Anheuser-Busch InBev SA/NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Anheuser-Busch InBev SA/NV files with the SEC in its annual reports.

In USD 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	45,517	54,859	53,041	52,329	46,881	54,304	57,786	59,380	59,768	59,320
Cost of revenue	17,803	20,975	19,933	20,362	19,634	23,097	26,305	27,396	26,744	26,141
Gross profit	27,715	33,884	33,108	31,967	27,247	31,207	31,481	31,984	33,024	33,179
Research and development	244	265	276	291	296	298
General and administrative	2,883	3,779	3,421	3,548	3,404	4,394	4,414	4,738	4,983	4,667
Operating income	12,882	16,460	16,414	16,098	9,620	13,824	14,517	13,966	15,487	15,405
Interest expense	9,382	7,006	9,261	5,993	8,419	6,040	5,814	6,133	6,376	5,146
Interest income	818	380	435	2,519	722	431	1,665	1,031	1,024	682
Pre-tax income	4,334	10,264	7,741	12,776	2,079	8,463	9,524	9,124	10,568	11,328
Income tax	1,613	1,658	2,585	2,786	1,932	2,350	1,928	2,234	3,152	2,850
Income from continuing operations	2,721	8,606	5,157	9,990	147	6,114	7,597	6,891	7,416	8,477
Net income to minority interests	1,528	1,176	1,318	1,243	797	1,444	1,628
Net income	1,241	7,990	4,370	9,171	1,405	4,670	5,969	5,341	5,855	6,837
EPS, basic	0.72	4.05	2.21	4.62	0.70	2.33	2.97	2.65	2.92	3.45
EPS, diluted	0.71	3.98	2.17	4.53	0.69	2.28	2.91	2.60	2.86	3.39

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8,579	10,472	7,074	7,238	15,252	12,097	9,973	10,332	11,174	11,638
Receivables	6,352	6,566	6,375	6,187	4,833	5,046	5,330	6,024	5,270	6,161
Inventory	3,889	4,119	4,234	4,427	4,482	5,399	6,612	5,583	5,020	5,107
Total current assets	43,017	23,960	18,281	28,814	26,519	23,949	23,186	23,367	22,999	24,769
Property, plant and equipment	26,219	29,233	27,615	27,544	26,419	26,678	26,671	26,818	23,503	23,664
Lease right-of-use assets			1,977	2,029	2,228	2,219	2,426	2,726	2,209	2,298
Goodwill	136,533	140,940	133,311	128,114	120,971	115,796	113,010	117,043	110,479	117,908
Intangible assets	44,568	45,874	44,831	42,452	41,527	40,430	40,209	41,286	40,034	41,985
Total assets	256,586	248,208	233,868	236,648	226,410	217,627	212,943	219,340	206,637	218,808
Accounts payable	23,086	24,762	22,568	22,864	22,965	25,434	26,349	25,981	23,804	25,455
Short-term debt			4,584	5,410
Total current liabilities	40,369	36,625	34,826	34,841	32,352	34,184	34,383	37,156	33,066	34,475
Total liabilities	175,161	168,008	161,979	152,095	148,059	138,287	128,665	126,664	117,937	121,072
Total debt	122,559	116,382	111,581	102,974					72,169	73,013
Paid-in capital	17,620	17,620	17,620	17,620	17,620	17,620	17,620	17,620	17,620	17,620
Retained earnings	28,214	28,387	26,068	31,484	30,870	33,882	38,823	42,215	46,577	50,128
Shareholders' equity	71,339	72,576	64,485	75,722	68,024	68,669	73,398	81,848	78,237	87,287
Minority interests	10,086	7,624	7,404	8,831	10,327	10,671	10,880	10,828	10,463	10,449
Total equity	81,425	80,200	71,889	84,553	78,351	79,340	84,278	92,676	88,700	97,736
Total liabilities and equity	256,586	248,208	233,868	236,648	226,410	217,627	212,943	219,340	206,637	218,808

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2,769	9,166	5,688	10,414	2,202	6,114	7,597	6,891	7,416	8,477
Cash from operations	10,110	14,920	15,064	14,036	10,891	14,799	13,298	13,265	15,055	14,883
Capital expenditures	-4,979	-4,680	-5,005	-5,174	-3,781	-5,640	-5,160	-4,638	-3,863	-3,656
Cash from investing	-60,077	7,865	-3,966	-4,931	6,336	-5,878	-4,337	-4,390	-3,259	-3,436
Share buybacks						0	0	-362	-937	-2,301
Dividends paid	-8,450	-9,275	-7,761	-5,015	-1,800	-2,364	-2,442	-3,013	-2,672	-4,543
Cash from financing	50,731	-21,334	-14,346	-8,755	-8,475	-11,598	-10,904	-8,560	-9,854	-11,450
Exchange rate effect	721	-319	-148	-141	-674	-526	-211	109	-1,082	452
Net change in cash	764	2,280
Free cash flow	5,131	10,240	10,059	8,862	7,110	9,159	8,138	8,627	11,192	11,227
Interest paid	3,279	4,777	4,559	4,450	4,340	3,987	4,133	3,877	3,649	3,348

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $78.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.9%	Gross profit / revenue.
Operating margin	26.0%	Operating income / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	11.5%	Net income / revenue.
FCF margin	18.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.1%	Cash from operations / revenue.
Effective tax rate	25.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.0%	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	6.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.8%	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	4.0%	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	-0.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.0%	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	9.9%	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	16.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.6%	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	37.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	37.5%	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	-1.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.8%	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	6.4%	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	0.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.3%	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	9.6%	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	11.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.9%	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	5.1%	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	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	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	-0.7%	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	0.72x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.34x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.84x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.4%	Total debt / total assets.
Liabilities / assets	55.3%	Total liabilities / total assets.
Net debt	$61.38B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	2.99x	Operating income / interest expense.
Working capital	-$9.71B	Current assets - current liabilities.
Goodwill and intangibles / assets	73.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$72.61B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Fixed asset turnover	2.52x	Revenue / average property, plant and equipment.
Inventory turnover	5.16x	Cost of revenue / average inventory.
Days inventory	71 days	365 x average inventory / cost of revenue.
Receivables turnover	10.4x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	344 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-238 days	Days inventory + days sales outstanding - days payables.
FCF conversion	164.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.39	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	$3.45	Net income per basic share, as reported (split-adjusted).
Payout ratio	66.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	20.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$153.83B	Share price x shares outstanding.
Enterprise value	$215.20B	Market cap + total debt - cash - short-term investments.
P/E	22.5x	Market cap / net income. Only when net income is positive.
P/S	2.59x	Market cap / revenue.
P/B	1.76x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.3x	Market cap / cash from operations, when positive.
EV/Sales	3.63x	Enterprise value / revenue.
EV/EBIT	14.0x	Enterprise value / operating income, when both are positive.
EV/FCF	19.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.3%	Free cash flow / market cap.
Earnings yield	4.4%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.
PEG	4.31x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Anheuser-Busch InBev SA/NV's revenue in fiscal 2025?

Anheuser-Busch InBev SA/NV reported revenue of $59.32B for fiscal 2025, 0.7% lower than the year before.

Was Anheuser-Busch InBev SA/NV profitable in fiscal 2025?

Yes. Net income was $6.84B, a net margin of 11.5%.

How much free cash flow did Anheuser-Busch InBev SA/NV generate in fiscal 2025?

Cash from operations of $14.88B minus capital expenditures of $3.66B left free cash flow of $11.23B.

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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