AMBEV S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMBEV S.A. files with the SEC in its annual reports.

In BRL millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	45,603	47,899	50,231	52,005	58,379	72,854	79,709	79,737	89,453	88,243
Cost of revenue	16,678	18,028	19,249	21,678	27,066	35,660	40,422	39,292	43,615	42,864
Gross profit	28,925	29,871	30,982	30,327	31,313	37,195	39,287	40,445	45,838	45,378
Operating income	17,105	16,552	17,151	16,075	15,972	17,080	17,688	18,831	21,802	23,318
Interest expense	4,598	4,415	4,684	4,748	5,431	5,428	7,141	4,919	4,028	4,411
Interest income	896	701	654	1,639	2,996	2,222	2,866	2,086	2,424	2,217
Pre-tax income	13,398	12,835	13,122	12,943	13,494	13,759	14,236	15,036	19,487	19,422
Income tax	315	5,048	1,774	755	1,763	-637	656	-75.5
Net income to minority interests	537	519	353	408	353	452	433	459	410	485
Net income	12,547	7,269	10,995	11,780	11,379	12,671	14,458	14,502	14,437	15,503
EPS, basic	0.80	0.46	0.70	0.75	0.72	0.81	0.92	0.92	0.92	0.99
EPS, diluted	0.79	0.46	0.69	0.74	0.72	0.80	0.91	0.92	0.91	0.99

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7,877	10,355	11,464	11,901	17,090	16,628	14,926	16,059	28,596	18,638
Short-term investments	283	11.9	13.4	14.6	1,700	1,915	455	277	1,242	1,682
Receivables	4,368	4,945	4,879	4,496	4,303	4,792	5,349	5,742	6,270	6,352
Inventory	4,347	4,319	5,402	5,979	7,606	11,000	12,923	9,619	11,690	10,520
Total current assets	23,887	24,718	25,330	27,621	35,342	38,627	37,817	36,563	54,156	43,876
Property, plant and equipment	19,154	18,822	21,638	22,576	24,768	29,224	30,056	26,630	30,170	27,644
Goodwill	30,511	31,402	34,276	35,010	40,024	42,411	40,594	38,004	44,343	41,538
Intangible assets	5,246	4,675	5,841	6,306	7,581	8,689	9,222	10,042	12,531	11,043
Total assets	83,841	88,766	95,714	101,743	125,196	138,603	137,958	132,644	162,508	145,087
Accounts payable	10,869	11,854	14,050	15,070	19,339	25,078	24,329	23,195	25,224	23,743
Total current liabilities	28,774	28,689	25,209	25,011	33,478	38,866	40,540	41,005	49,389	45,599
Total liabilities	37,190	38,869	38,260	39,187	50,045	54,585	54,630	52,501	62,928	56,312
Total debt		2,553	4,104	28,652	37,146	42,077	43,125		3,453	3,387
Shareholders' equity	44,825	46,009	56,248	61,278	73,816	82,643	81,956	78,969	98,642	87,914
Minority interests	1,826	1,974	1,207	1,278	1,336	1,375	1,372	1,175	938	861
Total equity	46,651	47,564	57,455	62,556	75,151	84,018	83,328	80,144	99,581	88,775
Total liabilities and equity	83,841	88,766	95,714	101,743	125,196	138,603	137,958	132,644	162,508	145,087

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13,083	7,788	11,348	12,188	11,732	13,123	14,891	14,960	14,847	15,988
Cash from operations	12,344	18,261	18,346	18,381	18,856	22,901	20,642	24,711	26,099	24,450
Capital expenditures	-4,035	-3,204	-3,571	-5,069	-4,693	-7,677	-6,533	-6,004	-4,749	-4,591
Cash from investing	-5,898	-3,073	-3,676	-4,839	-6,800	-7,735	-5,004	-5,766	-5,463	-4,950
Debt issued	3,792	2,904	2,305	946	3,768	315	275	49.8	489	51.1
Debt repaid	-1,896	-5,442	-2,499	-2,353	-2,043	-2,454	-230	-227	-605	-178
Share buybacks			-3,061	-0.5	0	0	-0.1		-1,717
Dividends paid	-6,007	-4,044	2,763	-396	-1,689	-2,649	-357	-544
Cash from financing	-11,645	-13,251	-13,657	-12,284	-8,602	-16,042	-16,338	-16,115	-10,352	-26,772
Exchange rate effect	-542	539	96.9	-822	1,735	383	-1,045	-1,623	2,253	-2,686
Net change in cash	-5,199	1,937	1,014	1,259	3,454	-876	-700	2,830	10,283	-7,271
Free cash flow	8,309	15,057	14,775	13,312	14,163	15,224	14,109	18,707	21,350	19,860
Interest paid	725	721	774	405	769	498	826	666	742	887
Income taxes paid	5,342	2,157	1,711	2,035	1,643	1,305	919	1,627	3,618	4,188

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	51.4%	Gross profit / revenue.
Operating margin	26.4%	Operating income / revenue.
Pre-tax margin	22.0%	Pre-tax income / revenue.
Net margin	17.6%	Net income / revenue.
FCF margin	22.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.7%	Cash from operations / revenue.
Return on equity (ROE)	16.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.1%	Net income / average total assets.
Return on invested capital (ROIC)	25.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	5.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-10.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.96x	Current assets / current liabilities.
Quick ratio	0.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.3%	Total debt / total assets.
Liabilities / assets	38.8%	Total liabilities / total assets.
Net debt	-R$16.93B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	5.29x	Operating income / interest expense.
Working capital	-R$1.72B	Current assets - current liabilities.
Goodwill and intangibles / assets	36.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	R$35.33B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.
Fixed asset turnover	3.05x	Revenue / average property, plant and equipment.
Inventory turnover	3.86x	Cost of revenue / average inventory.
Days inventory	95 days	365 x average inventory / cost of revenue.
Receivables turnover	14.0x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	208 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-88 days	Days inventory + days sales outstanding - days payables.
FCF conversion	128.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	R$0.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	R$0.99	Net income per basic share, as reported (split-adjusted).

What was AMBEV S.A.'s revenue in fiscal 2025?

AMBEV S.A. reported revenue of R$88.24B for fiscal 2025, 1.4% lower than the year before.

Was AMBEV S.A. profitable in fiscal 2025?

Yes. Net income was R$15.50B, a net margin of 17.6%.

How much free cash flow did AMBEV S.A. generate in fiscal 2025?

Cash from operations of R$24.45B minus capital expenditures of R$4.59B left free cash flow of R$19.86B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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