BF-B

MKT CAP:$13B

Brown-Forman Corporation

Market Cap

$13B

Consumer Defensive·Beverages - Wineries & Distilleries·🇺🇸 United States·NYSE

Consumer Def.·Beverages·🇺🇸·NYSE

Stock Price

$28.31+$2.17 (+8.30%)

Apr 24, 2026

Company Details

Brown-Forman Corporation, together with its subsidiaries, manufactures, distills, bottles, imports, exports, markets, and sells various alcoholic beverages. It provides spirits, wines, whiskey spirits, whiskey-based flavored liqueurs, ready...

CEO

Lawson E. Whiting

IPO Date

Mar 17, 1980

Website

www.brown-forman.com

Key Metrics TTM

Revenue

$3.9B

-3.0% YoY

Net Income

$807M

EPS (Diluted)

$1.70

Free Cash Flow

$730M

Revenue / Share

$8.30

Gross Margin

59.5%

Operating Margin

28.4%

Net Margin

20.6%

FCF Margin

18.6%

P/S

3.4x

P/E

16.4x

Earnings Reports

Q3 2026

Mar 4, 2026

$1.1B+2.7%EPS $0.56

Q2 2026

Dec 4, 2025

$1.0B-4.9%EPS $0.47

Q1 2026

Aug 28, 2025

$924M-2.8%EPS $0.36

FY 2025

Jun 13, 2025

$4.0B-4.9%EPS $1.84

Q4 2025

Jun 13, 2025

$894M-7.3%EPS $0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$996M	$626M	$246M
Q1 23	$1.0B	$622M	$343M
Q2 23	$1.1B	$613M	$313M
Q3 23	$1.1B	$624M	$173M
Q4 23	$1.0B	$635M	$298M
Q1 24	$1.0B	$651M	$327M
Q2 24	$1.1B	$671M	$339M
Q3 24	$1.1B	$635M	$373M
Q4 24	$964M	$569M	$375M
Q1 25	$951M	$565M	$281M
Q2 25	$1.1B	$646M	$341M
Q3 25	$1.0B	$619M	$280M
Q4 25	$894M	$513M	$205M
Q1 26	$924M	$552M	$260M
Q2 26	$1.0B	$620M	$307M
Q3 26	$1.1B	$647M	$343M

Valuation

Quarter	P/S	P/E
Q4 22	3.4x	15.8x
Q1 23	3.3x	14.8x
Q2 23	3.2x	15.0x
Q3 23	3.2x	18.2x
Q4 23	3.1x	16.9x
Q1 24	3.1x	17.3x
Q2 24	3.1x	17.0x
Q3 24	3.1x	13.7x
Q4 24	3.2x	12.9x
Q1 25	3.2x	13.4x
Q2 25	3.3x	13.2x
Q3 25	3.3x	13.4x
Q4 25	3.3x	15.3x
Q1 26	3.4x	15.7x
Q2 26	3.4x	16.4x
Q3 26	3.4x	16.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$253M	$180M
Q1 23	$173M	$139M
Q2 23	$143M	$115M
Q3 23	$94M	$39M
Q4 23	$230M	$164M
Q1 24	$38M	-$11M
Q2 24	$59M	$29M
Q3 24	$265M	$196M
Q4 24	$285M	$205M
Q1 25	$17M	-$24M
Q2 25	$112M	$81M
Q3 25	$317M	$272M
Q4 25	$152M	$102M
Q1 26	$160M	$129M
Q2 26	$132M	$107M
Q3 26	$417M	$392M

Capital Expenditures

Quarter	CapEx
Q4 22	$73M
Q1 23	$34M
Q2 23	$28M
Q3 23	$55M
Q4 23	$66M
Q1 24	$49M
Q2 24	$30M
Q3 24	$69M
Q4 24	$80M
Q1 25	$41M
Q2 25	$31M
Q3 25	$45M
Q4 25	$50M
Q1 26	$31M
Q2 26	$25M
Q3 26	$25M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+22.7%	+16.5%
Q1 23	+11.1%	+7.6%
Q2 23	+10.1%	+16.2%
Q3 23	+4.2%	+31.6%
Q4 23	+5.0%	-0.3%
Q1 24	+3.1%	+7.1%
Q2 24	+1.2%	-1.7%
Q3 24	-1.1%	-23.3%
Q4 24	-7.8%	-21.3%
Q1 25	-8.4%	-5.8%
Q2 25	-1.1%	-1.8%
Q3 25	-3.2%	+8.5%
Q4 25	-7.3%	+17.0%
Q1 26	-2.8%	-0.9%
Q2 26	-4.9%	-2.7%
Q3 26	+2.7%	-4.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$4M	0.4%
Q1 23	$4M	0.4%
Q2 23	$5M	0.5%
Q3 23	$4M	0.4%
Q4 23	$5M	0.5%
Q1 24	$4M	0.4%
Q2 24	$7M	0.6%
Q3 24	$7M	0.7%
Q4 24	$7M	0.7%
Q1 25	$4M	0.4%
Q2 25	$9M	0.8%
Q3 25	$7M	0.7%
Q4 25	$8M	0.9%
Q1 26	$4M	0.4%
Q2 26	$8M	0.8%
Q3 26	$10M	0.9%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 22	$195M	$127M	—
Q1 23	$175M	$110M	—
Q2 23	$180M	$121M	—
Q3 23	$186M	$141M	—
Q4 23	$201M	$134M	—
Q1 24	$200M	$131M	—
Q2 24	$192M	$140M	—
Q3 24	$203M	$143M	—
Q4 24	$231M	$115M	—
Q1 25	$188M	$126M	—
Q2 25	$187M	$126M	—
Q3 25	$178M	$125M	—
Q4 25	$193M	$107M	—
Q1 26	$177M	$120M	—
Q2 26	$177M	$136M	—
Q3 26	—	—	$304M

