Ambev S.A. (ABEV) Balance Sheet
ABEV balance sheet, 2025
December 31, 2025 · Brazilian reaisR$148.11B assets = R$59.34B liabilities + R$88.77B equity
Both columns are drawn to the same scale: what ABEV owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ABEV financial health
Current ratio0.96
Tight · current assets cover current liabilities 0.96×
Debt / equity0.06
Low leverage · R$0.06 of debt for each $1 of equity
Equity / assets59.4%
Equity-funded · of assets funded by shareholders
Cash / debt379.8%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles35.5%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
ABEV balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R$83.84B2016 | R$148.11B2025 | +6.5%/yr | |
| Total liabilities | R$37.19B2016 | R$59.34B2025 | +5.3%/yr | |
| Shareholders’ equity | R$44.83B2016 | R$87.91B2025 | +7.8%/yr | |
| Cash & short-term investments | R$8.16B2016 | R$20.32B2025 | +10.7%/yr | |
| Total debt | R$5.40B2016 | R$5.35B2025 | −0.1%/yr | |
| Net cash (debt) | R$2.76B2016 | R$14.97B2025 | +R$12.2B | |
| Working capital | −R$4.89B2016 | −R$1.72B2025 | +R$3.2B | |
| Current ratio | 0.832016 | 0.962025 | +0.13 | |
| Debt / equity | 0.122016 | 0.062025 | −0.06 | |
| Shares outstanding | 15.82B2016 | 15.68B2025 | −0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ABEV assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
ABEV liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
ABEV debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ABEV balance sheet in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | R$20.32B | R$29.84B | R$16.34B | R$15.38B | R$18.54B | R$18.79B | R$11.92B | R$11.48B | R$10.35B | R$8.16B |
| Cash & equivalents | R$18.64B | R$28.60B | R$16.06B | R$14.93B | R$16.63B | R$17.09B | R$11.90B | R$11.46B | R$10.35B | R$7.88B |
| Short-term investments | R$1.68B | R$1.24B | R$277.2M | R$454.5M | R$1.91B | R$1.70B | R$14.6M | R$13.4M | R$11.9M | R$282.8M |
| Receivables | R$10.23B | R$9.85B | R$9.18B | R$8.20B | R$4.79B | R$4.30B | R$8.57B | R$7.03B | R$7.96B | R$4.37B |
| Inventory | R$10.52B | R$11.69B | R$9.62B | R$12.92B | R$11.00B | R$7.61B | R$5.98B | R$5.40B | R$4.32B | R$4.35B |
| Other current assets | R$2.81B | R$2.78B | R$1.43B | R$1.31B | R$4.29B | R$4.64B | R$1.16B | R$1.42B | R$2.08B | R$7.01B |
| Total current assets | R$43.88B | R$54.16B | R$36.56B | R$37.82B | R$38.63B | R$35.34B | R$27.62B | R$25.33B | R$24.72B | R$23.89B |
| Property, plant & equipment (net) | R$27.64B | R$30.17B | R$26.63B | R$30.06B | R$29.22B | R$24.77B | R$22.58B | R$20.10B | R$18.82B | R$19.15B |
| Goodwill & intangible assets | R$52.58B | R$56.87B | R$48.05B | R$49.82B | R$51.10B | R$47.60B | R$41.32B | R$40.12B | R$36.08B | R$35.76B |
| Long-term investments | R$609.1M | R$579.9M | R$531.3M | R$551.0M | R$498.1M | R$551.3M | R$467.0M | R$404.4M | R$360.0M | R$404.4M |
| Other non-current assets | R$23.40B | R$20.73B | R$20.87B | R$19.72B | R$19.15B | R$16.93B | R$9.76B | R$8.18B | R$6.88B | R$4.64B |
| Total assets | R$148.11B | R$162.51B | R$132.64B | R$137.96B | R$138.60B | R$125.20B | R$101.74B | R$94.13B | R$86.85B | R$83.84B |
| Liabilities | ||||||||||
