Anheuser-Busch InBev SA/NV Revenue in 2023

Anheuser-Busch InBev SA/NV reported $59.4B in revenue for fiscal year 2023. This represents a growth of 7.6% compared to the 2022 figure of $55.2B.

AB InBev's $5.3 billion net income on $59.38 billion in revenue reflects an 8.9 percent net margin — respectable for a consumer staples company but below what the portfolio's premium brand mix could theoretically generate. The gap between potential and actual margin is largely explained by interest expense on the debt accumulated during the Anheuser-Busch and SABMiller acquisitions, which still runs into the billions annually despite years of paydown. Corona and Modelo account for 40 percent of revenue but generate gross margins exceeding 60 percent, compared to 35 percent for core lagers like Budweiser. That premium brand skew is intentional — AB InBev has been deliberately shifting its mix toward higher-margin products in every market where premiumization is occurring, using the low-margin core lager business as a distribution platform rather than a profit center. The net leverage ratio's decline from 5.0 times in 2016 to 3.1 times by fiscal 2023 represents one of the largest corporate deleveraging efforts in consumer goods history — $4.5 billion in debt paid down in 2023 alone. The company's target is a leverage ratio below 2 times, which would unlock the financial flexibility to either return significantly more capital to shareholders or fund the next phase of acquisition activity. Revenue grew from $54.3 billion in 2021 to $59.38 billion in 2023, a 9 percent increase driven primarily by price increases and the premium brand mix shift rather than volume growth. The 2023 Bud Light controversy complicated the U.S. Picture — the domestic market's volume declines represented a meaningful headwind that partially offset the pricing-driven gains elsewhere. How quickly Bud Light's domestic position stabilizes will determine whether that 2021-to-2023 growth trajectory can continue.