NYSE : ABEV
Ambev S.A. — Financial statements
Consumer Staples · Beverages - Brewers · Brazil
Last price 2.67 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 41.44B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ambev S.A. (ABEV) reported revenue of 89.02B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 89.02B | 88.24B | 89.45B | 79.74B | 79.71B | 72.85B |
| Cost of Revenue | 42.92B | 42.86B | 43.62B | 39.29B | 40.42B | 35.66B |
| Gross Profit | 46.09B | 45.38B | 45.84B | 40.45B | 39.29B | 37.19B |
| Selling, General & Admin | 25.51B | 25.25B | 26.51B | 23.55B | 24.08B | 21.96B |
| Other Operating Expenses | -2.61B | -2.35B | -2.34B | -1.94B | -2.43B | -2.06B |
| Operating Expenses | 22.90B | 22.90B | 24.17B | 21.61B | 21.65B | 19.90B |
| Operating Income | 23.19B | 22.48B | 21.67B | 18.84B | 17.63B | 17.29B |
| Interest Expense | -2.21B | -2.07B | -2.07B | -2.43B | -2.33B | -1.43B |
| Interest & Investment Income | 1.62B | 1.40B | 1.62B | 1.12B | 2.20B | 1.14B |
| Earnings From Equity Investments | 147.35M | 105.78M | 3.92M | -185.41M | -29.11M | -115.70M |
| Currency Exchange Gain (Loss) | -688.71M | -1.93B | 38.86M | -1.15B | -751.07M | -453.88M |
| Other Non Operating Income (Expenses) | -1.12B | -645.59M | -1.13B | -937.68M | -3.59B | -2.98B |
| EBT Excluding Unusual Items | 20.95B | 19.34B | 20.14B | 15.25B | 13.14B | 13.45B |
| Merger & Restructuring Charges | -1.03B | -215.00M | -99.28M | -109.36M | -101.74M | -165.40M |
| Gain (Loss) on Sale of Investments | -76.69M | |||||
| Gain (Loss) on Sale of Assets | 109.36M | 85.17M | 121.29M | 86.36M | 88.76M | 142.81M |
| Legal Settlements | -384.00M | -541.83M | -219.78M | -363.86M | -456.62M | -290.00M |
| Other Unusual Items | 801.49M | 752.04M | -453.18M | 173.82M | 1.56B | 694.98M |
| Pretax Income | 20.45B | 19.42B | 19.49B | 15.04B | 14.24B | 13.76B |
| Income Tax Expense | 4.19B | 3.43B | 4.64B | 75.48M | -655.62M | 636.58M |
| Earnings From Continuing Operations | 16.26B | 15.99B | 14.85B | 14.96B | 14.89B | 13.12B |
| Minority Interest in Earnings | -508.88M | -485.03M | -409.71M | -458.51M | -433.35M | -451.61M |
| Net Income | 15.75B | 15.50B | 14.44B | 14.50B | 14.46B | 12.67B |
| Net Income to Common | 15.75B | 15.50B | 14.44B | 14.50B | 14.46B | 12.67B |
| Shares Outstanding (Basic) | 15.53B | 15.62B | 15.73B | 15.74B | 15.74B | 15.74B |
| Shares Outstanding (Diluted) | 15.59B | 15.68B | 15.81B | 15.84B | 15.85B | 15.86B |
| EPS (Basic) | 1.01 | 0.99 | 0.92 | 0.92 | 0.92 | 0.81 |
| EPS (Diluted) | 1.01 | 0.99 | 0.91 | 0.92 | 0.91 | 0.80 |
| Free Cash Flow | 24.69B | 19.86B | 21.35B | 18.71B | 14.11B | 15.22B |
