greeksoup/ stock research
Stock research / United States / BF.B / FY2023

Brown Forman (BF.B) FY2023 results: revenue $4.2 billion, up 7.5% on the year

Brown Forman Corp. (BF.B) reported revenue of $4.2 billion for fiscal 2023, the year ended 30 April 2023, up 7.5% on the year before. Net income was $783 million, down 6.6%, and diluted earnings per share $1.63. The figures are the company's own, from the 10-K it filed with the SEC on 16 June 2023.

Revenue
$4.2 billion
+7.5% on the year
FY2016FY2023
Operating margin
26.7%
30.6% a year earlier
FY2016FY2023
Net income
$783 million
-6.6% on the year
FY2016FY2023
Diluted EPS
$1.63
-6.3% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue4,2283,9333,461+7.5%
Cost of revenue1,7341,5421,367+12.5%
Gross profit2,4942,3912,094+4.3%
Gross margin59.0%60.8%60.5%
Selling, general and administrative742690671+7.5%
Operating income1,1271,2041,166-6.4%
Operating margin26.7%30.6%33.7%
Interest expense90.082.081.0+9.8%
Pre-tax income1,0171,1141,081-8.7%
Income tax234276178-15.2%
Effective tax rate23.0%24.8%16.5%
Net income783838903-6.6%
Net margin18.5%21.3%26.1%
Diluted EPS$1.63$1.74$1.88-6.3%
$ million except per share.
Read moreFree 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow640936817-31.6%
Capital expenditure18313862.0+32.6%
Free cash flow457798755-42.7%
Free cash flow margin10.8%20.3%21.8%
Cash from investing-1,355-12798.0
Cash from financing239-1,038-485
Depreciation and amortisation80.079.077.0+1.3%
Share-based compensation18.015.012.0+20.0%
Buybacks0.00.00.0
Dividends paid378831338-54.5%
Dividend per share$0.79$1.74$0.71-54.6%
Diluted shares, weighted480m481m481m-0.0%
Shares outstanding at period end479m479m479m+0.1%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity3,2682,7372,656+19.4%
Short-term borrowingsn/a0.0n/a
Debt2,9132,2692,559+28.4%
Operating lease liabilities63.054.049.0+16.7%
Other liabilities1,5331,3131,258+16.8%
Total liabilities and equity7,7776,3736,522+22.0%
Fixed assets1,031875832+17.8%
Goodwill1,457761779+91.5%
Intangible assets1,164586676+98.6%
Cash and equivalents3748681,150-56.9%
Receivables855813753+5.2%
Inventory2,2831,8181,751+25.6%
Other assets613652581-6.0%
Total assets7,7776,3736,522+22.0%

10-K for the year ended 30 April 2023, filed 16 June 2023: the filing.