Ambev S.A. ADR (ABEV) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.03	$0.04	+33.3%	—	$20.1B	—
Q1 26	$0.04	$0.05	+25.0%	—	$22.5B	—
Q2 25	$0.04	$0.03	-25.0%	—	$20.1B	—
Q4 24	$0.05	$0.05	0.0%	—	$5.2B	—
Q3 24	$0.05	$0.04	-20.0%	—	$4.1B	—
Q2 24	$0.03	$0.03	0.0%	—	$20B	—
Q1 24	$0.05	$0.05	0.0%	—	$20.3B	—
Q4 23	$0.05	$0.06	+20.0%	—	$20B	—
Q3 23	$0.04	$0.05	+25.0%	—	$20.3B	—
Q2 23	$0.03	$0.03	0.0%	—	$18.9B	—
Q1 23	$0.04	$0.05	+25.0%	—	$20.5B	—
Q4 22	$0.05	$0.06	+20.0%	—	$22.7B	—
Q3 22	$0.03	$0.04	+33.3%	—	$20.6B	—
Q2 22	$0.03	$0.04	+33.3%	—	$18B	—
Q1 22	$0.03	$0.04	+33.3%	—	$18.4B	—
Q4 21	$0.05	$0.05	0.0%	—	$22B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.94	—	—	$88.2B	—
FY24	—	$0.92	—	—	$17.2B	—
FY23	—	$0.92	—	—	$79.7B	—
FY22	—	$0.94	—	—	$79.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$45.6B	$47.9B	$50.2B	$52B	$58.4B	$72.9B	$79.7B	$79.7B	$17.2B	$88.2B
YoY change	-2.39%	+5.04%	+4.87%	+3.53%	+12.3%	+24.8%	+9.41%	+0.04%	-78.4%	+412.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	45.6B	47.9B	50.2B	52B	58.4B	72.9B	79.7B	79.7B	17.2B	88.2B
Cost of revenue	16.7B	18B	19.2B	21.7B	27.1B	35.7B	40.4B	39.3B	8.4B	42.9B
Gross profit	28.9B	29.9B	31B	30.3B	31.3B	37.2B	39.3B	40.4B	8.8B	45.4B
Gross margin	63.4%	62.4%	61.7%	58.3%	53.6%	51.1%	49.3%	50.7%	51.2%	51.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.2B	14.4B	14.7B	15.3B	17.6B	21.8B	24B	23.4B	5.1B	25.1B
Operating expenses	13.1B	13.4B	13.7B	14.5B	17B	21B	22.6B	21.7B	4.7B	22.8B
Operating income	15.6B	16.2B	16.9B	16.2B	16.1B	17.2B	17.4B	18.8B	4.1B	22.3B
Operating margin	34.1%	33.9%	33.7%	31.2%	27.5%	23.6%	21.8%	23.5%	24%	25.3%
Non-operating income, net	104.7M	-190.7M	-1.1B	-1.3B	-2.4B	-2.4B	-2.3B	-3B	-273.3M	-2.4B
Pretax income	13.4B	12.8B	13.1B	12.9B	13.5B	13.8B	14.2B	15B	3.7B	19.4B
Income tax	315M	5B	1.8B	754.7M	1.8B	636.6M	-655.6M	75.5M	892.8M	3.4B
Net income	13.1B	7.8B	11.3B	12.2B	11.7B	13.1B	14.9B	15B	2.9B	16B
Net margin	28.7%	16.3%	22.6%	23.4%	20.1%	18%	18.7%	18.8%	16.6%	18.1%
EBITDA	19.2B	19.3B	20.4B	20.7B	23.1B	23.3B	25.3B	27B	5.9B	31.5B
EPS	0.8	0.47	0.7	0.75	0.75	0.83	0.94	0.92	0.92	0.94
Diluted EPS	0.79	0.47	0.7	0.74	0.74	0.82	0.93	0.92	0.91	0.93

