Anheuser-Busch InBev SA/NV (BUD) Income Statement
BUD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBUD revenue and net income
Where BUD's revenue goes
2025Each bar shows an amount and its share of revenue. BUD kept 11.5% of revenue as net income.
BUD profit margins
BUD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.7% | +0.9% | +4.8% | +3.1% |
| Gross profit | +0.5% | +1.8% | +4.0% | +2.3% |
| Operating income | +1.1% | +2.5% | +10.2% | +1.6% |
| Net income | +16.8% | +4.6% | +37.2% | −1.9% |
| EPS (diluted) | +6.3% | +5.1% | +14.3% | −3.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BUD quarterly EPS vs estimates
Anheuser-Busch InBev SA/NV beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $1.14).
BUD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.32B | $59.77B | $59.38B | $57.79B | $54.30B | $46.88B | $52.33B | $53.04B | $54.86B | $45.52B |
| Cost of revenue | $26.14B | $26.74B | $27.40B | $26.30B | $23.10B | $19.63B | $20.36B | $19.93B | $20.98B | $17.80B |
| Gross profit | $33.18B | $33.02B | $31.98B | $31.48B | $31.21B | $27.25B | $31.97B | $33.11B | $33.88B | $27.71B |
| Research & development | — | $222.0M | $256.0M | $268.0M | $298.0M | $296.0M | $291.0M | $276.0M | $276.0M | $244.0M |
| Sales, general & admin | $4.67B | $4.98B | $4.74B | $4.41B | $4.39B | $15.37B | $3.55B | $3.42B | $3.78B | $2.88B |
| Total operating expenses | $17.53B | $17.54B | $18.02B | $16.96B | $17.38B | $17.63B | $15.87B | $16.69B | $17.42B | $14.83B |
| Operating income | $15.65B | $15.49B | $13.97B | $14.52B | $13.82B | $9.62B | $16.10B | $16.41B | $16.46B | $12.88B |
| Interest income | $3.23B | $733.0M | $423.0M | $4.61B | $3.22B | $642.0M | $2.38B | $7.56B | $4.84B | $4.32B |
| Interest expense | $3.86B | $4.47B | $4.76B | $4.61B | $4.40B | $4.73B | $5.02B | $4.87B | $5.10B | $4.85B |
| Income before taxes | $11.33B | $10.57B | $9.12B | $9.52B | $8.46B | $2.08B | $12.78B | $7.74B | $10.26B | $4.33B |
| Income taxes | $2.85B | $3.15B | $2.23B | $1.93B | $2.35B | $1.93B | $2.79B | $2.58B | $1.66B | $1.61B |
| Net income | $6.84B | $5.86B | $5.34B | $5.97B | $4.67B | $1.41B | $9.17B | $4.37B | $7.99B | $1.24B |
| EBITDA | $20.84B | $20.30B | $19.07B | $18.98B | $17.79B | $11.36B | $22.33B | $21.62B | $19.81B | $12.64B |
| EPS (diluted) | $3.73 | $3.51 | $3.05 | $3.21 | $2.83 | $1.91 | $4.22 | $3.45 | $4.04 | $2.93 |
| Gross margin | 55.9% | 55.3% | 53.9% | 54.5% | 57.5% | 58.1% | 61.1% | 62.4% | 61.8% | 60.9% |
| Operating margin | 26.4% | 25.9% | 23.5% | 25.1% | 25.5% | 20.5% | 30.8% | 30.9% | 30.0% | 28.3% |
| Net margin | 11.5% | 9.8% | 9.0% | 10.3% | 8.6% | 3.0% | 17.5% | 8.2% | 14.6% | 2.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $31.93B | $15.27B | $30.61B | $15.13B | $30.01B | $13.63B | $29.89B | $15.05B | $15.33B | $14.55B | $30.05B | $15.57B |
| Cost of revenue | $13.70B | $6.62B | $13.50B | $6.60B | $13.12B | $6.04B | $13.32B | $6.68B | $13.42B | $6.65B | $13.86B | $7.18B |
| Gross profit | $18.23B | $8.65B | $17.10B | $8.54B | $16.89B | $7.58B | $16.56B | $8.37B | $16.46B | $7.89B | $16.19B | $8.39B |
| Research & development | — | — | — | — | — | — | — | — | — | — | $256.0M | — |
| Sales, general & admin | $6.50B | $4.74B | $509.0M | $4.54B | $4.52B | $4.19B | $5.36B | $4.49B | $9.25B | $4.43B | $4.74B | $4.58B |
