Brown-Forman Corporation (BF-B) Cash Flow Statement
Where BF-B’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- $1.00B +67.2% vs FY2025
- Capital expenditures
- $107.0M 2.7% of revenue
- Free cash flow
- $893.0M 22.7% margin
- Returned to shareholders
- $827.0M 93% of free cash flow
- Change in cash
- −$155.0M cash at year-end $308.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BF-B operating cash flow, capex and free cash flow
BF-B cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $639.0MFY2017 | $1.00BFY2026 | +5.1%/yr | |
| Capital expenditures | $112.0MFY2017 | $107.0MFY2026 | −0.5%/yr | |
| Free cash flow | $527.0MFY2017 | $893.0MFY2026 | +6.0%/yr | |
| Free cash flow margin | 17.6%FY2017 | 22.7%FY2026 | +5.1 pts | |
| Operating cash flow / net income | 0.96FY2017 | 1.40FY2026 | +0.44 | |
| Stock-based compensation | $14.0MFY2017 | $32.0MFY2026 | +9.6%/yr | |
| Dividends paid | $274.0MFY2017 | $427.0MFY2026 | +5.1%/yr | |
| Share buybacks (net) | $561.0MFY2017 | $400.0MFY2026 | −3.7%/yr | |
| Capex / revenue | 3.7%FY2017 | 2.7%FY2026 | −1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BF-B cash flow by activity
BF-B net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BF-B cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $715.0M | $869.0M | $1.02B | $783.0M | $838.0M | $903.0M | $827.0M | $835.0M | $717.0M | $669.0M |
| Depreciation & amortization | $92.0M | $87.0M | $87.0M | $80.0M | $79.0M | $77.0M | $74.0M | $72.0M | $64.0M | $58.0M |
| Stock-based compensation | $32.0M | $28.0M | $25.0M | $18.0M | $15.0M | $12.0M | $11.0M | $14.0M | $19.0M | $14.0M |
| Change in working capital | $82.0M | −$253.0M | −$263.0M | $410.0M | −$77.0M | $28.0M | −$255.0M | −$163.0M | −$103.0M | −$94.0M |
| Other non-cash items | $79.0M | −$133.0M | −$226.0M | −$651.0M | $81.0M | −$203.0M | $67.0M | $42.0M | −$65.0M | −$8.0M |
| Cash from operating activities | $1.00B | $598.0M | $647.0M | $640.0M | $936.0M | $817.0M | $724.0M | $800.0M | $632.0M | $639.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$107.0M | −$167.0M | −$228.0M | −$183.0M | −$138.0M | −$62.0M | −$113.0M | −$119.0M | −$127.0M | −$112.0M |
| Investments (net) | — | $249.0M | $49.0M | −$1.35B | −$127.0M | $98.0M | −$141.0M | −$119.0M | −$128.0M | −$422.0M |
| Acquisitions & other investing | $36.0M | $167.0M | $228.0M | $183.0M | $138.0M | $62.0M | $113.0M | $119.0M | $127.0M | $112.0M |
| Cash from investing activities | −$71.0M | $249.0M | $49.0M | −$1.35B | −$127.0M | $98.0M | −$141.0M | −$119.0M | −$128.0M | −$422.0M |
| Financing activities | ||||||||||
| Dividends paid | −$427.0M | −$420.0M | −$404.0M | −$378.0M | −$831.0M | −$338.0M | −$325.0M | −$310.0M | −$773.0M | −$274.0M |
| Share repurchases & issuance (net) | −$400.0M | $0 | −$400.0M | $0 | $0 | $0 | −$1.0M | −$207.0M | −$1.0M | −$561.0M |
| Net borrowing (repayment) | −$244.0M | −$417.0M | $192.0M | $632.0M | −$196.0M | −$126.0M | $178.0M | −$71.0M | $342.0M | $565.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.0M | −$6.0M | −$6.0M | −$15.0M | −$11.0M | −$21.0M | −$43.0M | −$11.0M | −$34.0M | −$15.0M |
| Cash from financing activities | −$1.07B | −$843.0M | −$618.0M | $239.0M | −$1.04B | −$485.0M | −$191.0M | −$599.0M | −$466.0M | −$285.0M |
| Summary | ||||||||||
| Net change in cash | −$155.0M | $7.0M | $72.0M | −$500.0M | −$276.0M | $475.0M | $368.0M | $68.0M | $57.0M | −$81.0M |
| Cash at end of period | $308.0M | $463.0M | $456.0M | $374.0M | $874.0M | $1.15B | $675.0M | $307.0M | $239.0M | $182.0M |
| Free cash flow | $893.0M | $431.0M | $419.0M | $457.0M | $798.0M | $755.0M | $611.0M | $681.0M | $505.0M | $527.0M |
| Free cash flow margin | 22.7% | 10.8% | 10.0% | 10.8% | 20.3% | 21.8% | 18.2% | 20.5% | 15.5% | 17.6% |
| Capex / revenue | 2.7% | 4.2% | 5.5% | 4.3% | 3.5% | 1.8% | 3.4% | 3.6% | 3.9% | 3.7% |
| Operating cash flow / net income | 1.40 | 0.69 | 0.63 | 0.82 | 1.12 | 0.90 | 0.88 | 0.96 | 0.88 | 0.96 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $176.0M | $54.0M | $267.0M | $224.0M | $170.0M | $146.0M | $270.0M | $258.0M | $195.0M | $266.0M | $285.0M | $242.0M |
| Depreciation & amortization | $23.0M | $24.0M | $24.0M | $22.0M | $22.0M | $21.0M | $22.0M | $22.0M | $22.0M | $21.0M | $25.0M | $20.0M |
