BUD (Anheuser-Busch InBev SA/NV) Stock Financials & Earnings

BUDAnheuser-Busch InBev SA/NV

Mkt Cap$144B

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

Revenue (TTM)$120.4B

Net Income (TTM)$12.2B

EPS (TTM)$6.11

Free Cash Flow (TTM)$22.4B

Gross Margin55.7%

Op. Margin25.4%

Net Margin10.1%

FCF Margin18.6%

P/S Ratio (TTM)1.2x

P/E Ratio (TTM)11.8x

YoY Rev Growth+2.7%

Employees—

Earnings Reports

▶Q4 2025

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 prim...

CEO Michel Dimitrios DoukerisIPO Jul 1, 2009www.ab-inbev.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q2 20	$21.3B	$12.2B	$2.3B
Q4 20	$25.6B	$15.0B	$4.5B
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
Q2 25	$30.0B	$16.9B	$15.0B
Q4 25	$30.6B	$17.1B	$81M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q2 20	1.4x	16.6x
Q4 20	1.5x	13.6x
Q2 21	1.5x	20.6x
Q4 21	1.4x	23.7x
Q2 22	1.3x	14.9x
Q4 22	1.3x	13.5x
Q2 23	1.2x	14.2x
Q4 23	1.2x	12.7x
Q2 24	1.2x	11.8x
Q4 24	1.2x	12.9x
Q2 25	1.2x	11.5x
Q4 25	1.2x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$1.1B	-$463M
Q4 20	$8.9B	$6.7B
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
Q2 25	$2.7B	$1.3B
Q4 25	$12.1B	$9.9B

Capital Expenditures

CapEx

Quarter	CapEx
Q2 20	$1.6B
Q4 20	$2.2B
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
Q2 25	$1.4B
Q4 25	$2.2B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-21.4%	+0.3%
Q4 20	-5.8%	+13.0%
Q2 21	+0.0%	+9.3%
Q4 21	+7.4%	+16.2%
Q2 22	+31.6%	+10.7%
Q4 22	+16.3%	+4.9%
Q2 23	+13.6%	+15.5%
Q4 23	+5.5%	+5.2%
Q2 24	+6.6%	+6.3%
Q4 24	+0.4%	-0.7%
Q2 25	+2.3%	-32.6%
Q4 25	+1.9%	+35.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q4 20	$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%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 20	—	—	$7.3B
Q4 20	—	—	$8.1B
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
Q2 25	$4.5B	$13.1B	—
Q4 25	—	—	$9.3B

War Chest

Quarter	Cash	Short-term Investments	Total
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
Q2 20	1.97B	+0.6%
Q4 20	1.98B	+0.7%
Q2 21	2.01B	+1.1%
Q4 21	2.01B	+0.0%
Q2 22	2.01B	+0.3%
Q4 22	2.01B	+0.0%
Q2 23	2.02B	+0.2%
Q4 23	2.02B	-0.0%
Q2 24	2.04B	+1.3%
Q4 24	2.00B	-2.0%
Q2 25	1.99B	-0.4%
Q4 25	1.98B	-0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	$228K	200K
FY 17	$305K	180K
FY 18	$303K	175K
FY 19	$308K	170K
FY 20	$286K	164K
FY 21	$321K	169K
FY 22	$346K	167K
FY 23	$383K	155K
FY 24	$415K	144K
FY 25	$413K	144K