Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2025	Apr. 30, 2024	Apr. 30, 2023
Cash flows from operating activities:
Net income	$ 869	$ 1,024	$ 783
Adjustments to reconcile net income to net cash provided by operations:
Gain on business divestitures	0	(267)	0
Equity method investment income and gain on sale	(83)	0	0
Asset impairment charges	49	7	96
Depreciation and amortization	87	87	80
Stock-based compensation expense	28	25	18
Deferred income tax provision (benefit)	(39)	18	(3)
Change in fair value of contingent consideration	(43)	9	0
Other, net	(17)	7	18
Changes in assets and liabilities, net of business acquisitions and divestitures:
Accounts receivable	(70)	88	(21)
Inventories	(64)	(349)	(403)
Other current assets	(25)	23	4
Accounts payable and accrued expenses	(40)	(31)	77
Accrued income taxes	(13)	17	(57)
Other operating assets and liabilities	(41)	(11)	48
Cash provided by operating activities	598	647	640
Cash flows from investing activities:
Proceeds from business divestitures	0	246	0
Proceeds from sale of equity method investment	350	0	0
Business acquisitions, net of cash acquired	0	0	(1,195)
Additions to property, plant, and equipment	(167)	(228)	(183)
Other, net	66	31	23
Cash provided by (used for) investing activities	249	49	(1,355)
Cash flows from financing activities:
Proceeds from short-term borrowings, maturities greater than 90 days	0	0	600
Repayments of short-term borrowings, maturities greater than 90 days	0	0	(600)
Net change in other short-term borrowings	(117)	192	234
Repayment of long-term debt	(300)	0	(250)
Proceeds from long-term debt	0	0	648
Acquisition of treasury stock	0	(400)	0
Dividends paid	(420)	(404)	(378)
Other, net	(6)	(6)	(15)
Cash provided by (used for) financing activities	(843)	(618)	239
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	3	(6)	(14)
Net increase (decrease) in cash, cash equivalents, and restricted cash	7	72	(490)
Cash, cash equivalents, and restricted cash at beginning of period	456	384	874
Cash, cash equivalents, and restricted cash at end of period	463	456	384
Less: Restricted cash (included in other current assets) at end of period	(19)	(10)	(10)
Cash and cash equivalents at end of period	444	446	374
Supplemental information:
Cash paid for interest	119	125	85
Cash paid for income taxes	303	242	278
Non-cash additions to property, plant, and equipment	$ 14	$ 20	$ 27

BROWN FORMAN CORP 10-K