NYSE : BUD
Anheuser-Busch InBev SA/NV — Financial statements
Consumer Staples · Beverages - Brewers · Belgium
Last price 79.52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 155.58B
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Financial statements
Anheuser-Busch InBev SA/NV (BUD) reported revenue of 63.99B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 63.99B | 59.32B | 59.77B | 59.38B | 57.79B | 54.30B |
| Cost of Revenue | 27.86B | 26.14B | 26.74B | 27.40B | 26.30B | 23.10B |
| Gross Profit | 36.14B | 33.18B | 33.02B | 31.98B | 31.48B | 31.21B |
| Selling, General & Admin | 19.76B | 18.21B | 18.43B | 18.26B | 17.63B | 17.65B |
| Other Operating Expenses | -712.00M | -713.00M | -700.00M | -661.00M | -558.00M | -514.00M |
| Operating Expenses | 19.05B | 17.49B | 17.73B | 17.60B | 17.07B | 17.13B |
| Operating Income | 17.09B | 15.69B | 15.29B | 14.38B | 14.41B | 14.07B |
| Interest Expense | -3.17B | -3.34B | -3.58B | -3.91B | -3.81B | -3.85B |
| Interest & Investment Income | 511.00M | 511.00M | 591.00M | 565.00M | 294.00M | 113.00M |
| Earnings From Equity Investments | 376.00M | 378.00M | 329.00M | 295.00M | 299.00M | 248.00M |
| Currency Exchange Gain (Loss) | -386.00M | -386.00M | -147.00M | -353.00M | -363.00M | -101.00M |
| Other Non Operating Income (Expenses) | -1.08B | -1.11B | -1.28B | -1.43B | -1.48B | -1.16B |
| EBT Excluding Unusual Items | 13.34B | 11.74B | 11.21B | 9.55B | 9.35B | 9.32B |
| Merger & Restructuring Charges | -123.00M | -121.00M | -156.00M | -142.00M | -111.00M | -189.00M |
| Impairment of Goodwill | -20.00M | |||||
| Gain (Loss) on Sale of Assets | 95.00M | 95.00M | 88.00M | 73.00M | 82.00M | 65.00M |
| Asset Writedown | -15.00M | -15.00M | -9.00M | -176.00M | -258.00M | |
| Legal Settlements | 117.00M | 117.00M | 142.00M | 193.00M | 369.00M | 344.00M |
| Other Unusual Items | 1.37B | -489.00M | -710.00M | -530.00M | 8.00M | -821.00M |
| Pretax Income | 14.79B | 11.33B | 10.57B | 9.12B | 9.53B | 8.46B |
| Income Tax Expense | 3.38B | 2.85B | 3.15B | 2.23B | 1.93B | 2.35B |
| Earnings From Continuing Operations | 11.41B | 8.48B | 7.42B | 6.89B | 7.60B | 6.11B |
| Net Income to Company | 11.41B | 8.48B | 7.42B | 6.89B | 7.60B | 6.11B |
| Minority Interest in Earnings | -1.54B | -1.64B | -1.56B | -1.55B | -1.63B | -1.44B |
| Net Income | 9.87B | 6.84B | 5.86B | 5.34B | 5.97B | 4.67B |
| Net Income to Common | 9.87B | 6.84B | 5.86B | 5.34B | 5.97B | 4.67B |
| Shares Outstanding (Basic) | 1.97B | 1.98B | 2.00B | 2.02B | 2.01B | 2.01B |
| Shares Outstanding (Diluted) | 2.01B | 2.02B | 2.04B | 2.05B | 2.05B | 2.04B |
| EPS (Basic) | 5.00 | 3.45 | 2.92 | 2.65 | 2.97 | 2.33 |
| EPS (Diluted) | 4.92 | 3.39 | 2.86 | 2.60 | 2.91 | 2.28 |
| Free Cash Flow | 11.23B | 11.19B | 8.63B | 8.14B | 9.16B | |
| Free Cash Flow Per Share | 5.56 | 5.48 | 4.20 | 3.97 | 4.48 | |
| Dividend Per Share | 1.63 | 1.35 | 1.04 | 0.91 | 0.80 | 0.57 |
| Gross Margin | 56.47% | 55.93% | 55.25% | 53.86% | 54.48% | 57.47% |
| Operating Margin | 26.71% | 26.44% | 25.59% | 24.22% | 24.94% | 25.91% |
| Profit Margin | 15.42% | 11.53% | 9.80% | 9.00% | 10.33% | 8.60% |
