AMBEV
ABEV · NYSEBeverages · Fiscal year ends Dec 31 · Reports in BRL
AMBEV reported revenue of BRL 88.2B in the fiscal year ended Dec 2025, down 1.4% from the year before. Operating income was BRL 23.3B, an operating margin of 26.4%, and net income was BRL 16B. Operating cash flow of BRL 24.5B less capital expenditure of BRL 4.6B left free cash flow of BRL 19.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | BRL 72.9B | BRL 79.7B | BRL 79.7B | BRL 89.5B | BRL 88.2B |
| Cost of revenue | BRL 35.7B | BRL 40.4B | BRL 39.3B | BRL 43.6B | BRL 42.9B |
| Gross profit | BRL 37.2B | BRL 39.3B | BRL 40.4B | BRL 45.8B | BRL 45.4B |
| Operating income | BRL 17.1B | BRL 17.7B | BRL 18.8B | BRL 21.8B | BRL 23.3B |
| Interest expense | BRL 1.4B | BRL 2.3B | BRL 2.4B | BRL 4B | BRL 4.4B |
| Pre-tax income | BRL 13.8B | BRL 14.2B | BRL 15B | BRL 19.5B | BRL 19.4B |
| Income tax | −BRL 637M | BRL 656M | −BRL 76M | – | – |
| Net income | BRL 13.1B | BRL 14.9B | BRL 15B | BRL 14.8B | BRL 16B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | BRL 16.6B | BRL 14.9B | BRL 16.1B | BRL 28.6B | BRL 18.6B |
| Receivables | BRL 4.8B | BRL 5.3B | BRL 5.7B | BRL 6.3B | BRL 6.4B |
| Inventory | BRL 11B | BRL 12.9B | BRL 9.6B | BRL 11.7B | BRL 10.5B |
| Current assets | BRL 38.6B | BRL 37.8B | BRL 36.6B | BRL 54.2B | BRL 43.9B |
| Net PP&E | BRL 29.2B | BRL 30.1B | BRL 26.6B | BRL 30.2B | BRL 27.6B |
| Goodwill | BRL 42.4B | BRL 40.6B | BRL 38B | BRL 44.3B | BRL 41.5B |
| Total assets | BRL 139B | BRL 138B | BRL 133B | BRL 163B | BRL 145B |
| Payables | BRL 25.1B | BRL 24.3B | BRL 23.2B | BRL 25.2B | BRL 23.7B |
| Current liabilities | BRL 38.9B | BRL 40.5B | BRL 41B | BRL 49.4B | BRL 45.6B |
| Total liabilities | BRL 54.6B | BRL 54.6B | BRL 52.5B | BRL 62.9B | BRL 56.3B |
| Shareholders' equity | BRL 82.6B | BRL 82B | BRL 79B | BRL 98.6B | BRL 87.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | BRL 22.9B | BRL 20.6B | BRL 24.7B | BRL 26.1B | BRL 24.5B |
| Capital expenditure | BRL 7.7B | BRL 6.5B | BRL 6B | BRL 4.7B | BRL 4.6B |
| Free cash flow | BRL 15.2B | BRL 14.1B | BRL 18.7B | BRL 21.3B | BRL 19.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.4% | 0.0% | 12.2% | −1.4% |
| Operating income growth (YoY) | – | 3.6% | 6.5% | 15.8% | 7.0% |
| Gross margin | 51.1% | 49.3% | 50.7% | 51.2% | 51.4% |
| Operating margin | 23.4% | 22.2% | 23.6% | 24.4% | 26.4% |
| Net margin | 18.0% | 18.7% | 18.8% | 16.6% | 18.1% |
| Return on equityBlank when equity is negative | 15.9% | 18.2% | 18.9% | 15.1% | 18.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.1% | 18.2% | 20.5% | 19.3% | 23.4% |
| Free cash flow margin | 20.9% | 17.7% | 23.5% | 23.9% | 22.5% |
| Cash conversion (CFO ÷ net income) | 1.75x | 1.39x | 1.65x | 1.76x | 1.53x |
| Receivable days | 24 | 24 | 26 | 26 | 26 |
| Inventory days | 113 | 117 | 89 | 98 | 90 |
| Payable days | 257 | 220 | 215 | 211 | 202 |
| Interest cover | 11.9x | 7.60x | 7.74x | 5.41x | 5.29x |
| Current ratio | 0.99x | 0.93x | 0.89x | 1.10x | 0.96x |
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.