Anheuser-Busch InBev SA/NV Earnings Recaps
Q3 2025
Nov 1, 2025
AB InBev reported a modest revenue increase of 0.9% in Q3 2025 despite facing challenges from weather and economic conditions, while maintaining strong momentum in premium segments and operational efficiency.
Key takeaways
- Revenue growth achieved in 70% of markets, driven by disciplined revenue management and strong brand investments.
- EBITDA increased by 3.3% with an 85 basis points margin expansion amid foreign exchange headwinds.
- Michelob Ultra led the U.S. market growth, becoming the number one brand by volume year-to-date, while Cutwater achieved triple-digit revenue growth.
- The company announced a $6 billion share buyback program and an interim dividend of EUR 0.15 per share, reflecting confidence in cash flow and capital management.
- Operational resilience is evident with returning growth in Mexico and record high volumes in Colombia, despite industry pressures in Brazil and broader Latin America.
Q2 2025
Aug 1, 2025
AB InBev delivered solid Q2 2025 results, characterized by a 6.5% increase in EBITDA and strategic growth in premium segments driving robust revenue expansion, despite a slight volume decline.
Key takeaways
- EBITDA increased 6.5%, with revenue per hectoliter growing 4.9%, reflecting effective revenue management strategies.
- Non-alcohol beer revenues soared by 33%, highlighting strong performance in alternative alcohol categories.
- Free cash flow rose by $0.5 billion, supported by ongoing business optimization initiatives.
- Revenue grew in 70% of markets, with top and bottom line growth across four of five operational regions.
- Continued investment in core brands, particularly in North America, led to significant market share gains.