Anheuser-Busch InBev SA/NV (BUD) Balance Sheet
BUD balance sheet, 2025
December 31, 2025 · U.S. dollars$218.81B assets = $121.07B liabilities + $97.74B equity
Both columns are drawn to the same scale: what BUD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BUD financial health
Descriptive bands, not a rating. Fiscal 2025.
BUD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $258.38B2016 | $218.81B2025 | −1.8%/yr | |
| Total liabilities | $176.96B2016 | $121.07B2025 | −4.1%/yr | |
| Shareholders’ equity | $71.34B2016 | $87.29B2025 | +2.3%/yr | |
| Cash & short-term investments | $14.24B2016 | $11.94B2025 | −1.9%/yr | |
| Total debt | $122.74B2016 | $73.03B2025 | −5.6%/yr | |
| Net cash (debt) | −$108.50B2016 | −$61.08B2025 | +$47.4B | |
| Working capital | $2.94B2016 | −$9.71B2025 | −$12.7B | |
| Book value per share | $40.652016 | $44.002025 | +0.9%/yr | |
| Current ratio | 1.072016 | 0.722025 | −0.35 | |
| Debt / equity | 1.722016 | 0.842025 | −0.88 | |
| Shares outstanding | 1.75B2016 | 1.98B2025 | +1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BUD assets
BUD liabilities and equity
BUD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BUD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $11.94B | $11.39B | $10.40B | $10.00B | $12.39B | $15.56B | $7.33B | $7.16B | $11.78B | $14.24B |
| Cash & equivalents | $11.64B | $11.17B | $10.33B | $9.90B | $12.02B | $15.17B | $7.24B | $7.07B | $10.47B | $8.58B |
| Short-term investments | $306.0M | $221.0M | $67.0M | $97.0M | $374.0M | $396.0M | $92.0M | $87.0M | $1.30B | $5.66B |
| Receivables | $6.38B | $5.50B | $4.42B | $5.73B | $3.56B | $3.40B | $4.17B | $6.50B | $4.92B | $7.19B |
| Inventory | $5.11B | $5.02B | $5.58B | $6.53B | $5.40B | $4.48B | $4.32B | $4.11B | $4.02B | $3.82B |
| Other current assets | $1.34B | $1.08B | $2.97B | $930.0M | $2.59B | $3.07B | $13.00B | $506.0M | $3.25B | $17.81B |
| Total current assets | $24.77B | $23.00B | $23.37B | $23.19B | $23.95B | $26.52B | $28.81B | $18.28B | $23.96B | $43.06B |
| Property, plant & equipment (net) | $23.66B | $23.50B | $26.82B | $26.67B | $26.68B | $26.42B | $27.54B | $25.91B | $27.18B | $27.52B |
| Goodwill & intangible assets | $159.89B | $150.51B | $158.33B | $153.22B | $156.23B | $162.50B | $170.57B | $178.14B | $186.81B | $181.10B |
| Long-term investments | $5.16B | $4.78B | $5.05B | $4.83B | $6.04B | $6.28B | $5.97B | $6.24B | $5.36B | $4.41B |
| Other non-current assets | $5.32B | $4.84B | $5.78B | $5.04B | $4.74B | $4.69B | $3.75B | $3.53B | $2.81B | $2.29B |
| Total assets | $218.81B | $206.64B | $219.34B | $212.94B | $217.63B | $226.41B | $236.65B | $232.10B | $246.13B | $258.38B |
| Liabilities | ||||||||||
| Accounts payable | $17.05B | $16.01B | $17.73B | $18.59B | $17.81B | $15.90B | $15.88B | $15.51B | $15.24B | $14.07B |
| Short-term debt | $899.0M | $1.45B | $4.00B | $1.30B | $1.46B | $3.35B | $5.52B | $4.33B | $8.57B | $8.80B |
| Deferred revenue | — | — | $3.98B | — | $51.0M | $27.0M | $21.0M | $32.0M | $30.0M | $52.0M |
| Total current liabilities | $34.48B | $33.07B | $37.16B | $34.38B | $34.18B | $32.35B | $34.84B | $34.46B | $36.21B | $40.12B |
| Long-term debt | $72.13B | $70.72B | $74.16B | $78.88B | $87.37B | $95.48B | $97.56B | $107.00B | $108.95B | $113.94B |
| Lease obligations | $2.40B | $2.30B | $2.83B | $2.49B | $2.28B | $2.23B | $2.02B | $204.0M | $213.0M | $234.0M |
| Other long-term liabilities | $14.47B | $14.15B | $15.35B | $15.40B | $16.73B | $20.23B | $19.69B | $18.74B | $20.75B | $22.90B |
