Anheuser-Busch InBev SA/NV ADR (BUD) financial statements: income statement, balance sheet and cash flow

Anheuser-Busch InBev SA/NV ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Anheuser-Busch InBev SA/NV ADR reported revenue of $59.3B (-0.7% year on year).

Income statement

Anheuser-Busch InBev SA/NV ADR income statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Revenue$59.3B$59.8B$59.4B$57.8B
Cost of sales($26.1B)($26.7B)($27.4B)($26.3B)
Gross profit$33.2B$33.0B$32.0B$31.5B
Distribution expenses($6.1B)($6.2B)($6.3B)($6.4B)
Sales and marketing expenses($7.4B)($7.2B)($7.2B)($6.8B)
Administrative expenses($4.7B)($5.0B)($4.7B)($4.4B)
Other operating income/(expenses)$808.0M$779.0M$778.0M$841.0M
Exceptional income/(expense) above profit from operations($449.0M)———
Profit from operations$15.4B$15.5B$14.0B$14.5B
Finance expense($5.1B)($6.4B)($6.1B)($6.0B)
Finance income$682.0M$1.0B$1.0B$1.9B
Net finance income/(expense)($4.5B)($5.4B)($5.1B)($4.1B)
Share of results of associates$378.0M$329.0M$295.0M$299.0M
Exceptional share of results of associates$9.0M$104.0M($35.0M)($1.1B)
Profit before tax$11.3B$10.6B$9.1B$9.5B
Income tax expense($2.9B)($3.2B)($2.2B)($1.9B)
Profit of the period$8.5B$7.4B$6.9B$7.6B
Equity holders of AB InBev$6.8B$5.9B$5.3B$6.0B
Non-controlling interest$1.6B$1.6B$1.6B$1.6B
Basic earnings per share$3.45$2.92$2.65$2.97
Diluted earnings per share$3.39$2.86$2.60$2.91
Anheuser-Busch InBev SA/NV ADR income statement, quarters
Line itemJun 30, 2026 · YTDJun 30, 2025 · YTDJun 30, 2024 · YTDJun 30, 2023 · YTD
Revenue$31.9B$28.6B$29.9B$29.3B
Cost of sales($13.7B)($12.6B)($13.4B)($13.5B)
Gross profit$18.2B$16.0B$16.5B$15.8B
Distribution expenses($3.4B)($3.0B)($3.2B)($3.2B)
Sales and marketing expenses($4.1B)($3.6B)($3.6B)($3.5B)
Administrative expenses($2.4B)($2.3B)($2.5B)($2.4B)
Other operating income/(expenses)$369.0M$383.0M$334.0M$327.0M
Exceptional expenses above profit from operations$14.0M($94.0M)——
Profit from operations$8.7B$7.5B$7.4B$7.0B
Finance expense($2.5B)($2.4B)($3.3B)($3.6B)
Finance income$2.4B$700.0M$401.0M$385.0M
Net finance income/(expense)($74.0M)($1.7B)($2.9B)($3.2B)
Share of results of associates$148.0M$135.0M$137.0M$105.0M
Exceptional share of results of associates$0$9.0M$104.0M—
Profit before tax$8.8B$6.0B$4.8B$3.8B
Income tax expense($1.7B)($1.4B)($1.5B)($1.2B)
Profit of the period$7.1B$4.6B$3.2B$2.7B
Equity holders of AB InBev$6.3B$3.8B$2.6B$2.0B
Non-controlling interest$747.0M$744.0M$672.0M$678.0M
Basic earnings per share$3.20$1.92$1.28$0.98
Diluted earnings per share$3.14$1.89$1.25$0.96

