flow profile looks like that of a stable, cash-generative business in an investment phase rather than one maximizing near-term surplus cash.

Competitive Edge

Competitive Edge Brown-Forman holds a strong competitive position anchored by globally recognized whiskey brands, especially Jack Daniel’s, and a long heritage in American whiskey. Its scale, long-standing distribution relationships, and presence in many countries create meaningful barriers for smaller rivals. The company’s shift toward premium and super-premium spirits supports pricing power and helps offset volume volatility. At the same time, the spirits market is highly competitive, with aggressive global players and evolving consumer tastes. Dependence on a few flagship brands and exposure to regulatory and tax changes in alcohol are ongoing structural risks, but the overall moat built on brand equity and distribution remains substantial.

Innovation and R&D

Innovation and R&D Innovation at Brown-Forman is less about laboratory-style R&D and more about brand, product, and data-driven marketing innovation. The company uses consumer and sales data to shape new launches, such as flavored whiskeys and ready-to-drink cocktails, which have broadened its audience. It is also investing heavily in tequila capacity and premium extensions of existing brands, while pushing deeper into digital marketing and e-commerce. These efforts aim to keep the portfolio relevant as tastes shift toward premium, convenient, and diverse offerings. The key execution risks are keeping innovation fresh without diluting core brands and ensuring that large capital projects and acquisitions deliver the expected returns.

Summary

Brown-Forman looks like a mature, resilient spirits company with a strong brand moat, stable but not explosive growth, and solid, if occasionally pressured, profitability. The balance sheet shows higher leverage than in the past but remains supported by growing equity and the cash-generating nature of the business. Near-term financials reflect a blend of cost pressures and increased investment, which has tempered margin expansion and free cash flow. Strategically, the company is leaning into premiumization, tequila, and ready-to-drink offerings while upgrading its digital capabilities and distribution. The main things to watch are how effectively it converts these investments into sustained growth and margin improvement, and how well it manages debt and cash flows in a competitive, regulation-heavy global spirits market.

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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