| Total operating expenses | $9.53B | $11.19B | $9.30B | $4.33B | $1.88B | $4.05B | $8.62B | $4.28B | $9.25B | $4.25B | $8.67B | $4.37B |
| Operating income | $8.69B | $4.07B | $7.81B | $4.21B | $15.01B | $3.54B | $7.94B | $4.09B | $3.90B | $3.64B | $7.52B | $4.03B |
| Interest income | — | — | $81.0M | $1.51B | $1.05B | $30.0M | $638.0M | $34.0M | $25.0M | $36.0M | $61.0M | $1.13B |
| Interest expense | $2.46B | $829.0M | $2.25B | $903.0M | $3.84B | $818.0M | $2.92B | $904.0M | $824.0M | $927.0M | $2.51B | $1.51B |
| Income before taxes | $8.77B | $3.76B | $5.34B | $2.26B | $5.53B | $3.54B | $5.79B | $3.25B | $2.50B | $2.28B | $5.28B | $2.63B |
| Income taxes | $1.70B | — | $1.44B | $726.0M | $1.48B | $664.0M | $1.61B | $758.0M | $752.0M | $794.0M | $1.04B | $666.0M |
| Net income | $6.31B | $2.56B | $3.01B | $1.05B | $3.35B | $2.15B | $3.29B | $2.07B | $1.47B | $1.09B | $3.36B | $1.47B |
| EBITDA | $13.98B | $4.59B | $10.66B | $3.16B | $10.52B | $3.59B | $11.03B | $4.15B | $9.37B | $3.21B | $10.16B | $3.64B |
| EPS (diluted) | $1.21 | $0.97 | $0.95 | $0.99 | $0.98 | $0.81 | $0.88 | $0.98 | $0.90 | $0.75 | $0.82 | $0.86 |
| Gross margin | 57.1% | 56.6% | 55.9% | 56.4% | 56.3% | 55.6% | 55.4% | 55.6% | 107.4% | 54.3% | 53.9% | 53.9% |
| Operating margin | 27.2% | 26.7% | 25.5% | 27.8% | 50.0% | 26.0% | 26.6% | 27.2% | 25.5% | 25.0% | 25.0% | 25.9% |
| Net margin | 19.8% | 16.8% | 9.8% | 7.0% | 11.2% | 15.8% | 11.0% | 13.8% | 9.6% | 7.5% | 11.2% | 9.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BUD's financial statements (latest annual report filed March 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BUD financial results
In fiscal year 2025 (ended December 31, 2025), Anheuser-Busch InBev SA/NV reported revenue of $59.3 billion, down 0.7% from the year before. It had net income of $6.8 billion (up 16.8%), a net profit margin of 11.5%. Diluted earnings per share came to $3.73. Over five years revenue grew at an average rate of 4.8% a year.
See the BUD stock overview for the latest quote and news, or the BUD chart for price history and technical indicators.
BUD income statement FAQ
What is Anheuser-Busch InBev SA/NV's annual revenue?
Anheuser-Busch InBev SA/NV reported total revenue of $59.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.7% from $59.8 billion the previous year.
Is Anheuser-Busch InBev SA/NV profitable?
Yes. Anheuser-Busch InBev SA/NV reported net income of $6.8 billion in fiscal 2025, a net profit margin of 11.5%; its operating margin was 26.4%.
What is Anheuser-Busch InBev SA/NV's gross margin?
Anheuser-Busch InBev SA/NV's gross margin was 55.9% in fiscal 2025: for every $100 of revenue, Anheuser-Busch InBev SA/NV kept $56 after the direct cost of its products and services.
How fast is Anheuser-Busch InBev SA/NV growing?
Revenue grew 4.8% a year on average over the last five fiscal years, from $46.9 billion to $59.3 billion.
What are Anheuser-Busch InBev SA/NV's earnings per share?
Anheuser-Busch InBev SA/NV earned $3.73 per diluted share in fiscal 2025, compared with $3.51 a year earlier.
When will Anheuser-Busch InBev SA/NV report its next earnings?
Anheuser-Busch InBev SA/NV is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Anheuser-Busch InBev SA/NV's fiscal year end?
Anheuser-Busch InBev SA/NV's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 3, 2026.