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	20.3B	20B	20.3B	20B	4.1B	5.2B	22.5B	20.1B	20.8B	24.8B	22.5B	20.1B
Cost of revenue	10.2B	9.3B	10.1B	10.1B	2.1B	2.4B	10.9B	10B	10.1B	11.8B	10.9B	9.7B
Gross profit	10.1B	10.7B	10.2B	10B	2.1B	2.8B	11.6B	10B	10.7B	13.1B	11.6B	10.4B
Gross margin	49.7%	53.5%	50.4%	49.8%	50.3%	53.7%	51.3%	50%	51.5%	52.6%	51.6%	51.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.7B	5.6B	5.9B	6.4B	1.2B	1.5B	6.4B	6.2B	5.8B	6.7B	6.2B	6.4B
Operating expenses	5.2B	5.1B	5.3B	6B	1.1B	1.3B	5.9B	5.8B	5.4B	5.6B	5.7B	5.6B
Operating income	4.9B	5.8B	4.8B	4B	971.7M	1.5B	5.6B	4.2B	5.3B	7.4B	5.9B	4.8B
Operating margin	24.1%	29%	23.8%	19.7%	23.5%	28.6%	25%	21%	25.3%	29.8%	26.1%	23.6%
Non-operating income, net	-498.9M	-2B	-188.9M	-315.4M	-58.5M	-147.9M	-750.2M	-666.2M	105.5M	-1.2B	-767.9M	-277.1M
Pretax income	4.1B	4.7B	4.5B	3.4B	874.9M	1.3B	4.9B	3.4B	5.2B	5.9B	4.9B	4.3B
Income tax	44.7M	198.2M	671.2M	979.9M	206.7M	362.9M	1.1B	629.1M	350.2M	1.4B	1B	864.5M
Net income	4B	4.5B	3.8B	2.5B	668.2M	966.7M	3.8B	2.8B	4.9B	4.5B	3.9B	3.5B
Net margin	19.8%	22.7%	18.8%	12.2%	16.1%	18.6%	16.9%	13.9%	23.3%	18.3%	17.3%	17.2%
EBITDA	6.9B	8.7B	6.9B	6.1B	1.4B	1.9B	7.9B	6.5B	7.5B	9.5B	7.9B	6.7B
EPS	0.25	0.28	0.23	0.15	0.22	0.31	0.24	0.17	0.3	0.28	0.24	0.22
Diluted EPS	0.25	0.28	0.23	0.15	0.22	0.31	0.23	0.17	0.3	0.28	0.24	0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	450.4B	593.1B	360.1B	428.3B	281.4B	257.5B	250.2B	259.3B	—	—	44.2B
Enterprise value	447.7B	587.3B	352.7B	419.5B	267.4B	242.1B	238.7B	246.5B	—	—	5.8B
Shares outstanding	91.7B	91.8B	91.9B	91.9B	92B	92B	92B	92.6B	3B	15.6B	15.6B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	34.4	76.2	31.7	35.1	24	19.6	16.8	17.3	—	—	14.4
P/S	9.88	12.4	7.17	8.24	4.82	3.53	3.14	3.25	—	—	0.5
P/B	9.66	12.5	6.27	6.85	3.74	3.07	3	3.24	—	—	2.56
EV/EBITDA	23.3	30.4	17.3	20.3	11.6	10.4	9.42	9.12	—	—	1.13
EV/Sales	9.82	12.3	7.02	8.07	4.58	3.32	2.99	3.09	—	—	0.34
Earnings yield	2.9%	1.31%	3.15%	2.85%	4.17%	5.1%	5.95%	5.77%	—	—	6.97%
FCF yield	1.82%	2.54%	4.1%	3.11%	5.03%	5.91%	5.64%	7.21%	—	—	8.66%
PEG	—	—	—	—	—	—	—	—	—	—	0.55

