BROWN FORMAN CORP
For the period ended Apr 30, 2025. Filed Jun 13, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jun 13, 2025
BF-A$31.74+1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended April 30, | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $783 | $1,024 | $869 |
| Adjustments to reconcile net income to net cash provided by operations: | |||
| Gain on business divestitures | — | (267) | — |
| Equity method investment income and gain on sale | — | — | (83) |
| Asset impairment charges | 96 | 7 | 49 |
| Depreciation and amortization | 80 | 87 | 87 |
| Stock-based compensation expense | 18 | 25 | 28 |
| Deferred income tax provision (benefit) | (3) | 18 | (39) |
| Change in fair value of contingent consideration | — | 9 | (43) |
| Other, net | 18 | 7 | (17) |
| Changes in assets and liabilities, net of business acquisitions and divestitures: | |||
| Accounts receivable | (21) | 88 | (70) |
| Inventories | (403) | (349) | (64) |
| Other current assets | 4 | 23 | (25) |
| Accounts payable and accrued expenses | 77 | (31) | (40) |
| Accrued income taxes | (57) | 17 | (13) |
| Other operating assets and liabilities | 48 | (11) | (41) |
| Cash provided by operating activities | 640 | 647 | 598 |
| Cash flows from investing activities: | |||
| Proceeds from business divestitures | — | 246 | — |
| Proceeds from sale of equity method investment | — | — | 350 |
| Business acquisitions, net of cash acquired | (1,195) | — | — |
| Additions to property, plant, and equipment | (183) | (228) | (167) |
| Other, net | 23 | 31 | 66 |
| Cash provided by (used for) investing activities | (1,355) | 49 | 249 |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings, maturities greater than 90 days | 600 | — | — |
| Repayments of short-term borrowings, maturities greater than 90 days | (600) | — | — |
| Net change in other short-term borrowings | 234 | 192 | (117) |
| Repayment of long-term debt | (250) | — | (300) |
| Proceeds from long-term debt | 648 | — | — |
| Acquisition of treasury stock | — | (400) | — |
| Dividends paid | (378) | (404) | (420) |
| Other, net | (15) | (6) | (6) |
| Cash provided by (used for) financing activities | 239 | (618) | (843) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (14) | (6) | 3 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (490) | 72 | 7 |
| Cash, cash equivalents, and restricted cash at beginning of period | 874 | 384 | 456 |
| Cash, cash equivalents, and restricted cash at end of period | 384 | 456 | 463 |
| Less: Restricted cash (included in other current assets) at end of period | (10) | (10) | (19) |
| Cash and cash equivalents at end of period | $374 | $446 | $444 |
| Year Ended April 30, | 2023 | 2024 | 2025 |
|---|---|---|---|
| Supplemental information: | |||
| Cash paid for interest | $85 | $125 | $119 |
| Cash paid for income taxes | $278 | $242 | $303 |
| Non-cash additions to property, plant, and equipment | $27 | $20 | $14 |
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