AB InBev vs Constellation Brands: Revenue, Profit and Business Model
AB InBev reported $59.3B of revenue in FY2025 and $6.8B of net income. Constellation Brands reported $9.1B of revenue in FY2026 and $1.7B of net income.
Latest financial snapshot
AB InBev
- Latest revenue
- $59.3B (FY2025)
- Net income
- $6.8B
- Net margin
- 11.5%
- Revenue growth
- +3.0% a year, FY2016–FY2025
Constellation Brands
- Latest revenue
- $9.1B (FY2026)
- Net income
- $1.7B
- Net margin
- 18.5%
- Revenue growth
- +2.5% a year, FY2017–FY2026
Financial summary
AB InBev
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.
Constellation Brands
Net sales peaked at $10.21 billion in FY2025 and dipped to $9.139 billion in FY2026 as Constellation sold mainstream wine brands and beer shipments fell 3.8%. Net income swung from an $81.4 million loss in FY2025 (driven by about $2.8 billion of wine and spirits goodwill and intangible impairments) to $1.687 billion in FY2026. In Q1 FY2027 net sales were $2.43 billion, beer operating income rose 2% to $891.4 million, and free cash flow increased 9% to $485 million. Management reaffirmed FY2027 guidance of $11.20 to $11.90 comparable EPS and $1.6 to $1.7 billion of free cash flow. The earlier Canopy Growth cannabis investment of roughly $4 billion produced multibillion-dollar write-downs.
Revenue and profit by year
AB InBev
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $59.3B | $6.8B | 11.5% | -0.7% | Source |
| FY2024 | $59.8B | $5.9B | 9.8% | +0.7% | Source |
| FY2023 | $59.4B | $5.3B | 9.0% | +2.8% | Source |
| FY2022 | $57.8B | $6B | 10.3% | +6.4% | Source |
| FY2021 | $54.3B | $4.7B | 8.6% | +15.8% | Source |
| FY2020 | $46.9B | $1.4B | 3.0% | -10.4% | Source |
| FY2019 | $52.3B | $9.2B | 17.5% | -4.2% | Source |
| FY2018 | $54.6B | $4.4B | 8.0% | -3.2% | Source |
| FY2017 | $56.4B | $8B | 14.2% | +24.0% | Source |
| FY2016 | $45.5B | $1.2B | 2.7% | — | Source |
Constellation Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $9.1B | $1.7B | 18.5% | -10.5% | Source |
| FY2025 | $10.2B | -$81.4M | -0.8% | +2.5% | Source |
| FY2024 | $10B | $1.7B | 17.3% | +5.4% | Source |
| FY2023 | $9.5B | -$71M | -0.8% | +7.2% | Source |
| FY2022 | $8.8B | -$40.4M | -0.5% | +2.4% | Source |
| FY2021 | $8.6B | $2B | 23.2% | +3.3% | Source |
| FY2020 | $8.3B | -$11.8M | -0.1% | +2.8% | Source |
| FY2019 | $8.1B | $3.4B | 42.3% | +7.1% | Source |
| FY2018 | $7.6B | $2.3B | 30.4% | +3.5% | Source |
| FY2017 | $7.3B | $1.5B | 20.9% | — | Source |
Where the revenue comes from
AB InBev
- Mainstream Beer
About 50% of FY2025 revenue
Core lagers such as Bud Light, Skol, Brahma, Aguila and Jupiler; revenue was roughly flat in FY2025.
- Above-Core (Premium) Beer
35% of FY2025 revenue
Corona, Stella Artois, Michelob Ultra, Leffe, Hoegaarden and other premium brands; Corona revenue grew 8.3% outside Mexico in FY2025.
- Beyond Beer
3% of FY2025 revenue
Ready-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 digitally
A 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.
Constellation Brands
- Beer Business~91%
Generated $8.32 billion in FY2026 net sales (year ended February 28, 2026), down 3% from $8.54 billion in FY2025, as shipments fell 3.8% to 415.4 million case equivalents. Modelo Especial, Corona Extra, Pacifico, and Modelo Chelada brands are sold under exclusive perpetual U.S. import rights. In Q1 FY2027 beer net sales rose 2% to $2.28 billion on 1.8% shipment growth.
