BUD

MKT CAP:$141B

Anheuser-Busch InBev SA/NV

Market Cap

$141B

Consumer Defensive·Beverages - Alcoholic·🇧🇪 Belgium·NYSE

Consumer Def.·Beverages·🇧🇪·NYSE

Stock Price

$72.40+$8.69 (+13.64%)

Apr 24, 2026

Company Details

Anheuser-Busch InBev SA/NV engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide. It offers a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona, and Ste...

CEO

Michel Dimitrios Doukeris

IPO Date

Jul 1, 2009

Website

www.ab-inbev.com

Key Metrics TTM

Revenue

$120.4B

+4.2% YoY

Net Income

$12.2B

EPS (Diluted)

$6.10

Free Cash Flow

$30.9B

Revenue / Share

$60.89

Gross Margin

55.1%

Operating Margin

19.2%

Net Margin

10.2%

FCF Margin

25.7%

P/S

1.2x

P/E

11.5x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 3, 2026

$59.5B-0.4%EPS $3.46

Q4 2025

Mar 3, 2026

$30.6B+2.4%EPS $1.52

FY 2024

Mar 12, 2025

$59.8B+0.7%EPS $2.86

Q4 2024

Dec 30, 2024

$29.9B-0.5%EPS $1.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 10	$17.5B	$9.7B	$5.0B
Q4 10	$18.8B	$10.5B	$5.7B
Q2 11	$19.0B	$10.7B	$5.7B
Q4 11	$20.1B	$11.7B	$6.5B
Q2 18	$27.1B	$16.9B	$8.2B
Q2 21	$25.8B	$14.9B	$6.6B
Q4 21	$28.5B	$16.3B	$7.1B
Q2 22	$28.0B	$15.2B	$7.0B
Q4 22	$29.8B	$16.2B	$7.7B
Q2 23	$29.3B	$15.8B	$7.1B
Q4 23	$30.0B	$16.2B	$7.5B
Q2 24	$29.9B	$16.5B	$7.5B
Q4 24	$29.9B	$16.6B	$7.9B
Q4 25	$30.6B	$17.1B	$81M

Valuation

Quarter	P/S	P/E
Q2 10	—	—
Q4 10	—	—
Q2 11	—	—
Q4 11	1.3x	9.9x
Q2 18	2.3x	17.6x
Q2 21	1.6x	13.2x
Q4 21	1.3x	11.5x
Q2 22	1.0x	11.7x
Q4 22	1.1x	11.5x
Q2 23	1.0x	11.2x
Q4 23	1.1x	11.6x
Q2 24	1.0x	9.7x
Q4 24	0.8x	9.0x
Q4 25	1.1x	10.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 18	$3.4B	$1.3B
Q2 21	$3.5B	$1.3B
Q4 21	$11.1B	$7.6B
Q2 22	$1.8B	-$145M
Q4 22	$11.1B	$7.9B
Q2 23	$905M	-$1.2B
Q4 23	$12.4B	$9.8B
Q2 24	$2.6B	$832M
Q4 24	$12.5B	$10.3B
Q4 25	$12.1B	$9.9B

Capital Expenditures

Quarter	CapEx
Q2 18	$2.1B
Q2 21	$2.2B
Q4 21	$3.5B
Q2 22	$2.0B
Q4 22	$3.2B
Q2 23	$2.1B
Q4 23	$2.5B
Q2 24	$1.7B
Q4 24	$2.1B
Q4 25	$2.2B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 18	+54.9%	+51.8%
Q2 21	+37.4%	+47.1%
Q4 21	+50.2%	+61.7%
Q2 22	+39.5%	+54.8%
Q4 22	+9.8%	+16.7%
Q2 23	+13.6%	+15.5%
Q4 23	+5.5%	+5.2%
Q2 24	+6.6%	+6.3%
Q4 24	+0.4%	-0.7%
Q4 25	+4.3%	+37.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 18	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q2 22	$0	0.0%
Q4 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 10	$994M	$3.7B	—
Q4 10	$3.9B	$1.0B	—
Q2 11	$990M	$4.2B	—
Q4 11	$4.4B	$983M	—
Q2 18	—	—	$8.8B
Q2 21	—	—	$8.6B
Q4 21	—	—	$9.0B
Q2 22	—	—	$8.6B
Q4 22	—	—	$8.9B
Q2 23	—	—	$9.1B
Q4 23	—	—	$9.1B
Q2 24	—	—	$9.2B
Q4 24	—	—	$9.1B
Q4 25	—	—	$9.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$8.0B	$4M	$8.0B
Q4 18	$7.1B	$87M	$7.2B
Q2 19	$8.2B	$87M	$8.3B
Q4 19	$7.2B	$92M	$7.3B
Q2 20	$25.0B	$102M	$25.1B
Q4 20	$15.2B	$396M	$15.6B
Q2 21	$6.8B	$286M	$7.1B
Q4 21	$12.0B	$374M	$12.4B
Q2 22	$7.0B	$334M	$7.4B
Q4 22	$9.9B	$97M	$10.0B
Q2 23	$6.8B	$85M	$6.9B
Q4 23	$10.3B	$67M	$10.4B
Q2 24	$7.4B	$252M	$7.6B
Q4 24	$11.2B	$221M	$11.4B
Q2 25	$7.1B	$205M	$7.3B
Q4 25	$11.6B	$306M	$11.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 10	1.59B	—	—
Q4 10	1.59B	0.0%	—
Q2 11	1.59B	+0.2%	—
Q4 11	1.60B	+0.3%	—
Q2 18	1.97B	+23.3%	+23.8%
Q2 21	2.01B	+1.8%	+26.1%
Q4 21	2.01B	0.0%	+25.8%
Q2 22	2.01B	+0.3%	+25.9%
Q4 22	2.01B	0.0%	+2.1%
Q2 23	2.02B	+0.2%	+0.5%
Q4 23	2.02B	-0.0%	+0.5%
Q2 24	2.04B	+1.3%	+1.5%
Q4 24	2.00B	-2.0%	-0.4%
Q4 25	1.98B	-1.3%	-1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 10	—	—
Q4 10	—	—
Q2 11	—	—
Q4 11	—	—
Q2 18	$150.6K	180K
Q2 21	$157.5K	164K
Q4 21	$168.5K	169K
Q2 22	$165.8K	169K
Q4 22	$178.2K	167K
Q2 23	$175.6K	167K
Q4 23	$193.9K	155K
Q2 24	$192.8K	155K
Q4 24	$207.5K	144K
Q4 25	$223.4K	137K

Revenue / Employee