Anheuser-Busch InBev SA/NV income statement BUD
In fiscal 2025, which ended Dec 31, 2025, Anheuser-Busch InBev SA/NV reported revenue of $59.3 billion, down 0.7% from the year before. Net income was $8.5 billion, a profit margin of 14.3%. Operating income came to $15.4 billion, an operating margin of 26.0%. Diluted earnings per share were $3.39. Across the 9 fiscal years shown, revenue grew from $54.9 billion in fiscal 2017 to $59.3 billion in fiscal 2025, about 1.0% a year.
USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.
| Line |
FY 2025
Dec 31, 2025
|
FY 2024
Dec 31, 2024
|
FY 2023
Dec 31, 2023
|
FY 2022
Dec 31, 2022
|
FY 2021
Dec 31, 2021
|
FY 2020
Dec 31, 2020
|
FY 2019
Dec 31, 2019
|
FY 2018
Dec 31, 2018
|
FY 2017
Dec 31, 2017
|
|---|---|---|---|---|---|---|---|---|---|
| Revenue |
59,320
-0.7%
|
59,768
+0.7%
|
59,380
+2.8%
|
57,786
+6.4%
|
54,304
+15.8%
|
46,881
-10.4%
|
52,329
-1.3%
|
53,041
-3.3%
|
54,859
|
| Cost of revenue |
26,141
-2.3%
|
26,744
-2.4%
|
27,396
+4.1%
|
26,305
+13.9%
|
23,097
+17.6%
|
19,634
-3.6%
|
20,362
+2.2%
|
19,933
-5.0%
|
20,975
|
| Gross profit |
33,179
+0.5%
|
33,024
+3.3%
|
31,984
+1.6%
|
31,481
+0.9%
|
31,207
+14.5%
|
27,247
-14.8%
|
31,967
-3.4%
|
33,108
-2.3%
|
33,884
|
| Research and development |
—
|
—
|
—
|
—
|
298
+0.7%
|
296
+1.7%
|
291
+5.4%
|
276
+4.2%
|
265
|
| Operating income |
15,405
-0.5%
|
15,487
+10.9%
|
13,966
-3.8%
|
14,517
+5.0%
|
13,824
+43.7%
|
9,620
-40.2%
|
16,098
-1.9%
|
16,414
-0.3%
|
16,460
|
| Pretax income |
11,328
+7.2%
|
10,568
+15.8%
|
9,124
-4.2%
|
9,524
+12.5%
|
8,463
+307.1%
|
2,079
-83.7%
|
12,776
+65.0%
|
7,741
-24.6%
|
10,264
|
| Income tax |
2,850
-9.6%
|
3,152
+41.1%
|
2,234
+15.9%
|
1,928
-18.0%
|
2,350
+21.6%
|
1,932
-30.7%
|
2,786
+7.8%
|
2,585
+55.9%
|
1,658
|
| Net income |
8,477
+14.3%
|
7,416
+7.6%
|
6,891
-9.3%
|
7,597
+24.3%
|
6,114
+177.7%
|
2,202
-78.9%
|
10,414
+83.1%
|
5,688
-37.9%
|
9,166
|
| Basic EPS |
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
|
| Diluted EPS |
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
|
| Other measures | |||||||||
| Interest coverage |
2.99x
|
4.51x
|
3.78x
|
4.05x
|
3.76x
|
—
|
3.86x
|
3.96x
|
3.82x
|
| Margins | |||||||||
| Gross margin |
55.93%
|
55.25%
|
53.86%
|
54.48%
|
57.47%
|
58.12%
|
61.09%
|
62.42%
|
61.77%
|
| Operating margin |
25.97%
|
25.91%
|
23.52%
|
25.12%
|
25.46%
|
20.52%
|
30.76%
|
30.95%
|
30.00%
|
| Pretax margin |
19.10%
|
17.68%
|
15.37%
|
16.48%
|
15.58%
|
4.43%
|
24.41%
|
14.59%
|
18.71%
|
| Profit margin |
14.29%
|
12.41%
|
11.60%
|
13.15%
|
11.26%
|
4.70%
|
19.90%
|
10.72%
|
16.71%
|
| Effective tax rate |
25.16%
|
29.83%
|
24.48%
|
20.24%
|
27.77%
|
92.93%
|
21.81%
|
33.39%
|
16.15%
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.
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Company profile
- Industry
- Malt Beverages (SIC 2082)
- Listed as
- BUD (NYSE), BUDFF (OTC)
- Fiscal year ends
- December 31
- Incorporated in
- Belgium
- Headquarters
- Leuven
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1668717
- Former names
- Newbelco SA/NV (until Oct 4, 2016)
Other Malt Beverages companies
Source: SEC EDGAR filings. This is company-reported data, not investment advice.