Anheuser Busch InBev (BUDFF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BUDFF SEC filings page.
Anheuser Busch InBev (BUDFF) reported $59.3B in revenue for fiscal year 2025, down 0.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
Revenue is nearly flat, while lower reinvestment and stronger margins have made cash generation more productive.
From FY2023 to FY2025, revenue was essentially unchanged while gross margin expanded2.1 percentage points and operating margin expanded2.4 percentage points ; profitability improved without volume growth. In FY2025, net income rose16.8% even as operating income slipped0.5% , so bottom-line improvement was not driven by stronger core operating profit.
The liabilities-to-equity ratio declined from 1.6798x in FY2023 to 1.5068x in FY2025, indicating a less liability-heavy balance sheet. Long-term debt was
Operating cash flow was
Financial Health Signals
We do not publish a peer-relative financial health score for Anheuser Busch InBev, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Anheuser Busch InBev scores 1.52, below the 1.81 distress threshold. The score is pulled down most by current liabilities exceeding current assets by $9.7B against total assets of $218.8B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Anheuser Busch InBev passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Anheuser Busch InBev generates $2.18 in operating cash flow ($14.9B OCF vs $6.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Anheuser Busch InBev earns $2.99 in operating income for every $1 of interest expense ($15.4B vs $5.1B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Anheuser Busch InBev generated $59.3B in revenue in fiscal year 2025. This represents a decrease of 0.7% from the prior year.
Anheuser Busch InBev's EBITDA was $21.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.1% from the prior year.
Anheuser Busch InBev reported $6.8B in net income in fiscal year 2025. This represents an increase of 16.8% from the prior year.
Anheuser Busch InBev earned $3.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.5% from the prior year.
Cash & Balance Sheet
Anheuser Busch InBev generated $11.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.3% from the prior year.
Anheuser Busch InBev held $11.6B in cash against $73.0B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Anheuser Busch InBev's gross margin was 55.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.
Anheuser Busch InBev's operating margin was 26.0% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.
Anheuser Busch InBev's net profit margin was 11.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.7 percentage points from the prior year.
Anheuser Busch InBev's ROE was 7.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.
