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Anheuser-Busch InBev SA/NV (BUD)

Anheuser-Busch InBev describes itself as the world's largest brewer by volume. It produces, markets, distributes and sells well over 400 beer and other malt beverage brands, and in 2025 sold 561.1 million hectolitres of beer and non-beer drinks. The brewing tradition runs back more than 600 years to the Den Hoorn brewery in Leuven in Belgium; the modern company came out of the 1987 merger of Brouwerijen Artois and Brasserie Piedboeuf into Interbrew, which was family-owned until its initial public offering on Euronext Brussels in December 2000. At the end of 2025 it employed approximately 137,000 people based in more than 40 countries, and it states its figures in US dollars.

Anheuser-Busch InBev SA/NV

Anheuser-Busch InBev describes itself as the world's largest brewer by volume. It produces, markets, distributes and sells well over 400 beer and other malt beverage brands, and in 2025 sold 561.1 million hectolitres of beer and non-beer drinks. The brewing tradition runs back more than 600 years to the Den Hoorn brewery in Leuven in Belgium; the modern company came out of the 1987 merger of Brouwerijen Artois and Brasserie Piedboeuf into Interbrew, which was family-owned until its initial public offering on Euronext Brussels in December 2000. At the end of 2025 it employed approximately 137,000 people based in more than 40 countries, and it states its figures in US dollars.

The brands

The brands the filing describes as having significant international distribution are Budweiser, Corona except in the United States, Stella Artois, Michelob ULTRA, Beck's, Leffe and Hoegaarden. Beside them sit brands distributed primarily to local markets: Bud Light in the United States, Modelo Especial, Victoria and Pacifico in Mexico, Skol, Brahma and Antarctica in Brazil, Quilmes in Argentina, Jupiler in Belgium and the Netherlands, Castle Lager and Castle Lite in South Africa, Harbin and Sedrin in China, and Cass in South Korea. The Beyond Beer portfolio includes Flying Fish in more than 15 markets, Brutal Fruit across most African markets and Brazil, and Cutwater and NÜTRL in the United States and Canada. Outside beer the company sells carbonated soft drinks, spirits-based beverages and energy drinks, mainly in Latin America and Africa, under its own brands and under agreements with other global players. Inside the portfolio it manages a set it terms megabrands, the top brands in each market that make up the majority of volume today.

Five regions

Results are reported in five regions, North America, Middle Americas, South America, EMEA and Asia Pacific, plus Global Export and Holding Companies for the global headquarters and the export businesses. By volume in 2025 South America was 27.7%, Middle Americas 26.8%, EMEA 16.6%, North America 14.7% and Asia Pacific 14.1%. The principal country markets were Argentina, Belgium, Brazil, Canada, China, Colombia, Ecuador, Mexico, Nigeria, Peru, South Africa, South Korea and the United States. The company controlled 87.22% of Budweiser APAC at the end of 2025, having listed a minority stake in that Asia Pacific subsidiary in Hong Kong in 2019 for USD 5.75 billion.

Where it brews

Production ran through 205 breweries and non-beer plants at the end of 2025. Of those, 160 produced only beer, no-alcohol beer and other alcohol beverages, 13 produced only soft drinks and 32 produced both. Except in limited cases a brewery does not brew one single brand of beer. The company also sold its Australian business, Carlton & United Breweries, to Asahi for AUD 16.0 billion, granting Asahi rights to commercialise its global and international brands in Australia.

BEES

BEES is the business-to-business platform, operated by a wholly owned subsidiary, which digitises every touch-point along the route to market so that a retailer can browse products, place orders, earn rewards, arrange deliveries, manage invoices and get business insights in one place. It launched at the end of 2019 in the Dominican Republic and is live in 29 countries. As of December 2025 it had generated 137 million total transactions and captured USD 52.5 billion in gross merchandise value. BEES Marketplace, which carries third-party products, generated approximately USD 3.5 billion in gross merchandise value in 2025 across 50 million transactions containing marketplace products, on two models: the company buying and selling third-party goods through its own physical and digital assets, or another supplier plugging BEES technology and services into its own processes.

