Ambev S.A. (ABEV) Cash Flow Statement
Where ABEV’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$24.45B −6.3% vs 2024
- Capital expenditures
- R$4.59B 5.2% of revenue
- Free cash flow
- R$19.86B 22.5% margin
- Returned to shareholders
- R$22.39B 113% of free cash flow
- Change in cash
- −R$9.96B cash at year-end R$18.64B
Cash from operations
R$24.45B
Capital expenditures
−R$4.59B
Investments (net)
−R$441.5M
Dividends
−R$20.46B
Share buybacks (net)
−R$1.93B
Net borrowing (repayment)
−R$1.28B
Other financing
−R$3.10B
Currency & other
−R$2.60B
Change in cash
−R$9.96B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ABEV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ABEV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$12.34B2016 | R$24.45B2025 | +7.9%/yr | |
| Capital expenditures | R$4.13B2016 | R$4.59B2025 | +1.2%/yr | |
| Free cash flow | R$8.21B2016 | R$19.86B2025 | +10.3%/yr | |
| Free cash flow margin | 18.0%2016 | 22.5%2025 | +4.5 pts | |
| Operating cash flow / net income | 0.942016 | 1.532025 | +0.59 | |
| Stock-based compensation | R$170.3M2016 | R$454.2M2025 | +11.5%/yr | |
| Dividends paid | R$10.33B2016 | R$20.46B2025 | +7.9%/yr | |
| Share buybacks (net) | R$02016 | R$1.93B2025 | — | |
| Capex / revenue | 9.1%2016 | 5.2%2025 | −3.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ABEV cash flow by activity
OperatingInvestingFinancingChange in cash
ABEV net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ABEV cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$15.99B | R$14.85B | R$14.96B | R$14.89B | R$13.12B | R$11.73B | R$12.19B | R$11.35B | R$7.79B | R$13.08B |
| Depreciation & amortization | R$6.83B | R$7.13B | R$6.42B | R$5.96B | R$5.40B | R$5.17B | R$4.68B | R$4.45B | R$4.04B | R$3.51B |
| Stock-based compensation | R$454.2M | R$400.9M | R$331.6M | R$313.9M | R$387.6M | R$208.7M | R$205.7M | R$161.0M | R$209.3M | R$170.3M |
| Change in working capital | −R$1.62B | −R$165.0M | −R$296.1M | −R$2.68B | R$3.00B | R$897.6M | −R$184.0M | −R$446.5M | −R$435.2M | −R$1.58B |
| Other non-cash items | R$2.79B | R$3.89B | R$3.30B | R$2.16B | R$994.7M | R$850.2M | R$1.50B | R$2.84B | R$6.66B | −R$2.84B |
| Cash from operating activities | R$24.45B | R$26.10B | R$24.71B | R$20.64B | R$22.90B | R$18.86B | R$18.38B | R$18.35B | R$18.26B | R$12.34B |
| Investing activities | ||||||||||
| Capital expenditures | −R$4.59B | −R$4.75B | −R$6.00B | −R$6.53B | −R$7.68B | −R$4.69B | −R$5.07B | −R$3.57B | −R$3.20B | −R$4.13B |
| Investments (net) | −R$441.5M | −R$5.46B | −R$5.77B | −R$5.00B | −R$241.3M | −R$6.80B | −R$4.84B | −R$3.68B | −R$3.07B | −R$5.90B |
| Acquisitions & other investing | R$81.9M | R$4.75B | R$6.00B | R$6.53B | R$183.5M | R$4.69B | R$5.07B | R$3.57B | R$3.20B | R$4.13B |
| Cash from investing activities | −R$4.95B | −R$5.46B | −R$5.77B | −R$5.00B | −R$7.73B | −R$6.80B | −R$4.84B | −R$3.68B | −R$3.07B | −R$5.90B |
| Financing activities | ||||||||||
| Dividends paid | −R$20.46B | −R$4.06B | −R$11.92B | −R$12.24B | −R$11.12B | −R$6.85B | −R$7.87B | −R$8.81B | −R$8.82B | −R$10.33B |