Capital Allocation
Anheuser Busch InBev spent $2.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 188.9% from the prior year.
Anheuser Busch InBev invested $3.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.4% from the prior year.
Not reported for fiscal year 2025.
BUDFF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.3B-0.7% | $59.8B+0.7% | $59.4B+2.8% | $57.8B+6.4% | $54.3B+15.8% | $46.9B-10.4% | $52.3B-1.3% | $53.0B-3.3% | $54.9B+20.5% | $45.5B+5.7% | $43.1B |
| Cost of Revenue | $26.1B-2.3% | $26.7B-2.4% | $27.4B+4.1% | $26.3B+13.9% | $23.1B+17.6% | $19.6B-3.6% | $20.4B+2.2% | $19.9B-5.0% | $21.0B+17.8% | $17.8B+3.9% | $17.1B |
| Gross Profit | $33.2B+0.5% | $33.0B+3.3% | $32.0B+1.6% | $31.5B+0.9% | $31.2B+14.5% | $27.2B-14.8% | $32.0B-3.4% | $33.1B-2.3% | $33.9B+22.3% | $27.7B+4.7% | $26.5B |
| R&D Expenses | N/A | N/A | N/A | N/A | $298.0M+0.7% | $296.0M+1.7% | $291.0M+5.4% | $276.0M+4.2% | $265.0M+8.6% | $244.0M+17.9% | $207.0M |
| Operating Income | $15.4B-0.5% | $15.5B+10.9% | $14.0B-3.8% | $14.5B+5.0% | $13.8B+43.7% | $9.6B-40.2% | $16.1B-1.9% | $16.4B-0.3% | $16.5B+27.8% | $12.9B-7.4% | $13.9B |
| EBITDA | $21.1B+0.1% | $21.0B+8.5% | $19.4B-1.1% | $19.6B+3.8% | $18.9B+30.6% | $14.4B-30.4% | $20.8B-1.3% | $21.0B-0.2% | $21.1B+28.9% | $16.4B-4.1% | $17.1B |
| Interest Expense | $5.1B+49.7% | $3.4B-7.0% | $3.7B+3.0% | $3.6B-2.3% | $3.7Bn/m | -$4.0B-196.1% | $4.2B+0.7% | $4.1B-4.0% | $4.3B+5.4% | $4.1B+123.2% | $1.8B |
| Income Tax | $2.9B-9.6% | $3.2B+41.1% | $2.2B+15.9% | $1.9B-18.0% | $2.4B+21.6% | $1.9B-30.7% | $2.8B+7.8% | $2.6B+55.9% | $1.7B+2.8% | $1.6B-37.8% | $2.6B |
| Net Income | $6.8B+16.8% | $5.9B+9.6% | $5.3B-10.5% | $6.0B+27.8% | $4.7B+232.4% | $1.4B-84.7% | $9.2B+109.9% | $4.4B-45.3% | $8.0B+543.8% | $1.2B-85.0% | $8.3B |
| EPS (Basic) | $3.45+18.2% | $2.92+10.2% | $2.65-10.8% | $2.97+27.5% | $2.33+232.9% | $0.70-84.8% | $4.62+109.0% | $2.21-45.4% | $4.05+462.5% | $0.72-85.7% | $5.05 |
| EPS (Diluted) | $3.39+18.5% | $2.86+10.0% | $2.60-10.7% | $2.91+27.6% | $2.28+230.4% | $0.69-84.8% | $4.53+108.8% | $2.17-45.5% | $3.98+460.6% | $0.71-85.7% | $4.96 |
Not reported in any period shown, so not listed: SG&A Expenses, Diluted Shares (Avg).
BUDFF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $218.8B+5.9% | $206.6B-5.8% | $219.3B+3.0% | $212.9B-2.2% | $217.6B-3.9% | $226.4B-4.3% | $236.6B+1.2% | $233.9B-5.8% | $248.2B-3.3% | $256.6B | N/A |
| Current Assets | $24.8B+7.7% | $23.0B-1.6% | $23.4B+0.8% | $23.2B-3.2% | $23.9B-9.7% | $26.5B-8.0% | $28.8B+57.6% | $18.3B-23.7% | $24.0B-44.3% | $43.0B+89518.8% | $48.0M |
| Cash & Equivalents | $11.6B+4.2% | $11.2B+8.1% | $10.3B+3.6% | $10.0B-17.6% | $12.1B-20.7% | $15.3B+110.7% | $7.2B+2.3% | $7.1B-32.4% | $10.5B+22.1% | $8.6B | N/A |
