BUD FY 2025 Earnings Report — Anheuser-Busch InBev SA/NV Revenue & Financial Results | Market Cap Arena

Anheuser-Busch InBev SA/NVBUD

FY 2025 Earnings

Reported March 3, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$59.5B	—	$59.8B	—	-0.4%
Op. Income	$15.1B	—	$15.5B	—	-2.5%
Gross Margin	55.9%	—	55.3%	—	0.7pp
Net Margin	11.5%	—	9.8%	—	1.7pp
EPS (Diluted)	$3.46	—	$2.86	—	21.0%
Free Cash Flow	$11.3B	—	$11.2B	—	0.8%

Revenue Flow

Item	Amount
REVENUE	$59.5B
Cost of Revenue	$26.2B
GROSS PROFIT	$33.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$18.2B
Other Expenses	$0
Operating Expenses	$18.2B
Cost & Expenses	$44.4B
OPERATING INCOME	$15.1B
Interest Income	$0
Interest Expense	$3.4B
Other Income/Expenses	-$3.7B
INCOME BEFORE TAX	$11.4B
Income Tax Expense	$2.9B
Net Income from Continuing Ops	$8.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.9B
D&A	$5.7B
EBIT	$15.1B
EBITDA	$20.8B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$59.5B
Cost of Revenue	$26.2B
GROSS PROFIT	$33.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$18.2B
Other Expenses	$0
Operating Expenses	$18.2B
Cost & Expenses	$44.4B
OPERATING INCOME	$15.1B
Interest Income	$0
Interest Expense	$3.4B
Other Income/Expenses	-$3.7B
INCOME BEFORE TAX	$11.4B
Income Tax Expense	$2.9B
Net Income from Continuing Ops	$8.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$6.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$6.9B
D&A	$5.7B
EBIT	$15.1B
EBITDA	$20.8B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$6.9B
Depreciation & Amortization	$5.7B
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$3.2B
Change in Working Capital	-$827M
OPERATING CASH FLOW	$14.9B
Capital Expenditure	-$3.7B
Acquisitions (Net)	-$238M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$134M
NET CASH FROM INVESTING	-$3.8B
Net Debt Issuance	-$2.5B
Common Stock Repurchased	-$2.3B
Common Dividends Paid	-$4.6B
Other Financing Activities	-$1.8B
NET CASH FROM FINANCING	-$11.2B
FREE CASH FLOW	$11.3B
Net Change in Cash	$464M

Balance Sheet

Item	Amount
Cash & Equivalents	$11.6B
Short-Term Investments	$306M
Net Receivables	$6.9B
Inventory	$5.1B
Other Current Assets	$772M
TOTAL CURRENT ASSETS	$24.8B
PP&E (Net)	$23.7B
Goodwill	$117.9B
Intangible Assets	$42.0B
Long-Term Investments	$7.2B
Tax Assets	$2.7B
Other Non-Current Assets	$595M
TOTAL NON-CURRENT ASSETS	$194.0B
TOTAL ASSETS	$218.8B
Account Payables	$25.5B
Short-Term Debt	$899M
Deferred Revenue	$0
Other Current Liabilities	$6.3B
TOTAL CURRENT LIABILITIES	$34.5B
Long-Term Debt	$72.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$11.4B
Other Non-Current Liabilities	$3.1B
TOTAL NON-CURRENT LIABILITIES	$86.6B
TOTAL LIABILITIES	$121.1B
Common Stock	$1.7B
Additional Paid-In Capital	$17.6B
Retained Earnings	$50.1B
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$17.8B
TOTAL STOCKHOLDERS' EQUITY	$87.3B
Minority Interest	$10.4B
TOTAL EQUITY	$97.7B
TOTAL LIABILITIES & EQUITY	$218.8B
Total Debt	$73.0B
Net Debt	$61.4B