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)

2017-12 1.69B2018-12 1.69B2019-12 1.69B2020-12 1.69B2021-12 1.74B2022-12 1.74B2023-12 1.74B2024-12 1.80B2025-12 1.80B+6.1% over 8 periods

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.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	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 YoY-0.7%	59.8B YoY+0.7%	59.4B YoY+2.8%	57.8B YoY+6.4%	54.3B YoY+15.8%
	33.2B YoY+0.5%	33.0B YoY+3.3%	32.0B YoY+1.6%	31.5B YoY+0.9%	31.2B YoY+14.5%
Cost of revenue	26.1B YoY-2.3%	26.7B YoY-2.4%	27.4B YoY+4.1%	26.3B YoY+13.9%	23.1B YoY+17.6%
Research & development	—	—	—	—	298M YoY+0.7%
Operating income	15.4B YoY-0.5%	15.5B YoY+10.9%	14.0B YoY-3.8%	14.5B YoY+5.0%	13.8B YoY+43.7%
Interest expense	5.15B YoY-19.3%	6.38B YoY+4.0%	6.13B YoY+5.5%	5.81B YoY-3.7%	6.04B YoY-28.3%
Pre-tax income	11.3B YoY+7.2%	10.6B YoY+15.8%	9.12B YoY-4.2%	9.52B YoY+12.5%	8.46B YoY+307.1%
Income tax	2.85B YoY-9.6%	3.15B YoY+41.1%	2.23B YoY+15.9%	1.93B YoY-18.0%	2.35B YoY+21.6%
	8.48B YoY+14.3%	7.42B YoY+7.6%	6.89B YoY-9.3%	7.60B YoY+24.3%	6.11B YoY+177.7%
Net income to common	6.84B YoY+16.8%	5.86B YoY+9.6%	5.34B YoY-10.5%	5.97B YoY+27.8%	4.67B YoY+232.4%
	$3.39 YoY+18.5%	$2.86 YoY+10.0%	$2.60 YoY-10.7%	$2.91 YoY+27.6%	$2.28 YoY+230.4%
EPS (basic)	$3.45 YoY+18.2%	$2.92 YoY+10.2%	$2.65 YoY-10.8%	$2.97 YoY+27.5%	$2.33 YoY+232.9%
Dividends per share	$2.38 YoY+34.9%	$1.77 YoY+4.1%	$1.70 YoY+15.6%	$1.47 YoY+13.4%	$1.30 YoY+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 YoY+7.7%	23.0B YoY-1.6%	23.4B YoY+0.8%	23.2B YoY-3.2%	23.9B YoY-9.7%
Cash & equivalents	11.6B YoY+4.2%	11.2B YoY+8.1%	10.3B YoY+3.6%	9.97B YoY-17.6%	12.1B YoY-20.7%
Accounts receivable	6.16B YoY+16.9%	5.27B YoY-12.5%	6.02B YoY+13.0%	5.33B YoY+5.6%	5.05B YoY+4.4%
Inventory	5.11B YoY+1.7%	5.02B YoY-10.1%	5.58B YoY-15.6%	6.61B YoY+22.5%	5.40B YoY+20.5%
	219B YoY+5.9%	207B YoY-5.8%	219B YoY+3.0%	213B YoY-2.2%	218B YoY-3.9%
Property, plant & equipment	23.7B YoY+0.7%	23.5B YoY-12.4%	26.8B YoY+0.6%	26.7B YoY-0.0%	26.7B YoY+1.0%
Goodwill	118B YoY+6.7%	110B YoY-5.6%	117B YoY+3.6%	113B YoY-2.4%	116B YoY-4.3%
Total non-current assets	194B YoY+5.7%	184B YoY-6.3%	196B YoY+3.3%	190B YoY-2.0%	194B YoY-3.1%
Total current liabilities	34.5B YoY+4.3%	33.1B YoY-11.0%	37.2B YoY+8.1%	34.4B YoY+0.6%	34.2B YoY+5.7%
	87.3B YoY+11.6%	78.2B YoY-4.4%	81.8B YoY+11.5%	73.4B YoY+6.9%	68.7B YoY+0.9%
Total equity incl. non-controlling	97.7B YoY+10.2%	88.7B YoY-4.3%	92.7B YoY+10.0%	84.3B YoY+6.2%	79.3B YoY+1.3%
	1.80B YoY+0.0%	1.80B YoY+3.5%	1.74B YoY+0.0%	1.74B YoY+0.0%	1.74B YoY+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 YoY-1.1%	15.1B YoY+13.5%	13.3B YoY-0.2%	13.3B YoY-10.1%	14.8B YoY+35.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	4.40B YoY-19.5%	5.46B YoY+2605.4%	202M YoY+122.0%	91.0M YoY-80.0%	454M YoY-96.9%
Long-term debt repaid	6.86B YoY-26.2%	9.29B YoY+200.0%	3.10B YoY-57.4%	7.26B YoY-19.0%	8.96B YoY-61.2%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.60B YoY+188.9%	900M	0.00	0.00	0.00
Dividends paid	4.29B YoY+34.9%	3.18B YoY+7.7%	2.95B YoY+15.6%	2.55B YoY+13.4%	2.25B YoY+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 YoY+27.9%	90.0B YoY-19.8%	112B YoY+7.6%	104B YoY-0.8%	105B YoY-11.1%
P/E	13.6× YoY+11.9%	12.1× YoY-17.9%	14.8× YoY-13.4%	17.1× YoY-0.8%	17.2× YoY-68.0%
P/S	1.9× YoY+28.9%	1.5× YoY-22.5%	1.9× YoY+1.1%	1.9× YoY-0.8%	1.9× YoY-23.3%
P/B	1.3× YoY+14.6%	1.2× YoY-24.8%	1.5× YoY+0.7%	1.5× YoY-0.8%	1.5× YoY-12.0%
	7.4% YoY-10.6%	8.2% YoY+21.8%	6.8% YoY+15.4%	5.9% YoY+0.8%	5.8% YoY+212.5%
	3.7% YoY+5.4%	3.5% YoY+34.3%	2.6% YoY+7.4%	2.4% YoY+14.4%	2.1% YoY+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.