Brown-Forman Corporation, together with its subsidiaries, manufactures, distills, bottles, imports, exports, markets, and sells a variety of alcohol beverages. It provides spirits, wines, whiskey spirits, whiskey-based flavored liqueurs, ready-to-drink cocktails, ready-to-pour products, vodkas, tequilas, gin, brandy, rum, bourbons, and liqueurs. The company offers its products primarily under the Jack Daniel's, Woodford Reserve, Old Forester, Gentleman Jack, Herradura, el Jimador, Fords Gin, The Glendronach, Benriach, Glenglassaugh, and Slane brands. It is also involved in the sale of used barrels, and bulk whiskey and wine; and provision of contract bottling services. The company serves retail customers and consumers through distributors and state governments; and retailers, wholesalers, and provincial governments directly. It operates in the United States, Germany, Australia, the United Kingdom, Canada, France, Mexico, Poland, Brazil, TΓΌrkiye, and internationally. Brown-Forman Corporation was founded in 1870 and is headquartered in Louisville, Kentucky.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.0B | $1.3B | $869M | $431M | 21.8% | -4.9% | -15.1% |
| 2024 | $4.2B | $1.5B | $1.0B | $419M | 29.1% | -1.2% | 30.8% |
| 2023 | $4.2B | $1.2B | $783M | $457M | 24.0% | 7.5% | -6.6% |
| 2022 | $3.9B | $1.3B | $838M | $798M | 30.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 3,933 | 4,228 | 4,178 | 3,975 |
| Operating Revenue | 5,081 | 5,372 | 5,328 | 5,056 |
| Cost Of Revenue | 1,542 | 1,734 | 1,652 | 1,632 |
| Gross Profit | 2,391 | 2,494 | 2,526 | 2,343 |
| Operating Expense | 1,187 | 1,367 | 1,379 | 1,176 |
| Selling General And Administration | 1,128 | 1,248 | 1,355 | 1,228 |
| Total Expenses | 2,729 | 3,101 | 3,031 | 2,808 |
| Operating Income | 1,204 | 1,127 | 1,147 | 1,167 |
| Total Operating Income As Reported | 1,204 | 1,127 | 1,414 | 1,107 |
| EBITDA | 1,275 | 1,187 | 1,512 | 1,290 |
| Normalized EBITDA | 1,275 | 1,187 | 1,245 | 1,350 |
| EBIT | 1,196 | 1,107 | 1,425 | 1,203 |
| Interest Income | 5 | 9 | 14 | 17 |
| Interest Expense | 82 | 90 | 127 | 122 |
| Net Interest Income | -77 | -81 | -113 | -105 |
| Other Non Operating Income Expenses | -13 | -29 | -3 | -4 |
| Other Income Expense | -13 | -29 | 264 | 19 |
| Interest Income Non Operating | 5 | 9 | 14 | 17 |
| Interest Expense Non Operating | 82 | 90 | 127 | 122 |
| Net Non Operating Interest Income Expense | -77 | -81 | -113 | -105 |
| Pretax Income | 1,114 | 1,017 | 1,298 | 1,081 |
| Tax Provision | 276 | 234 | 274 | 212 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 56.60 | -11.76 |
| Net Income Continuous Operations | 838 | 783 | 1,024 | 869 |
| Net Income From Continuing And Discontinued Operation | 838 | 783 | 1,024 | 869 |
| Net Income From Continuing Operation Net Minority Interest | 838 | 783 | 1,024 | 869 |
| Net Income | 838 | 783 | 1,024 | 869 |
| Net Income Common Stockholders | 838 | 783 | 1,024 | 869 |
| Net Income Including Noncontrolling Interests | 838 | 783 | 1,024 | 869 |
| Normalized Income | 838 | 783 | 813.60 | 917.24 |
| Diluted NI Availto Com Stockholders | 838 | 783 | 1,024 | 869 |
| Basic Average Shares | 478.88 | 479.16 | 476.39 | 472.66 |
| Diluted Average Shares | 480.56 | 480.46 | 477.22 | 472.95 |
| Reconciled Depreciation | 79 | 80 | 87 | 87 |
| Reconciled Cost Of Revenue | 1,542 | 1,734 | 1,652 | 1,632 |
| Total Unusual Items | 0 | 0 | 267 | -60 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 267 | -60 |
| Special Income Charges | 0 | 0 | 267 | -60 |
| Gain On Sale Of Business | 0 | 0 | 267 | 0 |
| Impairment Of Capital Assets | - | - | - | 2 |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 58 |
| General And Administrative Expense | 690 | 742 | 826 | 744 |
| Other Gand A | 690 | 742 | 826 | 744 |
| Other Operating Expenses | 59 | 119 | 24 | -52 |
| Selling And Marketing Expense | 438 | 506 | 529 | 484 |
| Earnings From Equity Interest | - | 0 | 0 | 83 |
| Excise Taxes | 1,148 | 1,144 | 1,150 | 1,081 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Brown-Forman Corporationthis co. | BF-B | $11.7B | 13.44β discount | 2.92 | 21.8% | 10.83 |
| Church & Dwight Co., Inc. | CHD | $22.3B | 30.27 | 5.57 | 18.4% | 18.54 |
| Dollar Tree, Inc. | DLTR | $21.0B | 16.37 | 5.59 | 34.2% | 11.57 |
| Tyson Foods, Inc. | TSN | $20.0B | 42.26 | 1.11 | 2.6% | 10.71 |
| General Mills, Inc. | GIS | $17.2B |
| 7.49 |
| 1.87 |
| 24.9% |
| 8.19 |
| Hormel Foods Corporation | HRL | $12.8B | 26.80 | 1.62 | 6.1% | 14.92 |
| McCormick & Company, Incorporated | MKC | $12.5B | 15.88 | 2.18 | 13.8% | 12.38 |
| The Clorox Company | CLX | $10.8B | 13.38 | 33.76 | 252.3% | 9.78 |
| The J. M. Smucker Company | SJM | $10.8B | -8.76 | 1.77 | -20.2% | -118.74 |
| Peer Median | - | 16.13 | 2.03 | 16.1% | 11.14 | |