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Anheuser-Busch InBev vs Boston Beer: revenue, profit, margins and growth compared

Anheuser-Busch InBev brought in $59.3B of revenue in fiscal 2025, Boston Beer $2.1B in fiscal 2025. Revenue changed by -0.7% at Anheuser-Busch InBev and -2.4% at Boston Beer on the year before, so Anheuser-Busch InBev grew faster. Anheuser-Busch InBev kept 11.5% of its revenue as net profit, Boston Beer 5.2%. Free cash flow was $11.2B at Anheuser-Busch InBev and $215.6M at Boston Beer.

Side by side, latest fiscal year

BUDSAM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 27, 2025)
Revenue$59.3B$2.1B
Revenue growth-0.7%-2.4%
Net income$6.8B$108.5M
Net margin11.5%5.2%
Free cash flow$11.2B$215.6M
Free cash flow margin18.9%10.3%
Earnings per share (diluted)$3.39$9.89
Cash$11.6B$223.4M
Debt$73Bn/a
Price to earningsn/a16.6
Market value$153.8B$1.7B
Dividend yieldn/an/a
Rank by revenue in sector#8 of 125 · Consumer staples#48 of 125 · Consumer staples

Over the years

Revenue
BUD FY2018: $53BBUD FY2019: $52.3BBUD FY2020: $46.9BBUD FY2021: $54.3BBUD FY2022: $57.8BBUD FY2023: $59.4BBUD FY2024: $59.8BBUD FY2025: $59.3BSAM FY2018: $1.1BSAM FY2019: $1.3BSAM FY2020: $1.9BSAM FY2021: $2.2BSAM FY2022: $2.2BSAM FY2023: $2.1BSAM FY2024: $2.1BSAM FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
BUD $59.3BSAM $2.1B
Net income
BUD FY2018: $4.4BBUD FY2019: $9.2BBUD FY2020: $1.4BBUD FY2021: $4.7BBUD FY2022: $6BBUD FY2023: $5.3BBUD FY2024: $5.9BBUD FY2025: $6.8BSAM FY2018: $92.7MSAM FY2019: $110MSAM FY2020: $192MSAM FY2021: $14.6MSAM FY2022: $67.3MSAM FY2023: $76.3MSAM FY2024: $59.7MSAM FY2025: $108.5MFY18FY19FY20FY21FY22FY23FY24FY25
BUD $6.8BSAM $108.5M
Net margin
BUD FY2018: 8.2%BUD FY2019: 17.5%BUD FY2020: 3.0%BUD FY2021: 8.6%BUD FY2022: 10.3%BUD FY2023: 9.0%BUD FY2024: 9.8%BUD FY2025: 11.5%SAM FY2018: 8.8%SAM FY2019: 8.3%SAM FY2020: 10.4%SAM FY2021: 0.7%SAM FY2022: 3.0%SAM FY2023: 3.6%SAM FY2024: 2.8%SAM FY2025: 5.2%FY18FY19FY20FY21FY22FY23FY24FY25
BUD 11.5%SAM 5.2%
Revenue growth
BUD FY2019: -1.3%BUD FY2020: -10.4%BUD FY2021: +15.8%BUD FY2022: +6.4%BUD FY2023: +2.8%BUD FY2024: +0.7%BUD FY2025: -0.7%SAM FY2019: +25.7%SAM FY2020: +39.3%SAM FY2021: +18.6%SAM FY2022: +1.2%SAM FY2023: -4.0%SAM FY2024: +0.2%SAM FY2025: -2.4%FY19FY20FY21FY22FY23FY24FY25
BUD -0.7%SAM -2.4%
Free cash flow
BUD FY2018: $10.1BBUD FY2019: $8.9BBUD FY2020: $7.1BBUD FY2021: $9.2BBUD FY2022: $8.1BBUD FY2023: $8.6BBUD FY2024: $11.2BBUD FY2025: $11.2BSAM FY2018: $108MSAM FY2019: $85MSAM FY2020: $113.4MSAM FY2021: -$91.6MSAM FY2022: $109.4MSAM FY2023: $201.1MSAM FY2024: $172.6MSAM FY2025: $215.6MFY18FY19FY20FY21FY22FY23FY24FY25
BUD $11.2BSAM $215.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Anheuser-Busch InBev and Boston Beer

Which is bigger by revenue, Anheuser-Busch InBev or Boston Beer?

Anheuser-Busch InBev is bigger by revenue: $59.3B in fiscal 2025, against $2.1B for Boston Beer in fiscal 2025.

Which keeps more of its revenue as profit, Anheuser-Busch InBev or Boston Beer?

Anheuser-Busch InBev had a net margin of 11.5% in fiscal 2025; Boston Beer had 5.2% in fiscal 2025.

Which grew revenue faster, Anheuser-Busch InBev or Boston Beer?

In their latest fiscal years revenue changed by -0.7% at Anheuser-Busch InBev and -2.4% at Boston Beer.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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