Balance sheet

Anheuser-Busch InBev SA/NV ADR balance sheet, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Property, plant and equipment$23.7B$23.5B$26.8B$26.7B
Goodwill$117.9B$110.5B$117.0B$113.0B
Intangible assets$42.0B$40.0B$41.3B$40.2B
Investments in associates$5.0B$4.6B$4.9B$4.7B
Investment securities$161.0M$168.0M$178.0M$175.0M
Deferred tax assets$2.7B$2.5B$2.9B$2.3B
Pensions and similar obligations$150.0M$42.0M$12.0M$11.0M
Income tax receivables$444.0M$470.0M$844.0M$883.0M
Derivatives$145.0M$261.0M$44.0M$60.0M
Trade and other receivables$1.9B$1.6B$1.9B$1.8B
Total non-current assets$194.0B$183.6B$196.0B$189.8B
Investment securities$306.0M$221.0M$67.0M$97.0M
Inventories$5.1B$5.0B$5.6B$6.6B
Income tax receivables$785.0M$727.0M$822.0M$813.0M
Derivatives$583.0M$554.0M$505.0M$331.0M
Trade and other receivables$6.2B$5.3B$6.0B$5.3B
Cash and cash equivalents$11.6B$11.2B$10.3B$10.0B
Assets classified as held for sale$190.0M$33.0M$34.0M$30.0M
Total current assets$24.8B$23.0B$23.4B$23.2B
Total assets$218.8B$206.6B$219.3B$212.9B
Issued capital$1.7B$1.7B$1.7B$1.7B
Share premium$17.6B$17.6B$17.6B$17.6B
Reserves$17.8B$12.3B$20.3B$15.2B
Retained earnings$50.1B$46.6B$42.2B$38.8B
Equity attributable to equity holders of AB InBev$87.3B$78.2B$81.8B$73.4B
Non-controlling interests$10.4B$10.5B$10.8B$10.9B
Total equity$97.7B$88.7B$92.7B$84.3B
Interest-bearing loans and borrowings$72.1B$70.7B$74.2B$78.9B
Pensions and similar obligations$1.3B$1.3B$1.7B$1.5B
Deferred tax liabilities$11.4B$11.3B$11.9B$11.8B
Income tax payables$206.0M$284.0M$589.0M$610.0M
Derivatives$293.0M$68.0M$151.0M$184.0M
Trade and other payables$869.0M$797.0M$738.0M$859.0M
Provisions$425.0M$385.0M$320.0M$396.0M
Total non-current liabilities$86.6B$84.9B$89.5B$94.3B
Bank overdrafts$14.0M$0$17.0M$83.0M
Interest-bearing loans and borrowings$885.0M$1.4B$4.0B$1.0B
Income tax payables$1.8B$1.8B$1.6B$1.4B
Derivatives$6.1B$5.8B$5.3B$5.3B
Trade and other payables$25.5B$23.8B$26.0B$26.3B
Provisions$192.0M$191.0M$269.0M$176.0M
Total current liabilities$34.5B$33.1B$37.2B$34.4B
Total equity and liabilities$218.8B$206.6B$219.3B$212.9B
Anheuser-Busch InBev SA/NV ADR balance sheet, quarters
Line itemJun 30, 2026Jun 30, 2025Jun 30, 2024Jun 30, 2023
Property, plant and equipment$23.0B$23.9B$25.1B$27.2B
Goodwill$119.9B$114.8B$113.5B$116.2B
Intangible assets$42.3B$41.1B$40.7B$41.0B
Investments in associates$5.1B$4.9B$4.9B$4.7B
Investment securities$166.0M$152.0M$185.0M$179.0M
Deferred tax assets$2.8B$2.7B$2.8B$2.8B
Pensions and similar obligations$154.0M$101.0M$12.0M$11.0M
Income tax receivables$440.0M$426.0M$749.0M$835.0M
Derivatives$313.0M$44.0M$184.0M$62.0M
Trade and other receivables$2.0B$1.8B$1.7B$1.9B
Total non-current assets$196.1B$189.9B$189.7B$194.9B
Investment securities$353.0M$205.0M$252.0M$85.0M
Inventories$5.5B$5.5B$5.6B$6.8B
Income tax receivables$622.0M$872.0M$611.0M$912.0M
Derivatives$629.0M$340.0M$448.0M$157.0M
Trade and other receivables$7.4B$7.0B$6.7B$6.6B
Cash and cash equivalents$7.7B$7.2B$7.4B$6.8B
Assets classified as held for sale$48.0M$161.0M$51.0M$35.0M
Total current assets$22.2B$21.2B$21.0B$21.5B
Total assets$218.4B$211.1B$210.7B$216.4B
Issued capital$1.2B$1.7B$1.7B$1.7B
Share premium$17.6B$17.6B$17.6B$17.6B
Reserves$22.5B$13.7B$15.6B$18.8B
Retained earnings$51.7B$47.6B$43.5B$39.3B
Equity attributable to equity holders of AB InBev$93.5B$80.7B$78.5B$77.5B
Non-controlling interests$7.7B$10.7B$10.7B$11.3B
Total equity$101.2B$91.4B$89.2B$88.8B
Interest-bearing loans and borrowings$68.9B$72.0B$75.9B$78.3B
Pensions and similar obligations$1.3B$1.3B$1.5B$1.5B
Deferred tax liabilities$11.6B$11.4B$11.8B$12.0B
Income tax payables$186.0M$296.0M$408.0M$595.0M
Derivatives$391.0M$372.0M$55.0M$113.0M
Trade and other payables$1.0B$1.0B$880.0M$872.0M
Provisions$384.0M$352.0M$368.0M$370.0M
Total non-current liabilities$83.7B$86.7B$90.9B$93.8B
Bank overdrafts$29.0M$21.0M$17.0M$53.0M
Interest-bearing loans and borrowings$3.4B$3.6B$2.2B$2.5B
Income tax payables$1.2B$1.4B$1.1B$1.3B
Derivatives$4.0B$5.6B$5.2B$6.3B
Trade and other payables$24.6B$22.2B$21.7B$23.3B
Provisions$205.0M$202.0M$235.0M$244.0M
Total current liabilities$33.5B$33.0B$30.6B$33.8B
Total equity and liabilities$218.4B$211.1B$210.7B$216.4B