| Inventory | $5.1B+1.7% | $5.0B-10.1% | $5.6B-15.6% | $6.6B+22.5% | $5.4B+20.5% | $4.5B+1.2% | $4.4B+4.6% | $4.2B+2.8% | $4.1B+5.9% | $3.9B | N/A |
| Accounts Receivable | $6.2B+16.9% | $5.3B-12.5% | $6.0B+13.0% | $5.3B+5.6% | $5.0B+4.4% | $4.8B-21.9% | $6.2B-2.9% | $6.4B-2.9% | $6.6B+3.4% | $6.4B | N/A |
| Goodwill | $117.9B+6.7% | $110.5B-5.6% | $117.0B+3.6% | $113.0B-2.4% | $115.8B-4.3% | $121.0B-5.6% | $128.1B-3.9% | $133.3B-5.4% | $140.9B+3.2% | $136.5B | N/A |
| Total Liabilities | $131.5B+2.4% | $128.4B-6.6% | $137.5B-1.5% | $139.5B-6.3% | $149.0B-6.0% | $158.4B-1.6% | $160.9B-5.0% | $169.4B-3.6% | $175.6B-5.2% | $185.2B | N/A |
| Current Liabilities | $34.5B+4.3% | $33.1B-11.0% | $37.2B+8.1% | $34.4B+0.6% | $34.2B+5.7% | $32.4B-7.1% | $34.8B0.0% | $34.8B-4.9% | $36.6B-9.3% | $40.4B | N/A |
| Non-Current Liabilities | $86.6B+2.0% | $84.9B-5.2% | $89.5B-5.1% | $94.3B-9.4% | $104.1B-10.0% | $115.7B-1.3% | $117.3B-7.8% | $127.2B-3.2% | $131.4B-2.5% | $134.8B | N/A |
| Long-Term Debt | $73.0B+1.2% | $72.2B | N/A | N/A | N/A | N/A | $103.0B-7.7% | $111.6B-4.1% | $116.4B-5.0% | $122.6B | N/A |
| Total Equity | $87.3B+11.6% | $78.2B-4.4% | $81.8B+11.5% | $73.4B+6.9% | $68.7B+0.9% | $68.0B-10.2% | $75.7B+17.4% | $64.5B-11.1% | $72.6B+1.7% | $71.3B+56.0% | $45.7B |
| Retained Earnings | $50.1B+7.6% | $46.6B+10.3% | $42.2B+8.7% | $38.8B+14.6% | $33.9B+9.8% | $30.9B-2.0% | $31.5B+20.8% | $26.1B-8.2% | $28.4B+0.6% | $28.2B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
BUDFF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $14.9B-1.1% | $15.1B+13.5% | $13.3B-0.2% | $13.3B-10.1% | $14.8B+35.9% | $10.9B-22.4% | $14.0B-6.8% | $15.1B+1.0% | $14.9B+47.6% | $10.1B-28.4% | $14.1B |
| Depreciation & Amortization | $5.7B+1.9% | $5.5B+2.5% | $5.4B+6.6% | $5.1B+0.5% | $5.1B+4.6% | $4.8B+3.7% | $4.7B+0.7% | $4.6B0.0% | $4.6B+33.0% | $3.5B+10.3% | $3.2B |
| Capital Expenditures | $3.7B-5.4% | $3.9B-16.7% | $4.6B-10.1% | $5.2B-8.5% | $5.6B+49.2% | $3.8B-26.9% | $5.2B+3.4% | $5.0B+6.9% | $4.7B-6.0% | $5.0B+4.8% | $4.7B |
| Free Cash Flow | $11.2B+0.3% | $11.2B+29.7% | $8.6B+6.0% | $8.1B-11.1% | $9.2B+28.8% | $7.1B-19.8% | $8.9B-11.9% | $10.1B-1.8% | $10.2B+99.6% | $5.1B-45.3% | $9.4B |
| Investing Cash Flow | -$3.4Bn/m | -$3.3Bn/m | -$4.4Bn/m | -$4.3Bn/m | -$5.9B-192.8% | $6.3Bn/m | -$4.9Bn/m | -$4.0B-150.4% | $7.9Bn/m | -$60.1Bn/m | -$4.9B |
| Financing Cash Flow | -$11.4Bn/m | -$9.9Bn/m | -$8.6Bn/m | -$10.9Bn/m | -$11.6Bn/m | -$8.5Bn/m | -$8.8Bn/m | -$14.3Bn/m | -$21.3B-142.1% | $50.7Bn/m | -$9.3B |
| Dividends Paid | $4.5B+70.0% | $2.7B-11.3% | $3.0B+23.4% | $2.4B+3.3% | $2.4B+31.3% | $1.8B-64.1% | $5.0B-35.4% | $7.8B-16.3% | $9.3B+9.8% | $8.4B+6.1% | $8.0B |
| Share Buybacks | $2.6B+188.9% | $900.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation.
