Brown-Forman Cash Flow Statement

Financials in millions USD. Fiscal year is May - April.

Millions USD. Fiscal year is May - Apr.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Apr '26 Apr 30, 2026	Apr '25 Apr 30, 2025	Apr '24 Apr 30, 2024	Apr '23 Apr 30, 2023	Apr '22 Apr 30, 2022
Net Income	715	869	1,024	783	838
Depreciation & Amortization	92	87	87	80	79
Stock-Based Compensation	32	28	25	18	15
Other Adjustments	79	-133	-226	111	81
Change in Receivables	25	-70	88	-21	-77
Changes in Inventories	-22	-64	-349	-403	-93
Changes in Accounts Payable	36	-40	-31	77	37
Changes in Income Taxes Payable	-7	-13	17	-57	47
Changes in Other Operating Activities	50	-66	12	52	9
Operating Cash Flow	1,000	598	647	640	936
Operating Cash Flow Growth	67.22%	-7.57%	1.09%	-31.62%	14.56%
Capital Expenditures	-107	-167	-228	-183	-138
Sale of Property, Plant & Equipment	33	51	-	-	-
Payments for Business Acquisitions	-	-	-	-1,195	-
Proceeds from Business Divestments	-	-	246	-	-
Other Investing Activities	3	365	31	23	11
Investing Cash Flow	-71	249	49	-1,355	-127
Short-Term Debt Issued	-244	-117	192	834	-196
Short-Term Debt Repaid	-	-	-	-600	-
Net Short-Term Debt Issued (Repaid)	-244	-117	192	234	-196
Long-Term Debt Issued	-	-	-	648	-
Long-Term Debt Repaid	-	-300	-	-250	-
Net Long-Term Debt Issued (Repaid)	-	-300	-	398	-
Repurchase of Common Stock	-400	-	-400	-	-
Net Common Stock Issued (Repurchased)	-400	-	-400	-	-
Common Dividends Paid	-427	-420	-404	-378	-831
Other Financing Activities	-3	-6	-6	-15	-11
Financing Cash Flow	-1,074	-843	-618	239	-1,038
Effect of Exchange Rate Changes on Cash and Cash Equivalents	9	3	-6	-14	-47
Net Cash Flow	-136	7	72	-490	-276
Free Cash Flow	893	431	419	457	798
Free Cash Flow Growth	107.19%	2.86%	-8.31%	-42.73%	5.70%
FCF Margin	22.73%	10.84%	10.03%	10.81%	20.29%
Free Cash Flow Per Share	1.91	0.91	0.88	0.95	1.66
Levered Free Cash Flow	513	189	724	981	583
Unlevered Free Cash Flow	850.72	626.9	623.51	433.69	846.7

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