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Stocks · Consumer staples · Malt Beverages

Anheuser-Busch InBev SA/NV

BUD Clue Score60
Belgium Fiscal year ends December CIK 0001668717
$77.33 -0.10% Close, 9 Oct 2026
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Price $77.33 +42.23% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue45.52Operating income12.88Net income1.24EPS, diluted0.71Fiscal year 2017Revenue54.86 +20.5%Operating income16.46Net income7.99 +543.8%EPS, diluted3.98 +460.6%Fiscal year 2018Revenue53.04 −3.3%Operating income16.41Net income4.37 −45.3%EPS, diluted2.17 −45.5%Fiscal year 2019Revenue52.33 −1.3%Operating income16.10Net income9.17 +109.9%EPS, diluted4.53 +108.8%Fiscal year 2020Revenue46.88 −10.4%Operating income9.62Net income1.41 −84.7%EPS, diluted0.69 −84.8%Fiscal year 2021Revenue54.30 +15.8%Operating income13.82Net income4.67 +232.4%EPS, diluted2.28 +230.4%Fiscal year 2022Revenue57.79 +6.4%Operating income14.52Net income5.97 +27.8%EPS, diluted2.91 +27.6%Fiscal year 2023Revenue59.38 +2.8%Operating income13.97Net income5.34 −10.5%EPS, diluted2.60 −10.7%Fiscal year 2024Revenue59.77 +0.7%Operating income15.49Net income5.86 +9.6%EPS, diluted2.86 +10.0%Fiscal year 2025Revenue59.32 −0.7%Operating income15.41Net income6.84 +16.8%EPS, diluted3.39 +18.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 45.52 54.86 53.04 52.33 46.88 54.30 57.79 59.38 59.77 59.32
Growth +20.5% −3.3% −1.3% −10.4% +15.8% +6.4% +2.8% +0.7% −0.7%
Operating income 12.88 16.46 16.41 16.10 9.62 13.82 14.52 13.97 15.49 15.41
Net income 1.24 7.99 4.37 9.17 1.41 4.67 5.97 5.34 5.86 6.84
Growth +543.8% −45.3% +109.9% −84.7% +232.4% +27.8% −10.5% +9.6% +16.8%
EPS, diluted 0.71 3.98 2.17 4.53 0.69 2.28 2.91 2.60 2.86 3.39
Growth +460.6% −45.5% +108.8% −84.8% +230.4% +27.6% −10.7% +10.0% +18.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin60.9%Operating margin28.3%Net margin2.7%Free cash flow margin11.3%Fiscal year 2017Gross margin61.8%Operating margin30.0%Net margin14.6%Free cash flow margin18.7%Fiscal year 2018Gross margin62.4%Operating margin30.9%Net margin8.2%Free cash flow margin19.0%Fiscal year 2019Gross margin61.1%Operating margin30.8%Net margin17.5%Free cash flow margin16.9%Fiscal year 2020Gross margin58.1%Operating margin20.5%Net margin3.0%Free cash flow margin15.2%Fiscal year 2021Gross margin57.5%Operating margin25.5%Net margin8.6%Free cash flow margin16.9%Fiscal year 2022Gross margin54.5%Operating margin25.1%Net margin10.3%Free cash flow margin14.1%Fiscal year 2023Gross margin53.9%Operating margin23.5%Net margin9.0%Free cash flow margin14.5%Fiscal year 2024Gross margin55.3%Operating margin25.9%Net margin9.8%Free cash flow margin18.7%Fiscal year 2025Gross margin55.9%Operating margin26.0%Net margin11.5%Free cash flow margin18.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 11.3% 18.7% 19.0% 16.9% 15.2% 16.9% 14.1% 14.5% 18.7% 18.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow10.11Capital expenditure−4.98Free cash flow5.13Dividends paid−8.45Fiscal year 2017Operating cash flow14.92Capital expenditure−4.68Free cash flow10.24 +99.6%Dividends paid−9.28Fiscal year 2018Operating cash flow15.06Capital expenditure−5.01Free cash flow10.06 −1.8%Dividends paid−7.76Fiscal year 2019Operating cash flow14.04Capital expenditure−5.17Free cash flow8.86 −11.9%Dividends paid−5.02Fiscal year 2020Operating cash flow10.89Capital expenditure−3.78Free cash flow7.11 −19.8%Dividends paid−1.80Fiscal year 2021Operating cash flow14.80Capital expenditure−5.64Free cash flow9.16 +28.8%Buybacks0.00Dividends paid−2.36Fiscal year 2022Operating cash flow13.30Capital expenditure−5.16Free cash flow8.14 −11.1%Buybacks0.00Dividends paid−2.44Fiscal year 2023Operating cash flow13.27Capital expenditure−4.64Free cash flow8.63 +6.0%Buybacks−0.36Dividends paid−3.01Fiscal year 2024Operating cash flow15.06Capital expenditure−3.86Free cash flow11.19 +29.7%Buybacks−0.94Dividends paid−2.67Fiscal year 2025Operating cash flow14.88Capital expenditure−3.66Free cash flow11.23 +0.3%Buybacks−2.30Dividends paid−4.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.11 14.92 15.06 14.04 10.89 14.80 13.30 13.27 15.06 14.88
Capital expenditure −4.98 −4.68 −5.01 −5.17 −3.78 −5.64 −5.16 −4.64 −3.86 −3.66
Free cash flow 5.13 10.24 10.06 8.86 7.11 9.16 8.14 8.63 11.19 11.23
Growth +99.6% −1.8% −11.9% −19.8% +28.8% −11.1% +6.0% +29.7% +0.3%
Buybacks n/a n/a n/a n/a n/a 0.00 0.00 −0.36 −0.94 −2.30
Dividends paid −8.45 −9.28 −7.76 −5.02 −1.80 −2.36 −2.44 −3.01 −2.67 −4.54