| Free Cash Flow Per Share | 1.58 | 1.27 | 1.35 | 1.18 | 0.89 | 0.96 |
| Dividend Per Share | 0.27 | 1.11 | 0.67 | 0.73 | 0.76 | 0.60 |
| Gross Margin | 51.78% | 51.42% | 51.24% | 50.72% | 49.29% | 51.05% |
| Operating Margin | 26.05% | 25.48% | 24.22% | 23.62% | 22.12% | 23.73% |
| Profit Margin | 17.69% | 17.57% | 16.14% | 18.19% | 18.14% | 17.39% |
| Free Cash Flow Margin | 27.74% | 22.51% | 23.87% | 23.46% | 17.70% | 20.90% |
| EBITDA | 26.68B | 27.22B | 26.72B | 23.46B | 22.34B | 21.36B |
| EBITDA Margin | 29.97% | 30.84% | 29.87% | 29.42% | 28.03% | 29.32% |
| D&A For EBITDA | 3.49B | 4.74B | 5.05B | 4.62B | 4.71B | 4.07B |
| EBIT | 23.19B | 22.48B | 21.67B | 18.84B | 17.63B | 17.29B |
| EBIT Margin | 26.05% | 25.48% | 24.22% | 23.62% | 22.12% | 23.73% |
| Effective Tax Rate | 20.51% | 17.68% | 23.81% | 0.50% | 4.63% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 19.19B | 18.64B | 28.60B | 16.06B | 14.93B | 16.63B |
| Short-Term Investments | 14.30M | 71.50M | ||||
| Trading Asset Securities | 2.73B | 1.67B | 1.17B | 277.16M | 454.50M | 1.91B |
| Cash & Short-Term Investments | 21.91B | 20.32B | 29.84B | 16.34B | 15.38B | 18.54B |
| Accounts Receivable | 6.25B | 6.35B | 6.27B | 5.74B | 5.35B | 4.79B |
| Other Receivables | 1.68B | 3.62B | 3.58B | 3.44B | 2.85B | 2.61B |
| Receivables | 7.93B | 9.97B | 9.85B | 9.18B | 8.20B | 7.40B |
| Inventory | 9.98B | 10.52B | 11.69B | 9.62B | 12.92B | 11.00B |
| Other Current Assets | 3.32B | 3.06B | 2.78B | 1.43B | 1.31B | 1.68B |
| Total Current Assets | 43.15B | 43.88B | 54.16B | 36.56B | 37.82B | 38.63B |
| Property, Plant & Equipment | 25.30B | 27.64B | 30.17B | 26.63B | 30.06B | 29.22B |
| Long-Term Investments | 1.26B | 609.05M | 579.85M | 531.23M | 550.99M | 498.06M |
| Goodwill | 40.07B | 41.54B | 44.34B | 38.00B | 40.59B | 42.41B |
| Other Intangible Assets | 10.43B | 11.04B | 12.53B | 10.04B | 9.22B | 8.69B |
| Long-Term Deferred Tax Assets | 8.54B | 8.40B | 8.69B | 7.97B | 6.44B | 4.73B |
| Other Long-Term Assets | 12.82B | 11.97B | 12.04B | 12.90B | 13.28B | 14.43B |
| Total Assets | 141.57B | 145.09B | 162.51B | 132.64B | 137.96B | 138.60B |
| Accounts Payable | 21.18B | 23.74B | 25.22B | 23.20B | 24.33B | 25.08B |
| Accrued Expenses | 6.96B | 8.20B | 8.43B | 8.37B | 8.15B | 7.03B |
| Short-Term Debt | 74.34M | 30.51M | ||||
| Current Portion of Long-Term Debt | 137.60M | 154.34M | 163.63M | 151.21M | 198.96M | 194.08M |
| Current Portion of Leases | 859.49M | 1.01B | 1.11B | 1.15B | 783.61M | 653.04M |
| Current Income Taxes Payable | 1.08B | 1.44B | 1.94B | 1.34B | 1.12B | 1.49B |
