Anheuser-Busch InBev (ABI) Q4 2025 earnings summary

Executive summary

• Achieved continued earnings and margin growth, with underlying EPS up 6% and strong free cash flow of $11.3B in FY25, despite a dynamic consumer environment.

• Maintained disciplined execution of strategic priorities, strengthening the operating model and brand portfolio, and gained or maintained market share in two-thirds of markets.

• Premium, Beyond Beer, and no-alcohol beer segments delivered robust revenue growth, with all-time high brand power and improved momentum entering 2026.

• Ongoing $6B share buyback program, with $635M completed by February 2026, and a proposed 15% higher final dividend for FY25.

Financial highlights

• Revenue per hectoliter increased by 4.4%, driving organic top-line growth of 2% year-over-year to $59.3B.

• EBITDA grew 4.9% to $21.2B, with margin expansion of 101bps to 35.8%.

• Underlying EPS was $3.73, up 6% in dollars and 9.4% in constant currency year-over-year.

• Free cash flow maintained at $11.3B, with continued deleveraging and lower net interest expense.

• Dividend per share increased to €1.15 (+15% vs FY24); payout ratio ~36%.

Outlook and guidance

• FY26 EBITDA expected to grow 4–8% organically, with normalized effective tax rate at 26–28% and net CapEx guidance of $3.5–4.0B.

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

• Entering 2026 with improving momentum, supported by major events like the FIFA World Cup and increased capital allocation flexibility.