Anheuser Busch Inbev NV ADR (BUD) financial statements
Anheuser Busch Inbev NV ADR reported revenue of $59.3B in fiscal 2025, up 3.0% a year over 9 years.
Net income was $6.8B and the operating margin 26.0%, against 28.3% in 2016.
Free cash flow was $11.2B, and the company returned $4.5B in dividends and $2.3B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Anheuser Busch Inbev NV ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.5B | $54.9B | $53.0B | $52.3B | $46.9B | $54.3B | $57.8B | $59.4B | $59.8B | $59.3B |
| Cost of revenue | $17.8B | $21.0B | $19.9B | $20.4B | $19.6B | $23.1B | $26.3B | $27.4B | $26.7B | $26.1B |
| Gross profit | $27.7B | $33.9B | $33.1B | $32.0B | $27.2B | $31.2B | $31.5B | $32.0B | $33.0B | $33.2B |
| Research and development | $244M | $265M | $276M | $291M | $296M | $298M | — | — | — | — |
| Selling, general and admin | $7.4B | $9.5B | $9.0B | $9.1B | $8.5B | $10.3B | $10.8B | $11.0B | $11.2B | $10.8B |
| Operating income | $12.9B | $16.5B | $16.4B | $16.1B | $9.6B | $13.8B | $14.5B | $14.0B | $15.5B | $15.4B |
| Interest expense | $4.1B | $4.3B | $4.1B | $4.2B | -$4.0B | $3.7B | $3.6B | $3.7B | $3.4B | $5.1B |
| Pre-tax income | $4.3B | $10.3B | $7.7B | $12.8B | $2.1B | $8.5B | $9.5B | $9.1B | $10.6B | $11.3B |
| Income tax | $1.6B | $1.7B | $2.6B | $2.8B | $1.9B | $2.4B | $1.9B | $2.2B | $3.2B | $2.9B |
| Net income | $1.2B | $8.0B | $4.4B | $9.2B | $1.4B | $4.7B | $6.0B | $5.3B | $5.9B | $6.8B |
| EPS (diluted) | $0.71 | $3.98 | $2.17 | $4.53 | $0.69 | $2.28 | $2.91 | $2.60 | $2.86 | $3.39 |
| Gross margin | 60.9% | 61.8% | 62.4% | 61.1% | 58.1% | 57.5% | 54.5% | 53.9% | 55.3% | 55.9% |
| Operating margin | 28.3% | 30.0% | 30.9% | 30.8% | 20.5% | 25.5% | 25.1% | 23.5% | 25.9% | 26.0% |
| Net margin | 2.7% | 14.6% | 8.2% | 17.5% | 3.0% | 8.6% | 10.3% | 9.0% | 9.8% | 11.5% |
Balance sheet
Fiscal years, from Anheuser Busch Inbev NV 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 | $8.6B | $10.5B | $7.1B | $7.2B | $15.3B | $12.1B | $10.0B | $10.3B | $11.2B | $11.6B |
| Receivables | $6.4B | $6.6B | $6.4B | $6.2B | $4.8B | $5.0B | $5.3B | $6.0B | $5.3B | $6.2B |
| Inventory | $3.9B | $4.1B | $4.2B | $4.4B | $4.5B | $5.4B | $6.6B | $5.6B | $5.0B | $5.1B |
| Total current assets | $43.0B | $24.0B | $18.3B | $28.8B | $26.5B | $23.9B | $23.2B | $23.4B | $23.0B | $24.8B |
| Property, plant and equipment | $26.2B | $29.2B | $27.6B | $27.5B | $26.4B | $26.7B | $26.7B | $26.8B | $23.5B | $23.7B |
| Goodwill | $136.5B | $140.9B | $133.3B | $128.1B | $121.0B | $115.8B | $113.0B | $117.0B | $110.5B | $117.9B |
| Total assets | $256.6B | $248.2B | $233.9B | $236.6B | $226.4B | $217.6B | $212.9B | $219.3B | $206.6B | $218.8B |
| Total current liabilities | $40.4B | $36.6B | $34.8B | $34.8B | $32.4B | $34.2B | $34.4B | $37.2B | $33.1B | $34.5B |
| Total liabilities | $175.2B | $168.0B | $162.0B | $152.1B | $148.1B | $138.3B | $128.7B | $126.7B | $117.9B | $121.1B |
| Shareholders' equity | $71.3B | $72.6B | $64.5B | $75.7B | $68.0B | $68.7B | $73.4B | $81.8B | $78.2B | $87.3B |
| Net debt | -$8.6B | -$10.5B | -$2.5B | -$1.8B | -$15.3B | -$12.1B | -$10.0B | -$10.3B | -$11.2B | -$11.6B |
Cash flow
Fiscal years, from Anheuser Busch Inbev NV ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.1B | $14.9B | $15.1B | $14.0B | $10.9B | $14.8B | $13.3B | $13.3B | $15.1B | $14.9B |
| Capital spending | $5.0B | $4.7B | $5.0B | $5.2B | $3.8B | $5.6B | $5.2B | $4.6B | $3.9B | $3.7B |
| Free cash flow | $5.1B | $10.2B | $10.1B | $8.9B | $7.1B | $9.2B | $8.1B | $8.6B | $11.2B | $11.2B |
| Stock-based compensation | $231M | $348M | $333M | $340M | $169M | $510M | $448M | $570M | $644M | $625M |
| Dividends paid | $8.4B | $9.3B | $7.8B | $5.0B | $1.8B | $2.4B | $2.4B | $3.0B | $2.7B | $4.5B |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$362M | -$937M | -$2.3B |
| Net borrowing | $62.7B | -$10.0B | -$4.7B | -$8.0B | -$8.3B | -$8.5B | -$7.2B | -$2.9B | -$3.8B | -$2.5B |
| Free cash flow margin | 11.3% | 18.7% | 19.0% | 16.9% | 15.2% | 16.9% | 14.1% | 14.5% | 18.7% | 18.9% |
Questions
What was Anheuser Busch Inbev NV ADR's revenue in 2025?
$59.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Anheuser Busch Inbev NV ADR generate?
$11.2B in fiscal 2025 (operating cash flow minus capital spending).
From Anheuser Busch Inbev NV ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.