Brown-Forman said net sales for fiscal 2025 were $4.0 billion, a decrease of 5%, or $203 million. The company explained that volume declined 7% and price/mix increased 2%.

1. 01

   Brown-Forman said net sales for fiscal 2025 were $4.0 billion, a decrease of 5%, or $203 million. The company explained that volume declined 7% and price/mix increased 2%.

2. 02

   Brown-Forman said gross profit for fiscal 2025 was $2.3 billion, a decrease of 7%, and gross margin declined to 58.9% from 60.5%. Reported operating income was $1.1 billion, a decrease of 22%, and operating margin was 27.9%.

3. 03

   The company recognized a non-cash impairment charge of $47 million for the Gin Mare brand name in Q4 of fiscal 2025. It said the downward revision of financial outlook assumptions due to a more challenging macroeconomic environment in Europe was significantly reflected in this impairment.

4. 04

   Brown-Forman said cash flows from operating activities for fiscal 2025 were $598 million, a decrease of $49 million from the prior year. The company cited an increase in cash income tax payments of $61 million as a factor in the decline, which it said was primarily due to taxable gains from the sale of its investment in Duckhorn.

Key figures

Fiscal year ended April 30, 2025

Revenue

$4.0B

Operating income

$1.1B

Net income

$869M

EPS

$1.84

Gross profit

$2.3B

Operating cash flow

$598M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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