| Other Current Liabilities | 10.51B | 11.05B | 12.52B | 6.81B | 5.89B | 4.39B |
| Total Current Liabilities | 40.72B | 45.60B | 49.39B | 41.00B | 40.54B | 38.87B |
| Long-Term Debt | 216.06M | 256.94M | 324.03M | 391.03M | 454.36M | 267.14M |
| Long-Term Leases | 1.50B | 1.96B | 1.85B | 1.81B | 2.33B | 1.99B |
| Pension & Post-Retirement Benefits | 1.75B | 2.01B | 2.24B | 2.01B | 2.16B | 3.19B |
| Long-Term Deferred Tax Liabilities | 3.79B | 3.91B | 5.01B | 3.32B | 3.73B | 3.21B |
| Other Long-Term Liabilities | 2.15B | 2.57B | 4.12B | 3.96B | 5.41B | 7.06B |
| Total Liabilities | 50.13B | 56.31B | 62.93B | 52.50B | 54.63B | 54.58B |
| Common Stock | 58.31B | 58.28B | 58.23B | 58.18B | 58.13B | 58.04B |
| Additional Paid-In Capital | 49.57B | 53.66B | 53.66B | 53.66B | 53.66B | 53.66B |
| Retained Earnings | 65.41B | 54.22B | 53.64B | 43.19B | 36.91B | 31.19B |
| Treasury Stock | -2.12B | -2.95B | -1.33B | -1.01B | -1.07B | -1.04B |
| Comprehensive Income & Other | -80.27B | -75.30B | -65.55B | -75.05B | -65.67B | -59.22B |
| Total Common Equity | 90.90B | 87.91B | 98.64B | 78.97B | 81.96B | 82.64B |
| Minority Interest | 546.22M | 860.74M | 938.38M | 1.17B | 1.37B | 1.37B |
| Shareholders' Equity | 91.44B | 88.77B | 99.58B | 80.14B | 83.33B | 84.02B |
| Total Liabilities & Equity | 141.57B | 145.09B | 162.51B | 132.64B | 137.96B | 138.60B |
| Total Debt | 2.71B | 3.39B | 3.45B | 3.50B | 3.85B | 3.13B |
| Net Cash (Debt) | 19.20B | 16.93B | 26.38B | 12.84B | 11.54B | 15.41B |
| Net Cash Per Share | 1.23 | 1.08 | 1.67 | 0.81 | 0.73 | 0.97 |
| Filing Date Shares Outstanding | 15.42B | 15.62B | 15.73B | 15.75B | 15.74B | 15.74B |
| Total Common Shares Outstanding | 15.42B | 15.62B | 15.73B | 15.75B | 15.74B | 15.74B |
| Working Capital | 2.43B | -1.72B | 4.77B | -4.44B | -2.72B | -239.26M |
| Book Value Per Share | 5.90 | 5.63 | 6.27 | 5.01 | 5.21 | 5.25 |
| Tangible Book Value | 40.40B | 35.33B | 41.77B | 30.92B | 32.14B | 31.54B |
| Tangible Book Value Per Share | 2.62 | 2.26 | 2.66 | 1.96 | 2.04 | 2.00 |
| Land | 16.63B | 16.71B | 17.20B | 14.29B | 14.49B | 13.54B |
| Machinery | 54.90B | 7.90B | 7.88B | 7.07B | 7.68B | 7.53B |
| Construction In Progress | 1.22B | 1.85B | 2.52B | 2.55B | 4.35B | 5.40B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 15.75B | 15.50B | 14.44B | 14.50B | 14.46B | 12.67B |
| Depreciation & Amortization | 5.71B | 6.00B | 6.37B | 5.84B | 5.56B | 5.10B |
| Other Amortization | 831.16M | 831.16M | 759.08M | 573.47M | 401.11M | 299.73M |
| Loss (Gain) From Sale of Assets | -168.22M | -947.15M | -121.29M | -86.36M | -88.76M | -142.81M |
| Asset Writedown & Restructuring Costs | 103.60M | |||||