Direct to consumer

The direct-to-consumer ecosystem operates across 17 countries and includes a network of approximately 10,000 retail stores, among them Modelorama in Mexico, plus three digital brands, Zé Delivery in Brazil, TaDa Delivery in Latin America and PerfectDraft in Europe. Those digital brands together fulfilled approximately 76 million e-commerce orders in 2025. The company reports that its ecosystem reaches more than 2 billion consumers and 6 million customers.

From Anheuser-Busch InBev's annual report on Form 20-F for the year ended 31 December 2025. The filing

Compare with another name

Anheuser-Busch InBev SA/NV files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 59,320 million, down 0.7% on the year before. Its profit attributable to shareholders was USD 6,837 million, up 16.8%, and diluted earnings per share USD 3.39.

Anheuser-Busch InBev SA/NV (BUD) in brief

Anheuser-Busch InBev SA/NV (BUD) reported revenue of USD 59.3 billion for the year to 31 December 2025, down 0.7% on the year before.
Read moreProfit attributable to shareholders was USD 6.8 billion and diluted earnings per share USD 3.39. Revenue was USD 59.8 billion in 2024, USD 59.4 billion in 2023, USD 57.8 billion in 2022 and USD 54.3 billion in 2021. Profit attributable to shareholders in the same years was USD 5.9 billion, USD 5.3 billion, USD 6.0 billion and USD 4.7 billion. Revenue grew 4.8% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Anheuser-Busch InBev SA/NV was $173.8 billion, 25.4 times its earnings for 2025.

The share in the US

Last close$86.07 on 10 November 2026
52-week range$60.44 (9 December 2025) to $86.48 (31 July 2026)
Over one yearup 35.9%
Market cap$173.8 billion: 2,019,000,000 shares outstanding at 31 December 2025 (20-F), each US share standing for one ordinary share
P/E, latest fiscal year25.4: the last close over diluted EPS for the year to Dec 2025, USD 3.39 per ordinary share. The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE7.8%
ROCE9.6%
Operating margin26.0%
Net margin11.5%
FCF margin18.9%
Interest cover2.99
Debt to equity0.84
Cash conversion2.18
Share count, last 12 monthsn/a
Sales CAGR, 3 years0.9%
Profit CAGR, 3 years4.6%
EPS$3.39

At the close of 10 November 2026

Price$86.07
Market cap$173.8 billion
Stock P/E25.39
Price to book1.99
EV / EBITDAn/a
Dividend yield2.6%
Market cap / sales2.93
52-week high$86.48
52-week low$60.44
Price, 1 year35.9%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total Anheuser-Busch InBev SA/NV states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
BUDgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed. Sales and margin are each year's revenue and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet and its share count per US share. The dashed line is the median over the range shown. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BUD

Dividends$4.54 billion paid in cash dividends in FY2025
Filings18 in twelve months: 15 reports on Form 6-K, most often unaudited Interim Report for the nine-month period ended 30 September 2026 (1); AB InBev Reports Third Quarter 2026 Results (1); unaudited Interim Report for the six-month period ended 30 June 2026 (1); AB InBev Reports Second Quarter 2026 Results (1); AB InBev Announces the Appointment of Dirk Van de Put as its New Chairman (1)
Planned insider sales2 Form 144 notices in twelve months, $7.8 million; latest 14 August 2026
Options tapeput/call 0.81 by open interest at the 10 November 2026 close; the straddle prices a 2.5% move to 13 November 2026
13F holders620 funds reported a position for the quarter to 30 June 2026; largest Dodge & Cox
Congress1 House trade disclosed in six months
Short interest6.6 million shares short, 2.82 days to cover at 30 October 2026

Income statement (profit and loss), 11 fiscal years

Year toDec 2015Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Revenue43,06445,51754,85953,04152,32946,88154,30457,78659,38059,76859,320
Cost of sales17,13717,80320,97519,93320,36219,63423,09726,30527,39626,74426,141
Gross profit26,46727,71533,88433,10831,96727,24731,20731,48131,98433,02433,179
Research and development207244265276291296298n/an/an/an/a
Operating profit13,90412,88216,46016,41416,0989,62013,82414,51713,96615,48715,405
Finance costs3,1429,3827,0069,2615,9938,4196,0405,8146,1336,3765,146
Profit before tax12,4614,33410,2647,74112,7762,0798,4639,5249,12410,56811,328
Income tax2,5941,6131,6582,5852,7861,9322,3501,9282,2343,1522,850
Profit for the year9,8672,7699,1665,68810,4142,2026,1147,5976,8917,4168,477
Profit attributable to shareholders8,2731,2417,9904,3709,1711,4054,6705,9695,3415,8556,837
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
USD million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2016, Dec 2017, Dec 2018, Dec 2019, Dec 2022, Dec 2023); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2015Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Diluted EPS4.960.713.982.174.530.692.282.912.602.863.39
Basic EPS5.050.724.052.214.620.702.332.972.652.923.45
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