Revenue Segments

Quarter	Non-branded and bulk	Rest of portfolio	Tequila	Whiskey	Wine	Ready-to-Drink	Vodka
Q4 22	$15M	$16M	$98M	$801M	$108M	—	—
Q1 23	$17M	$18M	$70M	$707M	$46M	$126M	$23M
Q2 23	$24M	$17M	$88M	$754M	$65M	$122M	$24M
Q3 23	$20M	$27M	$79M	$754M	$53M	$121M	$27M
Q4 23	$27M	$29M	$83M	$700M	$42M	$140M	$25M
Q1 24	$20M	$35M	$81M	$697M	$41M	$138M	$26M
Q2 24	$20M	$36M	$81M	$739M	$76M	$132M	$23M
Q3 24	$18M	$40M	$76M	$731M	$51M	$127M	$26M
Q4 24	$29M	$35M	$68M	$665M	$37M	$123M	$7M
Q1 25	$26M	$83M	$62M	$659M	—	$121M	—
Q2 25	$30M	$91M	$72M	$769M	—	$133M	—
Q3 25	$23M	$69M	$68M	$749M	—	$126M	—
Q4 25	$23M	$49M	$60M	$651M	—	$111M	—
Q1 26	$14M	$61M	$62M	$659M	—	$128M	—
Q2 26	$8M	$52M	$67M	$771M	—	$138M	—
Q3 26	$7M	$46M	$60M	$797M	—	$146M	—

Revenue by Geography

Quarter	Developed International	Emerging	Non-branded and bulk	Travel Retail	United States
Q1 26	$257M	$224M	$14M	$44M	$385M
Q2 26	$287M	$248M	$8M	$48M	$445M
Q3 26	$307M	$276M	$7M	$39M	$427M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$868M	$0	$868M
Q1 23	$899M	$0	$899M
Q2 23	$1.1B	$0	$1.1B
Q3 23	$428M	$0	$428M
Q4 23	$374M	$0	$374M
Q1 24	$426M	$0	$426M
Q2 24	$373M	$0	$373M
Q3 24	$589M	$0	$589M
Q4 24	$446M	$0	$446M
Q1 25	$416M	$0	$416M
Q2 25	$416M	$0	$416M
Q3 25	$599M	$0	$599M
Q4 25	$444M	$0	$444M
Q1 26	$471M	$0	$471M
Q2 26	$319M	$0	$319M
Q3 26	$402M	$0	$402M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	480M	-0.0%	-0.1%
Q1 23	480M	-0.0%	-0.1%
Q2 23	481M	+0.0%	+0.0%
Q3 23	480M	-0.0%	-0.0%
Q4 23	480M	-0.0%	-0.0%
Q1 24	480M	-0.0%	-0.0%
Q2 24	480M	-0.1%	-0.1%
Q3 24	476M	-0.9%	-1.0%
Q4 24	476M	+0.2%	-0.8%
Q1 25	473M	-0.7%	-1.5%
Q2 25	473M	+0.0%	-1.5%
Q3 25	473M	-0.0%	-0.6%
Q4 25	473M	-0.0%	-0.7%
Q1 26	473M	+0.0%	+0.0%
Q2 26	473M	-0.1%	-0.1%
Q3 26	473M	0.0%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$191.5K	5K
Q1 23	$193.7K	5K
Q2 23	$210.4K	5K
Q3 23	$207.9K	5K
Q4 23	$186.8K	6K
Q1 24	$185.4K	6K
Q2 24	$197.7K	6K
Q3 24	$190.9K	6K
Q4 24	$169.1K	6K
Q1 25	$166.8K	6K
Q2 25	$192.1K	6K
Q3 25	$181.6K	6K
Q4 25	$178.8K	5K
Q1 26	$184.8K	5K
Q2 26	$208.2K	5K
Q3 26	$212.6K	5K

Revenue / Employee