Anheuser-Busch InBev SA/NV (BUD) Cash Flow Statement
Where BUD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $14.93B −0.7% vs 2024
- Capital expenditures
- $3.67B 6.2% of revenue
- Free cash flow
- $11.26B 19.0% margin
- Returned to shareholders
- $6.87B 61% of free cash flow
- Change in cash
- $464.0M cash at year-end $11.64B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BUD operating cash flow, capex and free cash flow
BUD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $10.09B2016 | $14.93B2025 | +4.5%/yr | |
| Capital expenditures | $4.97B2016 | $3.67B2025 | −3.3%/yr | |
| Free cash flow | $5.12B2016 | $11.26B2025 | +9.2%/yr | |
| Free cash flow margin | 11.2%2016 | 19.0%2025 | +7.7 pts | |
| Operating cash flow / net income | 8.472016 | 2.182025 | −6.30 | |
| Stock-based compensation | $231.0M2016 | $625.0M2025 | +11.7%/yr | |
| Dividends paid | $8.43B2016 | $4.56B2025 | −6.6%/yr | |
| Share buybacks (net) | $02016 | $2.31B2025 | — | |
| Capex / revenue | 10.9%2016 | 6.2%2025 | −4.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BUD cash flow by activity
BUD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BUD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $6.86B | $5.84B | $5.35B | $7.60B | $6.11B | $9.99B | $9.99B | $3.83B | $8.05B | $1.19B |
| Depreciation & amortization | $5.65B | $5.54B | $5.41B | $5.08B | $5.05B | $4.83B | $4.66B | $4.62B | $4.42B | $3.47B |
| Stock-based compensation | $625.0M | $644.0M | $570.0M | $448.0M | $510.0M | $169.0M | $340.0M | $337.0M | $351.0M | $231.0M |
| Change in working capital | −$826.5M | −$396.3M | −$1.96B | −$346.0M | $2.46B | −$5.0M | −$5.0M | −$10.0M | −$401.1M | −$296.3M |
| Other non-cash items | $2.62B | $3.39B | $3.92B | $521.0M | $664.0M | −$947.0M | −$1.59B | $4.87B | $3.17B | $5.49B |
| Cash from operating activities | $14.93B | $15.03B | $13.29B | $13.30B | $14.80B | $14.04B | $13.40B | $13.65B | $15.59B | $10.09B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.67B | −$3.86B | −$4.65B | −$5.16B | −$5.64B | −$4.85B | −$5.17B | −$5.00B | −$4.79B | −$4.97B |
| Investments (net) | — | −$3.26B | −$4.35B | −$4.62B | −$5.88B | $6.34B | −$5.07B | −$3.96B | $7.85B | −$60.08B |
| Acquisitions & other investing | −$103.3M | $3.43B | $4.62B | $5.16B | $5.64B | $4.85B | $5.32B | $4.94B | $4.66B | $5.09B |
| Cash from investing activities | −$3.77B | −$3.69B | −$4.38B | −$4.62B | −$5.88B | $6.34B | −$4.93B | −$4.02B | $7.73B | −$59.96B |
| Financing activities | ||||||||||
| Dividends paid | −$4.56B | −$2.67B | −$3.02B | −$2.44B | −$2.36B | −$5.01B | −$5.01B | −$7.75B | −$9.37B | −$8.43B |
| Share repurchases & issuance (net) | −$2.31B | −$935.3M | −$362.6M | $0 | $0 | −$8.03B | $22.58B | $0 | $0 | $0 |
| Net borrowing (repayment) | −$3.19B | −$4.62B | −$3.68B | −$7.78B | −$9.04B | −$8.76B | −$8.45B | −$5.13B | −$9.98B | $62.67B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $5.58B | $5.58B | $0 | $0 | $0 |
| Other financing | −$1.10B | −$1.18B | −$1.53B | −$394.0M | −$192.0M | $7.47B | −$23.21B | $5.5M | −$1.66B | −$3.61B |
| Cash from financing activities | −$11.16B | −$9.40B | −$8.59B | −$10.62B | −$11.60B | −$8.76B | −$8.51B | −$12.88B | −$21.01B | $50.63B |
| Summary | ||||||||||
| Net change in cash | $464.0M | $842.0M | $359.0M | −$2.15B | −$3.20B | $8.08B | $209.0M | −$3.40B | $1.89B | $1.66B |
| Cash at end of period | $11.64B | $11.17B | $10.33B | $9.89B | $12.04B | $15.25B | $7.17B | $7.07B | $10.47B | $8.58B |
| Free cash flow | $11.26B | $11.17B | $8.64B | $8.14B | $9.16B | $9.18B | $8.22B | $8.65B | $10.80B | $5.12B |
