Anheuser-Busch InBev SA/NV
BUD · NYSEMalt Beverages · Fiscal year ends Dec 31
Anheuser-Busch InBev SA/NV reported revenue of $59.3B in the fiscal year ended Dec 2025, down 0.7% from the year before. Operating income was $15.4B, an operating margin of 26.0%, and net income was $8.5B. Operating cash flow of $14.9B less capital expenditure of $3.7B left free cash flow of $11.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $54.3B | $57.8B | $59.4B | $59.8B | $59.3B |
| Cost of revenue | $23.1B | $26.3B | $27.4B | $26.7B | $26.1B |
| Gross profit | $31.2B | $31.5B | $32B | $33B | $33.2B |
| Research & development | $298M | – | – | – | – |
| Operating income | $13.8B | $14.5B | $14B | $15.5B | $15.4B |
| Interest expense | $3.7B | $3.6B | $3.7B | $3.4B | $5.1B |
| Pre-tax income | $8.5B | $9.5B | $9.1B | $10.6B | $11.3B |
| Income tax | $2.4B | $1.9B | $2.2B | $3.2B | $2.9B |
| Net income | $6.1B | $7.6B | $6.9B | $7.4B | $8.5B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $12.1B | $10B | $10.3B | $11.2B | $11.6B |
| Receivables | $5B | $5.3B | $6B | $5.3B | $6.2B |
| Inventory | $5.4B | $6.6B | $5.6B | $5B | $5.1B |
| Current assets | $23.9B | $23.2B | $23.4B | $23B | $24.8B |
| Net PP&E | $26.7B | $26.7B | $26.8B | $23.5B | $23.7B |
| Goodwill | $116B | $113B | $117B | $110B | $118B |
| Total assets | $218B | $213B | $219B | $207B | $219B |
| Payables | $25.4B | $26.3B | $26B | $23.8B | $25.5B |
| Current liabilities | $34.2B | $34.4B | $37.2B | $33.1B | $34.5B |
| Shareholders' equity | $68.7B | $73.4B | $81.8B | $78.2B | $87.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $14.8B | $13.3B | $13.3B | $15.1B | $14.9B |
| Capital expenditure | $5.6B | $5.2B | $4.6B | $3.9B | $3.7B |
| Free cash flow | $9.2B | $8.1B | $8.6B | $11.2B | $11.2B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.4% | 2.8% | 0.7% | −0.7% |
| Operating income growth (YoY) | – | 5.0% | −3.8% | 10.9% | −0.5% |
| Gross margin | 57.5% | 54.5% | 53.9% | 55.3% | 55.9% |
| Operating margin | 25.5% | 25.1% | 23.5% | 25.9% | 26.0% |
| Net margin | 11.3% | 13.1% | 11.6% | 12.4% | 14.3% |
| Return on equityBlank when equity is negative | 8.9% | 10.4% | 8.4% | 9.5% | 9.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.5% | 8.1% | 7.7% | 8.9% | 8.4% |
| Free cash flow margin | 16.9% | 14.1% | 14.5% | 18.7% | 18.9% |
| Cash conversion (CFO ÷ net income) | 2.42x | 1.75x | 1.92x | 2.03x | 1.76x |
| Receivable days | 34 | 34 | 37 | 32 | 38 |
| Inventory days | 85 | 92 | 74 | 69 | 71 |
| Payable days | 402 | 366 | 346 | 325 | 355 |
| Interest cover | 3.76x | 4.05x | 3.78x | 4.51x | 2.99x |
| Current ratio | 0.70x | 0.67x | 0.63x | 0.70x | 0.72x |
Recent filings
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.