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.4%	62.4%	61.7%	58.3%	53.6%	51.1%	49.3%	50.7%	51.2%	51.4%	51.9%
Operating margin	34.1%	33.9%	33.7%	31.2%	27.5%	23.6%	21.8%	23.5%	24%	25.3%	23.7%
Net margin	28.7%	16.3%	22.6%	23.4%	20.1%	18%	18.7%	18.8%	16.6%	18.1%	18.4%
ROE	28%	16.4%	19.8%	19.5%	15.6%	15.6%	17.9%	18.7%	14.9%	18%	18.4%
ROA	15.6%	8.81%	11.9%	12%	9.37%	9.47%	10.8%	11.3%	9.14%	11%	10.3%
ROIC	34.6%	23.6%	29.2%	28.5%	22.8%	23.9%	24.2%	27.8%	22.4%	25.6%	26%
Return on tangible assets	106.1%	47.9%	73.3%	63.8%	39.1%	36%	38.9%	40.9%	30.4%	40%	45.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.83	0.84	1	1.1	1.06	0.99	0.93	0.89	1.1	0.96	1.02
Quick ratio	0.69	0.69	0.8	0.88	0.84	0.73	0.62	0.67	0.86	0.73	0.76
Debt / equity	0.12	0.1	0.07	0.05	0.06	0.04	0.05	0.04	0.03	0.04	0.03
Debt / assets	0.06	0.05	0.04	0.03	0.04	0.02	0.03	0.03	0.02	0.02	0.02
Net debt / EBITDA	-0.14	-0.3	-0.36	-0.43	-0.61	-0.66	-0.46	-0.47	-0.87	-0.54	-0.49
Interest coverage	6.91	7.08	8.58	8.09	7.39	8.49	5.92	6.34	9.13	8.14	8.5
Effective tax rate	2.35%	39.3%	13.5%	5.83%	13.1%	4.63%	0%	0.5%	23.8%	17.7%	17.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.5	0.52	0.55	0.57	0.63	0.79	0.87	0.86	5.69	5.65	5.66
EPS (basic)	0.8	0.47	0.7	0.75	0.75	0.83	0.94	0.92	0.92	0.94	0.94
EPS (diluted)	0.79	0.47	0.7	0.74	0.74	0.82	0.93	0.92	0.91	0.93	0.2
Book value per share	0.51	0.52	0.63	0.68	0.82	0.91	0.91	0.87	6.33	5.68	1.12
FCF per share	0.09	0.16	0.16	0.14	0.15	0.17	0.15	0.2	1.36	1.27	1.54
Cash per share	0.09	0.11	0.12	0.13	0.2	0.2	0.17	0.18	1.9	1.3	1.19
Capex per share	0.04	0.03	0.04	0.05	0.05	0.08	0.07	0.06	0.29	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.77%	6.48%	6.91%	9.38%	7.85%	10.1%	8.03%	7.34%	5.12%	—	—
Capex / operating cash flow	21%	15%	18.1%	26.7%	27.3%	44.2%	38.3%	26%	17%	—	—
Payout ratio	79%	113.3%	77.7%	64.6%	58.4%	84.7%	82.2%	79.7%	27.3%	128%	77%
Dividend yield	2.29%	1.49%	2.45%	1.84%	2.43%	4.32%	4.89%	4.6%	—	—	0.98%

Yield

0.98%

trailing twelve months

Frequency

Annual

Last dividend

$0.014

ex-dividend Sep 23, 2026

Payout ratio

77%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 23, 2026	$0.014
Jun 24, 2026	$0.009
Aug 11, 2025	$0.023

