Anheuser Financials

BUDFF

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Anheuser (BUDFF) financial statements, including the 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 2026-04-22

Stable sales are being translated into more cash, stronger margins, and gradual balance-sheet repair rather than top-line expansion.

Across the last three annual periods, net margin climbed from 11.6% to 14.3% even though revenue barely moved. Free cash flow margin also improved from 14.5% to 18.9%, which suggests the stronger profit is being matched by better cash conversion rather than by growth alone.

Despite a sub-1.0x current ratio around 0.7x, the company still generated operating cash flow above $13B in each of the last three years. That implies short-term obligations are being supported by steady cash generation, not by keeping a large liquidity cushion on the balance sheet.

Debt-to-equity roughly halved across the last three annual periods even though long-term debt stayed near $73B, so the cleaner leverage picture came largely from equity rebuilding rather than a dramatic paydown. That matters because $117.9B of goodwill sits against $97.7B of equity, leaving the balance sheet still shaped heavily by past acquisitions.

Financial Health Signals

Financial health score pending refresh

We are recalculating Anheuser's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

Anheuser 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 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

Revenue

$59.3B

YoY-0.7%

5Y CAGR+4.8%

10Y CAGR+3.3%

Anheuser generated $59.3B in revenue in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

EBITDA

N/A

Net Income

$8.5B

YoY+14.3%

5Y CAGR+30.9%

10Y CAGR-1.5%

Anheuser reported $8.5B in net income in fiscal year 2025. This represents an increase of 14.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$11.2B

YoY+0.3%

5Y CAGR+9.6%

10Y CAGR+1.8%

Anheuser 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.

Cash & Debt

$11.6B

YoY+4.2%

5Y CAGR-5.3%

Anheuser held $11.6B in cash against $73.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.80B

YoY+0.0%

5Y CAGR+1.2%

Anheuser had 1.80B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

14.3%

YoY+1.9pp

5Y CAGR+9.6pp

10Y CAGR-8.6pp

Anheuser's net profit margin was 14.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity

8.7%

YoY+0.3pp

5Y CAGR+5.9pp

10Y CAGR-12.9pp

Anheuser's ROE was 8.7% 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

R&D Spending

N/A

Share Buybacks

$2.6B

YoY+188.9%

Anheuser 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.

Capital Expenditures

$3.7B

YoY-5.4%

5Y CAGR-0.7%

10Y CAGR-2.6%

Anheuser 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.

BUDFF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$59.3B-0.7%	$59.8B+0.7%	$59.4B+2.8%	$57.8B+6.4%	$54.3B+15.8%	$46.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$144.0M+1.4%	$142.0M-9.0%	$156.0M+20.0%	$130.0M+5.7%	$123.0M+6.0%	$116.0M
Income Tax	$2.9B-9.6%	$3.2B+41.1%	$2.2B+15.9%	$1.9B-18.0%	$2.4B+21.6%	$1.9B
Net Income	$8.5B+14.3%	$7.4B+7.6%	$6.9B-9.3%	$7.6B+24.3%	$6.1B+177.7%	$2.2B
EPS (Diluted)	N/A	N/A	N/A	$2.91+27.6%	$2.28+790.9%	$-0.33