| Accounts payable | R$22.60B | R$25.22B | R$23.20B | R$24.33B | R$25.08B | R$19.34B | R$15.07B | R$14.05B | R$11.85B | R$10.87B |
| Short-term debt | R$1.17B | R$1.28B | R$1.30B | R$1.06B | R$877.6M | R$2.74B | R$653.1M | R$1.94B | R$1.71B | R$3.63B |
| Deferred revenue | — | R$31,000 | R$7,000 | — | R$10.11B | R$9.22B | R$7.40B | R$5.34B | −R$13.22B | R$6.85B |
| Total current liabilities | R$45.60B | R$49.39B | R$41.01B | R$40.54B | R$38.87B | R$33.48B | R$25.01B | R$25.21B | R$29.07B | R$28.77B |
| Long-term debt | R$256.9M | R$324.0M | R$391.0M | R$2.79B | R$2.25B | R$2.05B | R$0 | R$0 | R$0 | R$0 |
| Lease obligations | R$2.98B | R$2.97B | R$2.96B | R$3.12B | R$2.64B | R$2.12B | R$2.15B | R$41.4M | R$33.5M | R$42.2M |
| Other long-term liabilities | R$13.48B | R$13.21B | R$11.10B | R$11.30B | R$13.47B | R$14.51B | R$14.18B | R$13.05B | R$11.78B | R$8.42B |
| Total liabilities | R$59.34B | R$62.93B | R$52.50B | R$54.63B | R$54.58B | R$50.05B | R$39.19B | R$38.26B | R$40.85B | R$37.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | R$58.28B | R$58.23B | R$58.18B | R$58.13B | R$58.04B | R$57.90B | R$57.87B | R$57.71B | R$57.61B | R$57.61B |
| Retained earnings (deficit) | R$18.04B | R$53.64B | R$43.19B | R$36.91B | R$31.19B | R$25.92B | R$20.87B | R$15.34B | −R$355.4M | R$9.70B |
| Treasury stock | — | — | — | — | — | — | R$0 | R$0 | R$0 | R$0 |
| Accumulated other comprehensive income | R$14.55B | R$108.97B | R$98.67B | R$92.25B | R$86.38B | R$80.91B | R$75.69B | R$70.12B | R$63.30B | R$64.23B |
| Minority interest | R$860.7M | R$938.4M | R$1.17B | R$1.37B | — | — | R$0 | R$0 | R$0 | R$0 |
| Total shareholders' equity | R$87.91B | R$98.64B | R$78.97B | R$81.96B | R$82.64B | R$73.82B | R$61.28B | R$56.25B | R$45.59B | R$44.83B |
| Key figures | ||||||||||
| Total debt | R$5.35B | R$3.45B | R$3.50B | R$3.85B | R$3.13B | R$4.79B | R$3.06B | R$4.10B | R$4.57B | R$5.40B |
| Net cash (debt) | R$14.97B | R$26.39B | R$12.84B | R$11.54B | R$15.41B | R$14.00B | R$8.85B | R$7.37B | R$5.79B | R$2.76B |
| Working capital | −R$1.72B | R$4.77B | −R$4.44B | −R$2.72B | −R$239.1M | R$1.86B | R$2.61B | R$120.8M | −R$4.35B | −R$4.89B |
| Tangible book value | R$35.33B | R$41.77B | R$30.92B | R$32.14B | R$31.54B | R$26.21B | R$19.96B | R$16.13B | R$9.51B | R$9.07B |
| Shares outstanding | 15.68B | 15.81B | 15.84B | 15.85B | 15.86B | 15.87B | 15.87B | 15.86B | 15.71B | 15.82B |
| Current ratio | 0.96 | 1.10 | 0.89 | 0.93 | 0.99 | 1.06 | 1.10 | 1.00 | 0.85 | 0.83 |
| Quick ratio | 0.67 | 0.80 | 0.62 | 0.58 | 0.60 | 0.69 | 0.82 | 0.73 | 0.63 | 0.44 |
| Debt / equity | 0.06 | 0.04 | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.07 | 0.10 | 0.12 |
| Equity / assets | 59.4% | 60.7% | 59.5% | 59.4% | 59.6% | 59.0% | 60.2% | 59.8% | 52.5% | 53.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | R$18.35B | R$19.64B | R$20.32B | R$19.84B | R$17.52B | R$20.31B | R$29.84B | R$20.94B | R$15.34B | R$13.92B | R$16.34B | R$17.64B |
| Cash & equivalents | R$16.61B | R$17.99B | R$18.64B | R$18.31B | R$16.40B | R$19.12B | R$28.60B | R$19.78B | R$14.15B | R$12.84B | R$16.06B | R$17.41B |