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$20.3B	$20B	$20.3B	$20B	$4.1B	$5.2B	$22.5B	$20.1B	$20.8B	$24.8B	$22.5B	$20.1B
YoY change	-1.31%	-11.9%	-1.24%	+6.06%	-79.6%	-74%	+11%	+0.23%	+403.6%	+376.9%	-0.15%	+0.29%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.2B	10.4B	11.5B	11.9B	18.8B	18.5B	15.4B	16.3B	5.7B	20.3B
Receivables	4.4B	4.4B	4.9B	4.5B	4.3B	4.8B	5.3B	5.7B	1.2B	6.4B
Inventory	4.1B	4.3B	5.1B	5.7B	7.2B	10.4B	12.6B	9.1B	2.2B	10.5B
Total current assets	23.9B	24.4B	25.3B	27.6B	35.3B	38.6B	37.8B	36.6B	10.4B	43.9B
Property, plant & equipment	19.2B	19.8B	20.7B	21.2B	23B	26.9B	27.7B	23.7B	5.1B	23.9B
Goodwill & intangibles	71.5B	72.2B	80.2B	82.6B	95.2B	102.2B	99.6B	96.1B	21.9B	105.2B
Total assets	83.8B	88.4B	95.7B	101.7B	125.2B	138.6B	138B	132.6B	31.3B	145.1B
Accounts payable	10.9B	11.9B	14.1B	15.1B	19.3B	25.1B	24.3B	23.2B	4.9B	23.7B
Short-term debt	3.6B	1.7B	1.9B	653.1M	2.7B	877.6M	1.1B	1.3B	245.6M	1.2B
Total current liabilities	28.8B	29.1B	25.2B	25B	33.5B	38.9B	40.5B	41B	9.5B	45.6B
Long-term debt	1.8B	2.8B	2.2B	2.4B	2.1B	2.3B	2.8B	2.2B	418.7M	2.2B
Total liabilities	37.2B	40.8B	38.3B	39.2B	50B	54.6B	54.6B	52.5B	12.1B	56.3B
Shareholders' equity	46.7B	47.6B	57.5B	62.6B	75.2B	84B	83.3B	80.1B	19.2B	88.8B
Total debt	5.4B	4.5B	4.1B	3.1B	4.8B	3.1B	3.8B	3.5B	664.3M	3.4B
Net debt	-2.5B	-5.8B	-7.4B	-8.8B	-12.3B	-13.5B	-11.1B	-12.6B	-4.8B	-15.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	17.6B	16.3B	13.9B	15.3B	3.9B	5.7B	20.3B	17.5B	19.8B	20.3B	19.6B	18.3B
Receivables	5.5B	5.7B	5.3B	5.9B	1.1B	1.2B	5.6B	5.1B	5.6B	6.4B	5.9B	5.6B
Inventory	10.8B	9.1B	10.3B	10.8B	2B	2.2B	11.6B	11.4B	10.5B	10.5B	10.4B	10.4B
Total current assets	37.6B	36.6B	34.7B	38.3B	8B	10.4B	43.6B	40.8B	41.9B	43.9B	42.8B	40.5B
Property, plant & equipment	26B	23.7B	24.6B	25.8B	4.8B	5.1B	25B	24B	23.1B	23.9B	22.7B	—
Goodwill & intangibles	98.5B	96.1B	100.1B	107.4B	20B	21.9B	108.5B	106.1B	102.6B	105.2B	103.7B	101.3B
Total assets	137.9B	132.6B	133.8B	143.4B	27.6B	31.3B	147.3B	142.2B	140.8B	145.1B	142.8B	138.2B
Accounts payable	18.2B	23.2B	21.8B	20.8B	3.9B	4.9B	22.6B	19.9B	19.3B	23.7B	22.2B	20.7B
Short-term debt	1.2B	1.3B	1.6B	1.2B	226.9M	245.6M	1.1B	1.1B	1.1B	1.2B	1.1B	1.1B
Total current liabilities	33.8B	41B	34.9B	34.6B	6.7B	9.5B	39.3B	36.9B	36.6B	45.6B	41.7B	39.6B
Long-term debt	2.5B	2.2B	2.2B	2.2B	406.4M	418.7M	2.1B	2.1B	1.8B	2.2B	2B	1.9B
Total liabilities	46.4B	52.5B	46.4B	47.4B	9.1B	12.1B	51.8B	48.9B	48B	56.3B	51.9B	49.3B
