What Is AB InBev?
Anheuser-Busch InBev SA/NV is the global brewer behind Budweiser, Corona, Stella Artois, Michelob Ultra, Beck's, Leffe, Brahma, and hundreds of local beer and beverage brands. The modern company was created through the 2008 InBev acquisition of Anheuser-Busch and expanded again through the 2016 SABMiller deal. Today it is headquartered in Leuven, Belgium and led by CEO Michel Doukeris, who became chief executive in 2021.
The company reported FY2025 net revenue of $59.32 billion, total volume of 561.1 million hectoliters, normalized EBITDA of $21.2 billion, and profit attributable to equity holders of $6.84 billion. Those figures make AB InBev one of the most important consumer staples companies in the world, but the profile is not only about scale. The more interesting question is how AB InBev keeps growth moving in a beer market where volume is uneven, consumers are fragmenting across occasions, and premium brands matter more than raw hectoliters.
How AB InBev Makes Money
AB InBev makes money by brewing, marketing, distributing, and selling beer and adjacent beverages through wholesalers, retailers, bars, restaurants, stadiums, convenience stores, and digital platforms. Core lager brands provide the volume base, while premium and super-premium brands such as Corona, Stella Artois, and Michelob Ultra support revenue per hectoliter and margin mix.
Digital commerce is now a central part of the model. BEES, the company's B2B ordering and marketplace platform, helps retailers manage orders, assortment, delivery, and replenishment. AB InBev reported $52.5 billion of BEES gross merchandise value in FY2025 and said 72% of revenue was captured through B2B digital platforms. That matters because the platform gives AB InBev better demand data and tighter route-to-market execution, not just another app.
Brands, Strategy, and Competitive Position
AB InBev competes with Heineken, Molson Coors, Constellation Brands, Carlsberg, Diageo, Pernod Ricard, local brewers, craft brands, and ready-to-drink products. Its advantage is the combination of brand scale, procurement leverage, brewing footprint, distribution access, and marketing reach. A small brewer can build a beloved local brand, but few rivals can match AB InBev's ability to launch, price, package, and distribute products across multiple regions at once.
The current strategy is to grow the beer category, push premium brands, expand no-alcohol beer, build Beyond Beer products, and make BEES more useful for retailers. The BeatBox acquisition gives the company another ready-to-drink growth asset, while Corona Cero and Budweiser Zero target moderation occasions. The strongest version of AB InBev is not simply a brewer with famous labels; it is a commercial system that can use brand equity, logistics, retailer data, and cash flow together.
Key Risks
The biggest risks are mature-market beer volume pressure, lingering U.S. brand recovery work after the Bud Light controversy, acquisition debt, currency translation, commodity costs, regulation, and changing health and alcohol preferences. FY2025 showed that AB InBev can still generate very large EBITDA and free cash flow, but the long-term test is whether price, mix, BEES, and premiumization can offset weaker volume in markets where consumers drink less beer or move into spirits, RTDs, and no-alcohol options.