| Total liabilities | $121.07B | $117.94B | $126.66B | $128.66B | $138.29B | $148.06B | $152.09B | $160.20B | $165.91B | $176.96B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B |
| Retained earnings (deficit) | $50.13B | $46.58B | $42.22B | $38.82B | $33.88B | $30.87B | $31.48B | $26.07B | $28.39B | $28.21B |
| Treasury stock | — | — | — | — | −$3.99B | −$4.91B | −$6.27B | −$6.55B | −$8.98B | −$8.98B |
| Accumulated other comprehensive income | $22.89B | $16.19B | $23.74B | $18.93B | $19.43B | $17.80B | $24.88B | $19.06B | $24.84B | $23.77B |
| Minority interest | $10.45B | $10.46B | $10.83B | $10.88B | — | — | — | — | — | — |
| Total shareholders' equity | $87.29B | $78.24B | $81.85B | $73.40B | $68.67B | $68.02B | $75.72B | $71.90B | $72.58B | $71.34B |
| Key figures | ||||||||||
| Total debt | $73.03B | $72.17B | $78.17B | $79.99B | $88.83B | $98.56B | $103.04B | $111.33B | $116.50B | $122.74B |
| Net cash (debt) | −$61.08B | −$60.77B | −$67.77B | −$69.99B | −$76.44B | −$83.00B | −$95.71B | −$104.17B | −$104.72B | −$108.50B |
| Working capital | −$9.71B | −$10.07B | −$13.79B | −$11.20B | −$10.23B | −$5.83B | −$6.03B | −$16.18B | −$12.25B | $2.94B |
| Tangible book value | −$72.61B | −$72.28B | −$76.48B | −$79.82B | −$87.56B | −$94.47B | −$94.84B | −$106.24B | −$114.23B | −$109.76B |
| Book value per share | $44.00 | $38.28 | $39.85 | $35.80 | $33.58 | $34.05 | $37.38 | $35.76 | $36.11 | $40.65 |
| Shares outstanding | 1.98B | 2.04B | 2.05B | 2.05B | 2.04B | 2.00B | 2.03B | 2.01B | 2.01B | 1.75B |
| Current ratio | 0.72 | 0.70 | 0.63 | 0.67 | 0.70 | 0.82 | 0.83 | 0.53 | 0.66 | 1.07 |
| Quick ratio | 0.53 | 0.51 | 0.40 | 0.46 | 0.47 | 0.59 | 0.33 | 0.40 | 0.46 | 0.53 |
| Debt / equity | 0.84 | 0.92 | 0.96 | 1.09 | 1.29 | 1.45 | 1.36 | 1.55 | 1.61 | 1.72 |
| Equity / assets | 39.9% | 37.9% | 37.3% | 34.5% | 31.6% | 30.0% | 32.0% | 31.0% | 29.5% | 27.6% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $7.91B | $11.94B | $7.27B | $11.39B | $7.64B | $10.40B | $6.93B | $6.93B |
| Cash & equivalents | $7.55B | $11.64B | $7.06B | $11.17B | $7.39B | $10.33B | −$6.93B | $6.85B |
| Short-term investments | $353.0M | $306.0M | $205.0M | $221.0M | $252.0M | $67.0M | $13.87B | $85.0M |
| Receivables | $7.25B | $6.38B | $7.08B | $5.50B | $6.68B | $6.37B | $0 | $4.67B |
| Inventory | $5.53B | $5.11B | $5.47B | $5.02B | $5.57B | $5.58B | $0 | $6.84B |
| Other current assets | $1.55B | $1.34B | $1.39B | $1.08B | $1.13B | $1.01B | $0 | $3.04B |
| Total current assets | $22.24B | $24.77B | $21.21B | $23.00B | $21.03B | $23.37B | $6.93B | $21.48B |
| Property, plant & equipment (net) | $23.00B | $23.66B | $23.86B | $23.50B | $25.09B | $26.82B | $0 | $27.18B |
| Goodwill & intangible assets | $162.22B | $159.89B | $155.88B | $150.51B | $154.15B | $158.33B | $0 | $157.14B |
| Long-term investments | $5.23B | $5.16B | $5.03B | $4.78B | $5.05B | $5.05B | $0 | $4.91B |
| Other non-current assets | $5.70B | $5.32B | $5.12B | $4.84B | $5.40B | $5.78B | $209.42B | $5.64B |
| Total assets | $218.38B | $218.81B | $211.11B | $206.64B | $210.72B | $219.34B | $216.35B | $216.35B |
| Liabilities | ||||||||
| Accounts payable | $24.61B | $25.45B | $22.19B | $16.01B | $21.71B | $17.73B | — | $23.35B |
| Short-term debt | $3.41B | $899.0M | $3.60B | $1.45B | $2.26B | $4.00B | — | $2.73B |
| Deferred revenue | — | — | — | — | $1.14B | $1.85B | — | $1.51B |
| Total current liabilities | $33.48B | $34.48B | $33.01B | $33.07B | $30.57B | $37.16B | — | $33.77B |
| Long-term debt | $67.30B | $72.13B | $71.98B | $70.72B | $75.94B | $74.16B | $0 | $78.32B |