USD per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by segment

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Beer business41,42150,70348,60247,98443,04449,33351,54453,86553,65553,05089.4%
Non-beer business4,0964,1564,4394,3453,8374,9716,2425,5156,1146,26910.6%
Beer businessNon-beer business
54.9Dec 201752.3Dec 201954.3Dec 202159.4Dec 202359.3Dec 2025

USD billion; hover a block for its figure and share

USD million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2015Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Cash from operations14,12110,11014,92015,06414,03610,89114,79913,29813,26515,05514,883
Purchase of property, plant and equipment4,7494,9794,6805,0055,1743,7815,6405,1604,6383,8633,656
Free cash flow9,3725,13110,24010,0598,8627,1109,1598,1388,62711,19211,227
Cash from investing-4,930-60,0777,865-3,966-4,9316,336-5,878-4,337-4,390-3,259-3,436
Cash from financing-9,28150,731-21,334-14,346-8,755-8,475-11,598-10,904-8,560-9,854-11,450
Depreciation and amortisation3,1533,4774,6254,6244,6574,8295,0525,0785,4115,5445,652
Buybacks1,000n/an/an/an/an/a0.00.03629372,301
Dividends paid7,9668,4509,2757,7615,0151,8002,3642,4423,0132,6724,543
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
USD million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2015Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Funded by
Equity attributable to shareholders45,71971,33972,57664,48575,72268,02468,66973,39881,84878,23787,287
Non-controlling interestsn/a10,0867,6247,4048,83110,32710,67110,88010,82810,46310,449
Borrowings, as filedn/a122,559116,382111,581102,97498,55988,77779,90978,15072,16973,013
Lease liabilitiesn/an/an/a1,9852,025n/an/an/an/an/an/a
Other liabilitiesn/a52,60251,62648,41347,09649,50049,51048,75648,51445,76848,059
Total equity and liabilitiesn/a256,586248,208233,868236,648226,410217,627212,943219,340206,637218,808
Owned
Property, plant and equipmentn/a26,21929,23327,61527,54426,41926,67826,67126,81823,50323,664
Goodwilln/a136,533140,940133,311128,114120,971115,796113,010117,043110,479117,908
Other intangible assetsn/a44,56845,87444,83142,45241,52740,43040,20941,28640,03441,985
Cash and cash equivalentsn/a8,57910,4727,0747,23815,25212,0979,97310,33211,17411,638
Trade and other receivablesn/a6,3526,5666,3756,1874,8335,0465,3306,0245,2706,161
Inventoriesn/a3,8894,1194,2344,4274,4825,3996,6125,5835,0205,107
Other assetsn/a30,44611,00410,42820,68612,92612,18111,13812,25411,15712,345
Total assetsn/a256,586248,208233,868236,648226,410217,627212,943219,340206,637218,808
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
USD million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2015Dec 2016 †Dec 2017 †Dec 2018 †Dec 2019 †Dec 2020Dec 2021Dec 2022 †Dec 2023 †Dec 2024Dec 2025
Gross margin61.5%60.9%61.8%62.4%61.1%58.1%57.5%54.5%53.9%55.3%55.9%
Operating margin32.3%28.3%30.0%30.9%30.8%20.5%25.5%25.1%23.5%25.9%26.0%
Net margin19.2%2.7%14.6%8.2%17.5%3.0%8.6%10.3%9.0%9.8%11.5%
Free cash flow margin21.8%11.3%18.7%19.0%16.9%15.2%16.9%14.1%14.5%18.7%18.9%
Return on year-end equity18.1%1.7%11.0%6.8%12.1%2.1%6.8%8.1%6.5%7.5%7.8%
Effective tax rate20.8%37.2%16.2%33.4%21.8%92.9%27.8%20.2%24.5%29.8%25.2%
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was Anheuser-Busch InBev SA/NV's revenue in 2025?