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BUDFF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$218.8B+5.9%	$206.6B-5.8%	$219.3B+3.0%	$212.9B-2.2%	$217.6B-3.9%	$226.4B
Current Assets	$24.8B+7.7%	$23.0B-1.6%	$23.4B+0.8%	$23.2B-3.2%	$23.9B-9.7%	$26.5B
Cash & Equivalents	$11.6B+4.2%	$11.2B+8.1%	$10.3B+3.6%	$10.0B-17.6%	$12.1B-20.7%	$15.3B
Inventory	$5.1B+1.7%	$5.0B-10.1%	$5.6B-15.6%	$6.6B+22.5%	$5.4B+20.5%	$4.5B
Accounts Receivable	$6.2B+16.9%	$5.3B-12.5%	$6.0B+13.0%	$5.3B+5.6%	$5.0B+4.4%	$4.8B
Goodwill	$117.9B+6.7%	$110.5B-5.6%	$117.0B+3.6%	$113.0B-2.4%	$115.8B-4.3%	$121.0B
Total Liabilities	$121.1B+2.7%	$117.9B-6.9%	$126.7B-1.6%	$128.7B-7.0%	$138.3B-6.6%	$148.1B
Current Liabilities	$34.5B+4.3%	$33.1B-11.0%	$37.2B+8.1%	$34.4B+0.6%	$34.2B+5.7%	$32.4B
Long-Term Debt	$73.0B+1.2%	$72.2B	N/A	N/A	N/A	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
Retained Earnings	$50.1B+7.6%	$46.6B+10.3%	$42.2B+8.7%	$38.8B+14.6%	$33.9B+9.8%	$30.9B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$218.8B+3.6%	$211.1B+2.2%	$206.6B-1.9%	$210.7B-3.9%	$219.3B+1.4%	$216.4B+1.6%	$212.9B+0.3%	$212.4B
Current Assets	$24.8B+16.8%	$21.2B-7.8%	$23.0B+9.4%	$21.0B-10.0%	$23.4B+8.8%	$21.5B-7.3%	$23.2B+11.9%	$20.7B
Cash & Equivalents	$11.6B+62.4%	$7.2B-35.9%	$11.2B+51.2%	$7.4B-28.5%	$10.3B+50.9%	$6.8B-31.3%	$10.0B+41.9%	$7.0B
Inventory	$5.1B-6.7%	$5.5B+9.1%	$5.0B-9.8%	$5.6B-0.3%	$5.6B-18.4%	$6.8B+3.4%	$6.6B+8.3%	$6.1B
Accounts Receivable	$6.2B-11.9%	$7.0B+32.7%	$5.3B-21.4%	$6.7B+11.3%	$6.0B-8.9%	$6.6B+24.0%	$5.3B-9.1%	$5.9B
Goodwill	$117.9B+2.7%	$114.8B+3.9%	$110.5B-2.6%	$113.5B-3.1%	$117.0B+0.8%	$116.2B+2.8%	$113.0B-2.1%	$115.4B
Total Liabilities	$121.1B+1.2%	$119.7B+1.5%	$117.9B-2.9%	$121.5B-4.1%	$126.7B-0.7%	$127.6B-0.9%	$128.7B-0.8%	$129.6B
Current Liabilities	$34.5B+4.4%	$33.0B-0.2%	$33.1B+8.2%	$30.6B-17.7%	$37.2B+10.0%	$33.8B-1.8%	$34.4B+11.3%	$30.9B
Long-Term Debt	$73.0B	N/A	$72.2B	N/A	N/A	N/A	N/A	N/A
Total Equity	$97.7B+6.9%	$91.4B+3.1%	$88.7B-0.6%	$89.2B-3.7%	$92.7B+4.4%	$88.8B+5.3%	$84.3B+1.8%	$82.8B
Retained Earnings	$50.1B+5.2%	$47.6B+2.3%	$46.6B+7.0%	$43.5B+3.1%	$42.2B+7.5%	$39.3B+1.1%	$38.8B+12.7%	$34.4B

BUDFF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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
Capital Expenditures	$3.7B-5.4%	$3.9B-16.7%	$4.6B-10.1%	$5.2B-8.5%	$5.6B+49.2%	$3.8B
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
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
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
Dividends Paid	$4.5B+70.0%	$2.7B-11.3%	$3.0B+23.4%	$2.4B+3.3%	$2.4B+31.3%	$1.8B
Share Buybacks	$2.6B+188.9%	$900.0M	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BUDFF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	14.3%+1.9pp	12.4%+0.8pp	11.6%-1.6pp	13.2%+1.9pp	11.3%+6.6pp	4.7%
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%
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%
Current Ratio	0.72+0.0	0.70+0.1	0.63-0.0	0.67-0.0	0.70-0.1	0.82
Debt-to-Equity	0.75-0.1	0.81-0.6	1.37-0.2	1.53-0.2	1.74-0.1	1.89
FCF Margin	18.9%+0.2pp	18.7%+4.2pp	14.5%+0.5pp	14.1%-2.8pp	16.9%+1.7pp	15.2%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.72+0.1	0.64-0.1	0.700.0	0.69+0.1	0.630.0	0.64-0.0	0.670.0	0.67
Debt-to-Equity	0.75-0.6	1.31+0.5	0.81-0.5	1.360.0	1.37-0.1	1.44-0.1	1.53-0.0	1.57
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Anheuser's annual revenue?

Anheuser (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's revenue growing?

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

Is Anheuser profitable?

Yes, Anheuser (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 have?

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

What is Anheuser's net profit margin?

Anheuser (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's return on equity (ROE)?

Anheuser (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's free cash flow?

Anheuser (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's operating cash flow?

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

What are Anheuser's total assets?

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

What are Anheuser's capital expenditures?

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

Does Anheuser buy back shares?

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

How many shares does Anheuser have outstanding?

Anheuser (BUDFF) had 1.80B shares outstanding as of fiscal year 2025.

What is Anheuser's current ratio?

Anheuser (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's debt-to-equity ratio?

Anheuser (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's return on assets (ROA)?

Anheuser (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's Piotroski F-Score?

Anheuser (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's earnings high quality?

Anheuser (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.