| Share repurchases & issuance (net) | −R$1.93B | −R$467.6M | −R$119.0M | −R$54.1M | −R$44.2M | −R$7.4M | −R$32.0M | R$2.30B | −R$38.6M | R$3.79B |
| Net borrowing (repayment) | −R$1.28B | −R$1.45B | −R$1.36B | −R$810.1M | −R$2.80B | R$1.23B | −R$1.94B | −R$642.0M | −R$2.55B | R$1.89B |
| Shares issued | R$0 | R$17.5M | R$14.5M | R$23.8M | R$3.4M | R$3.4M | R$12.8M | R$13.5M | R$0 | R$0 |
| Other financing | −R$3.10B | −R$4.40B | −R$2.73B | −R$3.26B | −R$2.08B | −R$2.97B | −R$2.45B | −R$6.52B | −R$1.85B | −R$7.00B |
| Cash from financing activities | −R$26.77B | −R$10.35B | −R$16.12B | −R$16.34B | −R$16.04B | −R$8.60B | −R$12.28B | −R$13.66B | −R$13.25B | −R$11.65B |
| Summary | ||||||||||
| Net change in cash | −R$9.96B | R$12.54B | R$1.21B | −R$1.75B | −R$493.1M | R$5.19B | R$437.1M | R$1.11B | R$2.48B | −R$5.74B |
| Cash at end of period | R$18.64B | R$28.60B | R$16.06B | R$14.85B | R$16.60B | R$17.09B | R$11.90B | R$11.46B | R$10.35B | R$7.88B |
| Free cash flow | R$19.86B | R$21.35B | R$18.71B | R$14.11B | R$15.22B | R$14.16B | R$13.31B | R$14.78B | R$15.06B | R$8.21B |
| Free cash flow margin | 22.5% | 23.9% | 23.5% | 17.7% | 20.9% | 24.3% | 25.6% | 29.4% | 31.4% | 18.0% |
| Capex / revenue | 5.2% | 5.3% | 7.5% | 8.2% | 10.5% | 8.0% | 9.7% | 7.1% | 6.7% | 9.1% |
| Operating cash flow / net income | 1.53 | 1.76 | 1.65 | 1.39 | 1.75 | 1.61 | 1.51 | 1.62 | 2.34 | 0.94 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | R$3.47B | R$3.89B | R$4.53B | R$4.86B | R$2.79B | R$3.80B | R$5.02B | R$3.57B | R$2.45B | R$3.80B | R$4.53B | R$4.01B |
| Depreciation & amortization | R$1.53B | R$1.60B | R$1.82B | R$1.60B | R$1.70B | R$1.71B | R$2.04B | R$1.73B | R$1.72B | R$1.63B | R$1.51B | R$1.67B |
| Stock-based compensation | R$97.4M | R$93.1M | R$148.1M | R$100.0M | R$107.1M | R$99.0M | R$113.7M | R$102.8M | R$83.2M | R$101.3M | R$61.9M | R$87.8M |
| Change in working capital | −R$948.0M | −R$3.58B | R$4.30B | R$693.6M | −R$2.27B | −R$4.34B | R$4.80B | R$1.04B | −R$2.04B | −R$3.97B | R$5.06B | R$896.8M |
| Other non-cash items | R$556.2M | R$1.16B | R$2.46B | −R$337.7M | R$715.2M | −R$68.0M | R$1.93B | R$1.66B | R$1.14B | −R$850.1M | R$2.78B | R$1.25B |
| Cash from operating activities | R$4.71B | R$3.16B | R$13.25B | R$6.92B | R$3.05B | R$1.20B | R$13.91B | R$8.11B | R$3.36B | R$718.2M | R$13.95B | R$7.92B |
| Investing activities | ||||||||||||
| Capital expenditures | −R$879.9M | −R$466.9M | −R$1.63B | −R$1.04B | −R$1.09B | −R$828.2M | −R$1.52B | −R$1.19B | −R$1.03B | −R$1.02B | −R$2.27B | −R$1.28B |
| Investments (net) | −R$80.1M | R$33.0M | −R$172.6M | −R$1.17B | −R$961.3M | −R$784.4M | −R$1.47B | −R$1.13B | −R$1.08B | −R$1.78B | −R$2.26B | −R$1.21B |
| Acquisitions & other investing | R$109.0M | −R$1.98B | −R$231.6M | R$1.04B | R$1.09B | R$828.1M | R$1.52B | R$1.19B | R$1.03B | R$1.02B | R$2.27B | R$1.28B |
| Cash from investing activities | −R$851.0M | −R$2.42B | −R$2.03B | −R$1.17B | −R$961.3M | −R$784.4M | −R$1.47B | −R$1.13B | −R$1.08B | −R$1.78B | −R$2.26B | −R$1.21B |
| Financing activities | ||||||||||||