| Short-term investments | R$1.74B | R$1.65B | R$1.68B | R$1.53B | R$1.12B | R$1.19B | R$1.24B | R$1.15B | R$1.19B | R$1.08B | R$277.2M | R$227.2M |
| Receivables | R$8.25B | R$8.83B | R$10.23B | R$8.88B | R$8.82B | R$8.90B | R$9.85B | R$6.09B | R$5.69B | R$5.26B | R$5.74B | R$5.52B |
| Inventory | R$10.42B | R$10.40B | R$10.52B | R$10.47B | R$11.35B | R$12.25B | R$11.69B | R$11.09B | R$11.43B | R$10.31B | R$9.62B | R$10.82B |
| Other current assets | R$3.47B | R$3.97B | R$2.81B | R$2.75B | R$3.09B | R$2.09B | R$2.78B | R$4.55B | R$5.86B | R$5.18B | R$4.87B | R$3.57B |
| Total current assets | R$40.47B | R$42.83B | R$43.88B | R$41.94B | R$40.79B | R$43.55B | R$54.16B | R$42.67B | R$38.32B | R$34.68B | R$36.56B | R$37.55B |
| Property, plant & equipment (net) | R$25.64B | R$26.39B | R$27.64B | R$26.40B | R$27.48B | R$28.49B | R$30.17B | R$28.77B | R$29.02B | R$27.63B | R$26.63B | R$28.93B |
| Goodwill & intangible assets | R$50.65B | R$51.87B | R$52.58B | R$51.31B | R$53.04B | R$54.27B | R$56.87B | R$53.45B | R$53.71B | R$50.07B | R$48.05B | R$49.23B |
| Long-term investments | R$1.16B | R$1.17B | R$609.1M | R$445.0M | R$462.6M | R$555.8M | R$579.9M | R$576.0M | R$576.3M | R$540.8M | R$531.3M | R$553.2M |
| Other non-current assets | R$20.28B | R$20.50B | R$23.40B | R$20.66B | R$20.39B | R$20.44B | R$20.73B | R$21.82B | R$21.82B | R$20.91B | R$20.87B | R$21.65B |
| Total assets | R$138.21B | R$142.76B | R$148.11B | R$140.75B | R$142.16B | R$147.30B | R$162.51B | R$147.29B | R$143.44B | R$133.82B | R$132.64B | R$137.91B |
| Liabilities | ||||||||||||
| Accounts payable | R$20.73B | R$22.21B | R$22.60B | R$19.32B | R$19.88B | R$22.59B | R$25.22B | R$21.07B | R$20.76B | R$21.85B | R$23.20B | R$18.22B |
| Short-term debt | R$1.07B | R$1.10B | R$1.17B | R$1.05B | R$1.10B | R$1.12B | R$1.28B | R$1.21B | R$1.24B | R$1.65B | R$1.30B | R$1.24B |
| Deferred revenue | — | — | — | — | — | — | R$31,000 | R$7,000 | R$3.20B | R$8.88B | R$2.87B | R$9.63B |
| Total current liabilities | R$39.62B | R$41.66B | R$45.60B | R$36.58B | R$36.87B | R$39.34B | R$49.39B | R$35.67B | R$34.62B | R$34.91B | R$41.01B | R$33.85B |
| Long-term debt | R$1.88B | R$234.2M | R$256.9M | R$264.1M | R$2.06B | R$2.10B | R$324.0M | R$2.17B | R$2.21B | R$2.17B | R$391.0M | R$2.48B |
| Lease obligations | — | R$2.73B | R$2.98B | R$2.46B | R$2.68B | R$2.76B | R$2.97B | R$2.89B | R$2.96B | R$2.91B | R$2.96B | — |
| Other long-term liabilities | R$7.82B | R$10.04B | R$13.48B | R$11.19B | R$10.02B | R$10.38B | R$13.21B | R$10.56B | R$10.57B | R$9.36B | R$11.10B | R$10.03B |
| Total liabilities | R$49.32B | R$51.94B | R$59.34B | R$48.03B | R$48.95B | R$51.82B | R$62.93B | R$48.40B | R$47.40B | R$46.44B | R$52.50B | R$46.35B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | R$58.31B | R$58.31B | R$58.28B | R$58.28B | R$58.28B | R$58.28B | R$58.23B | R$58.23B | R$58.23B | R$58.23B | R$58.18B | R$58.18B |
| Retained earnings (deficit) | R$7.52B | R$4.31B | R$18.04B | R$7.43B | R$4.32B | R$2.99B | R$53.64B | R$14.83B | R$10.58B | R$6.53B | R$17.40B | R$13.77B |
| Accumulated other comprehensive income | R$105.40B | R$107.65B | R$14.55B | R$106.91B | R$106.81B | R$107.49B | R$108.97B | R$98.56B | R$98.47B | R$98.69B | R$98.67B | R$37.61B |