| Stock-based compensation | $4.0M | $10.0M | $10.0M | $8.0M | $4.0M | $8.0M | $7.0M | $9.0M | $4.0M | $7.0M | $7.0M | $7.0M |
| Change in working capital | −$28.0M | $91.0M | $127.0M | $31.0M | −$31.0M | −$14.0M | $123.0M | $193.0M | −$193.0M | $129.0M | $19.0M | −$190.0M |
| Other non-cash items | −$2.0M | $112.0M | −$11.0M | −$153.0M | −$5.0M | −$9.0M | −$105.0M | −$370.0M | −$11.0M | −$138.0M | −$71.0M | −$20.0M |
| Cash from operating activities | $173.0M | $291.0M | $417.0M | $132.0M | $160.0M | $152.0M | $317.0M | $112.0M | $17.0M | $285.0M | $265.0M | $59.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$12.0M | −$26.0M | −$25.0M | −$25.0M | −$31.0M | −$50.0M | −$45.0M | −$31.0M | −$41.0M | −$80.0M | −$69.0M | −$30.0M |
| Investments (net) | — | — | — | — | $2.0M | −$35.0M | $305.0M | −$31.0M | $10.0M | −$14.0M | $124.0M | −$17.0M |
| Acquisitions & other investing | −$1.0M | $3.0M | $0 | $0 | $31.0M | $50.0M | $45.0M | $31.0M | $41.0M | $80.0M | $69.0M | $30.0M |
| Cash from investing activities | −$13.0M | −$23.0M | −$25.0M | −$25.0M | $2.0M | −$35.0M | $305.0M | −$31.0M | $10.0M | −$14.0M | $124.0M | −$17.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$106.0M | −$106.0M | −$107.0M | −$107.0M | −$107.0M | −$107.0M | −$107.0M | −$103.0M | −$103.0M | −$104.0M | −$103.0M | −$98.0M |
| Share repurchases & issuance (net) | — | −$1.0M | −$301.0M | −$99.0M | −$1.0M | $0 | $0 | $2.0M | −$2.0M | $4.0M | −$358.0M | −$42.0M |
| Net borrowing (repayment) | −$54.0M | −$231.0M | $71.0M | −$54.0M | −$30.0M | −$190.0M | −$310.0M | $29.0M | $54.0M | — | — | $67.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.0M | $1.0M | −$1.0M | −$1.0M | $0 | $0 | $0 | −$6.0M | $0 | −$306.0M | $272.0M | $0 |
| Cash from financing activities | −$164.0M | −$337.0M | −$338.0M | −$261.0M | −$138.0M | −$297.0M | −$417.0M | −$78.0M | −$51.0M | −$406.0M | −$189.0M | −$73.0M |
| Summary | ||||||||||||
| Net change in cash | −$7.0M | −$94.0M | $64.0M | −$152.0M | $27.0M | −$157.0M | $194.0M | $0 | −$30.0M | −$143.0M | $216.0M | −$53.0M |
| Cash at end of period | $320.0M | $308.0M | $402.0M | $338.0M | $490.0M | $463.0M | $620.0M | $426.0M | $426.0M | $456.0M | $599.0M | $373.0M |
| Free cash flow | $161.0M | $265.0M | $392.0M | $107.0M | $129.0M | $102.0M | $272.0M | $81.0M | −$24.0M | $205.0M | $196.0M | $29.0M |
| Free cash flow margin | 17.7% | 29.1% | 37.1% | 10.3% | 14.0% | 11.4% | 26.3% | 7.4% | −2.5% | 21.3% | 18.3% | 2.6% |
| Capex / revenue | 1.3% | 2.9% | 2.4% | 2.4% | 3.4% | 5.6% | 4.3% | 2.8% | 4.3% | 8.3% | 6.5% | 2.7% |
| Operating cash flow / net income | 0.98 | 5.39 | 1.56 | 0.59 | 0.94 | 1.04 | 1.17 | 0.43 | 0.09 | 1.07 | 0.93 | 0.24 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BF-B cash generation
In fiscal 2026 (ended April 30, 2026), Brown-Forman generated $1.0 billion of cash from operations (up 67.2%) and spent $107.0 million on capital expenditures, leaving free cash flow of $893.0 million, 22.7% of revenue. It returned $827.0 million to shareholders through dividends ($427.0 million) and net share buybacks ($400.0 million). Cash and equivalents fell by $155.0 million over the year.
Related: BF-B income statement, BF-B balance sheet, BF-B dividend history. See the BF-B stock overview for the latest quote and news.
BF-B cash flow FAQ
What is Brown-Forman's free cash flow?
Brown-Forman's free cash flow was $893.0 million in fiscal 2026: $1.0 billion of operating cash flow minus $107.0 million of capital expenditures It was $431.0 million a year earlier..
How much cash does Brown-Forman generate from operations?
Brown-Forman generated $1.0 billion of cash from operating activities in fiscal 2026, 1.40 times its net income of $715.0 million.
How much does Brown-Forman spend on capital expenditures?
Brown-Forman spent $107.0 million on capital expenditures in fiscal 2026, 2.7% of revenue, compared with $167.0 million the year before.
How much stock does Brown-Forman buy back?
Brown-Forman spent $400.0 million on net share repurchases in fiscal 2026.
How much does Brown-Forman pay in dividends?
Brown-Forman paid $427.0 million in dividends in fiscal 2026, 47.8% of free cash flow.