Anheuser-Busch InBev (ABI) Q3 2025 earnings summary

Executive summary

• EBITDA increased 3.3% in 3Q25 with margin expansion and underlying EPS up 1.0%, driven by megabrand momentum, innovation in no-alcohol and Beyond Beer, and digital initiatives like BEES Marketplace, which saw GMV approach $1 billion.

• Revenue grew 0.9% in 3Q25, with revenue per hectoliter up 4.8%, but volumes declined 3.7% due to softness in China and unseasonable weather in Brazil.

• Announced a $6 billion share buyback over 24 months, $2 billion bond redemption, and €0.15 interim dividend, reflecting capital allocation flexibility and deleveraging progress.

• Michelob Ultra became the #1 brand by volume in the US YTD; premium, non-alcohol, and Beyond Beer segments outperformed.

Financial highlights

• 3Q25 revenue was $15,133M (+0.9% year-over-year); 9M25 revenue was $43,764M (-2.6% reported, +1.8% organic, impacted by FX).

• Normalized EBITDA rose 3.3% to $5,594M in 3Q25, margin up 85bps to 37.0%; 9M25 EBITDA was $15,750M (+5.8%), margin 36.0%.

• Underlying EPS increased 1.0% to $0.99 in 3Q25 and 5.4% to $2.78 in 9M25.

• Gross margin improved to 56.4% in 3Q25, up 58bps year-over-year.

• Free cash flow generation remained strong, supporting increased capital allocation flexibility.

Outlook and guidance

• FY25 EBITDA expected to grow 4–8%, in line with medium-term outlook; net capex guidance $3.5–4.0B, normalized effective tax rate 26–28%.

• Net finance costs projected at $190–220M per quarter; average gross debt coupon ~4%.

• Expect less inflationary pressure and improved consumer sentiment in 2026, with FIFA World Cup in North America as a growth catalyst.

• Long-term fundamentals remain robust, with volume growth potential as conditions normalize.