Ambev SA ADR (ABEV) financial statements
Ambev SA ADR reported revenue of 88.2B BRL in fiscal 2025, up 7.6% a year over 9 years.
Net income was 15.5B BRL and the operating margin 26.4%, against 37.5% in 2016.
Free cash flow was 19.9B BRL.
Revenue and free cash flow
Fiscal years, $ billions (BRL).
Income statement
Fiscal years, in BRL, from Ambev SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 45.6B BRL | 47.9B BRL | 50.2B BRL | 52.0B BRL | 58.4B BRL | 72.9B BRL | 79.7B BRL | 79.7B BRL | 89.5B BRL | 88.2B BRL |
| Cost of revenue | 16.7B BRL | 18.0B BRL | 19.2B BRL | 21.7B BRL | 27.1B BRL | 35.7B BRL | 40.4B BRL | 39.3B BRL | 43.6B BRL | 42.9B BRL |
| Gross profit | 28.9B BRL | 29.9B BRL | 31.0B BRL | 30.3B BRL | 31.3B BRL | 37.2B BRL | 39.3B BRL | 40.4B BRL | 45.8B BRL | 45.4B BRL |
| Selling, general and admin | 8.3B BRL | 8.8B BRL | 9.0B BRL | 9.6B BRL | 11.2B BRL | 14.8B BRL | 16.6B BRL | 16.0B BRL | 17.8B BRL | 16.8B BRL |
| Operating income | 17.1B BRL | 16.6B BRL | 17.2B BRL | 16.1B BRL | 16.0B BRL | 17.1B BRL | 17.7B BRL | 18.8B BRL | 21.8B BRL | 23.3B BRL |
| Interest expense | 1.5B BRL | 1.8B BRL | 1.5B BRL | 1.5B BRL | 1.8B BRL | 1.4B BRL | 2.3B BRL | 2.4B BRL | 4.0B BRL | 4.4B BRL |
| Pre-tax income | 13.4B BRL | 12.8B BRL | 13.1B BRL | 12.9B BRL | 13.5B BRL | 13.8B BRL | 14.2B BRL | 15.0B BRL | 19.5B BRL | 19.4B BRL |
| Income tax | 315M BRL | 5.0B BRL | 1.8B BRL | 755M BRL | 1.8B BRL | -637M BRL | 656M BRL | -76M BRL | — | — |
| Net income | 12.5B BRL | 7.3B BRL | 11.0B BRL | 11.8B BRL | 11.4B BRL | 12.7B BRL | 14.5B BRL | 14.5B BRL | 14.4B BRL | 15.5B BRL |
| EPS (diluted) | 0.79 BRL | 0.46 BRL | 0.69 BRL | 0.74 BRL | 0.72 BRL | 0.80 BRL | 0.91 BRL | 0.92 BRL | 0.91 BRL | 0.99 BRL |
| Diluted shares | 15.82B | 15.84B | 15.86B | 15.87B | 15.87B | 15.86B | 15.85B | 15.84B | 15.81B | 15.68B |
| Gross margin | 63.4% | 62.4% | 61.7% | 58.3% | 53.6% | 51.1% | 49.3% | 50.7% | 51.2% | 51.4% |
| Operating margin | 37.5% | 34.6% | 34.1% | 30.9% | 27.4% | 23.4% | 22.2% | 23.6% | 24.4% | 26.4% |
| Net margin | 27.5% | 15.2% | 21.9% | 22.7% | 19.5% | 17.4% | 18.1% | 18.2% | 16.1% | 17.6% |
Balance sheet
Fiscal years, in BRL, from Ambev SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 8.2B BRL | 10.4B BRL | 11.5B BRL | 11.9B BRL | 18.8B BRL | 18.5B BRL | 15.4B BRL | 16.3B BRL | 29.8B BRL | 20.3B BRL |
| Receivables | 4.4B BRL | 4.9B BRL | 4.9B BRL | 4.5B BRL | 4.3B BRL | 4.8B BRL | 5.3B BRL | 5.7B BRL | 6.3B BRL | 6.4B BRL |
| Inventory | 4.3B BRL | 4.3B BRL | 5.4B BRL | 6.0B BRL | 7.6B BRL | 11.0B BRL | 12.9B BRL | 9.6B BRL | 11.7B BRL | 10.5B BRL |
| Total current assets | 23.9B BRL | 24.7B BRL | 25.3B BRL | 27.6B BRL | 35.3B BRL | 38.6B BRL | 37.8B BRL | 36.6B BRL | 54.2B BRL | 43.9B BRL |
