BROWN FORMAN CORP
For the period ended Apr 30, 2026. Filed Jun 12, 2026.
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FY2026 · Filed Jun 12, 2026
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, | 2024 | 2025 | 2026 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $1,024 | $869 | $715 |
| 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) | — |
| Other intangible assets impairment | 7 | 47 | 132 |
| Depreciation and amortization | 87 | 87 | 92 |
| Stock-based compensation expense | 25 | 28 | 32 |
| Deferred income tax provision (benefit) | 18 | (39) | (37) |
| Change in fair value of contingent consideration | 9 | (43) | (15) |
| Other, net | 7 | (15) | (1) |
| Changes in assets and liabilities, net of business divestitures: | |||
| Accounts receivable | 88 | (70) | 25 |
| Inventories | (349) | (64) | (22) |
| Other current assets | 23 | (25) | (17) |
| Accounts payable and accrued expenses | (31) | (40) | 36 |
| Accrued income taxes | 17 | (13) | (7) |
| Other operating assets and liabilities | (11) | (41) | 67 |
| Cash provided by operating activities | 647 | 598 | 1,000 |
| Cash flows from investing activities: | |||
| Proceeds from business divestitures | 246 | — | — |
| Proceeds from sale of equity method investment | — | 350 | — |
| Additions to property, plant, and equipment | (228) | (167) | (107) |
| Proceeds from sale of cooperage assets | — | 51 | 33 |
| Other, net | 31 | 15 | 3 |
| Cash provided by (used for) investing activities | 49 | 249 | (71) |
| Cash flows from financing activities: | |||
| Net change in short term borrowings | 192 | (117) | (244) |
| Repayment of long-term debt | — | (300) | — |
| Acquisition of treasury stock | (400) | — | (400) |
| Dividends paid | (404) | (420) | (427) |
| Other, net | (6) | (6) | (3) |
| Cash used for financing activities | (618) | (843) | (1,074) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (6) | 3 | 9 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 72 | 7 | (136) |
| Cash, cash equivalents, and restricted cash at beginning of period | 384 | 456 | 463 |
| Cash, cash equivalents, and restricted cash at end of period | 456 | 463 | 327 |
| Less: Restricted cash (included in other current assets) at end of period | (10) | (19) | (19) |
| Cash and cash equivalents at end of period | $446 | $444 | $308 |
| Year Ended April 30, | 2024 | 2025 | 2026 |
|---|---|---|---|
| Supplemental information: | |||
| Cash paid for interest | $125 | $119 | $101 |
| Cash paid for income taxes (Note 13) | $242 | $303 | $232 |
| Non-cash additions to property, plant, and equipment | $20 | $14 | $9 |
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