Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2026	Apr. 30, 2025	Apr. 30, 2024
Cash flows from operating activities:
Net income	$ 715	$ 869	$ 1,024
Adjustments to reconcile net income to net cash provided by operations:
Gain on business divestitures	0	0	(267)
Equity method investment income and gain on sale	0	(83)	0
Other intangible assets impairment	132	47	7
Depreciation and amortization	92	87	87
Stock-based compensation expense	32	28	25
Deferred income tax provision (benefit)	(37)	(39)	18
Change in fair value of contingent consideration	(15)	(43)	9
Other, net	(1)	(15)	7
Changes in assets and liabilities, net of business divestitures:
Accounts receivable	25	(70)	88
Inventories	(22)	(64)	(349)
Other current assets	(17)	(25)	23
Accounts payable and accrued expenses	36	(40)	(31)
Accrued income taxes	(7)	(13)	17
Other operating assets and liabilities	67	(41)	(11)
Cash provided by operating activities	1,000	598	647
Cash flows from investing activities:
Proceeds from business divestitures	0	0	246
Proceeds from sale of equity method investment	0	350	0
Additions to property, plant, and equipment	(107)	(167)	(228)
Proceeds from sale of cooperage assets	33	51	0
Other, net	3	15	31
Cash provided by (used for) investing activities	(71)	249	49
Cash flows from financing activities:
Net change in short term borrowings	(244)	(117)	192
Repayment of long-term debt	0	(300)	0
Acquisition of treasury stock	(400)	0	(400)
Dividends paid	(427)	(420)	(404)
Other, net	(3)	(6)	(6)
Cash used for financing activities	(1,074)	(843)	(618)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	9	3	(6)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(136)	7	72
Cash, cash equivalents, and restricted cash at beginning of period	463	456	384
Cash, cash equivalents, and restricted cash at end of period	327	463	456
Less: Restricted cash (included in other current assets) at end of period	(19)	(19)	(10)
Cash and cash equivalents at end of period	308	444	446
Supplemental information:
Cash paid for interest	101	119	125
Cash paid for income taxes	232	303	242
Non-cash additions to property, plant, and equipment	$ 9	$ 14	$ 20

BROWN FORMAN CORP 10-K