BUD financial statements
The full income statement, balance sheet, and cash-flow statement for Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (BUD), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 59.3B-0.7% | 59.8B+0.7% | 59.4B+2.8% | 57.8B+6.4% | 54.3B+15.8% | |
| 33.2B+0.5% | 33.0B+3.3% | 32.0B+1.6% | 31.5B+0.9% | 31.2B+14.5% | ||
| Cost of revenue | 26.1B-2.3% | 26.7B-2.4% | 27.4B+4.1% | 26.3B+13.9% | 23.1B+17.6% | |
| Research & development | — | — | — | — | 298M+0.7% | |
| Operating income | 15.4B-0.5% | 15.5B+10.9% | 14.0B-3.8% | 14.5B+5.0% | 13.8B+43.7% | |
| Interest expense | 5.15B-19.3% | 6.38B+4.0% | 6.13B+5.5% | 5.81B-3.7% | 6.04B-28.3% | |
| Pre-tax income | 11.3B+7.2% | 10.6B+15.8% | 9.12B-4.2% | 9.52B+12.5% | 8.46B+307.1% | |
| Income tax | 2.85B-9.6% | 3.15B+41.1% | 2.23B+15.9% | 1.93B-18.0% | 2.35B+21.6% | |
| 8.48B+14.3% | 7.42B+7.6% | 6.89B-9.3% | 7.60B+24.3% | 6.11B+177.7% | ||
| Net income to common | 6.84B+16.8% | 5.86B+9.6% | 5.34B-10.5% | 5.97B+27.8% | 4.67B+232.4% | |
| $3.39+18.5% | $2.86+10.0% | $2.60-10.7% | $2.91+27.6% | $2.28+230.4% | ||
| EPS (basic) | $3.45+18.2% | $2.92+10.2% | $2.65-10.8% | $2.97+27.5% | $2.33+232.9% | |
| Dividends per share | $2.38+34.9% | $1.77+4.1% | $1.70+15.6% | $1.47+13.4% | $1.30+14.1% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 24.8B+7.7% | 23.0B-1.6% | 23.4B+0.8% | 23.2B-3.2% | 23.9B-9.7% | ||
| Cash & equivalents | 11.6B+4.2% | 11.2B+8.1% | 10.3B+3.6% | 9.97B-17.6% | 12.1B-20.7% | |
| Accounts receivable | 6.16B+16.9% | 5.27B-12.5% | 6.02B+13.0% | 5.33B+5.6% | 5.05B+4.4% | |
| Inventory | 5.11B+1.7% | 5.02B-10.1% | 5.58B-15.6% | 6.61B+22.5% | 5.40B+20.5% | |
| 219B+5.9% | 207B-5.8% | 219B+3.0% | 213B-2.2% | 218B-3.9% | ||
| Property, plant & equipment | 23.7B+0.7% | 23.5B-12.4% | 26.8B+0.6% | 26.7B-0.0% | 26.7B+1.0% | |
| Goodwill | 118B+6.7% | 110B-5.6% | 117B+3.6% | 113B-2.4% | 116B-4.3% | |
| Total non-current assets | 194B+5.7% | 184B-6.3% | 196B+3.3% | 190B-2.0% | 194B-3.1% | |
| Total current liabilities | 34.5B+4.3% | 33.1B-11.0% | 37.2B+8.1% | 34.4B+0.6% | 34.2B+5.7% | |
| 87.3B+11.6% | 78.2B-4.4% | 81.8B+11.5% | 73.4B+6.9% | 68.7B+0.9% | ||
| Total equity incl. non-controlling | 97.7B+10.2% | 88.7B-4.3% | 92.7B+10.0% | 84.3B+6.2% | 79.3B+1.3% | |
| Common shares issued | 1.98B-0.5% | 1.98B+0.0% | 1.98B+0.2% | 1.98B+0.5% | 1.97B+0.7% | |
| Common shares outstanding | 2.02B+0.0% | 2.02B+0.0% | 2.02B+0.0% | 2.02B+0.0% | 2.02B+0.0% | |
| Shares outstanding (cover) | 1.80B+0.0% | 1.80B+3.5% | 1.74B+0.0% | 1.74B+0.0% | 1.74B+2.6% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash from operations | 14.9B-1.1% | 15.1B+13.5% | 13.3B-0.2% | 13.3B-10.1% | 14.8B+35.9% | |
| Capital expenditure | 3.66B-5.4% | 3.86B-16.7% | 4.64B-10.1% | 5.16B-8.5% | 5.64B+49.2% | |
| Free cash flow | 11.2B+0.3% | 11.2B+29.7% | 8.63B+6.0% | 8.14B-11.1% | 9.16B+28.8% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 4.40B-19.5% | 5.46B+2605.4% | 202M+122.0% | 91.0M-80.0% | 454M-96.9% | |
| Long-term debt repaid | 6.86B-26.2% | 9.29B+200.0% | 3.10B-57.4% | 7.26B-19.0% | 8.96B-61.2% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 2.60B+188.9% | 900M | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 4.29B+34.9% | 3.18B+7.7% | 2.95B+15.6% | 2.55B+13.4% | 2.25B+17.1% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 115B+27.9% | 90.0B-19.8% | 112B+7.6% | 104B-0.8% | 105B-11.1% | |
| P/E | 13.6×+11.9% | 12.1×-17.9% | 14.8×-13.4% | 17.1×-0.8% | 17.2×-68.0% | |
| P/S | 1.9×+28.9% | 1.5×-22.5% | 1.9×+1.1% | 1.9×-0.8% | 1.9×-23.3% | |
| P/B | 1.3×+14.6% | 1.2×-24.8% | 1.5×+0.7% | 1.5×-0.8% | 1.5×-12.0% | |
| P/FCF | 10.3×+27.5% | 8.0×-41.7% | 13.8×+21.1% | 11.4×-0.8% | 11.5×-31.0% | |
| Earnings yield | 7.4%-10.6% | 8.2%+21.8% | 6.8%+15.4% | 5.9%+0.8% | 5.8%+212.5% | |
| FCF yield | 9.8%-21.6% | 12.4%+71.6% | 7.2%-17.4% | 8.8%+0.8% | 8.7%+45.0% | |
| Dividend yield | 3.7%+5.4% | 3.5%+34.3% | 2.6%+7.4% | 2.4%+14.4% | 2.1%+31.7% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: BUD’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BUD filings on SEC EDGAR → Not investment advice.