Cash flow statement

Anheuser-Busch InBev SA/NV ADR cash flow statement, fiscal years
Line itemDec 31, 2025 · FYDec 31, 2024 · FYDec 31, 2023 · FYDec 31, 2022 · FY
Profit of the period$8.5B$7.4B$6.9B$7.6B
Depreciation, amortization and impairment$5.7B$5.5B$5.4B$5.1B
Net finance (income)/expense$4.5B$5.4B$5.1B$4.1B
Equity-settled share-based payment expense$625.0M$644.0M$570.0M$448.0M
Income tax expense$2.9B$3.2B$2.2B$1.9B
Share of result of associates($387.0M)($433.0M)($260.0M)$844.0M
Other non-cash items($45.0M)($269.0M)$1.1B($102.0M)
Cash flow from operating activities before changes in working capital and use of provisions$21.6B$21.4B$21.1B$19.9B
Decrease/(increase) in trade and other receivables($187.0M)$341.0M($1.1B)($48.0M)
Decrease/(increase) in inventories$87.0M($149.0M)$717.0M($1.5B)
Increase/(decrease) in trade and other payables($298.0M)($215.0M)($1.1B)$1.2B
Pension contributions and use of provisions($426.0M)($374.0M)($419.0M)($351.0M)
Cash generated from operations$20.8B$21.0B$19.1B$19.2B
Interest paid($3.3B)($3.6B)($3.9B)($4.1B)
Interest received$462.0M$594.0M$598.0M$611.0M
Dividends received$195.0M$234.0M$127.0M$158.0M
Income tax paid($3.2B)($3.1B)($2.7B)($2.6B)
Cash flow from/(used in) operating activities$14.9B$15.1B$13.3B$13.3B
Acquisition of property, plant and equipment and of intangible assets($3.7B)($3.9B)($4.6B)($5.2B)
Proceeds from sale of property, plant and equipment and of intangible assets$104.0M$128.0M$156.0M$322.0M
Sale/(acquisition) of subsidiaries, net of cash$18.0M($46.0M)$9.0M($70.0M)
Proceeds from sale/(acquisition) of other assets$98.0M$523.0M$119.0M$288.0M
Cash flow from/(used in) investing activities($3.4B)($3.3B)($4.4B)($4.6B)
Proceeds from borrowings$4.4B$5.5B$202.0M$91.0M
Repayments of borrowings($6.9B)($9.3B)($3.1B)($7.3B)
Dividends paid($4.5B)($2.7B)($3.0B)($2.4B)
Share buyback-2.3B-937.0M-362.0M—
Payment of lease liabilities($733.0M)($787.0M)($780.0M)($610.0M)
Derivative financial instruments($206.0M)($431.0M)($841.0M)—
Sale/(acquisition) of non-controlling interests($323.0M)($435.0M)($22.0M)—
Other financing cash flows($883.0M)($763.0M)($682.0M)—
Cash flow from/(used in) financing activities($11.4B)($9.9B)($8.6B)($10.6B)
Net increase/(decrease) in cash and cash equivalents($3.0M)$1.9B$315.0M($1.9B)
Cash and cash equivalents less bank overdrafts at beginning of year$11.2B$10.3B$9.9B$12.0B
Effect of exchange rate fluctuations$452.0M($1.1B)$109.0M($211.0M)
Cash and cash equivalents less bank overdrafts at end of period$11.6B$11.2B$10.3B$9.9B
Anheuser-Busch InBev SA/NV ADR cash flow statement, quarters
