Brown Forman (BF.B) FY2022 results: revenue $3.9 billion, up 13.6% on the year

Brown Forman Corp. (BF.B) reported revenue of $3.9 billion for fiscal 2022, the year ended 30 April 2022, up 13.6% on the year before. Net income was $838 million, down 7.2%, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 17 June 2022.

Revenue

$3.9 billion

+13.6% on the year

FY2015FY2022

Operating margin

30.6%

33.7% a year earlier

FY2015FY2022

Net income

$838 million

-7.2% on the year

FY2015FY2022

Diluted EPS

$1.74

-7.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,933	3,461	3,363	+13.6%
Cost of revenue	1,542	1,367	1,236	+12.8%
Gross profit	2,391	2,094	2,127	+14.2%
Gross margin	60.8%	60.5%	63.2%
Selling, general and administrative	690	671	642	+2.8%
Operating income	1,204	1,166	1,091	+3.3%
Operating margin	30.6%	33.7%	32.4%
Interest expense	82.0	81.0	82.0	+1.2%
Pre-tax income	1,114	1,081	1,009	+3.1%
Income tax	276	178	182	+55.1%
Effective tax rate	24.8%	16.5%	18.0%
Net income	838	903	827	-7.2%
Net margin	21.3%	26.1%	24.6%
Diluted EPS	$1.74	$1.88	$1.72	-7.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	936	817	724	+14.6%
Capital expenditure	138	62.0	113	+122.6%
Free cash flow	798	755	611	+5.7%
Free cash flow margin	20.3%	21.8%	18.2%
Cash from investing	-127	98.0	-141
Cash from financing	-1,038	-485	-191
Depreciation and amortisation	79.0	77.0	74.0	+2.6%
Share-based compensation	15.0	12.0	11.0	+25.0%
Buybacks	0.0	0.0	1.0
Dividends paid	831	338	325	+145.9%
Dividend per share	$1.74	$0.71	$0.68	+145.3%
Diluted shares, weighted	481m	481m	480m	-0.0%
Shares outstanding at period end	479m	479m	478m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,737	2,656	1,975	+3.0%
Short-term borrowings	0.0	n/a	n/a
Debt	2,269	2,559	2,602	-11.3%
Operating lease liabilities	54.0	49.0	37.0	+10.2%
Other liabilities	1,313	1,258	1,152	+4.4%
Total liabilities and equity	6,373	6,522	5,766	-2.3%
Fixed assets	875	832	848	+5.2%
Goodwill	761	779	756	-2.3%
Intangible assets	586	676	635	-13.3%
Cash and equivalents	868	1,150	675	-24.5%
Receivables	813	753	570	+8.0%
Inventory	1,818	1,751	1,685	+3.8%
Other assets	652	581	597	+12.2%
Total assets	6,373	6,522	5,766	-2.3%

10-K for the year ended 30 April 2022, filed 17 June 2022: the filing.