| Free Cash Flow Margin | 18.93% | 18.73% | 14.53% | 14.08% | 16.87% | |
| EBITDA | 20.26B | 19.42B | 19.79B | 18.75B | 18.68B | 18.19B |
| EBITDA Margin | 31.66% | 32.74% | 33.12% | 31.59% | 32.33% | 33.50% |
| D&A For EBITDA | 3.17B | 3.74B | 4.50B | 4.37B | 4.27B | 4.12B |
| EBIT | 17.09B | 15.69B | 15.29B | 14.38B | 14.41B | 14.07B |
| EBIT Margin | 26.71% | 26.44% | 25.59% | 24.22% | 24.94% | 25.91% |
| Effective Tax Rate | 22.83% | 25.16% | 29.83% | 24.48% | 20.24% | 27.77% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.64B | 11.17B | 10.33B | 9.97B | 12.10B | |
| Short-Term Investments | 306.00M | 221.00M | 67.00M | 97.00M | 374.00M | |
| Cash & Short-Term Investments | 8.01B | 11.94B | 11.39B | 10.40B | 10.07B | 12.47B |
| Accounts Receivable | 4.31B | 3.85B | 4.42B | 3.71B | 3.56B | |
| Other Receivables | 2.06B | 1.65B | 1.96B | 2.03B | 1.51B | |
| Receivables | 6.38B | 5.50B | 6.37B | 5.73B | 5.08B | |
| Inventory | 5.11B | 5.02B | 5.58B | 6.61B | 5.40B | |
| Prepaid Expenses | 568.00M | 493.00M | 474.00M | 410.00M | 350.00M | |
| Other Current Assets | 773.00M | 587.00M | 539.00M | 361.00M | 652.00M | |
| Total Current Assets | 24.77B | 23.00B | 23.37B | 23.19B | 23.95B | |
| Property, Plant & Equipment | 23.66B | 23.50B | 26.82B | 26.67B | 26.68B | |
| Long-Term Investments | 5.16B | 4.78B | 5.05B | 4.83B | 6.04B | |
| Goodwill | 117.91B | 110.48B | 117.04B | 113.01B | 115.80B | |
| Other Intangible Assets | 41.98B | 40.03B | 41.29B | 40.21B | 40.43B | |
| Long-Term Accounts Receivable | 329.00M | 220.00M | 282.00M | 308.00M | 336.00M | |
| Long-Term Deferred Tax Assets | 2.71B | 2.49B | 2.94B | 2.30B | 1.97B | |
| Other Long-Term Assets | 2.28B | 2.13B | 2.56B | 2.43B | 2.43B | |
| Total Assets | 218.81B | 206.64B | 219.34B | 212.94B | 217.63B | |
| Accounts Payable | 17.05B | 16.01B | 17.73B | 18.59B | 17.81B | |
| Accrued Expenses | 7.09B | 6.54B | 7.04B | 6.73B | 6.72B | |
| Short-Term Debt | 14.00M | 17.00M | 83.00M | 53.00M | ||
| Current Portion of Long-Term Debt | 426.00M | 977.00M | 3.31B | 692.00M | 1.06B | |
| Current Portion of Leases | 621.00M | 556.00M | 703.00M | 529.00M | 447.00M | |
| Current Income Taxes Payable | 1.82B | 1.80B | 1.58B | 1.44B | 1.33B | |
| Other Current Liabilities | 7.45B | 7.18B | 6.78B | 6.32B | 6.76B | |
| Total Current Liabilities | 34.48B | 33.07B | 37.16B | 34.38B | 34.18B | |
| Long-Term Debt | 70.50B | 69.04B | 72.19B | 76.92B | 85.54B | |
| Long-Term Leases | 1.78B | 1.75B | 2.13B | 1.96B | 1.83B | |
| Pension & Post-Retirement Benefits | 1.27B | 1.30B | 1.67B | 1.53B | 2.26B | |
| Long-Term Deferred Tax Liabilities | 11.40B | 11.32B | 11.87B | 11.82B | 12.20B | |
| Other Long-Term Liabilities | 1.65B | 1.47B | 1.65B | 2.05B | 2.27B | |
| Total Liabilities | 121.07B | 117.94B | 126.66B | 128.66B | 138.29B | |
| Common Stock | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B | |
| Additional Paid-In Capital | 17.62B | 17.62B | 17.62B | 17.62B | 17.62B | |
| Retained Earnings | 50.13B | 46.58B | 42.22B | 38.82B | 33.88B | |
| Treasury Stock | -5.08B | -3.89B | -3.46B | -3.71B | -3.99B | |
