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BROWN FORMAN CORP

CIK:0000014693|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Income Statement [Abstract]
Sales	$ 1,181	$ 1,191
Excise taxes	270	267
Net sales	911	924
Cost of sales	362	372
Gross profit	549	552
Advertising expenses	114	120
Selling, general, and administrative expenses	185	177
Restructuring and other charges	0	12
Other expense (income), net	(2)	(17)
Operating income	252	260
Non-operating postretirement expense	1	19
Interest income	(3)	(4)
Interest expense	25	25
Income before income taxes	229	220
Income taxes	53	50
Net income	$ 176	$ 170
Earnings per share:
Basic (dollars per share)	$ 0.38	$ 0.36
Diluted (dollars per share)	$ 0.38	$ 0.36

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Cash flows from operating activities:
Net income	$ 176	$ 170
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	23	22
Stock-based compensation expense	4	4
Deferred income tax benefit	(9)	(8)
Change in fair value of contingent consideration	4	0
Other, net	3	3
Changes in assets and liabilities:
Accounts receivable	7	(13)
Inventories	(39)	(61)
Other current assets	42	15
Accounts payable and accrued expenses	(82)	(46)
Accrued income taxes	31	51
Other operating assets and liabilities	13	23
Cash provided by operating activities	173	160
Cash flows from investing activities:
Additions to property, plant, and equipment	(12)	(31)
Proceeds from sale of cooperage assets	0	33
Other, net	(1)	0
Cash provided by (used for) investing activities	(13)	2
Cash flows from financing activities:
Net change in short term borrowings	289	(30)
Repayment of long-term debt	(343)	0
Payments of withholding taxes related to stock-based awards	(3)	(1)
Dividends paid	(106)	(107)
Other, net	(1)	0
Cash used for financing activities	(164)	(138)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3)	3
Net increase (decrease) in cash, cash equivalents, and restricted cash	(7)	27
Cash, cash equivalents, and restricted cash at beginning of period	327	463
Cash, cash equivalents, and restricted cash at end of period	320	490
Less: Restricted cash (included in other current assets) at end of period	(19)	(19)
Cash and cash equivalents at end of period	301	471
Supplemental information:
Non-cash additions to property, plant and equipment	4	2
Right-of-use assets obtained in exchange for new lease obligations	$ 5	$ 14

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jul. 31, 2026	Apr. 30, 2026
Assets
Cash and cash equivalents	$ 301	$ 308
Accounts receivable, less allowance for doubtful accounts of $6 at April 30 and $8 at July 31	822	832
Inventories:
Barreled whiskey	1,539	1,562
Finished goods	516	482
Work in process	424	414
Raw materials and supplies	95	85
Total inventories	2,574	2,543
Other current assets	261	308
Total current assets	3,958	3,991
Property, plant, and equipment, net	1,100	1,116
Goodwill	1,513	1,522
Other intangible assets	936	943
Deferred tax assets	35	35
Other assets	283	287
Total assets	7,825	7,894
Liabilities
Accounts payable and accrued expenses	700	795
Dividends payable	106	0
Accrued income taxes	49	18
Short-term borrowings	358	68
Current portion of long-term debt	0	351
Total current liabilities	1,213	1,232
Long-term debt	2,083	2,083
Deferred tax liabilities	200	207
Accrued pension and other postretirement benefits	171	172
Other liabilities	189	180
Total liabilities	3,856	3,874
Commitments and contingencies
Stockholders' Equity
Additional paid-in capital	57	62
Retained earnings	4,962	4,998
Accumulated other comprehensive income (loss), net of tax	(124)	(108)
Treasury stock, at cost (25,828,000 and 25,668,000 shares at April 30 and July 31, respectively)	(998)	(1,004)
Total stockholders' equity	3,969	4,020
Total liabilities and stockholders' equity	7,825	7,894
Common stock, Class A, voting [Member]
Stockholders' Equity
Common stock	25	25
Common stock, Class B, nonvoting [Member]
Stockholders' Equity
Common stock	$ 47	$ 47