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Stocks / Foreign companies / BUD · Malt Beverages

Anheuser-Busch InBev SA/NV (BUD)

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.

Earnings per share are per ordinary share, in US dollars. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on BUD

Planned insider sales2 Form 144 notices in twelve months, $7.8 million; latest 14 August 2026
Options tapeput/call 1.08 by open interest on 26 September 2026; the straddle prices a 2.0% move to 2 October 2026
Holders8 of the followed funds hold it; largest Dodge & Cox; 0 Schedule 13D or 13G filings in twelve months
Congress1 House trade disclosed in six months
Short interest7.0 million shares short, 2.77 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year toDec 2025Dec 2024Dec 2023Dec 2022*Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Revenue59,32059,76859,38057,78654,30446,88152,32953,04154,85945,51743,064
Cost of sales26,14126,74427,39626,30523,09719,63420,36219,93320,97517,80317,137
Gross profit33,17933,02431,98431,48131,20727,24731,96733,10833,88427,71526,467
Research and developmentn/an/an/an/a298296291276265244207
Operating profit15,40515,48713,96614,51713,8249,62016,09816,41416,46012,88213,904
Finance costs5,1466,3766,1335,8146,0408,4195,9939,2617,0069,3823,142
Profit before tax11,32810,5689,1249,5248,4632,07912,7767,74110,2644,33412,461
Income tax2,8503,1522,2341,9282,3501,9322,7862,5851,6581,6132,594
Profit for the year8,4777,4166,8917,5976,1142,20210,4145,6889,1662,7699,867
Profit attributable to shareholders6,8375,8555,3415,9694,6701,4059,1714,3707,9901,2418,273

USD million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A 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); 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.

Year toDec 2025Dec 2024Dec 2023Dec 2022*Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Diluted EPS3.392.862.602.912.280.694.532.173.980.714.96
Basic EPS3.452.922.652.972.330.704.622.214.050.725.05

USD per ordinary share, as filed.

Cash flow

Year toDec 2025Dec 2024Dec 2023Dec 2022*Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Cash from operations14,88315,05513,26513,29814,79910,89114,03615,06414,92010,11014,121
Purchase of property, plant and equipment3,6563,8634,6385,1605,6403,7815,1745,0054,6804,9794,749
Free cash flow11,22711,1928,6278,1389,1597,1108,86210,05910,2405,1319,372
Dividends paid4,5432,6723,0132,4422,3641,8005,0157,7619,2758,4507,966

USD million. Purchase 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.

Balance sheet at year end

Year toDec 2025Dec 2024Dec 2023Dec 2022*Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Total assets218,808206,637219,340212,943217,627226,410236,648233,868248,208256,586n/a
Equity attributable to shareholders87,28778,23781,84873,39868,66968,02475,72264,48572,57671,33945,719
Cash and cash equivalents11,63811,17410,3329,97312,09715,2527,2387,07410,4728,579n/a
Borrowings, as filed73,01372,169n/an/an/an/a102,974111,581116,382122,559n/a
Lease liabilitiesn/an/an/an/an/an/a2,0251,985n/an/an/a
Trade and other receivables6,1615,2706,0245,3305,0464,8336,1876,3756,5666,352n/a
Inventories5,1075,0205,5836,6125,3994,4824,4274,2344,1193,889n/a
Goodwill117,908110,479117,043113,010115,796120,971128,114133,311140,940136,533n/a

USD million, at each fiscal year end. 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 2025Dec 2024Dec 2023Dec 2022*Dec 2021Dec 2020Dec 2019*Dec 2018*Dec 2017*Dec 2016*Dec 2015
Gross margin55.9%55.3%53.9%54.5%57.5%58.1%61.1%62.4%61.8%60.9%61.5%
Operating margin26.0%25.9%23.5%25.1%25.5%20.5%30.8%30.9%30.0%28.3%32.3%
Net margin11.5%9.8%9.0%10.3%8.6%3.0%17.5%8.2%14.6%2.7%19.2%
Free cash flow margin18.9%18.7%14.5%14.1%16.9%15.2%16.9%19.0%18.7%11.3%21.8%
Return on year-end equity7.8%7.5%6.5%8.1%6.8%2.1%12.1%6.8%11.0%1.7%18.1%
Effective tax rate25.2%29.8%24.5%20.2%27.8%92.9%21.8%33.4%16.2%37.2%20.8%

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.

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

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