Anheuser-Busch InBev SA/NV Sponsored ADR (BUD) 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	$1.14	$1.21	+6.1%	—	$16.7B	—
Q1 26	$0.91	$0.97	+6.6%	—	$15.3B	—
Q4 25	$0.88	$0.95	+8.0%	—	$15.6B	—
Q3 25	$0.95	$0.99	+4.2%	—	$15.1B	—
Q2 25	$0.95	$0.98	+3.2%	—	$15B	—
Q1 25	$0.73	$0.81	+11.0%	—	$13.6B	—
Q4 24	$0.63	$0.88	+39.7%	—	$14.8B	—
Q3 24	$0.91	$0.98	+7.7%	—	$15B	—
Q2 24	$0.85	$0.9	+5.9%	—	$15.3B	—
Q1 24	$0.66	$0.75	+13.6%	—	$14.5B	—
Q4 23	$0.71	$0.82	+15.5%	—	$14.5B	—
Q3 23	$0.81	$0.86	+6.2%	—	$15.6B	—
Q2 23	$0.69	$0.72	+4.3%	—	$15.1B	—
Q1 23	$0.62	$0.65	+4.8%	—	$14.2B	—
Q4 22	$0.71	$0.92	+29.6%	—	$14.7B	—
Q3 22	$0.73	$0.81	+11.0%	—	$15.1B	—

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	—	$3.45	—	—	$59.3B	—
FY24	—	$2.92	—	—	$59.8B	—
FY23	—	$2.65	—	—	$59.4B	—
FY22	—	$2.97	—	—	$57.8B

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	$45.5B	$54.9B	$53B	$52.3B	$46.9B	$54.3B	$57.8B	$59.4B	$59.8B	$59.3B
YoY change	+5.7%	+20.5%	-3.31%	-1.34%	-10.4%	+15.8%	+6.41%	+2.76%	+0.65%	-0.75%

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	45.5B	54.9B	53B	52.3B	46.9B	54.3B	57.8B	59.4B	59.8B	59.3B
Cost of revenue	17.8B	21B	19.9B	20.4B	19.6B	23.1B	26.3B	27.4B	26.7B	26.1B
Gross profit	27.7B	33.9B	33.1B	32B	27.2B	31.2B	31.5B	32B	33B	33.2B
Gross margin	60.9%	61.8%	62.4%	61.1%	58.1%	57.5%	54.5%	53.9%	55.3%	55.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	15.2B	17.8B	16.8B	16.4B	15.4B	17.6B	17.6B	18.2B	18.3B	18.1B
Operating expenses	14.7B	17.3B	16.7B	16.1B	14.6B	17B	17B	17.7B	17.9B	17.5B
Operating income	12.9B	16.5B	16.4B	15.8B	12.6B	14.2B	14.5B	14.3B	15.1B	15.7B
Operating margin	28.4%	30.1%	31%	30.1%	26.9%	26.2%	25%	24%	25.3%	26.4%
Non-operating income, net	-911M	-677M	145M	728M	-4.5B	-796M	-1.9B	-1B	-761M	-739M
Pretax income	4.3B	10.3B	7.7B	12.8B	2.1B	8.5B	9.5B	9.1B	10.6B	11.3B
Income tax	1.6B	1.7B	2.6B	2.8B	1.9B	2.4B	1.9B	2.2B	3.2B	2.9B
Net income	2.8B	9.2B	5.7B	10.4B	2.2B	6.1B	7.6B	6.9B	7.4B	8.5B
Net margin	6.08%	16.7%	10.7%	19.9%	4.7%	11.3%	13.1%	11.6%	12.4%	14.3%
EBITDA	13.8B	21.5B	22B	22.1B	16.3B	19.1B	20.3B	20.6B	21.6B	22.1B
EPS	0.72	4.06	2.21	4.62	0.7	2.33	2.97	2.65	2.92	3.45
Diluted EPS	0.71	3.98	2.17	4.53	0.7	2.28	2.91	2.6	2.92	3.39