| Comprehensive Income & Other | 22.89B | 16.19B | 23.74B | 18.93B | 19.43B | |
| Total Common Equity | 93.50B | 87.29B | 78.24B | 81.85B | 73.40B | 68.67B |
| Minority Interest | 10.45B | 10.46B | 10.83B | 10.88B | 10.67B | |
| Shareholders' Equity | 101.19B | 97.74B | 88.70B | 92.68B | 84.28B | 79.34B |
| Total Liabilities & Equity | 218.81B | 206.64B | 219.34B | 212.94B | 217.63B | |
| Total Debt | 72.73B | 73.33B | 72.32B | 78.34B | 80.18B | 88.93B |
| Net Cash (Debt) | -64.72B | -61.39B | -60.92B | -67.94B | -70.11B | -76.46B |
| Net Cash Per Share | -32.23 | -30.42 | -29.81 | -33.08 | -34.20 | -37.39 |
| Filing Date Shares Outstanding | 1.97B | 1.95B | 1.98B | 1.98B | 1.98B | 1.98B |
| Total Common Shares Outstanding | 1.97B | 1.95B | 1.98B | 1.98B | 1.98B | 1.98B |
| Working Capital | -9.71B | -10.07B | -13.79B | -11.20B | -10.23B | |
| Book Value Per Share | 47.42 | 44.75 | 39.61 | 41.26 | 37.00 | 34.66 |
| Tangible Book Value | -68.72B | -72.61B | -72.28B | -76.48B | -79.82B | -87.56B |
| Tangible Book Value Per Share | -34.86 | -37.22 | -36.59 | -38.55 | -40.24 | -44.20 |
| Land | 13.23B | 12.32B | 13.07B | 12.59B | 12.37B | |
| Machinery | 42.75B | 38.05B | 39.78B | 37.47B | 35.91B | |
| Construction In Progress | 1.01B | 1.17B | 1.67B | 2.21B | 2.46B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.84B | 5.86B | 5.34B | 5.97B | 4.67B | |
| Depreciation & Amortization | 4.48B | 5.28B | 5.18B | 4.90B | 4.69B | |
| Other Amortization | 701.00M | |||||
| Asset Writedown & Restructuring Costs | 471.00M | 264.00M | 232.00M | 176.00M | 358.00M | |
| Loss (Gain) on Equity Investments | -387.00M | -433.00M | -260.00M | 844.00M | -248.00M | |
| Stock-Based Compensation | 625.00M | 644.00M | 570.00M | 448.00M | 510.00M | |
| Other Operating Activities | 2.98B | 3.84B | 4.16B | 1.66B | 2.73B | |
| Change in Accounts Receivable | -187.00M | 341.00M | -1.15B | -48.00M | 164.00M | |
| Change in Inventory | 87.00M | -149.00M | 717.00M | -1.55B | -1.23B | |
| Change in Accounts Payable | -298.00M | -215.00M | -1.11B | 1.25B | 3.53B | |
| Change in Other Net Operating Assets | -426.00M | -374.00M | -419.00M | -351.00M | -375.00M | |
| Operating Cash Flow | 14.88B | 15.05B | 13.27B | 13.30B | 14.80B | |
| Capital Expenditures | -3.66B | -3.86B | -4.64B | -5.16B | -5.64B | |
| Sale of Property, Plant & Equipment | 104.00M | 128.00M | 156.00M | 322.00M | 142.00M | |
| Cash Acquisitions | -46.00M | -70.00M | -444.00M | |||
| Divestitures | 18.00M | 9.00M | ||||
| Other Investing Activities | 98.00M | 522.00M | 83.00M | 288.00M | 64.00M | |
| Investing Cash Flow | -3.44B | -3.26B | -4.39B | -4.62B | -5.88B | |
| Long-Term Debt Issued | 4.40B | 5.46B | 202.00M | 91.00M | 454.00M | |
| Long-Term Debt Repaid | -7.59B | -10.08B | -3.88B | -7.88B | -9.50B | |
| Lease Payments | -733.00M | -787.00M | -780.00M | -610.00M | -531.00M | |
| Net Debt Issued (Repaid) | -3.19B | -4.62B | -3.68B | -7.78B | -9.04B | |
| Repurchase of Common Stock | -2.30B | -937.00M | -362.00M | |||
| Common Dividends Paid | -4.54B | -2.67B | -3.01B | -2.44B | -2.36B | |
