BUDNYSEMalt BeveragesFiscal year ends December 31Also trades as BUDFF
Anheuser-Busch InBev SA/NV
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 3, 2026
$82.83+0.24 (+0.29%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 24.4
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
55.9%−2.2 pts over 5 years
Operating margin
26.0%+5.4 pts over 5 years
Net margin
11.5%+8.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.7% | +0.9% | +4.8% | +3.3% | |
| Gross profit | +0.5% | +1.8% | +4.0% | +2.3% | |
| Operating income | -0.5% | +2.0% | +9.9% | +1.0% | |
| Net income | +16.8% | +4.6% | +37.2% | -1.9% | |
| EPS, diluted | +18.5% | +5.2% | +37.5% | -3.7% | |
| Free cash flow | +0.3% | +11.3% | +9.6% | +1.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 2.0% | 8.3% | |
| Return on assets | – | 0.6% | 3.2% | |
| Current ratio | 1.07 | 0.82 | 0.72 | |
| Interest coverage | 1.4× | 1.1× | 3.0× | |
| Inventory turnover | – | 4.4× | 5.2× | |
| Capex to revenue | 10.9% | 8.1% | 6.2% |
Where the cash went
Fiscal 2021 to 2025, five years combined
Anheuser-Busch InBev generated $71.30B from operations and spent $41.59B on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
$71.30B
Used
$41.59B
Capital expenditure$22.96B55%Dividends$15.03B36%Share buybacks$3.60B9%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.5%
×Asset turnover0.28×
×Equity multiplier2.57×
=Return on equity, FY20258.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.5% | 0.28× | 2.57× | 8.3% |
| FY2024 | 9.8% | 0.28× | 2.66× | 7.3% |
| FY2023 | 9.0% | 0.27× | 2.78× | 6.9% |
| FY2022 | 10.3% | 0.27× | 3.03× | 8.4% |
| FY2021 | 8.6% | 0.24× | 3.25× | 6.8% |
| FY2020 | 3.0% | 0.20× | 3.22× | 2.0% |
| FY2019 | 17.5% | 0.22× | 3.36× | 13.1% |
| FY2018 | 8.2% | 0.22× | 3.52× | 6.4% |
| FY2017 | 14.6% | 0.22× | 3.51× | 11.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$6.84B
- Cash generatingOperating cash flow above zero$14.88B
- Return on assets improvedROA up on the prior year2.7% → 3.3%
- Earnings backed by cashOperating cash flow above net income$14.88B vs $6.84B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.70 → 0.72
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year55.25% → 55.93%
- More efficientAsset turnover rose0.27 → 0.29