| Dividends paid | −R$1.18B | −R$1.5M | −R$9.69B | −R$2.08B | −R$2.08B | −R$6.61B | −R$3.87B | −R$89.9M | −R$86.0M | −R$11.6M | −R$11.63B | −R$125.4M |
| Share repurchases & issuance (net) | −R$2.24B | −R$413.5M | −R$90.9M | −R$3.7M | −R$774.6M | −R$1.06B | −R$100.0M | −R$228,000 | −R$291.1M | −R$76.2M | −R$39.9M | −R$54.1M |
| Net borrowing (repayment) | −R$316.4M | −R$316.9M | −R$309.7M | −R$334.0M | −R$291.6M | −R$343.4M | −R$354.4M | −R$350.0M | — | — | — | −R$361.2M |
| Shares issued | R$0 | R$14.9M | R$0 | R$27,000 | R$0 | R$23.7M | R$14,000 | R$0 | R$0 | R$17.5M | R$0 | R$0 |
| Other financing | −R$730.5M | −R$487.5M | −R$646.0M | −R$803.8M | −R$812.9M | −R$839.2M | −R$939.5M | −R$647.7M | −R$1.32B | −R$2.23B | −R$320.7M | −R$861.3M |
| Cash from financing activities | −R$4.47B | −R$1.20B | −R$10.74B | −R$3.22B | −R$3.96B | −R$8.83B | −R$5.26B | −R$1.09B | −R$1.70B | −R$2.30B | −R$11.99B | −R$1.40B |
| Summary | ||||||||||||
| Net change in cash | −R$1.38B | −R$646.4M | R$330.5M | R$1.90B | −R$2.71B | −R$9.48B | R$8.81B | R$5.63B | R$1.31B | −R$3.21B | −R$1.35B | R$5.40B |
| Cash at end of period | 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 |
| Free cash flow | R$3.83B | R$2.69B | R$11.62B | R$5.88B | R$1.96B | R$375.8M | R$12.39B | R$6.92B | R$2.33B | −R$297.7M | R$11.68B | R$6.64B |
| Free cash flow margin | 19.0% | 12.0% | 46.8% | 28.2% | 9.8% | 1.7% | 45.8% | 31.3% | 11.6% | −1.5% | 58.4% | 32.7% |
| Capex / revenue | 4.4% | 2.1% | 6.6% | 5.0% | 5.4% | 3.7% | 5.6% | 5.4% | 5.1% | 5.0% | 11.4% | 6.3% |
| Operating cash flow / net income | 1.36 | 0.81 | 2.93 | 1.42 | 1.09 | 0.32 | 2.77 | 2.27 | 1.37 | 0.19 | 3.08 | 1.97 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
ABEV cash generation
In fiscal 2025 (ended December 31, 2025), Ambev generated R$24.5 billion of cash from operations (down 6.3%) and spent R$4.6 billion on capital expenditures, leaving free cash flow of R$19.9 billion, 22.5% of revenue. It returned R$22.4 billion to shareholders through dividends (R$20.5 billion) and net share buybacks (R$1.9 billion). Cash and equivalents fell by R$10.0 billion over the year.
Related: ABEV income statement, ABEV balance sheet, ABEV dividend history. See the ABEV stock overview for the latest quote and news.
ABEV cash flow FAQ
What is Ambev's free cash flow?
Ambev's free cash flow was R$19.9 billion in fiscal 2025: R$24.5 billion of operating cash flow minus R$4.6 billion of capital expenditures It was R$21.3 billion a year earlier..
How much cash does Ambev generate from operations?
Ambev generated R$24.5 billion of cash from operating activities in fiscal 2025, 1.53 times its net income of R$16.0 billion.
How much does Ambev spend on capital expenditures?
Ambev spent R$4.6 billion on capital expenditures in fiscal 2025, 5.2% of revenue, compared with R$4.7 billion the year before.
How much stock does Ambev buy back?
Ambev spent R$1.9 billion on net share repurchases in fiscal 2025.
How much does Ambev pay in dividends?
Ambev paid R$20.5 billion in dividends in fiscal 2025, 103.0% of free cash flow.