| Other Financing Activities | -1.41B | -1.63B | -1.51B | -394.00M | -192.00M | |
| Financing Cash Flow | -11.45B | -9.85B | -8.56B | -10.62B | -11.60B | |
| Foreign Exchange Rate Adjustments | 452.00M | -1.08B | 109.00M | -211.00M | -526.00M | |
| Net Cash Flow | 449.00M | 860.00M | 424.00M | -2.15B | -3.20B | |
| Free Cash Flow | 11.23B | 11.19B | 8.63B | 8.14B | 9.16B | |
| Free Cash Flow Margin | 18.93% | 18.73% | 14.53% | 14.08% | 16.87% | |
| Free Cash Flow Per Share | 5.56 | 5.48 | 4.20 | 3.97 | 4.48 | |
| Levered Free Cash Flow | 10.53B | 9.15B | 7.86B | 5.63B | 8.97B | |
| Unlevered Free Cash Flow | 12.61B | 11.39B | 10.30B | 8.01B | 11.38B | |
| Free Cash Flow After Leases | 10.49B | 10.40B | 7.85B | 7.53B | 8.63B | |
| Cash Interest Paid | 3.35B | 3.65B | 3.88B | 4.13B | 3.99B | |
| Cash Income Tax Paid | 3.24B | 3.13B | 2.70B | 2.58B | 2.41B | |
| Change in Working Capital | -824.00M | -397.00M | -1.96B | -697.00M | 2.08B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 158.41B | 125.87B | 98.51B | 128.29B | 119.24B | 122.37B |
| Enterprise Value | 229.61B | 205.13B | 174.01B | 217.52B | 214.46B | 215.30B |
| Last Close Price | 80.38 | 63.48 | 48.90 | 62.42 | 57.44 | 57.52 |
| PE Ratio | 16.60 | 18.41 | 16.82 | 24.02 | 19.98 | 26.20 |
| PS Ratio | 2.48 | 2.12 | 1.65 | 2.16 | 2.06 | 2.25 |
| PB Ratio | 1.57 | 1.29 | 1.11 | 1.38 | 1.42 | 1.54 |
| P/FCF Ratio | 11.51 | 11.21 | 8.80 | 14.87 | 14.65 | 13.36 |
| P/OCF Ratio | 9.09 | 8.46 | 6.54 | 9.67 | 8.97 | 8.27 |
| EV/Sales Ratio | 3.59 | 3.46 | 2.91 | 3.66 | 3.71 | 3.96 |
| EV/EBITDA Ratio | 11.33 | 10.56 | 8.79 | 11.60 | 11.48 | 11.83 |
| EV/EBIT Ratio | 13.43 | 13.08 | 11.38 | 15.12 | 14.88 | 15.30 |
| EV/FCF Ratio | 16.68 | 18.27 | 15.55 | 25.21 | 26.35 | 23.51 |
| Debt / Equity Ratio | 0.72 | 0.75 | 0.81 | 0.84 | 0.95 | 1.12 |
| Debt / EBITDA Ratio | 3.46 | 3.64 | 3.51 | 4.00 | 4.15 | 4.74 |
| Debt / FCF Ratio | 6.53 | 6.46 | 9.08 | 9.85 | 9.71 | |
| Net Debt / Equity Ratio | 0.64 | 0.63 | 0.69 | 0.73 | 0.83 | 0.96 |
| Net Debt / EBITDA Ratio | 3.19 | 3.16 | 3.08 | 3.62 | 3.75 | 4.20 |
| Net Debt / FCF Ratio | 5.47 | 5.44 | 7.88 | 8.62 | 8.35 | |
| Asset Turnover | 0.28 | 0.28 | 0.28 | 0.27 | 0.24 | |
| Inventory Turnover | 5.16 | 5.04 | 4.49 | 4.38 | 4.67 | |
| Quick Ratio | 0.53 | 0.51 | 0.45 | 0.46 | 0.51 | |
| Current Ratio | 0.72 | 0.70 | 0.63 | 0.67 | 0.70 | |
| Return on Equity (ROE) | 9.09% | 8.18% | 7.79% | 9.29% | 7.75% | |
| Return on Assets (ROA) | 4.61% | 4.49% | 4.16% | 4.18% | 3.96% | |
| Return on Invested Capital (ROIC) | 7.95% | 7.60% | 6.92% | 6.90% | 7.41% | 6.41% |
| Return on Capital Employed (ROCE) | 8.50% | 8.80% | 7.90% | 8.10% | 7.70% | |
| Earnings Yield | 6.02% | 5.43% | 5.94% | 4.16% | 5.01% | 3.82% |
| FCF Yield | 8.69% | 8.92% | 11.36% | 6.72% | 6.83% | 7.49% |
| Dividend Yield | 1.68% | 2.09% | 2.08% | 1.40% | 1.33% | 0.92% |
| Payout Ratio | 27.79% | 66.45% | 45.64% | 56.41% | 40.91% | 50.62% |
| Buyback Yield / Dilution | 1.10% | 1.27% | 0.49% | -0.19% | -0.24% | -2.35% |
| Total Shareholder Return | 2.77% | 3.36% | 2.56% | 1.21% | 1.09% | -1.43% |