Ambev Cash Flow Statement

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

Millions BRL. 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	15,503	14,437	14,502	14,458	12,671
Depreciation & Amortization	6,001	6,367	5,844	5,555	5,097
Other Amortization	831.16	759.08	573.47	401.11	299.73
Loss (Gain) From Sale of Assets	-947.16	-121.29	-86.36	-88.76	-142.81
Loss (Gain) From Sale of Investments	-	-	-	-95.47	-334.3
Loss (Gain) on Equity Investments	-105.79	-3.92	185.41	29.11	115.7
Stock-Based Compensation	454.23	400.91	331.62	313.87	387.61
Provision & Write-off of Bad Debts	257.86	379.11	358.4	351.81	200.77
Other Operating Activities	4,072	4,045	3,299	2,401	1,607
Change in Accounts Receivable	-312.89	220.44	-1,374	-322.51	341.43
Change in Inventory	-30.9	-1,703	1,301	-3,088	-3,499
Change in Accounts Payable	-1,272	1,317	-223.1	726.62	6,157
Operating Cash Flow	24,450	26,099	24,711	20,642	22,901
Operating Cash Flow Growth	-6.32%	5.62%	19.71%	-9.86%	21.45%
Capital Expenditures	-4,590	-4,749	-6,004	-6,533	-7,677
Sale of Property, Plant & Equipment	167.28	170.6	154.14	133.94	301.74
Cash Acquisitions	-91.64	10.27	-46.53	-2.96	-133.79
Divestitures	-	-	-	-	0.54
Investment in Securities	-441.48	-888.65	130.1	1,383	-241.27
Other Investing Activities	6.15	-6.6	0.4	15	15.01
Investing Cash Flow	-4,950	-5,463	-5,766	-5,004	-7,735
Long-Term Debt Issued	51.07	489.12	49.78	274.86	315.23
Long-Term Debt Repaid	-1,330	-1,935	-1,408	-1,085	-3,117
Net Debt Issued (Repaid)	-1,279	-1,446	-1,358	-810.1	-2,802
Issuance of Common Stock	-	17.49	14.54	23.76	9.09
Repurchase of Common Stock	-1,926	-467.62	-118.99	-54.08	-44.17
Common Dividends Paid	-20,464	-4,056	-11,922	-12,242	-11,115
Other Financing Activities	-3,104	-4,399	-2,731	-3,255	-2,090
Financing Cash Flow	-26,772	-10,352	-16,115	-16,338	-16,042
Foreign Exchange Rate Adjustments	-2,686	2,253	-1,623	-1,045	382.6
Net Cash Flow	-9,957	12,537	1,207	-1,745	-493.15
Free Cash Flow	19,860	21,350	18,707	14,109	15,224
Free Cash Flow Growth	-6.98%	14.13%	32.59%	-7.32%	7.49%
Free Cash Flow Margin	22.51%	23.87%	23.46%	17.70%	20.90%
Free Cash Flow Per Share	1.27	1.35	1.18	0.89	0.96
Cash Interest Paid	886.88	742.06	666.12	826.34	498.24
Cash Income Tax Paid	4,188	3,618	1,627	919	1,305
Levered Free Cash Flow	12,534	19,344	13,432	8,447	11,736
Unlevered Free Cash Flow	13,829	20,635	14,952	9,903	12,631
Change in Working Capital	-1,616	-164.93	-296.22	-2,684	2,999

Updated Feb 12, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q