Shareholders' equity	91.6B	80.1B	87.4B	96B	18.5B	19.2B	95.5B	93.2B	92.7B	88.8B	90.8B	88.9B
Total debt	3.7B	3.5B	3.8B	3.5B	633.3M	664.3M	3.2B	3.2B	2.9B	3.4B	3.1B	2.9B
Net debt	-13.7B	-12.6B	-9B	-10.7B	-3.1B	-4.8B	-15.9B	-13.2B	-15.4B	-15.3B	-14.9B	-13.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	13.1B	7.8B	11.3B	12.2B	11.7B	13.1B	14.9B	15B	2.9B	16B
Depreciation & amortization	3.5B	4B	4.4B	4.7B	5.2B	5.4B	6B	6.4B	1.4B	6.8B
Stock-based compensation	170.3M	209.3M	161M	205.7M	208.7M	387.6M	313.9M	331.6M	77.1M	454.2M
Change in working capital	-1B	-329.4M	-1.3B	-1.6B	-2.2B	-3.2B	-3.4B	-73M	-285.2M	-343.8M
Operating cash flow	19B	20.7B	19.2B	18.3B	16.8B	16.7B	16.7B	22.5B	5.2B	24.5B
Capital expenditure	-4B	-3.1B	-3.5B	-4.9B	-4.6B	-7.4B	-6.4B	-5.8B	-880.9M	—
Investing cash flow	-5.9B	-3.1B	-3.7B	-4.8B	-6.8B	-7.7B	-5B	-5.8B	-1.1B	-526.9M
Dividends paid	-10.3B	-8.8B	-8.8B	-7.9B	-6.9B	-11.1B	-12.2B	-11.9B	-780.4M	-20.5B
Share repurchases	—	-38.6M	—	-32.1M	-7.4M	-44.2M	-54.1M	-119M	-90M	-1.9B
Financing cash flow	-11.6B	-13.3B	-13.7B	-12.3B	-8.6B	-16B	-16.3B	-16.1B	-2B	-25.4B
Net change in cash	1.5B	4.3B	1.9B	1.2B	1.4B	-7.1B	-4.7B	602.9M	2.1B	-1.5B
Free cash flow	8.2B	15.1B	14.8B	13.3B	14.2B	15.2B	14.1B	18.7B	4.1B	19.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4B	4.5B	3.8B	2.5B	668.2M	966.7M	3.8B	2.8B	4.9B	4.5B	3.9B	3.5B
Depreciation & amortization	1.7B	1.5B	1.6B	1.7B	324.2M	393.2M	1.7B	1.7B	1.6B	1.8B	1.6B	1.5B
Stock-based compensation	87.8M	61.9M	101.3M	83.2M	19.3M	21.9M	99M	107.1M	100M	148.1M	93.1M	97.4M
Change in working capital	623.4M	-325.5M	-904.8M	-728.6M	18.4M	10.2M	-299.8M	666M	382.3M	-1.1B	-269.8M	468.7M
Operating cash flow	7.3B	6.2B	5.7B	5.1B	1.3B	1.8B	6.5B	3.1B	6.9B	13.3B	3.2B	4.7B
Capital expenditure	-1.3B	-2.2B	-979.7M	-973.3M	-217.2M	-282M	-796M	—	—	—	—	—
Investing cash flow	-1.2B	-2.3B	-1.8B	-969.5M	-212.5M	-282.9M	-784.4M	1.2M	-164.5M	-466.4M	-2B	64.6M
Dividends paid	-125.4M	-11.6B	-11.6M	-86M	-16.9M	-744.3M	-6.6B	-2.1B	-2.1B	-9.7B	-1.5M	-1.2B
Share repurchases	-54.1M	-39.9M	-76.2M	-291.1M	-42.7K	-19.2M	-1.1B	-774.6M	0	-90.9M	-413.5M	—
Financing cash flow	-1.4B	-12B	-2.3B	-1.7B	-203.8M	-1B	-8.8B	-4B	-3.2B	-10.7B	-1.2B	-2.2B
Net change in cash	4.7B	-8.1B	1.6B	2.5B	885.9M	533.9M	-3.2B	-908.5M	3.5B	2B	-27.8M	2.6B
Free cash flow	6.6B	11.7B	-297.7M	2.3B	1.3B	2.4B	375.8M	2B	5.9B	11.6B	2.7B	3.8B

Date	Ratio
Nov 11, 2013	5:1
Dec 28, 2010	5:1
Jun 9, 2005	6:5

Ambev S.A. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history