Anheuser-Busch InBev SA/NV (BUDFF)

Anheuser-Busch InBev Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	59,320	59,768	59,380	57,786	54,304
Revenue Growth (YoY)	-0.75%	0.65%	2.76%	6.41%	15.83%
Cost of Revenue	26,141	26,744	27,396	26,305	23,097
Gross Profit	33,179	33,024	31,984	31,481	31,207
Selling, General & Admin	18,207	18,429	18,263	17,628	17,648
Other Operating Expenses	-713	-700	-661	-558	-514
Operating Expenses	17,494	17,729	17,602	17,070	17,134
Operating Income	15,685	15,295	14,382	14,411	14,073
Interest Expense	-3,338	-3,579	-3,906	-3,807	-3,851
Interest & Investment Income	511	591	565	294	113
Earnings From Equity Investments	378	329	295	299	248
Currency Exchange Gain (Loss)	-386	-147	-353	-363	-101
Other Non Operating Income (Expenses)	-1,110	-1,276	-1,432	-1,481	-1,159
EBT Excluding Unusual Items	11,740	11,213	9,551	9,353	9,323
Merger & Restructuring Charges	-121	-156	-142	-111	-189
Impairment of Goodwill	-	-	-20	-	-
Gain (Loss) on Sale of Assets	95	88	73	82	65
Asset Writedown	-15	-9	-	-176	-258
Legal Settlements	117	142	193	369	344
Other Unusual Items	-489	-710	-530	8	-821
Pretax Income	11,327	10,568	9,125	9,525	8,464
Income Tax Expense	2,850	3,152	2,234	1,928	2,350
Earnings From Continuing Operations	8,477	7,416	6,891	7,597	6,114
Net Income to Company	8,477	7,416	6,891	7,597	6,114
Minority Interest in Earnings	-1,640	-1,561	-1,550	-1,628	-1,444
Net Income	6,837	5,855	5,341	5,969	4,670
Net Income to Common	6,837	5,855	5,341	5,969	4,670
Net Income Growth	16.77%	9.62%	-10.52%	27.82%	232.38%
Shares Outstanding (Basic)	1,984	2,003	2,016	2,013	2,007
Shares Outstanding (Diluted)	2,018	2,044	2,054	2,050	2,045
Shares Change (YoY)	-1.27%	-0.49%	0.19%	0.24%	2.35%
EPS (Basic)	3.45	2.92	2.65	2.97	2.33
EPS (Diluted)	3.39	2.86	2.60	2.91	2.28
EPS Growth	18.53%	10.00%	-10.65%	27.63%	226.40%
Free Cash Flow	11,227	11,192	8,627	8,138	9,159
Free Cash Flow Per Share	5.56	5.48	4.20	3.97	4.48
Dividend Per Share	1.350	1.035	0.906	0.802	0.569
Dividend Growth	30.42%	14.22%	13.08%	40.96%	-7.03%
Gross Margin	55.93%	55.25%	53.86%	54.48%	57.47%
Operating Margin	26.44%	25.59%	24.22%	24.94%	25.91%
Profit Margin	11.53%	9.80%	9.00%	10.33%	8.60%
Free Cash Flow Margin	18.93%	18.73%	14.53%	14.08%	16.87%
EBITDA	19,423	19,793	18,755	18,684	18,193
EBITDA Margin	32.74%	33.12%	31.59%	32.33%	33.50%
D&A For EBITDA	3,738	4,498	4,373	4,273	4,120
EBIT	15,685	15,295	14,382	14,411	14,073
EBIT Margin	26.44%	25.59%	24.22%	24.94%	25.91%
Effective Tax Rate	25.16%	29.83%	24.48%	20.24%	27.77%

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