ANHEUSER BUSCH INBEV (BUDFF) Financials

BUDFF

FY2025 annual

Revenue $59.3B -0.7% YoY

Net Income $8.5B +14.3% YoY

Free Cash Flow $11.2B +0.3% YoY

Operating Cash Flow $14.9B -1.1% YoY

Market Cap $155.6B as of Sep 16, 2026

Price / Sales 2.6x on $59.3B revenue, FY2025

Price / Earnings 18.4x on $8.5B net income, FY2025

Price / Book 1.6x on $97.7B equity, Q4 FY2025

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 Sep 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 3, 2026 Currency USD FYE December

Newest figures come from the 10-K 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 (10-K and 10-Q reports).

Rhea AI BUDFF FY2025 2026-09-05

Profit expansion without stronger operating cash makes cash conversion the dominant business mechanic, despite improved balance-sheet leverage.

In FY2025, net income rose to $8.5B and net margin reached 14.3%. Yet operating cash flow slipped to $14.9B, so the accounting improvement did not translate into more cash from operations.

Free cash flow held at $11.2B as capital expenditures fell to $3.7B, indicating that the cash result benefited from lighter reinvestment rather than stronger operating cash generation. The free-cash-flow margin remained near 19%, so the key issue is cash conversion quality, not simply cash scale.

Leverage fell from 1.7x in FY2021 to 0.7x in FY2025, a meaningful shift in the funding mix. Even so, the FY2025 current ratio was 0.7x while interest expense reached $5.1B, leaving short-term obligations and financing cost as separate constraints.

Financial Health Signals

Financial health score not available

ANHEUSER BUSCH INBEV does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

ANHEUSER BUSCH INBEV passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.76x

For every $1 of reported earnings, ANHEUSER BUSCH INBEV generates $1.76 in operating cash flow ($14.9B OCF vs $8.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$11.6B

YoY+4.2%

QoQ+62.4%

ANHEUSER BUSCH INBEV held $11.6B in cash against $73.0B in long-term debt as of Q4 2025.

Shares Outstanding

1.80B

YoY0.0%

ANHEUSER BUSCH INBEV had 1.80B shares outstanding in Q4 2025. That is unchanged from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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.

BUDFF quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Interest Expense	$5.1B+49.7%	$3.4B-7.0%	$3.7B+3.0%	$3.6B-2.3%	$3.7B+191.8%	-$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	$8.5B+14.3%	$7.4B+7.6%	$6.9B-9.3%	$7.6B+24.3%	$6.1B+177.7%	$2.2B-78.9%	$10.4B+83.1%	$5.7B-37.9%	$9.2B+231.0%	$2.8B-71.9%	$9.9B
EPS (Basic)	N/A	N/A	N/A	$2.97+27.5%	$2.33+806.1%	-$0.33-107.5%	$4.41+127.3%	$1.94-48.5%	$3.77+446.4%	$0.69-86.3%	$5.05
EPS (Diluted)	N/A	N/A	N/A	$2.91+27.6%	$2.28+790.9%	-$0.33-107.6%	$4.32+126.2%	$1.91-48.4%	$3.70	$0.68	$4.96

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

BUDFF Balance Sheet

BUDFF quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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	$121.1B+2.7%	$117.9B-6.9%	$126.7B-1.6%	$128.7B-7.0%	$138.3B-6.6%	$148.1B-2.7%	$152.1B-6.1%	$162.0B-3.6%	$168.0B-4.1%	$175.2B	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	$97.7B+10.2%	$88.7B-4.3%	$92.7B+10.0%	$84.3B+6.2%	$79.3B+1.3%	$78.4B-7.3%	$84.6B+17.6%	$71.9B-10.4%	$80.2B-1.5%	$81.4B+78.1%	$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