| Lease obligations | $2.24B | $2.40B | $2.33B | $2.30B | $2.52B | $2.83B | — | $2.70B |
| Other long-term liabilities | $16.42B | $14.47B | $14.71B | $14.15B | $14.97B | $15.35B | — | $15.47B |
| Total liabilities | $117.20B | $121.07B | $119.69B | $117.94B | $121.48B | $126.66B | — | $127.57B |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | $1.74B | — | $1.74B |
| Retained earnings (deficit) | $51.69B | $50.13B | $47.64B | $46.58B | $43.54B | $42.22B | — | $39.27B |
| Accumulated other comprehensive income | $25.98B | $22.89B | $17.83B | $16.19B | $19.77B | $23.74B | $77.46B | $22.23B |
| Minority interest | $7.68B | $10.45B | $10.74B | $10.46B | — | — | — | — |
| Total shareholders' equity | $93.50B | $87.29B | $80.67B | $78.24B | $78.52B | $81.85B | $88.78B | $77.46B |
| Key figures | ||||||||
| Total debt | $72.32B | $73.03B | $75.58B | $72.17B | $78.20B | $78.17B | — | $80.90B |
| Net cash (debt) | −$64.41B | −$61.08B | −$68.31B | −$60.77B | −$70.56B | −$67.77B | — | −$73.97B |
| Working capital | −$11.23B | −$9.71B | −$11.79B | −$10.07B | −$9.54B | −$13.79B | — | −$12.29B |
| Tangible book value | −$68.72B | −$72.61B | −$75.21B | −$72.28B | −$75.64B | −$76.48B | $88.78B | −$79.68B |
| Book value per share | $47.28 | $44.14 | $40.46 | $39.06 | $38.43 | $40.60 | $44.04 | $38.40 |
| Shares outstanding | 1.98B | 1.98B | 1.99B | 2.00B | 2.04B | 2.02B | 2.02B | 2.02B |
| Current ratio | 0.66 | 0.72 | 0.64 | 0.70 | 0.69 | 0.63 | — | 0.64 |
| Quick ratio | 0.45 | 0.53 | 0.43 | 0.51 | 0.47 | 0.45 | — | 0.34 |
| Debt / equity | 0.77 | 0.84 | 0.94 | 0.92 | 1.00 | 0.96 | — | 1.04 |
| Equity / assets | 42.8% | 39.9% | 38.2% | 37.9% | 37.3% | 37.3% | 41.0% | 35.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 3, 2026); data from EODHD.
BUD financial position
At the end of fiscal 2025 (December 31, 2025), Anheuser-Busch InBev SA/NV had total assets of $218.8 billion (up 5.9% from a year earlier), total liabilities of $121.1 billion and shareholders' equity of $87.3 billion. It held $11.9 billion in cash and short-term investments against $73.0 billion of debt, net debt of $61.1 billion. Its current ratio was 0.72. In the latest quarter (ended June 30, 2026) total assets were $218.4 billion and equity $93.5 billion.
Related: BUD income statement, BUD cash flow statement, BUD key metrics. See the BUD stock overview for the latest quote and news.
BUD balance sheet FAQ
What are Anheuser-Busch InBev SA/NV's total assets?
Anheuser-Busch InBev SA/NV reported total assets of $218.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $206.6 billion a year earlier.
How much debt does Anheuser-Busch InBev SA/NV have?
Anheuser-Busch InBev SA/NV had $73.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.84.
How much cash does Anheuser-Busch InBev SA/NV have?
Anheuser-Busch InBev SA/NV held $11.9 billion in cash and short-term investments at the end of fiscal 2025; with $73.0 billion of debt that is net debt of $61.1 billion.
What is Anheuser-Busch InBev SA/NV's book value?
Anheuser-Busch InBev SA/NV's shareholders' equity (book value) was $87.3 billion at the end of fiscal 2025, or $44.00 per share.
What is Anheuser-Busch InBev SA/NV's current ratio?
Anheuser-Busch InBev SA/NV had current assets of $24.8 billion and current liabilities of $34.5 billion, a current ratio of 0.72 (current liabilities exceed current assets).
How much goodwill does Anheuser-Busch InBev SA/NV have?
Anheuser-Busch InBev SA/NV carried $159.9 billion of goodwill and intangible assets, 73.1% of total assets, at the end of fiscal 2025.