Ambev S.A. (BVMF:ABEV3)

Ambev Financials Overview

Financials in millions BRL. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	89,016	88,242	89,453	79,737	79,709	72,854
Revenue Growth	-1.61%	-1.35%	12.19%	0.03%	9.41%	24.80%
Gross Profit Gross Profit Growth	46,093	45,378	45,838	40,445	39,287	37,195
Operating Income Operating Income Growth	23,189	22,481	21,669	18,837	17,635	17,291
Net Income Net Income Growth	15,747	15,503	14,437	14,502	14,458	12,671
Earnings Per Share EPS Growth	1.01	0.99	0.91	0.92	0.91	0.80
EPS Growth	-1.02%	8.28%	-0.30%	0.36%	14.17%	11.42%

Revenue by Geography

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Brazil Brazil Growth	51,453	49,031	48,605	46,362	42,636	35,587
CAC CAC Growth	9,912	10,964	11,024	10,045	9,440	9,947
Latin America - South Latin America - South Growth	17,965	17,988	19,830	13,797	17,371	16,572
Canada Canada Growth	9,686	10,260	9,994	9,533	10,262	10,749
Revenue (Total) Revenue (Total) Growth	89,016	88,243	89,453	79,737	79,709	72,854

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	21,914	20,320	29,838	16,336	15,381	18,542
Total Debt Total Debt Growth	2,715	3,387	3,453	3,501	3,845	3,131
Net Cash (Debt) Net Cash Growth	19,199	16,933	26,385	12,835	11,536	15,411
Net Cash Growth	13.30%	-35.82%	105.57%	11.26%	-25.15%	10.10%
Net Cash Per Share Net Cash Per Share Growth	1.23	1.08	1.67	0.81	0.73	0.97

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	28,802	24,450	26,099	24,711	20,642	22,901
Capital Expenditures CapEx Growth	-4,110	-4,590	-4,749	-6,004	-6,533	-7,677
Free Cash Flow Free Cash Flow Growth	24,692	19,860	21,350	18,707	14,109	15,224
Free Cash Flow Growth	19.67%	-6.98%	14.13%	32.59%	-7.32%	7.49%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	51.78%	51.42%	51.24%	50.72%	49.29%	51.05%
Operating Margin	26.05%	25.48%	24.22%	23.62%	22.12%	23.73%
Pretax Margin	22.97%	22.01%	21.79%	18.86%	17.86%	18.89%
Profit Margin	17.69%	17.57%	16.14%	18.19%	18.14%	17.39%
FCF Margin	27.74%	22.51%	23.87%	23.46%	17.70%	20.90%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 3, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	1.114	1.114	0.668	0.730	0.762	0.604
Dividend Per Share Growth	-89.86%	66.88%	-8.57%	-4.21%	26.29%	23.08%
Dividend Yield	7.71%	8.05%	5.69%	5.32%	5.25%	3.91%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 3, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	14.30	13.94	12.79	14.90	15.81	19.16
Forward PE	13.12	14.54	12.12	14.40	17.62	20.13
P/FCF Ratio	9.12	10.88	8.65	11.55	16.20	15.94
PS Ratio	2.53	2.45	2.06	2.71	2.87	3.33

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Oct 29, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Nov 3, 2026

Data Sources Report a data error