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$218.8B+5.9%	$211.1B+0.2%	$206.6B-5.8%	$210.7B-2.6%	$219.3B+3.0%	$216.4B+1.9%	$212.9B-2.2%	$212.4B-2.3%
Current Assets	$24.8B+7.7%	$21.2B+0.9%	$23.0B-1.6%	$21.0B-2.1%	$23.4B+0.8%	$21.5B+3.7%	$23.2B-3.2%	$20.7B+6.2%
Cash & Equivalents	$11.6B+4.2%	$7.2B-3.0%	$11.2B+8.1%	$7.4B+7.9%	$10.3B+3.6%	$6.8B-2.5%	$10.0B-17.6%	$7.0B+3.5%
Inventory	$5.1B+1.7%	$5.5B-1.7%	$5.0B-10.1%	$5.6B-18.6%	$5.6B-15.6%	$6.8B+12.0%	$6.6B+22.5%	$6.1B+14.0%
Accounts Receivable	$6.2B+16.9%	$7.0B+4.3%	$5.3B-12.5%	$6.7B+1.5%	$6.0B+13.0%	$6.6B+12.8%	$5.3B+5.6%	$5.9B+6.8%
Goodwill	$117.9B+6.7%	$114.8B+1.2%	$110.5B-5.6%	$113.5B-2.3%	$117.0B+3.6%	$116.2B+0.7%	$113.0B-2.4%	$115.4B-3.2%
Total Liabilities	$121.1B+2.7%	$119.7B-1.5%	$117.9B-6.9%	$121.5B-4.8%	$126.7B-1.6%	$127.6B-1.6%	$128.7B-7.0%	$129.6B-6.0%
Current Liabilities	$34.5B+4.3%	$33.0B+8.0%	$33.1B-11.0%	$30.6B-9.5%	$37.2B+8.1%	$33.8B+9.3%	$34.4B+0.6%	$30.9B+2.7%
Non-Current Liabilities	$86.6B+2.0%	$86.7B-4.7%	$84.9B-5.2%	$90.9B-3.1%	$89.5B-5.1%	$93.8B-5.0%	$94.3B-9.4%	$98.8B-8.4%
Long-Term Debt	$73.0B+1.2%	N/A	$72.2B	N/A	N/A	N/A	N/A	N/A
Total Equity	$97.7B+10.2%	$91.4B+2.4%	$88.7B-4.3%	$89.2B+0.5%	$92.7B+10.0%	$88.8B+7.3%	$84.3B+6.2%	$82.8B+4.0%
Retained Earnings	$50.1B+7.6%	$47.6B+9.4%	$46.6B+10.3%	$43.5B+10.9%	$42.2B+8.7%	$39.3B+14.0%	$38.8B+14.6%	$34.4B+9.0%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.

BUDFF Cash Flow Statement

BUDFF quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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	-$3.4B-5.4%	-$3.3B+25.8%	-$4.4B-1.2%	-$4.3B+26.2%	-$5.9B-192.8%	$6.3B+228.5%	-$4.9B-24.3%	-$4.0B-150.4%	$7.9B+113.1%	-$60.1B-1118.6%	-$4.9B
Financing Cash Flow	-$11.4B-16.2%	-$9.9B-15.1%	-$8.6B+21.5%	-$10.9B+6.0%	-$11.6B-36.8%	-$8.5B+3.2%	-$8.8B+39.0%	-$14.3B+32.8%	-$21.3B-142.1%	$50.7B+646.6%	-$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

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

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.

BUDFF quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Net Margin	14.3%+1.9pp	12.4%+0.8pp	11.6%-1.6pp	13.2%+1.9pp	11.3%+6.6pp	4.7%-15.2pp	19.9%+9.2pp	10.7%-6.0pp	16.7%+10.6pp	6.1%-16.8pp	22.9%
Return on Equity	8.7%+0.3pp	8.4%+0.9pp	7.4%-1.6pp	9.0%+1.3pp	7.7%+4.9pp	2.8%-9.5pp	12.3%+4.4pp	7.9%-3.5pp	11.4%+8.0pp	3.4%-18.2pp	21.6%
Return on Assets	3.9%+0.3pp	3.6%+0.5pp	3.1%-0.4pp	3.6%+0.8pp	2.8%+1.8pp	1.0%-3.4pp	4.4%+2.0pp	2.4%-1.3pp	3.7%+2.6pp	1.1%	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	0.75-0.1x	0.81-0.6x	1.37-0.2x	1.53-0.2x	1.74-0.1x	1.89+0.7x	1.22-0.3x	1.55+0.1x	1.45-0.1x	1.51	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%