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	15.6B	14.5B	14.5B	15.3B	15B	14.8B	13.6B	15B	15.1B	15.6B	15.3B	16.7B
Cost of revenue	7.2B	6.7B	6.7B	6.8B	6.7B	6.6B	6B	6.6B	6.6B	6.9B	6.6B	7.1B
Gross profit	8.4B	7.8B	7.9B	8.6B	8.4B	8.2B	7.6B	8.4B	8.5B	8.6B	8.6B	9.6B
Gross margin	53.9%	53.9%	54.3%	55.9%	55.6%	55.2%	55.6%	56.3%	56.4%	55.4%	56.6%	57.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	4.6B	4.5B	4.4B	4.8B	4.5B	4.6B	4.2B	4.6B	4.5B	4.8B	4.7B	5.2B
Operating expenses	4.4B	4.3B	4.3B	4.7B	4.3B	4.7B	4B	4.4B	4.3B	4.6B	4.6B	5B
Operating income	4B	3.5B	3.6B	3.9B	4.1B	3.5B	3.6B	4B	4.2B	4B	4.1B	4.6B
Operating margin	25.9%	24.1%	24.8%	25.5%	27.2%	23.7%	26.3%	26.7%	27.8%	26%	26.7%	27.6%
Non-operating income, net	-173M	445M	-177M	-232M	200M	-553M	-49M	168M	-781M	118M	739M	1.5B
Pretax income	2.6B	2.6B	2.3B	2.5B	3.2B	2.5B	3.5B	2.4B	2.3B	3.1B	3.8B	5B
Income tax	666M	376M	794M	752M	758M	848M	664M	740M	726M	720M	786M	918M
Net income	2B	2.3B	1.5B	1.8B	2.5B	1.7B	3.5B	1B	1.5B	2.4B	3B	4.1B
Net margin	12.6%	15.7%	10.2%	11.4%	16.5%	11.4%	26%	6.86%	10.1%	15.3%	19.5%	24.5%
EBITDA	3.9B	3.2B	3.6B	3.8B	4B	4.8B	3.6B	4.3B	4.1B	4B	3.9B	4.4B
EPS	0.73	0.94	0.54	0.73	1.03	0.61	1.08	—	0.53	0.99	1.3	1.9
Diluted EPS	0.73	0.94	0.54	0.73	1.03	0.61	1.08	—	0.53	0.99	1.3	1.9

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	181B	—	130B	162.8B	138.7B	121.5B	120.9B	130.3B	100.3B	127.1B	127.1B
Enterprise value	289.5B	—	234.5B	258.5B	221.6B	197.9B	190.8B	198B	161.1B	188.2B	188.2B
Shares outstanding	1.7B	2B	2B	2B	2B	2B	2B	2B	2B	2B	2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	65.4	—	22.9	15.6	63	19.9	15.9	18.9	13.5	15	15
P/S	3.98	—	2.45	3.11	2.96	2.24	2.09	2.19	1.68	2.14	2.14
P/B	2.22	—	1.81	1.93	1.77	1.53	1.43	1.41	1.13	1.3	1.3
EV/EBITDA	20.9	—	10.7	11.7	13.6	10.4	9.39	9.59	7.45	8.53	8.53
EV/Sales	6.36	—	4.42	4.94	4.73	3.64	3.3	3.34	2.69	3.17	3.17
Earnings yield	1.53%	—	4.38%	6.4%	1.59%	5.03%	6.28%	5.29%	7.39%	6.67%	6.67%
FCF yield	2.83%	—	7.74%	5.44%	5.13%	7.54%	6.73%	6.62%	11.2%	8.84%	8.84%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	60.9%	61.8%	62.4%	61.1%	58.1%	57.5%	54.5%	53.9%	55.3%	55.9%	55.9%
Operating margin	28.4%	30.1%	31%	30.1%	26.9%	26.2%	25%	24%	25.3%	26.4%	26.4%
Net margin	6.08%	16.7%	10.7%	19.9%	4.7%	11.3%	13.1%	11.6%	12.4%	14.3%	14.3%
ROE	3.4%	11.4%	7.91%	12.3%	2.81%	7.7%	9.01%	7.43%	8.36%	8.67%	8.67%
ROA	1.07%	3.69%	2.43%	4.4%	0.97%	2.81%	3.57%	3.14%	3.59%	3.87%	3.87%
ROIC	4.27%	7.41%	6.2%	6.84%	0.55%	6.59%	7.48%	6.71%	7.11%	7.37%	7.37%
Return on tangible assets	-2.67%	-7.31%	-4.65%	-9.97%	-2.23%	-6.45%	-8.12%	-7.08%	-7.86%	-8.4%	-8.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.07	0.65	0.52	0.83	0.82	0.7	0.67	0.63	0.7	0.72	0.72
Quick ratio	0.98	0.54	0.41	0.7	0.68	0.55	0.48	0.48	0.55	0.57	0.57
Debt / equity	1.51	1.48	1.55	1.22	1.26	1.12	0.95	0.84	0.81	0.75	0.75
Debt / assets	0.48	0.48	0.48	0.44	0.44	0.41	0.38	0.36	0.35	0.33	0.33
Net debt / EBITDA	7.85	4.98	4.75	4.34	5.09	4	3.44	3.28	2.81	2.77	2.77
Interest coverage	1.9	3	1.84	3.61	1.45	2.95	3.14	2.99	3.53	3.93	3.93
Effective tax rate	37.2%	16.2%	33.4%	21.8%	92.9%	27.8%	20.2%	24.5%	29.8%	25.2%	25.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	26.5	27.8	26.9	26.4	23.6	27.1	28.7	29.5	29.8	29.9	29.9
EPS (basic)	0.72	4.06	2.21	4.62	0.7	2.33	2.97	2.65	2.92	3.45	3.45
EPS (diluted)	0.71	3.98	2.17	4.53	0.7	2.28	2.91	2.6	2.92	3.39	3.39
Book value per share	47.4	40.7	36.4	42.6	39.5	39.5	41.9	46	44.3	49.3	49.3
FCF per share	2.99	5.2	5.09	4.47	3.58	4.56	4.04	4.28	5.59	5.66	5.66
Cash per share	8.29	5.97	3.63	3.69	7.89	6.21	5	5.16	5.69	5.97	5.97
Capex per share	2.78	2.1	2.31	2.45	1.86	2.74	2.4	2.22	1.86	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.5%	7.55%	8.61%	9.28%	7.86%	10.1%	8.37%	7.55%	6.25%	—	—
Capex / operating cash flow	33.2%	20.4%	23.8%	25.7%	28.2%	31.2%	26.9%	22%	17.2%	—	—
Payout ratio	305.2%	101.2%	136.5%	48.2%	81.7%	38.7%	32.1%	43.7%	36%	53.6%	53.6%
Dividend yield	4.67%	—	5.97%	3.08%	1.3%	1.95%	2.02%	2.31%	2.66%	3.58%	3.58%