| Loss (Gain) From Sale of Investments | -95.47M | -334.30M | ||||
| Loss (Gain) on Equity Investments | -147.35M | -105.78M | -3.92M | 185.41M | 29.11M | 115.70M |
| Stock-Based Compensation | 452.90M | 454.23M | 400.91M | 331.62M | 313.87M | 387.61M |
| Provision & Write-off of Bad Debts | 222.28M | 257.86M | 379.11M | 358.40M | 351.81M | 200.77M |
| Other Operating Activities | 5.22B | 4.07B | 4.05B | 3.30B | 2.40B | 1.61B |
| Change in Accounts Receivable | -685.66M | -312.89M | 220.44M | -1.37B | -322.51M | 341.43M |
| Change in Inventory | -195.92M | -30.90M | -1.70B | 1.30B | -3.09B | -3.50B |
| Change in Accounts Payable | 1.71B | -1.27B | 1.32B | -223.10M | 726.62M | 6.16B |
| Operating Cash Flow | 28.80B | 24.45B | 26.10B | 24.71B | 20.64B | 22.90B |
| Capital Expenditures | -4.11B | -4.59B | -4.75B | -6.00B | -6.53B | -7.68B |
| Sale of Property, Plant & Equipment | 178.85M | 167.28M | 170.60M | 154.14M | 133.94M | 301.74M |
| Cash Acquisitions | -1.99B | -91.64M | 10.27M | -46.53M | -2.96M | -133.78M |
| Divestitures | -201.61M | 542.00K | ||||
| Investment in Securities | -1.27B | -441.48M | -888.65M | 130.10M | 1.38B | -241.27M |
| Other Investing Activities | -1.65M | 6.15M | -6.60M | 400.00K | 15.00M | 15.01M |
| Investing Cash Flow | -7.39B | -4.95B | -5.46B | -5.77B | -5.00B | -7.73B |
| Long-Term Debt Issued | 51.07M | 489.12M | 49.78M | 274.86M | 315.23M | |
| Long-Term Debt Repaid | -1.33B | -1.94B | -1.41B | -1.08B | -3.12B | |
| Lease Payments | -1.13B | -1.15B | -1.33B | -1.18B | -854.74M | -663.21M |
| Net Debt Issued (Repaid) | -1.23B | -1.28B | -1.45B | -1.36B | -810.10M | -2.80B |
| Issuance of Common Stock | 35.60M | 17.49M | 14.54M | 23.76M | 9.09M | |
| Repurchase of Common Stock | -3.42B | -1.93B | -467.62M | -118.99M | -54.08M | -44.16M |
| Common Dividends Paid | -12.25B | -20.46B | -4.06B | -11.92B | -12.24B | -11.12B |
| Other Financing Activities | -2.56B | -3.10B | -4.40B | -2.73B | -3.26B | -2.09B |
| Financing Cash Flow | -19.43B | -26.77B | -10.35B | -16.12B | -16.34B | -16.04B |
| Foreign Exchange Rate Adjustments | -1.11B | -2.69B | 2.25B | -1.62B | -1.05B | 382.60M |
| Net Cash Flow | 880.55M | -9.96B | 12.54B | 1.21B | -1.75B | -493.15M |
| Free Cash Flow | 24.69B | 19.86B | 21.35B | 18.71B | 14.11B | 15.22B |
| Free Cash Flow Margin | 27.74% | 22.51% | 23.87% | 23.46% | 17.70% | 20.90% |
| Free Cash Flow Per Share | 1.58 | 1.27 | 1.35 | 1.18 | 0.89 | 0.96 |
| Levered Free Cash Flow | 21.06B | 12.53B | 19.34B | 13.43B | 8.45B | 11.74B |
| Unlevered Free Cash Flow | 22.44B | 13.83B | 20.64B | 14.95B | 9.90B | 12.63B |