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Current Ratio	0.720.0x	0.640.0x	0.70+0.1x	0.69+0.1x	0.630.0x	0.640.0x	0.670.0x	0.670.0x
Debt-to-Equity	0.75-0.1x	1.31-0.1x	0.81-0.6x	1.36-0.1x	1.37-0.2x	1.44-0.1x	1.53-0.2x	1.57-0.2x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

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.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
ANHEUSER BUSCH INBEV BUDFF	FY2025	$59.3B	$8.5B	14.3%	$155.6B	—
DIAGEO PLC DGEAF	FY2025	$28.0B	$2.5B	9.1%	$50.0B	—

Where ANHEUSER BUSCH INBEV Ranks

Frequently Asked Questions

What is ANHEUSER BUSCH INBEV's annual revenue?

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.

How fast is ANHEUSER BUSCH INBEV's revenue growing?

ANHEUSER BUSCH INBEV (BUDFF) revenue declined by 0.7% year-over-year, from $59.8B to $59.3B in fiscal year 2025.

Is ANHEUSER BUSCH INBEV profitable?

Yes, ANHEUSER BUSCH INBEV (BUDFF) reported a net income of $8.5B in fiscal year 2025, with a net profit margin of 14.3%.

How much debt does ANHEUSER BUSCH INBEV have?

As of fiscal year 2025, ANHEUSER BUSCH INBEV (BUDFF) had $11.6B in cash and equivalents against $73.0B in long-term debt.

What is ANHEUSER BUSCH INBEV's net profit margin?

ANHEUSER BUSCH INBEV (BUDFF) had a net profit margin of 14.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is ANHEUSER BUSCH INBEV's return on equity (ROE)?

ANHEUSER BUSCH INBEV (BUDFF) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ANHEUSER BUSCH INBEV's free cash flow?

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.

What is ANHEUSER BUSCH INBEV's operating cash flow?

ANHEUSER BUSCH INBEV (BUDFF) generated $14.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are ANHEUSER BUSCH INBEV's total assets?

ANHEUSER BUSCH INBEV (BUDFF) had $218.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are ANHEUSER BUSCH INBEV's capital expenditures?

ANHEUSER BUSCH INBEV (BUDFF) invested $3.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does ANHEUSER BUSCH INBEV buy back shares?

Yes, ANHEUSER BUSCH INBEV (BUDFF) spent $2.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does ANHEUSER BUSCH INBEV have outstanding?

ANHEUSER BUSCH INBEV (BUDFF) had 1.80B shares outstanding as of fiscal year 2025.

What is ANHEUSER BUSCH INBEV's current ratio?

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.

What is ANHEUSER BUSCH INBEV's debt-to-equity ratio?

ANHEUSER BUSCH INBEV (BUDFF) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is ANHEUSER BUSCH INBEV's return on assets (ROA)?

ANHEUSER BUSCH INBEV (BUDFF) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ANHEUSER BUSCH INBEV's P/E ratio?

ANHEUSER BUSCH INBEV (BUDFF) trades at 18.4x earnings, its market capitalization divided by net income of $8.5B net income, FY2025. The market capitalization is $155.6B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is ANHEUSER BUSCH INBEV's price-to-sales ratio?

ANHEUSER BUSCH INBEV (BUDFF) trades at 2.6x sales, its market capitalization divided by revenue of $59.3B revenue, FY2025. The market capitalization is $155.6B as of Sep 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is ANHEUSER BUSCH INBEV's Piotroski F-Score?

ANHEUSER BUSCH INBEV (BUDFF) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

Are ANHEUSER BUSCH INBEV's earnings high quality?

ANHEUSER BUSCH INBEV (BUDFF) has an earnings quality ratio of 1.76x, 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.