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash8.58Shareholders’ equity71.34Fiscal year 2017Cash10.47Shareholders’ equity72.58Fiscal year 2018Cash7.07Shareholders’ equity64.49Fiscal year 2019Cash7.24Shareholders’ equity75.72Fiscal year 2020Cash15.25Shareholders’ equity68.02Fiscal year 2021Cash12.10Shareholders’ equity68.67Fiscal year 2022Cash9.97Shareholders’ equity73.40Fiscal year 2023Cash10.33Shareholders’ equity81.85Fiscal year 2024Cash11.17Shareholders’ equity78.24Fiscal year 2025Cash11.64Shareholders’ equity87.29
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 8.58 10.47 7.07 7.24 15.25 12.10 9.97 10.33 11.17 11.64
Shareholders’ equity 71.34 72.58 64.49 75.72 68.02 68.67 73.40 81.85 78.24 87.29

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
60.9% 61.8% 62.4% 61.1% 58.1% 57.5% 54.5% 53.9% 55.3% 55.9%
28.3% 30.0% 30.9% 30.8% 20.5% 25.5% 25.1% 23.5% 25.9% 26.0%
9.5% 18.7% 14.6% 24.4% 4.4% 15.6% 16.5% 15.4% 17.7% 19.1%
2.7% 14.6% 8.2% 17.5% 3.0% 8.6% 10.3% 9.0% 9.8% 11.5%
11.3% 18.7% 19.0% 16.9% 15.2% 16.9% 14.1% 14.5% 18.7% 18.9%
Spending
0.5% 0.5% 0.5% 0.6% 0.6% 0.5% n/a n/a n/a n/a
10.9% 8.5% 9.4% 9.9% 8.1% 10.4% 8.9% 7.8% 6.5% 6.2%
37.2% 16.2% 33.4% 21.8% 92.9% 27.8% 20.2% 24.5% 29.8% 25.2%
Returns
1.7% 11.0% 6.8% 12.1% 2.1% 6.8% 8.1% 6.5% 7.5% 7.8%
0.5% 3.2% 1.9% 3.9% 0.6% 2.1% 2.8% 2.4% 2.8% 3.1%
Balance and payout
680.9% 116.1% 177.6% 54.7% 128.1% 50.6% 40.9% 56.4% 45.6% 66.4%
164.7% 90.6% 77.2% 56.6% 25.3% 25.8% 30.0% 39.1% 32.2% 61.0%