Filing Flows › Anheuser-Busch InBev SA (BUD) › FY2025
Anheuser-Busch InBev SA (BUD) FY2025 earnings results (fiscal 2025)
20-F filed Mar 3, 2026
Anheuser-Busch InBev SA (BUD) reported revenue of $59.3B for the fiscal 2025 (FY2025), -0.7% from a year earlier. Operating margin was 26.0%, net earnings $6.8B (11.5% of revenue).
Anheuser-Busch InBev SA, FY2025: revenue $59.3B (-0.7% year over year), operating margin 26.0%, net earnings $6.8B, operating cash flow $14.9B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.3B | — | -0.7% |
| Gross profit | $33.2B | — | +0.5% |
| Operating profit | $15.4B | — | -0.5% |
| Net earnings | $6.8B | — | +17% |
| Operating cash flow | $14.9B | — | -1% |
| Free cash flow | $11.2B | — | +0.3% |
What changed
Revenue was $59.3B in FY2025, down 1% year over year.
Gross margin was 55.9%, up 0.7 points from FY2024. Operating profit was $15.4B, a 26.0% margin (up 0.1 points year over year). Operating expenses grew 1% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $6.8B, up 17% year over year. The effective tax rate was 25.2%.
Operating cash flow was $14.9B (down 1% year over year), 176% of net income including minority interests. Non-cash charges added back $5.7B of depreciation and amortization and $0.62B of share-based compensation. Capital expenditures of $3.7B left free cash flow of $11.2B.
Questions
What was Anheuser-Busch InBev SA's revenue in the fiscal 2025?
Anheuser-Busch InBev SA (BUD) reported revenue of $59.3B for the fiscal 2025 (FY2025), -0.7% from a year earlier.
Was Anheuser-Busch InBev SA profitable in the fiscal 2025?
Operating profit was $15.4B (26.0% of revenue) and net earnings $6.8B.