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$1.174

ex-dividend May 8, 2026

Payout ratio

54%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
May 8, 2026	$1.174
May 7, 2025	$1.0492
May 3, 2024	$0.872

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	$15.6B	$14.5B	$14.5B	$15.3B	$15B	$14.8B	$13.6B	$15B	$15.1B	$15.6B	$15.3B	$16.7B
YoY change	+3.2%	-1.33%	+2.35%	+1.41%	-3.39%	+2.54%	-6.32%	-2.15%	+0.58%	+4.81%	+12%	+11%

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	14.2B	11.8B	7.2B	7.3B	15.6B	12.5B	10.1B	10.4B	11.4B	11.8B
Receivables	4.6B	6.6B	4.4B	4B	3.3B	3.5B	3.6B	4.3B	3.8B	4.3B
Inventory	3.8B	4.1B	4.1B	4.3B	4.4B	5.3B	6.5B	5.5B	4.9B	5B
Total current assets	43.1B	24B	18.3B	28.8B	26.5B	23.9B	23.2B	23.4B	23B	24.8B
Property, plant & equipment	27.5B	69.2B	27.6B	29.6B	26.4B	26.7B	26.7B	26.8B	23.5B	23.7B
Goodwill & intangibles	362.2B	373.6B	356.3B	341.1B	325B	312.5B	306.4B	316.7B	301B	319.8B
Total assets	258.4B	248.2B	233.9B	236.6B	226.4B	217.6B	212.9B	219.3B	206.6B	218.8B
Accounts payable	14.1B	24.8B	15.5B	15.9B	15.9B	17.8B	18.6B	17.7B	16B	17.1B
Short-term debt	8.8B	8B	4.7B	5.5B	3.1B	1.5B	1.1B	4B	1.4B	898M
Total current liabilities	40.1B	36.6B	34.8B	34.8B	32.4B	34.2B	34.4B	37.2B	33.1B	34.5B
Long-term debt	113.9B	110.6B	107B	97.6B	95.5B	87.4B	78.9B	74.2B	70.7B	72.1B
Total liabilities	177B	168B	162B	152.1B	148.1B	138.3B	128.7B	126.7B	117.9B	121.1B
Shareholders' equity	81.4B	80.2B	71.9B	84.6B	78.4B	79.3B	84.3B	92.7B	88.7B	97.7B
Total debt	122.7B	118.6B	111.7B	103B	98.6B	88.8B	80B	78.2B	72.2B	73B
Net debt	114.2B	108.1B	104.6B	95.8B	83.3B	76.7B	70B	67.8B	61B	61.5B