BUDFF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.9%+0.7pp | 55.3%+1.4pp | 53.9%-0.6pp | 54.5%-3.0pp | 57.5%-0.7pp | 58.1%-3.0pp | 61.1%-1.3pp | 62.4%+0.6pp | 61.8%+0.9pp | 60.9%-0.6pp | 61.5% |
| Operating Margin | 26.0%+0.1pp | 25.9%+2.4pp | 23.5%-1.6pp | 25.1%-0.3pp | 25.5%+4.9pp | 20.5%-10.2pp | 30.8%-0.2pp | 30.9%+1.0pp | 30.0%+1.7pp | 28.3%-4.0pp | 32.3% |
| Net Margin | 11.5%+1.7pp | 9.8%+0.8pp | 9.0%-1.3pp | 10.3%+1.7pp | 8.6%+5.6pp | 3.0%-14.5pp | 17.5%+9.3pp | 8.2%-6.3pp | 14.6%+11.8pp | 2.7%-16.5pp | 19.2% |
| Return on Equity | 7.8%+0.3pp | 7.5%+1.0pp | 6.5%-1.6pp | 8.1%+1.3pp | 6.8%+4.7pp | 2.1%-10.0pp | 12.1%+5.3pp | 6.8%-4.2pp | 11.0%+9.3pp | 1.7%-16.4pp | 18.1% |
| Return on Assets | 3.1%+0.3pp | 2.8%+0.4pp | 2.4%-0.4pp | 2.8%+0.7pp | 2.1%+1.5pp | 0.6%-3.3pp | 3.9%+2.0pp | 1.9%-1.3pp | 3.2%+2.7pp | 0.5% | N/A |
| Current Ratio | 0.720.0x | 0.70+0.1x | 0.630.0x | 0.670.0x | 0.70-0.1x | 0.820.0x | 0.83+0.3x | 0.52-0.1x | 0.65-0.4x | 1.07 | N/A |
| Debt-to-Equity | 0.84-0.1x | 0.92 | N/A | N/A | N/A | N/A | 1.36-0.4x | 1.73+0.1x | 1.60-0.1x | 1.72 | N/A |
| Liabilities-to-Equity | 1.51-0.1x | 1.640.0x | 1.68-0.2x | 1.90-0.3x | 2.17-0.2x | 2.33+0.2x | 2.13-0.5x | 2.63+0.2x | 2.42-0.2x | 2.60 | N/A |
| Asset Turnover | 0.270.0x | 0.290.0x | 0.270.0x | 0.270.0x | 0.250.0x | 0.210.0x | 0.220.0x | 0.230.0x | 0.220.0x | 0.18 | N/A |
| FCF Margin | 18.9%+0.2pp | 18.7%+4.2pp | 14.5%+0.5pp | 14.1%-2.8pp | 16.9%+1.7pp | 15.2%-1.8pp | 16.9%-2.0pp | 19.0%+0.3pp | 18.7%+7.4pp | 11.3%-10.5pp | 21.8% |
Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Anheuser Busch InBev BUDFF | FY2025 | $59.3B | $6.8B | 11.5% | $164.3B | — |
| Unilever PLC GBP UNLYF | FY2025 | $59.3B | $11.1B | 18.8% | $141.7B | — |
| British Amer Tbco London BTAFF | FY2025 | $34.4B | $10.4B | 30.3% | $138.0B | — |
Where Anheuser Busch InBev Ranks
Frequently Asked Questions
Anheuser Busch InBev (BUDFF) reported $59.3B in total revenue for fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Anheuser Busch InBev (BUDFF) revenue declined by 0.7% year-over-year, from $59.8B to $59.3B in fiscal year 2025.
Yes, Anheuser Busch InBev (BUDFF) reported a net income of $6.8B in fiscal year 2025, with a net profit margin of 11.5%.
Anheuser Busch InBev (BUDFF) had EBITDA of $21.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Anheuser Busch InBev (BUDFF) had $11.6B in cash and equivalents against $73.0B in long-term debt.
Anheuser Busch InBev (BUDFF) had a gross margin of 55.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Anheuser Busch InBev (BUDFF) had an operating margin of 26.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Anheuser Busch InBev (BUDFF) had a net profit margin of 11.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Anheuser Busch InBev (BUDFF) has a return on equity of 7.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Anheuser Busch InBev (BUDFF) generated $11.2B in free cash flow during fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Anheuser Busch InBev (BUDFF) generated $14.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Anheuser Busch InBev (BUDFF) had $218.8B in total assets as of fiscal year 2025, including both current and long-term assets.
Anheuser Busch InBev (BUDFF) invested $3.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Anheuser Busch InBev (BUDFF) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Anheuser Busch InBev (BUDFF) had a debt-to-equity ratio of 0.84 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Anheuser Busch InBev (BUDFF) had a liabilities-to-equity ratio of 1.51 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Anheuser Busch InBev (BUDFF) had a return on assets of 3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Anheuser Busch InBev (BUDFF) trades at 24.0x earnings, its market capitalization divided by $6.8B net income, FY2025. The market capitalization is $164.3B as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Anheuser Busch InBev (BUDFF) trades at 2.8x sales, its market capitalization divided by $59.3B revenue, FY2025. The market capitalization is $164.3B as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Anheuser Busch InBev (BUDFF) has an Altman Z-Score of 1.52, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
Anheuser Busch InBev (BUDFF) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Anheuser Busch InBev (BUDFF) has an earnings quality ratio of 2.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Anheuser Busch InBev (BUDFF) has an interest coverage ratio of 2.99x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.