Anheuser-Busch InBev SA/NV
Financial Performance
AB InBev Revenue & Financials
Revenue
$59.3B (FY2025)
Market Cap
$146.1B
Net Income
$6.8B
Employees
137,000
What is AB InBev's revenue?
AB InBev had $59.3B in revenue for fiscal year 2025, down 0.7% from 2024. Net income was $6.8B.
- Latest revenue
- $59.3B (FY2025)
- Year-over-year
- -0.7%
- Growth rate (CAGR)
- 3% over 9 years
- Peak revenue
- $59.8B (FY2024)
- Years of data
- 10
- Employees
- 137,000
- How much profit does AB InBev make?
- AB InBev reported net income of $6.8B for fiscal year 2025. sec.gov
- How many employees does AB InBev have?
- AB InBev has about 137,000 employees.
Financial Analysis
Revenue has held near $59 billion since 2023: $59.38 billion in FY2023, $59.77 billion in FY2024 and $59.32 billion in FY2025, when a 2.0% organic increase was offset by currency translation. Profit attributable to equity holders rose to $6.84 billion in FY2025 and free cash flow was $11.3 billion. The balance sheet still reflects the 2016 SAB combination, valued at a gross purchase consideration of $114 billion: net debt was 2.87x normalized EBITDA at 31 December 2025, against a stated optimal level of around 2x. The company halved its 2018 dividend to reduce debt and proposed a EUR 1.00 final dividend for FY2025. Anheuser-Busch InBev (AB InBev) is the world's largest brewer, maintaining a market valuation generally exceeding $100 billion.
Revenue Trend Analysis
YoY Change
-0.7%
9-Year CAGR
+3%
Peak Year
2024
Trend
Mostly Growing
Anheuser-Busch InBev SA/NV has 10 full fiscal year figures on this page, compounding at +3% annually over 9 years. The most recent year saw a 0.7% decline versus the prior year. Annual revenue peaked in fiscal year 2024 at $59.8B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $59.3B | $6.8B | -0.7% | AB InBev Form 20-F FY2025 (SEC) Reported revenue fell 0.8% on currency translation; organic revenue grew 2.0%. Net income is profit attributable to equity holders. |
| FY2024 | $59.8B | $5.9B | +0.7% | AB InBev Form 20-F FY2024 (SEC) Net income is profit attributable to equity holders. |
| FY2023 | $59.4B | $5.3B | +2.8% | AB InBev Form 20-F FY2023 (SEC) Year of the U.S. Bud Light boycott. Net income is profit attributable to equity holders. |
| FY2022 | $57.8B | $6B | +6.4% | AB InBev Form 20-F FY2022 (SEC) Net income is profit attributable to equity holders. |
| FY2021 | $54.3B | $4.7B | +15.8% | AB InBev Form 20-F FY2021 (SEC) Net income is profit attributable to equity holders. |
| FY2020 | $46.9B | $1.4B | -10.4% | AB InBev Form 20-F FY2020 (SEC) Revenue fell about 10% from FY2019 during the COVID-19 pandemic. Net income is profit attributable to equity holders. |
| FY2019 | $52.3B | $9.2B | -4.2% | AB InBev Form 20-F FY2019 (SEC) Net income is profit attributable to equity holders. |
| FY2018 | $54.6B | $4.4B | -3.2% | AB InBev Form 20-F FY2018 (SEC) As originally reported; restated to $53.04B in the FY2019 Form 20-F. Net income is profit attributable to equity holders. |
| FY2017 | $56.4B | $8B | +24.0% | AB InBev Form 20-F FY2017 (SEC) First full year including SAB. As originally reported; restated to $54.86B in the FY2019 Form 20-F. |
| FY2016 | $45.5B | $1.2B | — | AB InBev Form 20-F FY2017 (SEC) Includes SAB from 10 October 2016. Net income is profit attributable to equity holders. |
Click any row to see year details.
Anheuser-Busch InBev SA/NV balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $14.9B | $3.7B | $218.8B | $87.3B | $11.2B | Form 20-F |
| FY2024ended Dec 31, 2024 | $15.1B | $3.9B | $206.6B | $78.2B | $11.2B | Form 20-F |
| FY2023ended Dec 31, 2023 | $13.3B | $4.6B | $219.3B | $81.8B | $8.6B | Form 20-F |
| FY2022ended Dec 31, 2022 | $13.3B | $5.2B | $212.9B | $73.4B | $8.1B | Form 20-F |
| FY2021ended Dec 31, 2021 | $14.8B | $5.6B | $217.6B | $68.7B | $9.2B | Form 20-F |
| FY2020ended Dec 31, 2020 | $10.9B | $3.8B | $226.4B | $68B | $7.1B | Form 20-F |
| FY2019ended Dec 31, 2019 | $14B | $5.2B | $236.6B | $75.7B | $8.9B | Form 20-F |
Keep researching AB InBev
AB InBev Revenue and Financial FAQ
What was AB InBev's annual revenue in fiscal year 2024/2025?
AB InBev reported FY2025 revenue of $59.32 billion versus $59.77 billion in FY2024, a 0.8% reported decline caused by unfavorable currency translation. Organic revenue grew 2.0%, driven by 4.4% higher revenue per hectoliter, with Middle Americas the largest region at $17.38 billion.
What is AB InBev's annual normalized EBITDA?
AB InBev generated normalized EBITDA of $21.22 billion in FY2025, up 4.9% organically from $20.96 billion in FY2024, with the margin expanding to 35.8%.
How has AB InBev reduced its debt burden following the SABMiller merger?
The 2016 SABMiller combination was valued at a gross purchase consideration of $114 billion and was largely debt-financed. AB InBev halved its 2018 dividend, listed Budweiser APAC in 2019 and sold its Australian business in 2020. Net debt was $60.9 billion at 31 December 2025, or 2.87x normalized EBITDA.
What is AB InBev's market capitalization and equity valuation?
AB InBev had a market capitalization of about $146.1 billion as of September 30, 2026, based on its NYSE-listed ADSs (BUD).
What is AB InBev's annual dividend policy?
AB InBev says its optimal capital structure is net debt of around 2x normalized EBITDA. For FY2025 the Board proposed a final dividend of EUR 1.00 per share.
How much of AB InBev's revenue comes from premium brands?
In FY2025 AB InBev's above-core (premium) beer portfolio was 35% of revenue, mainstream beer about 50% and Beyond Beer 3%. Combined megabrand revenue grew 4.1%.
How does foreign currency exchange impact AB InBev's financial results?
With substantial sales in emerging markets (Brazil, Mexico, South Africa, Colombia), AB InBev actively hedges foreign currency exposure against its U.S. dollar-denominated debt and financial reporting.
How much annual free cash flow does AB InBev generate?
AB InBev generated $11.3 billion of free cash flow (operating cash flow less net capex) in FY2025, in line with FY2024, providing flexibility for debt retirement, share repurchases, and brewery modernization.
Is AB InBev in debt?
Following the SABMiller acquisition, AB InBev took on massive levels of debt, which they have aggressively worked to pay down over the last several years.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "AB InBev Revenue & Financials." CorpDigest, https://corpdigest.com/company/ab-inbev/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>AB InBev reported $59.3B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/ab-inbev/financials" target="_blank" rel="noopener">CorpDigest — AB InBev financials</a></div>Related Financial Audits
Compare revenue, net income, and market cap scale
Explore AB InBev
Core profile pages, founders and related research hubs for this company.