Anheuser-Busch InBev Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	6,837	5,855	5,341	5,969	4,670
Depreciation & Amortization	4,480	5,280	5,179	4,902	4,694
Other Amortization	701	-	-	-	-
Asset Writedown & Restructuring Costs	471	264	232	176	358
Loss (Gain) on Equity Investments	-387	-433	-260	844	-248
Stock-Based Compensation	625	644	570	448	510
Other Operating Activities	2,980	3,842	4,162	1,656	2,731
Change in Accounts Receivable	-187	341	-1,147	-48	164
Change in Inventory	87	-149	717	-1,547	-1,232
Change in Accounts Payable	-298	-215	-1,110	1,249	3,527
Change in Other Net Operating Assets	-426	-374	-419	-351	-375
Operating Cash Flow	14,883	15,055	13,265	13,298	14,799
Operating Cash Flow Growth	-1.14%	13.49%	-0.25%	-10.14%	35.88%
Capital Expenditures	-3,656	-3,863	-4,638	-5,160	-5,640
Sale of Property, Plant & Equipment	104	128	156	322	142
Cash Acquisitions	-	-46	-	-70	-444
Divestitures	18	-	9	-	-
Other Investing Activities	98	522	83	288	64
Investing Cash Flow	-3,436	-3,259	-4,390	-4,620	-5,878
Long-Term Debt Issued	4,400	5,465	202	91	454
Long-Term Debt Repaid	-7,594	-10,082	-3,878	-7,875	-9,496
Net Debt Issued (Repaid)	-3,194	-4,617	-3,676	-7,784	-9,042
Repurchase of Common Stock	-2,301	-937	-362	-	-
Common Dividends Paid	-4,543	-2,672	-3,013	-2,442	-2,364
Other Financing Activities	-1,412	-1,628	-1,509	-394	-192
Financing Cash Flow	-11,450	-9,854	-8,560	-10,620	-11,598
Foreign Exchange Rate Adjustments	452	-1,082	109	-211	-526
Net Cash Flow	449	860	424	-2,153	-3,203
Free Cash Flow	11,227	11,192	8,627	8,138	9,159
Free Cash Flow Growth	0.31%	29.73%	6.01%	-11.15%	28.82%
Free Cash Flow Margin	18.93%	18.73%	14.53%	14.08%	16.87%
Free Cash Flow Per Share	5.56	5.48	4.20	3.97	4.48
Cash Interest Paid	3,348	3,649	3,877	4,133	3,987
Cash Income Tax Paid	3,240	3,134	2,696	2,582	2,410
Levered Free Cash Flow	10,526	9,153	7,856	5,634	8,969
Unlevered Free Cash Flow	12,612	11,389	10,297	8,013	11,376
Change in Working Capital	-824	-397	-1,959	-697	2,084

Source: S&P Global Market Intelligence. Standard template. Financial Sources.