Heineken N.V. (HEINY)

Heineken Income Statement

Financials in millions EUR. 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	28,753	29,821	30,362	28,719	21,941
Revenue Growth (YoY)	-3.58%	-1.78%	5.72%	30.89%	11.29%
Cost of Revenue	18,128	19,025	19,659	18,322	13,326
Gross Profit	10,625	10,796	10,703	10,397	8,615
Selling, General & Admin	4,494	4,527	4,392	4,139	3,594
Other Operating Expenses	150	179	197	124	118
Operating Expenses	6,915	7,003	6,894	6,352	5,563
Operating Income	3,710	3,793	3,809	4,045	3,052
Interest Expense	-620	-680	-640	-458	-462
Interest & Investment Income	116	128	97	81	55
Earnings From Equity Investments	255	-705	218	223	250
Currency Exchange Gain (Loss)	-47	-217	-323	-121	-78
Other Non Operating Income (Expenses)	-30	16	33	70	199
EBT Excluding Unusual Items	3,384	2,335	3,194	3,840	3,016
Merger & Restructuring Charges	-104	-96	-130	-70	4
Impairment of Goodwill	-	-	-559	-	-
Gain (Loss) on Sale of Investments	-	-	23	76	1,270
Gain (Loss) on Sale of Assets	74	37	329	71	55
Asset Writedown	-336	-305	-200	216	-108
Legal Settlements	-	-	-	-	97
Other Unusual Items	-23	36	-135	37	-
Pretax Income	2,995	2,007	2,522	4,170	4,334
Income Tax Expense	857	846	121	1,131	799
Earnings From Continuing Operations	2,138	1,161	2,401	3,039	3,535
Minority Interest in Earnings	-253	-183	-97	-357	-211
Net Income	1,885	978	2,304	2,682	3,324
Net Income to Common	1,885	978	2,304	2,682	3,324
Net Income Growth	92.74%	-57.55%	-14.09%	-19.31%	-
Shares Outstanding (Basic)	557	560	563	576	576
Shares Outstanding (Diluted)	557	561	564	576	576
Shares Change (YoY)	-0.65%	-0.59%	-2.09%	0.01%	0.06%
EPS (Basic)	3.39	1.75	4.09	4.66	5.77
EPS (Diluted)	3.38	1.74	4.09	4.65	5.77
EPS Growth	94.25%	-57.45%	-12.06%	-19.41%	-
Free Cash Flow	2,879	3,319	1,996	2,705	2,857
Free Cash Flow Per Share	5.17	5.92	3.54	4.70	4.96
Dividend Per Share	1.900	1.860	1.730	1.730	1.240
Dividend Growth	2.15%	7.51%	-	39.52%	77.14%
Gross Margin	36.95%	36.20%	35.25%	36.20%	39.26%
Operating Margin	12.90%	12.72%	12.54%	14.09%	13.91%
Profit Margin	6.56%	3.28%	7.59%	9.34%	15.15%
Free Cash Flow Margin	10.01%	11.13%	6.57%	9.42%	13.02%
EBITDA	5,519	5,647	5,494	5,691	4,543
EBITDA Margin	19.20%	18.94%	18.09%	19.82%	20.71%
D&A For EBITDA	1,809	1,854	1,685	1,646	1,491
EBIT	3,710	3,793	3,809	4,045	3,052
EBIT Margin	12.90%	12.72%	12.54%	14.09%	13.91%
Effective Tax Rate	28.61%	42.15%	4.80%	27.12%	18.44%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.