Anheuser-Busch InBev (ABI) Q4 2025 earnings summary

Executive summary

• Achieved continued earnings and EPS growth, margin expansion, and strong free cash flow in FY25, with momentum across key markets and all-time high brand power.

• Strengthened operating model, increased brand power, and formed new long-term partnerships to extend reach and deepen consumer connection.

• Mega Brands, Beyond Beer, and no-alcohol beer segments delivered robust revenue growth, with Beyond Beer and non-alcohol beer portfolios accelerating revenue growth by 23% and 34%, respectively.

• Gained or maintained market share in two-thirds of markets; volume trends improved in Q4 as weather normalized.

• Ongoing $6B share buyback and proposed 15% higher final dividend for FY25.

Financial highlights

• Revenue per hectoliter increased by 4.4%, driving top-line growth of 2% year-over-year; FY25 revenue was $59.3B (down 0.8% reported, up 2.0% organic).

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

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

• Free cash flow maintained at $11.3B, supported by EBITDA growth and margin expansion.

• Revenue increased in 65% of markets, with EBITDA growth in four of five operating regions.

Outlook and guidance

• EBITDA expected to grow 4%-8% organically in 2026, in line with medium-term outlook.

• Net CapEx guidance for 2026 is $3.5B-$4B; normalized effective tax rate expected between 26%-28%; average gross debt coupon ~4%.

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