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	Q4 20	Q2 21	Q4 21	Q2 22	Q4 22	Q2 23	Q4 23	Q2 24	Q4 24	Q2 25	Q4 25	Q2 26
Cash & short-term investments	15.6B	7.1B	12.5B	7.4B	10.1B	6.9B	10.4B	7.5B	11.4B	7.3B	11.8B	7.9B
Receivables	3.3B	3.9B	3.5B	4B	3.6B	6.6B	4.3B	4.9B	3.8B	4.9B	4.3B	5.1B
Inventory	4.4B	5.4B	5.3B	6.1B	6.5B	6.8B	5.5B	5.6B	4.9B	5.5B	5B	5.5B
Total current assets	26.5B	19.5B	23.9B	20.7B	23.2B	21.5B	23.4B	21B	23B	21.2B	24.8B	22.2B
Property, plant & equipment	26.4B	26.6B	26.7B	26.3B	26.7B	27.2B	26.8B	25.1B	23.5B	23.9B	23.7B	23B
Goodwill & intangibles	325B	320.5B	312.5B	311.6B	306.4B	314.3B	316.7B	308.3B	301B	311.8B	319.8B	324.4B
Total assets	226.4B	217.5B	217.6B	212.4B	212.9B	216.4B	219.3B	210.7B	206.6B	211.1B	218.8B	218.4B
Accounts payable	15.9B	22.7B	17.8B	22.7B	18.6B	23.3B	17.7B	21.7B	16B	22.2B	17.1B	24.6B
Short-term debt	3.1B	1.3B	1.5B	1.3B	1.1B	2.6B	4B	2.3B	1.4B	3.6B	898M	3.4B
Total current liabilities	32.4B	30.1B	34.2B	30.9B	34.4B	33.8B	37.2B	30.6B	33.1B	33B	34.5B	33.5B
Long-term debt	95.5B	89.3B	87.4B	82.1B	78.9B	78.3B	74.2B	75.9B	70.7B	72B	72.1B	68.9B
Total liabilities	148.1B	137.9B	138.3B	129.6B	128.7B	127.6B	126.7B	121.5B	117.9B	119.7B	121.1B	117.2B
Shareholders' equity	78.4B	79.6B	79.3B	82.8B	84.3B	88.8B	92.7B	89.2B	88.7B	91.4B	97.7B	101.2B
Total debt	98.6B	90.6B	88.8B	83.4B	80B	80.9B	78.2B	78.2B	72.2B	75.6B	73B	72.3B
Net debt	83.3B	83.8B	76.7B	76.4B	70B	74.1B	67.8B	70.9B	61B	68.5B	61.5B	64.8B

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.8B	8.6B	5.2B	10B	147M	6.1B	7.6B	6.9B	7.4B	8.5B
Depreciation & amortization	3.5B	4.6B	4.6B	4.7B	4.8B	5.1B	5.1B	5.4B	5.5B	5.7B
Stock-based compensation	231M	348M	333M	340M	169M	510M	448M	570M	644M	625M
Change in working capital	-1.5B	-734M	-1.2B	-1.4B	89M	-1.1B	-1.6B	-430M	192M	-100M
Operating cash flow	14.3B	20.3B	19.2B	18.9B	13.1B	17.6B	18B	20.4B	21.7B	14.9B
Capital expenditure	-4.8B	-4.1B	-4.6B	-4.9B	-3.7B	-5.5B	-4.8B	-4.5B	-3.7B	—
Investing cash flow	-54.5B	3.5B	-3.9B	-4.9B	6.3B	-5.9B	-4.6B	-4.4B	-3.3B	116M
Dividends paid	-8.4B	-9.3B	-7.8B	-5B	-1.8B	-2.4B	-2.4B	-3B	-2.7B	-4.5B
Share repurchases	0	0	—	—	—	0	0	-362M	-937M	-2.3B
Financing cash flow	50.7B	-21.3B	-14.3B	-8.7B	-8.5B	-11.6B	-10.6B	-8.6B	-9.9B	-11.4B
Net change in cash	10.6B	2.5B	1B	5.3B	11B	135M	2.7B	7.5B	8.5B	3.5B
Free cash flow	5.1B	10.2B	10.1B	8.9B	7.1B	9.2B	8.1B	8.6B	11.2B	11.2B

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

Anheuser-Busch InBev SA/NV Sponsored 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