Snapshot

Income statement snapshot

BROWN FORMAN CORP's top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.

Revenue

-0.0%

$3.9B

Compound growth, FY2022 to FY2026

Gross profit

-0.1%

$2.4B

Compound growth, FY2022 to FY2026

Operating Income

-4.5%

$1B

Compound growth, FY2022 to FY2026

Net income

-3.9%

$715M

Compound growth, FY2022 to FY2026

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$3,928

Gross profit$2,378

Operating Income$1,001

Net income$715

Filing10-K

BROWN FORMAN CORP headline income statement
Metric	2026	2025	2024	2023	2022
Revenue	$3,928	$3,975	$4,178	$4,228	$3,933
Gross profit	$2,378	$2,343	$2,526	$2,494	$2,391
Operating Income	$1,001	$1,107	$1,414	$1,127	$1,204
Net income	$715	$869	$1,024	$783	$838
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for BROWN FORMAN CORP, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$3,928

Cost of revenue$1,550

Gross profit$2,378

Selling, general & administrative$807

Operating Income$1,001

Interest expense$103

Pretax income$885

Income tax expense (benefit)$170

Net income$715

Basic EPS$1.53

Diluted EPS$1.53

Basic average shares466.3M

Diluted average shares466.7M

Filing10-K

BROWN FORMAN CORP expanded income statement
Line item	2026	2025	2024	2023	2022
Total revenue	$3,928	$3,975	$4,178	$4,228	$3,933
Cost of revenue	$1,550	$1,632	$1,652	$1,734	$1,542
Gross profit	$2,378	$2,343	$2,526	$2,494	$2,391
Selling, general & administrative	$807	$744	$826	$742	$690
Operating Income	$1,001	$1,107	$1,414	$1,127	$1,204
Interest expense	$103	$122	$127	$90	$82
Pretax income	$885	$1,081	$1,298	$1,017	$1,114
Income tax expense (benefit)	$170	$212	$274	$234	$276
Net income	$715	$869	$1,024	$783	$838
Basic EPS	$1.53	$1.84	$2.15	$1.63	$1.75
Diluted EPS	$1.53	$1.84	$2.14	$1.63	$1.74
Basic average shares	466.3M	472.7M	476.4M	479.2M	478.9M
Diluted average shares	466.7M	473.0M	477.2M	480.5M	480.6M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for BROWN FORMAN CORP.

Margins

Profitability conversion

How much of BROWN FORMAN CORP's revenue survives through gross profit, operating income, and net income.

Gross margin

-25 bps

60.5%

FY2026, versus FY2022

Operating Margin

-513 bps

25.5%

FY2026, versus FY2022

Net income margin

-310 bps

18.2%

FY2026, versus FY2022

Observation window

years

FY2022 through FY2026

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin60.5%

Operating Margin25.5%

Net income margin18.2%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of BROWN FORMAN CORP's statement measured against the immediately prior period.

Revenue YoY

FY2025

-1.2%

FY2026 versus FY2025

Gross profit YoY

FY2025

+1.5%

FY2026 versus FY2025

Op. income YoY

FY2025

-9.6%

FY2026 versus FY2025

Net income YoY

FY2025

-17.7%

FY2026 versus FY2025

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth-1.2%

Gross profit growth+1.5%

Operating Income Growth-9.6%

Net income growth-17.7%

Filing10-K

BROWN FORMAN CORP year-on-year change
Metric	2026	2025	2024	2023	2022
Revenue growth	-1.2%	-4.9%	-1.2%	+7.5%	N/A
Gross profit growth	+1.5%	-7.2%	+1.3%	+4.3%	N/A
Operating Income Growth	-9.6%	-21.7%	+25.5%	-6.4%	N/A
Net income growth	-17.7%	-15.1%	+30.8%	-6.6%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2022 to FY2026, which filters out one-year noise.

Revenue CAGR

4yr

-0.0%

FY2022 to FY2026

Gross profit CAGR

4yr

-0.1%

FY2022 to FY2026

Op. income CAGR

4yr

-4.5%

FY2022 to FY2026

Net income CAGR

4yr

-3.9%

FY2022 to FY2026

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Snapshot

Income statement snapshot

BROWN FORMAN CORP's top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.

Revenue

-0.0%

$3.9B

Compound growth, FY2022 to FY2026

Gross profit

-0.1%

$2.4B

Compound growth, FY2022 to FY2026

Operating Income

-4.5%

$1B

Compound growth, FY2022 to FY2026

Net income

-3.9%

$715M

Compound growth, FY2022 to FY2026

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$3,928

Gross profit$2,378

Operating Income$1,001

Net income$715

Filing10-K

BROWN FORMAN CORP headline income statement
Metric	2026	2025	2024	2023	2022
Revenue	$3,928	$3,975	$4,178	$4,228	$3,933
Gross profit	$2,378	$2,343	$2,526	$2,494	$2,391
Operating Income	$1,001	$1,107	$1,414	$1,127	$1,204
Net income	$715	$869	$1,024	$783	$838
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for BROWN FORMAN CORP, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$3,928

