Anheuser-Busch InBev SA/NV
Business Model Analysis
How AB InBev Makes Money
Annual Revenue: $59.3B
AB InBev generates revenue primarily through Beverage Brewing and Distribution, with roughly $59.3B in annual revenue.
Core Growth Engine: AB InBev's strategy has three pillars: lead and grow the beer category, digitize and monetize its ecosystem, and optimize the business. In practice that means pushing Corona, Stella Artois and Michelob Ultra outside thei...
Revenue Model & Pricing
AB InBev brews and sells beer and other malt beverages in five reporting regions: North America, Middle Americas, South America, EMEA and Asia Pacific. Mainstream beer brought in about 50% of FY2025 revenue, above-core (premium) beer 35% and Beyond Beer 3%. Most products reach retailers and bars through company-owned or independent wholesalers; outside the U.S. a large share of orders now runs through BEES, which captured 72% of revenue digitally in FY2025. BEES Marketplace also sells third-party goods to the same retailers ($3.5 billion of GMV in FY2025). Growth comes from pricing and mix: revenue per hectoliter rose 4.4% in FY2025.
Core Revenue Streams
Mainstream Beer
About 50% of FY2025 revenueCore lagers such as Bud Light, Skol, Brahma, Aguila and Jupiler; revenue was roughly flat in FY2025.
Above-Core (Premium) Beer
35% of FY2025 revenueCorona, Stella Artois, Michelob Ultra, Leffe, Hoegaarden and other premium brands; Corona revenue grew 8.3% outside Mexico in FY2025.
Beyond Beer
3% of FY2025 revenueReady-to-drink cocktails, seltzers and flavored drinks such as Cutwater, Nutrl, Brutal Fruit, Flying Fish and BeatBox; revenue grew 23% in FY2025.
BEES and Digital Channels
72% of revenue captured digitallyA sales channel rather than a separate segment: BEES captured $52.5B of GMV in FY2025, including $3.5B from third-party products on BEES Marketplace.
Growth Strategy
AB InBev's strategy has three pillars: lead and grow the beer category, digitize and monetize its ecosystem, and optimize the business. In practice that means pushing Corona, Stella Artois and Michelob Ultra outside their home markets, expanding no-alcohol beer led by Corona Cero, building Beyond Beer brands (Cutwater, Nutrl, Brutal Fruit, Flying Fish, BeatBox), and adding third-party products and financial services to BEES. Acquisitions are now smaller: the largest recent deal was the 85% BeatBox stake for up to about $490 million, closed in February 2026.
How AB InBev Makes Money: FAQ
How does AB InBev make money?
AB InBev generates revenue by brewing, marketing, and distributing beer, flavored malt beverages, hard seltzers, and non-alcoholic beverages at large global scale to wholesalers, grocery chains, bars, and restaurants.
What is AB InBev's 'Category Expansion' and premiumization strategy?
AB InBev focuses on growing high-margin 'Beyond Beer' products (like Cutwater Spirits ready-to-drink cocktails) and expanding its global premium brands (Corona, Stella Artois, Michelob Ultra), which generate higher revenue per hectoliter.
How does AB InBev manage its three-tier distribution system in the United States?
In the U.S., AB InBev operates within the legally mandated three-tier system, selling beer from its breweries to independent and company-owned wholesalers, who distribute it to licensed retail stores and on-premise venues.
What role does the BEES digital platform play in AB InBev's monetization?
BEES lets retailers order AB InBev products digitally, and BEES Marketplace adds third-party products to the same app. In FY2025 BEES captured $52.5 billion of GMV, including $3.5 billion from third-party products, up 61% from FY2024.
How does scale help AB InBev?
As the world's largest brewer by volume (561.1 million hectoliters in FY2025), AB InBev buys large quantities of barley, hops, aluminum cans and glass, and spreads marketing and overhead costs over a large base; its normalized EBITDA margin was 35.8% in FY2025.
What are AB InBev's primary geographic operating segments?
AB InBev operates across five major regions: North America (US/Canada), Middle Americas (Mexico/Central America), South America (Brazil/Argentina), EMEA (Europe/Africa), and Asia-Pacific.
How does AB InBev expand in the non-alcoholic beverage category?
No-alcohol beer led AB InBev's growth in FY2025, with revenue up 34%, led by Corona Cero. The company says it leads no-alcohol beer in markets including the U.S., Canada, Brazil, Mexico, Colombia and Belgium.
What is AB InBev's historical EBITDA margin profile?
AB InBev's normalized EBITDA margin was 35.8% in FY2025, up 101 basis points from FY2024, on normalized EBITDA of $21.2 billion.
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