| Property, plant and equipment | 19.2B BRL | 18.8B BRL | 21.6B BRL | 22.6B BRL | 24.8B BRL | 29.2B BRL | 30.1B BRL | 26.6B BRL | 30.2B BRL | 27.6B BRL |
| Goodwill | 30.5B BRL | 31.4B BRL | 34.3B BRL | 35.0B BRL | 40.0B BRL | 42.4B BRL | 40.6B BRL | 38.0B BRL | 44.3B BRL | 41.5B BRL |
| Total assets | 83.8B BRL | 88.8B BRL | 95.7B BRL | 101.7B BRL | 125.2B BRL | 138.6B BRL | 138.0B BRL | 132.6B BRL | 162.5B BRL | 145.1B BRL |
| Total current liabilities | 28.8B BRL | 28.7B BRL | 25.2B BRL | 25.0B BRL | 33.5B BRL | 38.9B BRL | 40.5B BRL | 41.0B BRL | 49.4B BRL | 45.6B BRL |
| Long-term debt | 1.8B BRL | 1.2B BRL | 2.2B BRL | 2.4B BRL | 2.1B BRL | 2.3B BRL | 2.8B BRL | 2.2B BRL | 2.2B BRL | 2.2B BRL |
| Total liabilities | 37.2B BRL | 38.9B BRL | 38.3B BRL | 39.2B BRL | 50.0B BRL | 54.6B BRL | 54.6B BRL | 52.5B BRL | 62.9B BRL | 56.3B BRL |
| Shareholders' equity | 44.8B BRL | 46.0B BRL | 56.2B BRL | 61.3B BRL | 73.8B BRL | 82.6B BRL | 82.0B BRL | 79.0B BRL | 98.6B BRL | 87.9B BRL |
| Net debt | -2.5B BRL | -7.8B BRL | -7.4B BRL | -8.8B BRL | -12.3B BRL | -13.5B BRL | -11.2B BRL | -12.6B BRL | -25.1B BRL | -15.3B BRL |
Cash flow
Fiscal years, in BRL, from Ambev SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 12.3B BRL | 18.3B BRL | 18.3B BRL | 18.4B BRL | 18.9B BRL | 22.9B BRL | 20.6B BRL | 24.7B BRL | 26.1B BRL | 24.5B BRL |
| Capital spending | 4.0B BRL | 3.2B BRL | 3.6B BRL | 5.1B BRL | 4.7B BRL | 7.7B BRL | 6.5B BRL | 6.0B BRL | 4.7B BRL | 4.6B BRL |
| Free cash flow | 8.3B BRL | 15.1B BRL | 14.8B BRL | 13.3B BRL | 14.2B BRL | 15.2B BRL | 14.1B BRL | 18.7B BRL | 21.3B BRL | 19.9B BRL |
| Stock-based compensation | 170M BRL | 209M BRL | 161M BRL | 206M BRL | 209M BRL | 388M BRL | 314M BRL | 332M BRL | 401M BRL | 454M BRL |
| Dividends paid | 6.0B BRL | 4.0B BRL | -2.8B BRL | 396M BRL | 1.7B BRL | 2.6B BRL | 357M BRL | 544M BRL | — | — |
| Share buybacks (net) | — | — | -3.1B BRL | -500,000 BRL | 0 BRL | 0 BRL | -100,000 BRL | — | -1.7B BRL | — |
| Net borrowing | 1.9B BRL | -2.5B BRL | -194M BRL | -1.4B BRL | 1.7B BRL | -2.1B BRL | 45M BRL | -178M BRL | -116M BRL | -126M BRL |
| Free cash flow margin | 18.2% | 31.4% | 29.4% | 25.6% | 24.3% | 20.9% | 17.7% | 23.5% | 23.9% | 22.5% |
| Dividends per share | 0.38 BRL | 0.26 BRL | 0.17 BRL | 0.02 BRL | 0.11 BRL | 0.17 BRL | 0.02 BRL | 0.03 BRL | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ABEV.
Open ABEV in InvestinglyQuestions
What was Ambev SA ADR's revenue in 2025?
88.2B BRL in fiscal 2025, from its 10-K filing.
How much free cash flow does Ambev SA ADR generate?
19.9B BRL in fiscal 2025 (operating cash flow minus capital spending).
From Ambev SA ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.