- Wine and Spirits Business~9%
Generated $823.8 million in FY2026 net sales, down 51% from $1.67 billion in FY2025, mainly because of the SVEDKA and mainstream wine divestitures. Portfolio includes Robert Mondavi Winery, Kim Crawford, The Prisoner, Ruffino, Casa Noble Tequila, and High West Whiskey, focused on premium and luxury wines priced $15 and above.
Business model and strategy
AB InBev
How it makes money
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.
Growth strategy
AB InBev's strategy has three pillars: lead and grow the beer category, digitize and monetize its ecosystem, and optimize the business.
Competitive advantage
AB InBev's advantages are portfolio breadth, brewing footprint and retailer access. It holds 20 beer brands with more than $1 billion of revenue each and 8 of the 10 most valuable beer brands on the Kantar BrandZ list, with Corona and Budweiser at #1 and #2. BEES connects the company directly with more than 6 million customers in 29 markets, and FY2025 normalized EBITDA margin was 35.8%.
Constellation Brands
How it makes money
Constellation makes money by brewing Mexican beer in its own breweries in Mexico (Nava in Coahuila and Obregón in Sonora) and selling it to independent U.S. wholesale distributors under the three-tier system. It holds perpetual, exclusive licenses to Modelo, Corona, Pacifico and Victoria in the U.S. only; Anheuser-Busch InBev owns the brands everywhere else. Beer delivered $8.315 billion of FY2026 net sales.
Growth strategy
Under CEO Nick Fink, Constellation's plan centers on consumer focus, its core beer brands and operating efficiency. In beer it is pushing Pacifico and Victoria nationally, extending Modelo into cheladas and flavors, and adding non-alcoholic options such as Corona Sunbrew. In wine and spirits it now keeps only premium brands priced around $15 and above.
Competitive advantage
Constellation's absolute competitive advantage is its perpetual, exclusive US license for the Grupo Modelo brands. It is an unassailable legal moat. No other company can legally import or sell a Corona or a Modelo in the United States. they have perfectly positioned these brands;
Questions about AB InBev vs Constellation Brands
Which company has higher revenue — Anheuser-Busch InBev SA/NV or Constellation Brands, Inc.?
Anheuser-Busch InBev SA/NV reported $59.3B (FY2025), while Constellation Brands, Inc. reported $9.1B (FY2026). By last reported revenue, Anheuser-Busch InBev SA/NV is the larger business, with Constellation Brands, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Anheuser-Busch InBev SA/NV vs Constellation Brands, Inc.?
Anheuser-Busch InBev SA/NV's market capitalisation stands at $146.1B, while Constellation Brands, Inc.'s is $19.3B. Anheuser-Busch InBev SA/NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Constellation Brands, Inc..
Which is more financially efficient — Anheuser-Busch InBev SA/NV or Constellation Brands, Inc.?
Anheuser-Busch InBev SA/NV generates $433k / employee in revenue per employee, while Constellation Brands, Inc. generates $972k / employee. Constellation Brands, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. make money?
Anheuser-Busch InBev SA/NV and Constellation Brands, Inc. generate revenue in fundamentally different ways. Anheuser-Busch InBev SA/NV: AB InBev brews and sells beer and other malt beverages in five reporting regions: North America, Middle Americas, South America, EMEA and Asia Pacific. Constellation Brands, Inc.: Constellation makes money by brewing Mexican beer in its own breweries in Mexico (Nava in Coahuila and Obregón in Sonora) and selling it to independent U.
Which company is valued higher relative to revenue — Anheuser-Busch InBev SA/NV or Constellation Brands, Inc.?
On a price-to-sales (P/S) basis, Anheuser-Busch InBev SA/NV trades at 2.5x P/S and Constellation Brands, Inc. at 2.1x P/S. Anheuser-Busch InBev SA/NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Constellation Brands, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Anheuser-Busch InBev SA/NV bigger than Constellation Brands, Inc.?
By last reported revenue, Anheuser-Busch InBev SA/NV ($59.3B (FY2025)) is the larger company compared to Constellation Brands, Inc. ($9.1B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AB InBev vs Constellation Brands overview