| Free cash flow margin | 19.0% | 18.7% | 14.6% | 14.1% | 16.9% | 19.6% | 15.7% | 16.3% | 19.7% | 11.2% |
| Capex / revenue | 6.2% | 6.5% | 7.8% | 8.9% | 10.4% | 10.4% | 9.9% | 9.4% | 8.7% | 10.9% |
| Operating cash flow / net income | 2.18 | 2.57 | 2.48 | 1.75 | 2.42 | 1.41 | 1.34 | 3.56 | 1.94 | 8.47 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | $6.32B | $3.01B | $3.85B | $3.28B | $2.56B | $3.37B |
| Depreciation & amortization | $2.76B | $3.06B | $2.60B | $2.94B | $2.58B | $2.91B |
| Stock-based compensation | — | — | — | $644.0M | $315.0M | $1.14B |
| Change in working capital | −$2.52B | $3.14B | −$3.97B | $4.02B | −$4.41B | $2.85B |
| Other non-cash items | −$1.31B | $2.91B | $234.9M | $1.57B | $1.52B | $2.11B |
| Cash from operating activities | $5.25B | $12.12B | $2.73B | $12.46B | $2.56B | $12.38B |
| Investing activities | ||||||
| Capital expenditures | −$1.41B | −$2.23B | −$1.42B | −$2.12B | −$1.73B | −$2.53B |
| Acquisitions & other investing | −$3.79B | $115.0M | −$217.7M | $579.0M | −$410.4M | $219.3M |
| Cash from investing activities | −$5.20B | −$2.12B | −$1.63B | −$1.54B | −$2.14B | −$2.32B |
| Financing activities | ||||||
| Dividends paid | −$2.60B | −$1.36B | −$3.17B | −$528.1M | −$2.14B | −$1.09B |
| Share repurchases & issuance (net) | −$1.30B | −$378.8M | −$1.92B | −$98.5M | −$836.7M | −$362.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$219.2M | −$3.79B | −$478.8M | −$5.88B | $80.9M | −$5.00B |
| Cash from financing activities | −$4.12B | −$5.53B | −$5.57B | −$6.51B | −$2.89B | −$6.46B |
| Summary | ||||||
| Net change in cash | −$3.98B | $4.47B | −$4.01B | $3.78B | −$2.94B | $3.48B |
| Cash at end of period | $7.66B | $11.64B | $7.17B | $11.17B | $7.39B | $10.33B |
| Free cash flow | $3.84B | $9.89B | $1.31B | $10.34B | $831.7M | $9.84B |
| Free cash flow margin | 12.0% | 32.3% | 4.4% | 34.6% | 5.4% | 32.8% |
| Capex / revenue | 4.4% | 7.3% | 4.7% | 7.1% | 11.3% | 8.4% |
| Operating cash flow / net income | 0.83 | 4.03 | 0.71 | 3.79 | 1.00 | 3.67 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BUD cash generation
In fiscal 2025 (ended December 31, 2025), Anheuser-Busch InBev SA/NV generated $14.9 billion of cash from operations (down 0.7%) and spent $3.7 billion on capital expenditures, leaving free cash flow of $11.3 billion, 19.0% of revenue. It returned $6.9 billion to shareholders through dividends ($4.6 billion) and net share buybacks ($2.3 billion). Cash and equivalents rose by $464.0 million over the year.
Related: BUD income statement, BUD balance sheet, BUD dividend history. See the BUD stock overview for the latest quote and news.
BUD cash flow FAQ
What is Anheuser-Busch InBev SA/NV's free cash flow?
Anheuser-Busch InBev SA/NV's free cash flow was $11.3 billion in fiscal 2025: $14.9 billion of operating cash flow minus $3.7 billion of capital expenditures It was $11.2 billion a year earlier..
How much cash does Anheuser-Busch InBev SA/NV generate from operations?
Anheuser-Busch InBev SA/NV generated $14.9 billion of cash from operating activities in fiscal 2025, 2.18 times its net income of $6.9 billion.
How much does Anheuser-Busch InBev SA/NV spend on capital expenditures?
Anheuser-Busch InBev SA/NV spent $3.7 billion on capital expenditures in fiscal 2025, 6.2% of revenue, compared with $3.9 billion the year before.
How much stock does Anheuser-Busch InBev SA/NV buy back?
Anheuser-Busch InBev SA/NV spent $2.3 billion on net share repurchases in fiscal 2025.
How much does Anheuser-Busch InBev SA/NV pay in dividends?
Anheuser-Busch InBev SA/NV paid $4.6 billion in dividends in fiscal 2025, 40.5% of free cash flow.