Anheuser-Busch InBev SA/NV (BUD) Company Report

Analyst Coverage

Research analysts who have asked questions during Anheuser-Busch InBev SA/NV earnings calls.

Edward Mundy

Jefferies LLC

8 questions for BUD

Also covers: CCEP, DEO

Robert Ottenstein

Evercore ISI

7 questions for BUD

Also covers: ABEV, CCEP, CL +14 more

Mitch Collett

Deutsche Bank AG

5 questions for BUD

Also covers: CCEP, DEO

Sanjeet Aujla

UBS Group AG

5 questions for BUD

Also covers: CCEP, DEO

Trevor Stirling

Bernstein

5 questions for BUD

Also covers: DEO

Andrea Pistacchi

Bank of America

4 questions for BUD

Also covers: CCEP, DEO

Gen Cross

Exane BNP Paribas

4 questions for BUD

Also covers: DEO

Laurence Whyatt

Barclays

4 questions for BUD

Also covers: DEO

Sarah Simon

Morgan Stanley

4 questions for BUD

Also covers: HLN, PUBGY, TKAYF +1 more

Simon Hales

Citigroup Inc.

4 questions for BUD

Also covers: BTI, CCEP, DEO

Chris Pitcher

Rothschild & Co Redburn

3 questions for BUD

Also covers: DEO, HLN, STZ

Celine Pannuti

JPMorgan Chase & Co.

2 questions for BUD

Also covers: DEO, HLN, UL

Jean-Olivier Nicolai

Goldman Sachs Group Inc.

2 questions for BUD

Also covers: UL

Mitchell Collett

Edison Group

2 questions for BUD

Also covers: CCEP

James Jones

RBC Capital Markets

1 question for BUD

Also covers: UL

Olivier Nicolaï

Goldman Sachs

1 question for BUD

Also covers: HLN, UL

Rob Ottenstein

Evercore

1 question for BUD

Also covers: CL, ENR, KO +4 more

Sanjeet Aujla

UBS

1 question for BUD

Also covers: CCEP

Latest news

Recent press releases and 8-K filings for BUD.

Anheuser-Busch InBev Reports Full Year and Fourth Quarter 2025 Results

BUD

Earnings

Dividends

Share Buyback

Anheuser-Busch InBev reported FY25 organic revenue growth of 2.0% to 59,320 million USD and 4Q25 organic revenue growth of 2.5% to 15,555 million USD.
Underlying EPS increased by 6.0% to 3.73 USD for FY25 and by 7.5% to 0.95 USD for 4Q25.
Normalized EBITDA grew by 4.9% to 21,223 million USD for FY25, achieving a margin expansion of 101 bps to 35.8%, and the company generated 11.3 billion USD in free cash flow.
The net debt to normalized EBITDA ratio decreased to 2.87x as of December 31, 2025, and the board proposed a final dividend of 1.00 EUR per share, contributing to a total FY25 dividend of 1.15 EUR per share.

Feb 13, 2026, 12:28 PM

6-K

Anheuser-Busch InBev Reports Full Year 2025 Results

BUD

Earnings

Guidance Update

Share Buyback

Anheuser-Busch InBev reported full year 2025 revenue growth of 2% and an EBITDA increase of 4.9%, leading to 101 basis points of margin expansion.
Underlying EPS for 2025 increased 6% in U.S. dollars to $3.73 per share, and the company maintained $11.3 billion in free cash flow.
Strategic growth areas demonstrated strong performance, with Beyond Beer revenue up 23%, non-alcohol beer revenue increasing 34%, and BEES Marketplace GMV growing 61% to $3.5 billion.
The company proposed a final dividend of 1 EUR per share, resulting in a 15% total dividend increase year-over-year, and is executing a $6 billion share buyback program after completing $3.2 billion.
For 2026, Anheuser-Busch InBev expects EBITDA to grow between 4%-8% organically, with net CapEx projected to be between $3.5 billion-$4 billion.

Feb 12, 2026, 2:00 PM

Transcript

Anheuser-Busch InBev Reports Strong 2025 Financials and Provides 2026 Outlook

BUD

Earnings

Guidance Update

Dividends

Anheuser-Busch InBev reported a strong 2025, delivering dollar-based EPS growth, 101 basis points of margin expansion, and solid free cash flow generation, with revenue up 2% and EBITDA up 4.9%. Underlying EPS increased 6% to $3.73 per share.
Strategic growth drivers performed well, with Beyond Beer revenue up 23%, non-alcohol beer revenue up 34%, and BEES Marketplace GMV increasing 61% to $3.5 billion. Mega Brands now account for 57% of total revenues.
The company strengthened its balance sheet, repurchased $2.7 billion of debt, and is executing a $6 billion share buyback program. A proposed final dividend, combined with the interim dividend, represents a 15% increase year-over-year.
For 2026, Anheuser-Busch InBev expects EBITDA to grow organically between 4%-8%, with net CapEx between $3.5 billion-$4 billion and a normalized effective tax rate of 26%-28%. The company enters 2026 with improving momentum.