| Free Cash Flow After Leases | 23.56B | 18.71B | 20.02B | 17.53B | 13.25B | 14.56B |
| Cash Interest Paid | 732.82M | 886.88M | 742.06M | 666.12M | 826.34M | 498.24M |
| Cash Income Tax Paid | 3.68B | 4.19B | 3.62B | 1.63B | 919.00M | 1.31B |
| Change in Working Capital | 831.47M | -1.62B | -164.93M | -296.22M | -2.68B | 3.00B |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 41.45B | 39.24B | 29.85B | 44.54B | 43.24B | 43.56B |
| Enterprise Value | 38.01B | 36.29B | 27.14B | 41.94B | 40.54B | 40.80B |
| Last Close Price | 2.66 | 2.46 | 1.71 | 2.46 | 2.29 | 2.25 |
| PE Ratio | 14.33 | 13.94 | 12.79 | 14.90 | 15.81 | 19.16 |
| PS Ratio | 2.41 | 2.45 | 2.06 | 2.71 | 2.87 | 3.33 |
| PB Ratio | 2.35 | 2.43 | 1.85 | 2.70 | 2.74 | 2.89 |
| P/TBV Ratio | 5.31 | 6.12 | 4.42 | 6.99 | 7.11 | 7.70 |
| P/FCF Ratio | 9.13 | 10.88 | 8.65 | 11.55 | 16.20 | 15.94 |
| P/OCF Ratio | 7.83 | 8.84 | 7.08 | 8.74 | 11.07 | 10.60 |
| EV/Sales Ratio | 2.21 | 2.27 | 1.88 | 2.55 | 2.69 | 3.12 |
| EV/EBITDA Ratio | 7.38 | 7.34 | 6.28 | 8.68 | 9.59 | 10.64 |
| EV/EBIT Ratio | 8.49 | 8.89 | 7.75 | 10.80 | 12.15 | 13.15 |
| EV/FCF Ratio | 8.38 | 10.06 | 7.86 | 10.88 | 15.19 | 14.93 |
| Debt / Equity Ratio | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 |
| Debt / EBITDA Ratio | 0.10 | 0.12 | 0.12 | 0.14 | 0.17 | 0.14 |
| Debt / FCF Ratio | 0.11 | 0.17 | 0.16 | 0.19 | 0.27 | 0.21 |
| Net Debt / Equity Ratio | -0.21 | -0.19 | -0.27 | -0.16 | -0.14 | -0.18 |
| Net Debt / EBITDA Ratio | -0.72 | -0.62 | -0.99 | -0.55 | -0.52 | -0.72 |
| Net Debt / FCF Ratio | -0.78 | -0.85 | -1.24 | -0.69 | -0.82 | -1.01 |
| Asset Turnover | 0.63 | 0.57 | 0.61 | 0.59 | 0.58 | 0.55 |
| Inventory Turnover | 4.20 | 3.86 | 4.09 | 3.49 | 3.38 | 3.83 |
| Quick Ratio | 0.73 | 0.66 | 0.80 | 0.62 | 0.58 | 0.67 |
| Current Ratio | 1.06 | 0.96 | 1.10 | 0.89 | 0.93 | 0.99 |
| Return on Equity (ROE) | 17.65% | 16.98% | 16.52% | 18.30% | 17.80% | 16.49% |
| Return on Assets (ROA) | 10.27% | 9.14% | 9.18% | 8.70% | 7.97% | 8.19% |
| Return on Invested Capital (ROIC) | 25.30% | 25.52% | 23.50% | 26.95% | 25.12% | 25.42% |
| Return on Capital Employed (ROCE) | 23.00% | 22.60% | 19.20% | 20.60% | 18.10% | 17.30% |
| Earnings Yield | 6.98% | 7.17% | 7.82% | 6.71% | 6.33% | 5.22% |
| FCF Yield | 10.95% | 9.19% | 11.56% | 8.66% | 6.17% | 6.27% |
| Dividend Yield | 4.60% | 8.05% | 5.69% | 5.32% | 5.25% | 3.91% |
| Payout Ratio | 65.92% | 131.99% | 28.10% | 82.21% | 84.67% | 87.72% |
| Buyback Yield / Dilution | 0.79% | 0.83% | 0.15% | 0.06% | 0.06% | 0.06% |
| Total Shareholder Return | 5.39% | 8.88% | 5.84% | 5.38% | 5.31% | 3.98% |