Cost of revenue$1,550

Gross profit$2,378

Selling, general & administrative$807

Operating Income$1,001

Interest expense$103

Pretax income$885

Income tax expense (benefit)$170

Net income$715

Basic EPS$1.53

Diluted EPS$1.53

Basic average shares466.3M

Diluted average shares466.7M

Filing10-K

BROWN FORMAN CORP expanded income statement
Line item	2026	2025	2024	2023	2022
Total revenue	$3,928	$3,975	$4,178	$4,228	$3,933
Cost of revenue	$1,550	$1,632	$1,652	$1,734	$1,542
Gross profit	$2,378	$2,343	$2,526	$2,494	$2,391
Selling, general & administrative	$807	$744	$826	$742	$690
Operating Income	$1,001	$1,107	$1,414	$1,127	$1,204
Interest expense	$103	$122	$127	$90	$82
Pretax income	$885	$1,081	$1,298	$1,017	$1,114
Income tax expense (benefit)	$170	$212	$274	$234	$276
Net income	$715	$869	$1,024	$783	$838
Basic EPS	$1.53	$1.84	$2.15	$1.63	$1.75
Diluted EPS	$1.53	$1.84	$2.14	$1.63	$1.74
Basic average shares	466.3M	472.7M	476.4M	479.2M	478.9M
Diluted average shares	466.7M	473.0M	477.2M	480.5M	480.6M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for BROWN FORMAN CORP.

Margins

Profitability conversion

How much of BROWN FORMAN CORP's revenue survives through gross profit, operating income, and net income.

Gross margin

-25 bps

60.5%

FY2026, versus FY2022

Operating Margin

-513 bps

25.5%

FY2026, versus FY2022

Net income margin

-310 bps

18.2%

FY2026, versus FY2022

Observation window

years

FY2022 through FY2026

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin60.5%

Operating Margin25.5%

Net income margin18.2%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of BROWN FORMAN CORP's statement measured against the immediately prior period.

Revenue YoY

FY2025

-1.2%

FY2026 versus FY2025

Gross profit YoY

FY2025

+1.5%

FY2026 versus FY2025

Op. income YoY

FY2025

-9.6%

FY2026 versus FY2025

Net income YoY

FY2025

-17.7%

FY2026 versus FY2025

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth-1.2%

Gross profit growth+1.5%

Operating Income Growth-9.6%

Net income growth-17.7%

Filing10-K

BROWN FORMAN CORP year-on-year change
Metric	2026	2025	2024	2023	2022
Revenue growth	-1.2%	-4.9%	-1.2%	+7.5%	N/A
Gross profit growth	+1.5%	-7.2%	+1.3%	+4.3%	N/A
Operating Income Growth	-9.6%	-21.7%	+25.5%	-6.4%	N/A
Net income growth	-17.7%	-15.1%	+30.8%	-6.6%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2022 to FY2026, which filters out one-year noise.

Revenue CAGR

4yr

-0.0%

FY2022 to FY2026

Gross profit CAGR

4yr

-0.1%

FY2022 to FY2026

Op. income CAGR

4yr

-4.5%

FY2022 to FY2026

Net income CAGR

4yr

-3.9%

FY2022 to FY2026

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Commentary

Commentary on BROWN FORMAN CORP performance

A written read of the filing-backed figures above. The statement itself remains the source of truth.

Snapshot Jun 12, 2026

This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.

Over the past five years, Brown-Forman’s revenue has exhibited moderate fluctuations. Revenues ranged from US$3,933 million in 2022 to US$4,228 million in 2023, with no sustained upward trend. The gross profit figures, in a similar vein, have remained relatively stable, spanning between US$2,343 million in 2025 and US$2,526 million in 2024. While the revenue and gross profit trends reflect a company operating within a steady market environment, the operating income shows more pronounced variability. After a dip in operating income from US$1,204 million in 2022 to US$1,127 million in 2023, the company experienced over a 20% increase to US$1,414 million in 2024. However, this growth was not sustained, as operating income fell by approximately 22% to US$1,107 million in 2025 and further to US$1,001 million in 2026. The net income trends mirror these fluctuations, with a low of US$715 million in 2026 following a peak of US$1,024 million in 2024. The significant year-over-year swings—especially the over 20% jump in operating income from 2023 to 2024 and the subsequent declines—could be driven by several factors, such as changes in operational efficiency, cost management strategies, or shifts in market conditions affecting pricing and demand. Overall, Brown-Forman exhibits a resilient financial profile, but the marked variability suggests that the company may benefit from enhanced stabilization strategies in its operations to ensure sustainability and mitigate the impact of cyclical market shifts in its industry.

This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.

BROWN FORMAN CORP

BF-A Income Statement

BROWN FORMAN CORP

BF-A Income Statement

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Commentary on BROWN FORMAN CORP performance

Commentary on BROWN FORMAN CORP performance