AB InBev vs Heineken: Revenue, Profit and Business Model
AB InBev reported $59.3B of revenue in FY2025 and $6.8B of net income. Heineken reported ~$32.5B of revenue in FY2025 and ~$2.1B of net income.
Latest financial snapshot
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.
Heineken
Reported net revenue rose from ~$24.7 billion (€21.9 billion) in 2021 to ~$34.4 billion (€30.4 billion) in 2023, then fell to ~$33.7 billion (€29.8 billion) in 2024 and ~$32.5 billion (€28.75 billion) in 2025, largely because of weak emerging-market currencies and soft beer volumes. Net profit has been volatile: ~$2.6 billion (€2.30 billion) in 2023, ~$1.11 billion (€978 million) in 2024 after an impairment on the China Resources Beer stake, and ~$2.13 billion (€1.885 billion) in 2025. In the first half of 2026 net revenue was ~$16.8 billion (€14.84 billion) (organic growth 2.7%), operating profit (beia) reached ~$2.45 billion (€2.17 billion) at a 14.6% margin, net profit was ~$1.27 billion (€1.125 billion), and net debt was 2.6 times EBITDA (beia). Management reiterated 2026 guidance of 2% to 6% organic operating profit growth and is running a ~$1.69 billion (€1.5 billion) share buyback.
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 |
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.
Heineken
- Premium Beer
Not disclosed
Heineken, Birra Moretti, Tiger, Edelweiss, Amstel premium positioning, and other premiumized beer brands sold at higher revenue per hectoliter.
- Mainstream and Local Beer
Not disclosed
Regional and mainstream brands that protect local share, brewing scale, and distribution density across mature and emerging markets.
- Cider and Flavored Beverages
Not disclosed
Strongbow, Savanna, Old Mout, Desperados, and adjacent flavored beverage products that broaden consumption occasions.
- Zero-Alcohol and Beyond Beer
Not disclosed
Heineken 0.0 and other low/no-alcohol beverages positioned for health-conscious and occasion-expansion growth.
- Licensing, JVs, and AssociatesVariable
Brand licensing, joint ventures, and associate income in markets where Heineken uses partners or minority structures.
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%.
Heineken
How it makes money
Heineken brews, packages and sells beer, cider and low/no-alcohol drinks through operating companies in each market, supplying supermarkets and retailers (off-trade) as well as bars, restaurants and hotels (on-trade). In some markets it owns distributors or wholesale businesses and runs eB2B ordering platforms for outlets;
Growth strategy
Heineken's growth plan centres on premium brands, 'beyond beer' drinks such as Desperados and ciders, and low/no-alcohol products led by Heineken 0.0. In the first half of 2026 premium volume grew 6%, beyond beer 8% and LoNo 12%, against total volume growth of 1.6%.
Competitive advantage
Heineken's edge is breadth plus brand. It sells in more than 190 countries, owns breweries and distribution in many of them, and in parts of Europe supplies draught equipment and pub estates that tie outlets to its range. The Heineken brand itself is positioned as an international premium lager in most markets, which lets it price above local mainstream beer. Family control through Heineken Holding N.V.
Questions about AB InBev vs Heineken
Which company has higher revenue — Anheuser-Busch InBev SA/NV or Heineken N.V.?
Anheuser-Busch InBev SA/NV reported $59.3B (FY2025), while Heineken N.V. reported ~$32.5B (FY2025). By last reported revenue, Anheuser-Busch InBev SA/NV is the larger business, with Heineken N.V. reporting a smaller revenue base.
What is the market cap of Anheuser-Busch InBev SA/NV vs Heineken N.V.?
Anheuser-Busch InBev SA/NV's market capitalisation stands at $146.1B, while Heineken N.V.'s is $44.0B. Anheuser-Busch InBev SA/NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Heineken N.V..
Which is more financially efficient — Anheuser-Busch InBev SA/NV or Heineken N.V.?
Anheuser-Busch InBev SA/NV generates $433k / employee in revenue per employee, while Heineken N.V. generates $373k / employee. Anheuser-Busch InBev SA/NV 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 Heineken N.V. make money?
Anheuser-Busch InBev SA/NV and Heineken N.V. 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. Heineken N.V.: Heineken brews, packages and sells beer, cider and low/no-alcohol drinks through operating companies in each market, supplying supermarkets and retailers (off-trade) as well as bars, restaurants and hotels (on-trade).
Which company is valued higher relative to revenue — Anheuser-Busch InBev SA/NV or Heineken N.V.?
On a price-to-sales (P/S) basis, Anheuser-Busch InBev SA/NV trades at 2.5x P/S and Heineken N.V. at 1.4x 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 Heineken N.V.. 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 Heineken N.V.?
By last reported revenue, Anheuser-Busch InBev SA/NV ($59.3B (FY2025)) is the larger company compared to Heineken N.V. (~$32.5B (FY2025)). 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 Heineken overview