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Anheuser-Busch InBev SA (BUD) earnings and revenue breakdown

Latest: Q2 2026 · 6-K filed Jul 30, 2026 · Anheuser-Busch InBev SA (BUD) Q2 2026 earnings results →

Q2 2026 11¢ of every $1 of revenue kept as net profit · operating margin 6.2%

Anheuser-Busch InBev SA made $15.0B in Q2 2026. Operating margin 6.2%, net earnings $1.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 6-K filed Jul 30, 2026.

Revenue$15.0B
Year over year—
Operating margin6.2%
Net earnings$1.7B
Operating cash flow—

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $15.0B in Q2 2026, up 10% from the previous quarter.

Gross margin was 56.3%. Operating profit was $0.94B, a 6.2% margin. Net earnings were $1.7B. The effective tax rate was -79.3%.

Quarterly history

Anheuser-Busch InBev SA revenue by quarterAnheuser-Busch InBev SA revenue by quarter$13.6BQ1 2026$15.0BQ2 2026
Anheuser-Busch InBev SA net earnings by quarterAnheuser-Busch InBev SA net earnings by quarter$2.1BQ1 2026$1.7BQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 20266-KJul 30, 2026$15.0B—6.2%$1.7B—
Q1 20266-KMay 5, 2026$13.6B—10.9%$2.1B—

Charts

Anheuser-Busch InBev SA: where the cash came from (+) and went (−), FY2025Anheuser-Busch InBev SA: where the cash came from (+) and went (−), FY2025Operating cash flow$14.9BDividends−$4.5BCapital spending−$3.7BNet borrowing (+) / repaid (−)−$3.2BBuybacks−$2.3BOther financing−$1.4BExchange rates$452MCash drawn (+) / kept (−)−$449MOther investing$220M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

Anheuser-Busch InBev SA against its Malt Beverages peers

The largest companies of the same SEC industry, each at its latest quarter. Operating margin: 6.2% against the peers' median 10.8%.

CompanyQuarterRevenueY/YOp. margin
BUD Anheuser-Busch InBev SAQ2 2026$15.0B—6.2%
TAP Molson Coors BeverageQ3 2026$3.4B-2%11.5%
SAM Boston BeerQ3 2026$520M-3%10.8%

Source: Anheuser-Busch InBev SA 6-K on SEC EDGAR · CIK 1668717 · Malt Beverages

13F: who owns BUD and who is buying

Largest holders of BUD (13F)Largest holders of BUD (13F)Dodge & COX$2.4BFisher Asset Management, LLC$1.0BMorgan Stanley$327MFMR LLC$269MWellington Management Group LLP$263MConnor, Clark & Lunn Investment M…$236MPoint72 Asset Management, L.P.$192MGoldman Sachs Group$161MGates Foundation Trust$140MHolocene Advisors, LP$136M
Funds' net buying of BUD by quarter (13F)Funds' net buying of BUD by quarter (13F)−$60.2M2024-09$499M2024-12$205M2025-03−$94.3M2025-06−$325M2025-09−$304M2025-12−$523M2026-03$336M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BUD

History

Every quarter: Q2 2026 results · Q1 2026 results

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