Feb 12, 2026, 2:00 PM

Transcript

Anheuser-Busch InBev Reports Strong Full Year 2025 Results and Provides 2026 Outlook

BUD

Earnings

Guidance Update

Share Buyback

Anheuser-Busch InBev delivered strong financial results for full year 2025, achieving 2% top-line growth, a 4.9% increase in EBITDA, and 101 basis points of margin expansion. Underlying EPS grew 6% in U.S. dollars to $3.73 per share, and free cash flow was maintained at $11.3 billion.
The company's strategic growth drivers showed significant momentum, with Beyond Beer revenue increasing by 23% and non-alcohol beer revenue by 34%. The BEES Marketplace also saw substantial growth, with GMV increasing 61% to $3.5 billion. Mega Brands, which now constitute 57% of total revenues, continued to lead growth.
Anheuser-Busch InBev strengthened its balance sheet, reaching a leverage ratio of 2.87 times. The company increased its total dividend by 15% year-over-year and completed $3.2 billion in share buybacks, with a further $6 billion program currently being executed.
For 2026, the company expects organic EBITDA to grow between 4%-8% and projects net CapEx to be between $3.5 billion-$4 billion. The normalized effective tax rate is anticipated to be between 26%-28%.

Feb 12, 2026, 2:00 PM

Transcript

AB InBev Reports Full Year and Fourth Quarter 2025 Results

BUD

Earnings

Dividends

Share Buyback

Anheuser-Busch InBev reported a 6.0% increase in Underlying EPS to 3.73 USD for Full Year 2025, with 11.3 billion USD in free cash flow generation.
For Full Year 2025, revenue increased by 2.0% to 59,320 million USD and Normalized EBITDA grew by 4.9% to 21,223 million USD, achieving a margin expansion of 101 bps to 35.8%.
The company's net debt to normalized EBITDA ratio was 2.87x at December 31, 2025.
AB InBev proposed a final dividend of 1.00 EUR per share, bringing the full year 2025 dividend to 1.15 EUR per share, and completed approximately 635 million USD of its 6 billion USD share buyback program.
For fiscal year 2026, the company expects a normalized Effective Tax Rate (ETR) between 26% and 28% and net capital expenditure between 3.5 and 4.0 billion USD.

Feb 12, 2026, 6:01 AM

Press Release

AB InBev Completes Reacquisition of US Metal Container Plants Stake

BUD

M&A

Anheuser-Busch InBev (AB InBev) completed the reacquisition of a 49.9% minority stake in its US-based metal container plants on January 30, 2026.
The stake was reacquired from a consortium of institutional investors led and/or advised by affiliates of Apollo Global Management, Inc..
The acquisition cost AB InBev approximately 2.9 billion USD.

Jan 30, 2026, 9:02 PM

6-K

AB InBev Reacquires Minority Stake in US Metal Container Plants

BUD

M&A

New Projects/Investments

Anheuser-Busch InBev SA/NV (AB InBev) has exercised its right to reacquire the 49.9% minority stake in its US-based metal container plants.
The stake is being reacquired from a consortium of institutional investors led and/or advised by affiliates of Apollo Global Management, Inc..
The estimated price for this reacquisition is approximately 3 billion USD.
The transaction will be funded with cash-on-hand and is expected to be EPS accretive in year 1.
The closing of the transaction is anticipated in the first quarter of 2026, subject to customary closing conditions.

Jan 6, 2026, 9:01 PM

6-K

Anheuser-Busch InBev Announces Buyback of Container Plant Stake

BUD

M&A

New Projects/Investments

Anheuser-Busch InBev will repurchase a 49.9% stake in its U.S. metal container plants for approximately $3 billion from a consortium led by Apollo Global Management.
The transaction, which reverses a 2020 sale, will be funded with cash on hand and is expected to close in the first quarter of 2026.
AB InBev anticipates the deal will be earnings-per-share accretive in year one and aims to consolidate control of packaging assets to improve quality, cost efficiency, and secure its U.S. supply chain.
Analysts view this move as akin to a debt repurchase and a sign of management's confidence in underlying cash flow and deleveraging, with Wall Street sentiment on BUD being largely positive.

Jan 6, 2026, 6:34 AM

Bloomberg

Anheuser-Busch InBev Reports Q3 2025 Nine-Month Results and Announces Capital Allocation Actions

BUD

Earnings

Share Buyback

Dividends

Anheuser-Busch InBev reported revenue of USD 43,764 million, a 2.6% decrease, and volumes of 421,934 thousand hectoliters, a 2.8% decrease, for the nine-month period ended September 30, 2025, compared to the same period in 2024.
Normalized EBITDA increased by 0.2% to USD 15,750 million, and profit of the period increased by 6.6% to USD 6,100 million for the nine-month period ended September 30, 2025.
On October 29, 2025, the Board of Directors approved a USD 6 billion share buyback program to be executed within the next 24 months and an interim dividend of EUR 0.15 per share for fiscal year 2025.
The company also announced the redemption of approximately USD 2 billion of outstanding bonds on October 30, 2025.

Oct 30, 2025, 1:08 PM

6-K

AB InBev Reports Q3 2025 Results, Announces Share Buyback and Dividend

BUD

Earnings

Share Buyback

Dividends

AB InBev reported a 0.9% increase in revenue and a 3.3% increase in Normalized EBITDA for Q3 2025, with Underlying EPS growing by 1.0% to $0.99.
The company announced a $6 billion share buyback program to be executed within the next 24 months and approved an interim dividend of €0.15 per share for fiscal year 2025, in addition to a $2 billion bond redemption.
Despite a 3.7% decline in volumes in Q3 2025, revenue per hectoliter increased by 4.8%, driven by the momentum of megabrands like Corona (up 6.3% outside its home market), and 27% revenue growth in both no-alcohol beer and Beyond Beer portfolios.
For fiscal year 2025, AB InBev expects its EBITDA to grow between 4-8%.