Line itemJun 30, 2026 · YTDJun 30, 2025 · YTDJun 30, 2024 · YTDJun 30, 2023 · YTD
Profit of the period$7.1B$4.6B$3.2B$2.7B
Depreciation, amortization and impairment$2.8B$2.6B$2.7B$2.6B
Net finance (income)/expense$74.0M$1.7B$2.9B$3.2B
Equity-settled share-based payment expense$270.0M$309.0M$315.0M$286.0M
Income tax expense$1.7B$1.4B$1.5B$1.2B
Share of results of associates($148.0M)($144.0M)($241.0M)($105.0M)
Other non-cash items($199.0M)($93.0M)$339.0M$321.0M
Cash flow from operating activities before changes in working capital and use of provisions$11.5B$10.3B$10.8B$10.2B
Decrease/(increase) in trade and other receivables($1.1B)($1.1B)($1.2B)($1.3B)
Decrease/(increase) in inventories($370.0M)($242.0M)($325.0M)($228.0M)
Increase/(decrease) in trade and other payables($909.0M)($2.3B)($2.7B)($3.1B)
Pension contributions and use of provisions($158.0M)($278.0M)($251.0M)($192.0M)
Cash generated from operations$9.0B$6.4B$6.4B$5.4B
Interest paid($1.9B)($1.9B)($2.0B)($2.3B)
Interest received$243.0M$241.0M$303.0M$512.0M
Dividends received$101.0M$135.0M$123.0M$43.0M
Income tax paid($2.2B)($2.1B)($2.3B)($2.0B)
Cash flow from/(used in) operating activities$5.2B$2.7B$2.6B$1.6B
Acquisition of property, plant and equipment and of intangible assets($1.4B)($1.4B)($1.7B)($2.1B)
Proceeds from sale of property, plant and equipment and of intangible assets$46.0M$55.0M$52.0M$44.0M
Sale/(acquisition) and others related to subsidiaries, net of cash($757.0M)($4.0M)($19.0M)($8.0M)
Proceeds from sale/(acquisition) of other assets$310.0M$47.0M($29.0M)$10.0M
Cash flow from/(used in) investing activities($1.8B)($1.3B)($1.7B)($2.1B)
Proceeds from borrowings$555.0M$4.1B$5.5B$181.0M
Repayments of borrowings($309.0M)($4.0B)($4.3B)($26.0M)
Dividends paid($2.6B)($3.1B)($2.1B)($1.9B)
Share buyback-1.3B-1.9B-838.0M—
Payment of lease liabilities($364.0M)($354.0M)($406.0M)($359.0M)
Derivative financial instruments($319.0M)$114.0M($172.0M)—
Sale/(acquisition) of non-controlling interests($3.4B)($314.0M)($414.0M)—
Other financing cash flows$219.0M($303.0M)($465.0M)—
Cash flow from/(used in) financing activities($7.5B)($5.8B)($3.3B)($2.8B)
Net increase/(decrease) in cash and cash equivalents($4.1B)($4.4B)($2.5B)($3.3B)
Cash and cash equivalents less bank overdrafts at beginning of year$11.6B$11.2B$10.3B$9.9B
Effect of exchange rate fluctuations$76.0M$410.0M($463.0M)$191.0M
Cash and cash equivalents less bank overdrafts at end of period$7.6B$7.1B$7.4B$6.8B

Anheuser-Busch InBev SA/NV ADR score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.