Anheuser-Busch InBev SA/NV (BUD) annual results, year to 31 December 2025: revenue USD 59,320 million, from the 20-F
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.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 59,768 | 59,320 |
| Cost of sales | 26,744 | 26,141 |
| Gross profit | 33,024 | 33,179 |
| Operating profit | 15,487 | 15,405 |
| Finance costs | 6,376 | 5,146 |
| Profit before tax | 10,568 | 11,328 |
| Income tax | 3,152 | 2,850 |
| Profit for the year | 7,416 | 8,477 |
| Profit attributable to shareholders | 5,855 | 6,837 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
USD per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash from operations | 15,055 | 14,883 |
| Purchase of property, plant and equipment | 3,863 | 3,656 |
| Free cash flow | 11,192 | 11,227 |
| Dividends paid | 2,672 | 4,543 |
| Filing | 20-F | 20-F |
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 206,637 | 218,808 |
| Equity attributable to shareholders | 78,237 | 87,287 |
| Cash and cash equivalents | 11,174 | 11,638 |
| Borrowings, as filed | 72,169 | 73,013 |
| Trade and other receivables | 5,270 | 6,161 |
| Inventories | 5,020 | 5,107 |
| Goodwill | 110,479 | 117,908 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Gross margin | 55.3% | 55.9% |
| Operating margin | 25.9% | 26.0% |
| Net margin | 9.8% | 11.5% |
| Free cash flow margin | 18.7% | 18.9% |
| Return on year-end equity | 7.5% | 7.8% |
| Effective tax rate | 29.8% | 25.2% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
- Year to 31 December 2015
Source
20-F for the year to 31 December 2025, filed 3 March 2026, accession 0001193125-26-088105: the filing on EDGAR. All of Anheuser-Busch InBev SA/NV's filings: EDGAR company page. The figures are in US dollars as filed.
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