Brown-Forman Corporation
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $715.0M | $869.0M | $1.02B | $783.0M | $838.0M | $903.0M | $827.0M | $835.0M |
| Depreciation & Amortization | $92.0M | $87.0M | $87.0M | $80.0M | $79.0M | $77.0M | $74.0M | $72.0M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $32.0M | $28.0M | $25.0M | $18.0M | $15.0M | $12.0M | $11.0M | $14.0M |
| Net Cash from Operating Activities | $1.00B | $598.0M | $647.0M | $640.0M | $936.0M | $817.0M | $724.0M | $800.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $107.0M | $167.0M | $228.0M | $183.0M | $138.0M | $62.0M | $113.0M | $119.0M |
| Business Acquisitions | — | $0 | $0 | $1.20B | $0 | $14.0M | $22.0M | $0 |
| Net Cash from Investing Activities | $-71.0M | $249.0M | $49.0M | $-1.36B | $-127.0M | $98.0M | $-141.0M | $-119.0M |
| Financing Activities | ||||||||
| Dividends Paid | $427.0M | $420.0M | $404.0M | $378.0M | $831.0M | $338.0M | $325.0M | $310.0M |
| Stock Repurchases | $400.0M | $0 | $400.0M | $0 | $0 | $0 | $1.0M | $207.0M |
| Net Cash from Financing Activities | $-1.07B | $-843.0M | $-618.0M | $239.0M | $-1.04B | $-485.0M | $-191.0M | $-599.0M |
| Net Change in Cash | $-136.0M | $7.0M | $72.0M | $-490.0M | $-276.0M | $475.0M | $368.0M | $68.0M |
| Free Cash Flow | $893.0M | $431.0M | $419.0M | $457.0M | $798.0M | $755.0M | $611.0M | $681.0M |