$29.81−0.32 (−1.06%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Brown-Forman (BF-A) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue compounds ~0.0%/yr (FY22→FY26), net margin 14.1%, and free cash flow (~$893.0M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY22–FY26
Revenue ($M)▲0.5%
5,082.0
FY22→FY26CAGR +0.0%/yr
Net income ($M)▼17.7%
715.0
FY22→FY26CAGR −3.9%/yr
Free cash flow ($M)▲107.2%
893.0
FY22→FY26CAGR +2.9%/yr
Diluted EPS▼16.8%
1.53
buyback-liftedCAGR −3.2%/yr
What the receipts whisper · what a headline number hides
Share count
−4.2%
479.1mn → 458.9mn diluted shares since FY22. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$107.0M
−35.9% YoY in FY26 · 2.1% of revenue.
Returns vs FCF
93%
$827.0M returned vs $893.0M of FCF in FY26. Buybacks + dividends covered by cash flow.
What the income statement says · FY22–FY26
Where every revenue dollar goes · FY26 ($M)
14¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 47.1% → 46.8%. Net margin 14.1% is more than double the sector median.
The receipt · income statement · FY22–FY26 USD millions except per-share & ratios · hover a line for its definition
USD millions except per-share & ratios
| Line item | TTM † | FY26 | FY25 | FY24 | FY23 | FY22 | YoY | CAGR 22→26 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 5,072.0 | 5,082.0 | 5,056.0 | 5,328.0 | 5,372.0 | 5,081.0 | ▲0.5% | +0.0% |
Cost of revenue | 2,697.0 | 2,704.0 | 2,713.0 | 2,802.0 | 2,878.0 | 2,690.0 | ▼0.3% | +0.1% |
Gross profit | 2,375.0 | 2,378.0 | 2,343.0 | 2,526.0 | 2,494.0 | 2,391.0 | ▲1.5% | −0.1% |
Selling, general & admin | 815.0 | 807.0 | 744.0 | 826.0 | 742.0 | 690.0 | ▲8.5% | +4.0% |
Total operating expenses | 1,382.0 | 1,377.0 | 1,236.0 | 1,112.0 | 1,367.0 | 1,187.0 | ▲11.4% | +3.8% |
Operating incomefeeds ROC rank | 993.0 | 1,001.0 | 1,107.0 | 1,414.0 | 1,127.0 | 1,204.0 | ▼9.6% | −4.5% |
Other income, net | −99.0 | −116.0 | −26.0 | −116.0 | −110.0 | −90.0 | — | — |
Pretax income | 894.0 | 885.0 | 1,081.0 | 1,298.0 | 1,017.0 | 1,114.0 | ▼18.1% | −5.6% |
Income tax | 173.0 | 170.0 | 212.0 | 274.0 | 234.0 | 276.0 | ▼19.8% | −11.4% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 721.0 | 715.0 | 869.0 | 1,024.0 | 783.0 | 838.0 | ▼17.7% | −3.9% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 1.55 | 1.53 | 1.84 | 2.14 | 1.63 | 1.74 | ▼16.8% | −3.2% |
Diluted shares (mn) | 458.86 | 458.86 | 472.75 | 472.66 | 479.36 | 479.05 | ▼2.9% | −1.1% |
| Margins | ||||||||
Gross margin72nd pct in Consumer Defensive | 46.8% | 46.8% | 46.3% | 47.4% | 46.4% | 47.1% | ▲0.5pp | −0.3pp |
Operating margin | 19.6% | 19.7% | 21.9% | 26.5% | 21.0% | 23.7% | ▼2.2pp | −4.0pp |
Net margin84th pct in Consumer Defensive | 14.2% | 14.1% | 17.2% | 19.2% | 14.6% | 16.5% | ▼3.1pp | −2.4pp |
† TTM = trailing four quarters through 2026-07-31.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-06-12 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Brown-Forman's revenue last fiscal year?
Brown-Forman reported revenue of $5,082.0M in fiscal 2026, up 0.5% from fiscal 2025.
What was Brown-Forman's net income?
Brown-Forman reported net income of $715.0M in fiscal 2026, a net margin of 14.1%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.