Brown-Forman Corporation

Consumer Defensive

NYSE:BF-B · New York Stock Exchange

Market Cap $12.60B Beta 0.35 P/E (TTM) 17.3

$27.01 +1.24%

+$0.33 today

52W Low $22.61High $31.92

Vol 1.31M · Avg 4.92M

EPS (TTM)$1.56

Div Yield3.41%

Beverages - Wineries & Distilleries

Income Statement

Follow revenue through to earnings

Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.

Income Statement Balance Sheet Cash Flow

Earnings Waterfall

Revenue to Net Income

Income Statement

Key Ratios

EPS$1.51

Gross Margin60.6%

Net Margin17.8%

P/E Ratio25.3

P/S Ratio13.1

Analysis

$3.9B of revenue converted into $715.0M of net income for the selected period. Gross margin is 60.6% and net margin is 17.8%, showing how much revenue survives after costs and taxes. EPS is $1.51, tying the income statement back to per-share earnings.

Income Statement

Annual data · 5 periods

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue	$3.9B -1.2%	$4.0B -4.9%	$4.2B -1.2%	$4.2B +7.5%	$3.9B	$1.0B	$809.6M	$921.6M
Cost of Revenue	$1.6B -5.0%	$1.6B -1.2%	$1.7B -4.7%	$1.7B +12.5%	$1.5B	$344.8M	$725.6M	$804.0M

Gross Profit	$2.4B +1.5%	$2.3B -7.2%	$2.5B +1.3%	$2.5B +4.3%	$2.4B	$10.3B	$8.9B	$7.6B

Gross Margin	60.5% +1.6pp	58.9% -1.5pp	60.5% +1.5pp	59.0% -1.8pp	60.8%	45.5%	9.8%	28.9%
Research & Development	$0	$0	$0	$0	$0	$378.4M	$983.2M	$1.3B
Selling, General & Admin	$1.3B +3.3%	$1.2B -9.4%	$1.4B +8.6%	$1.2B +10.6%	$1.1B	$1.4B	$620.6M	$923.0M

Operating Expenses	$1.3B +7.9%	$1.2B -14.7%	$1.4B +0.9%	$1.4B +15.2%	$1.2B	$3.6B	$5.3B	$7.0B
Depreciation & Amortization	$0 -100.0%	$87.0M +0.0%	$87.0M +8.8%	$80.0M +1.3%	$79.0M	$1.2B	$374.2M	$1.2B

EBITDA	$974.0M -24.5%	$1.3B -14.7%	$1.5B +27.4%	$1.2B -6.9%	$1.3B	$12.6B	-$15.2B	$6.8B
EBITDA Margin	24.8% -7.7pp	32.5% -3.7pp	36.2% +8.1pp	28.1% -4.3pp	32.4%	10.0%	5.6%	46.3%

Operating Income	$1.1B -5.0%	$1.2B +1.7%	$1.1B +1.8%	$1.1B -6.4%	$1.2B	$10.6B	$12.3B	$14.0B

Operating Margin	28.2% -1.1pp	29.4% +1.9pp	27.5% +0.8pp	26.7% -4.0pp	30.6%	18.7%	16.6%	24.1%
Interest Income	$0 -100.0%	$17.0M +21.4%	$14.0M +55.6%	$9.0M +80.0%	$5.0M	$1.3B	-$1.5B	-$1.6B
Interest Expense	$89.0M -27.0%	$122.0M -3.9%	$127.0M +41.1%	$90.0M +9.8%	$82.0M	$969.2M	$1.1B	$1.0B
Other Income / Expenses	-$224.0M -160.5%	-$86.0M -157.0%	$151.0M +237.3%	-$110.0M -22.2%	-$90.0M	-$1.6B	-$1.5B	$1.4B

Income Before Tax	$885.0M -18.1%	$1.1B -16.7%	$1.3B +27.6%	$1.0B -8.7%	$1.1B	-$15.6B	$3.3B	$4.9B
Pre-Tax Margin	22.5% -4.7pp	27.2% -3.9pp	31.1% +7.0pp	24.1% -4.3pp	28.3%	13.3%	20.8%	18.7%
Income Tax Expense	$170.0M -19.8%	$212.0M -22.6%	$274.0M +17.1%	$234.0M -15.2%	$276.0M	$666.8M	$1.3B	-$1.6B

Net Income	$715.0M -17.7%	$869.0M -15.1%	$1.0B +30.8%	$783.0M -6.6%	$838.0M	$5.0B	$4.9B	$4.8B

Net Margin	18.2% -3.7pp	21.9% -2.6pp	24.5% +6.0pp	18.5% -2.8pp	21.3%	7.4%	12.4%	17.5%
EPS (Basic)	$2 -16.8%	$2 -14.4%	$2 +31.9%	$2 -6.9%	$2	$1.2B	$400.8M	$703.2M
EPS (Diluted)	$2 -16.8%	$2 -14.4%	$2 +31.9%	$2 -6.3%	$2	$620.6M	$766.2M	$609.4M
Weighted Avg Shares	$466.3M -1.3%	$472.7M -0.8%	$476.4M -0.6%	$479.2M +0.1%	$478.9M	$892.2M	$757.8M	$925.8M
Weighted Avg Shares (Diluted)	$466.7M -1.3%	$472.9M -0.9%	$477.2M -0.7%	$480.6M +0.0%	$480.6M	$319.6M	$1.2B	$924.4M