| Minority interest | R$580.0M | R$697.9M | R$860.7M | R$701.0M | R$739.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | R$88.31B | R$90.13B | R$87.91B | R$92.03B | R$92.47B | R$94.53B | R$98.64B | R$98.14B | R$95.26B | R$86.59B | R$78.97B | R$90.25B |
| Key figures | ||||||||||||
| Total debt | R$2.95B | R$3.11B | R$5.35B | R$2.90B | R$3.16B | R$3.22B | R$3.45B | R$3.38B | R$3.46B | R$3.82B | R$3.50B | R$3.72B |
| Net cash (debt) | R$15.40B | R$16.53B | R$14.97B | R$16.94B | R$14.37B | R$17.09B | R$26.39B | R$17.56B | R$11.89B | R$10.10B | R$12.84B | R$13.92B |
| Working capital | R$852.7M | R$1.17B | −R$1.72B | R$5.36B | R$3.92B | R$4.21B | R$4.77B | R$7.00B | R$3.70B | −R$236.8M | −R$4.44B | R$3.71B |
| Tangible book value | R$37.66B | R$38.26B | R$35.33B | R$40.72B | R$39.43B | R$40.26B | R$41.77B | R$44.69B | R$41.55B | R$36.53B | R$30.92B | R$41.02B |
| Shares outstanding | 15.58B | 15.67B | 15.66B | 15.67B | 15.74B | 15.74B | 15.81B | 15.81B | 15.81B | 15.84B | 15.83B | 15.84B |
| Current ratio | 1.02 | 1.03 | 0.96 | 1.15 | 1.11 | 1.11 | 1.10 | 1.20 | 1.11 | 0.99 | 0.89 | 1.11 |
| Quick ratio | 0.67 | 0.68 | 0.67 | 0.79 | 0.71 | 0.74 | 0.80 | 0.76 | 0.61 | 0.55 | 0.54 | 0.68 |
| Debt / equity | 0.03 | 0.03 | 0.06 | 0.03 | 0.03 | 0.03 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Equity / assets | 63.9% | 63.1% | 59.4% | 65.4% | 65.0% | 64.2% | 60.7% | 66.6% | 66.4% | 64.7% | 59.5% | 65.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported (latest annual report filed March 3, 2026); data from EODHD.
ABEV financial position
At the end of fiscal 2025 (December 31, 2025), Ambev had total assets of R$148.1 billion (down 8.9% from a year earlier), total liabilities of R$59.3 billion and shareholders' equity of R$87.9 billion. It held R$20.3 billion in cash and short-term investments against R$5.3 billion of debt, a net cash position of R$15.0 billion. Its current ratio was 0.96. In the latest quarter (ended June 30, 2026) total assets were R$138.2 billion and equity R$88.3 billion.
Related: ABEV income statement, ABEV cash flow statement, ABEV key metrics. See the ABEV stock overview for the latest quote and news.
ABEV balance sheet FAQ
What are Ambev's total assets?
Ambev reported total assets of R$148.1 billion at the end of fiscal 2025 (December 31, 2025), compared with R$162.5 billion a year earlier.
How much debt does Ambev have?
Ambev had R$5.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.06.
How much cash does Ambev have?
Ambev held R$20.3 billion in cash and short-term investments at the end of fiscal 2025; with R$5.3 billion of debt that is net cash of R$15.0 billion.
What is Ambev's book value?
Ambev's shareholders' equity (book value) was R$87.9 billion at the end of fiscal 2025.
What is Ambev's current ratio?
Ambev had current assets of R$43.9 billion and current liabilities of R$45.6 billion, a current ratio of 0.96 (current liabilities exceed current assets).
How much goodwill does Ambev have?
Ambev carried R$52.6 billion of goodwill and intangible assets, 35.5% of total assets, at the end of fiscal 2025.