Anheuser-Busch InBev SA/NV (BUD) reported revenue of USD 59.3 billion for the year to 31 December 2025, down 0.7% on the year before.

How much did Anheuser-Busch InBev SA/NV earn in 2025?

Profit attributable to shareholders was USD 6.8 billion for the year to 31 December 2025, and diluted earnings per share USD 3.39.

What is Anheuser-Busch InBev SA/NV's P/E ratio?

At the close of 10 November 2026, Anheuser-Busch InBev SA/NV traded at 25.4 times its earnings for 2025.

What is Anheuser-Busch InBev SA/NV's market cap?

The market cap of Anheuser-Busch InBev SA/NV was $173.8 billion at the close of 10 November 2026.

Peers: Beer & Liquor

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Coca-Cola Co. KO$416.9 billion28.5039.1%30.0%7.1%1.112.2%
PepsiCo Inc. PEP$195.7 billion18.0448.9%15.3%6.4%2.334.0%
Anheuser-Busch InBev SA/NV BUD *$173.8 billion25.397.8%26.0%-0.7%0.842.6%
Diageo plc DEO *$56.5 billion32.5816.0%11.4%-0.7%1.983.3%
Keurig Dr Pepper Inc. KDP$51.2 billion34.506.5%15.6%43.0%1.142.4%
Ambev S.A. ABEV *$43.8 billion15.4417.6%26.4%-1.4%0.04n/a
Constellation Brands, Inc. STZ$24.6 billion13.0522.4%30.2%-4.3%1.202.8%
Brown Forman Corp. BF.B$14.1 billion19.8818.2%25.4%-0.8%0.613.0%
Primo Brands Corp. PRMB$8.7 billion42.986.8%8.6%-13.0%1.691.9%
Molson Coors Beverage Co. TAP$7.5 billion8.518.7%10.2%-2.3%0.584.7%
Vita Coco Company, Inc. COCO$3.8 billion33.0828.1%19.9%26.0%0.00n/a
Boston Beer Co. Inc. SAM$2.2 billionn/a-9.9%-5.1%-3.7%0.00n/a
All 14 in Beer & Liquor
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Coca-Cola Co. KO$416.9 billion28.5039.1%30.0%7.1%1.112.2%
PepsiCo Inc. PEP$195.7 billion18.0448.9%15.3%6.4%2.334.0%
Anheuser-Busch InBev SA/NV BUD *$173.8 billion25.397.8%26.0%-0.7%0.842.6%
Diageo plc DEO *$56.5 billion32.5816.0%11.4%-0.7%1.983.3%
Keurig Dr Pepper Inc. KDP$51.2 billion34.506.5%15.6%43.0%1.142.4%
Ambev S.A. ABEV *$43.8 billion15.4417.6%26.4%-1.4%0.04n/a
Constellation Brands, Inc. STZ$24.6 billion13.0522.4%30.2%-4.3%1.202.8%
Brown Forman Corp. BF.B$14.1 billion19.8818.2%25.4%-0.8%0.613.0%
Primo Brands Corp. PRMB$8.7 billion42.986.8%8.6%-13.0%1.691.9%
Molson Coors Beverage Co. TAP$7.5 billion8.518.7%10.2%-2.3%0.584.7%
Vita Coco Company, Inc. COCO$3.8 billion33.0828.1%19.9%26.0%0.00n/a
Boston Beer Co. Inc. SAM$2.2 billionn/a-9.9%-5.1%-3.7%0.00n/a
Westrock Coffee Co. WEST$867 millionn/an/a-0.3%16.3%n/an/a
Amass Brands AMSS$3 millionn/an/an/an/an/an/a
2 companies share its SEC industry code (Malt Beverages); the rest are the names nearest in size in its wider industry, Beer & Liquor, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 20253 March 2026EDGAR
20-F31 December 202412 March 2025EDGAR
20-F31 December 202311 March 2024EDGAR
20-F31 December 202217 March 2023EDGAR
20-F31 December 202118 March 2022EDGAR
20-F31 December 202019 March 2021EDGAR
20-F31 December 201924 March 2020EDGAR
20-F31 December 201822 March 2019EDGAR
20-F/A31 December 20174 April 2018EDGAR
20-F31 December 201719 March 2018EDGAR
20-F31 December 201622 March 2017EDGAR