Anheuser-Busch InBev SA/NV (NYSE:BUD) executives highlighted full-year 2025 earnings results that included dollar-based EPS growth, margin expansion, and what management described as solid free cash flow generation despite a “dynamic consumer environment” and weather-related headwinds in several markets.
Chief Executive Officer Michel Doukeris said the company executed its strategy “with discipline,” citing continued investment behind key priorities, disciplined revenue management, and progress strengthening its operating model and portfolio brand power. Chief Financial Officer Fernando Tennenbaum added that the company continued to optimize its business through margin improvement, EPS and free cash flow growth, disciplined capital allocation, and sustainability initiatives.
2025 financial performance and cash returns
- Revenue per hectoliter increased 4.4%, which management said contributed to 2% top-line growth.
- EBITDA increased 4.9%, with margin expansion of 101 basis points, driven by productivity initiatives that more than offset transactional headwinds, according to Doukeris.
- Tennenbaum reported underlying EPS of $3.73 per share, up 6% in U.S. dollars and 9.4% in constant currency, and said underlying profit grew by $350 million.
- Tennenbaum said the company maintained free cash flow at $11.3 billion in 2025, matching a “step change” achieved in 2024, supported by EBITDA growth, margin expansion, lower net interest expense through deleveraging, and disciplined resource allocation.
On capital allocation, Tennenbaum said AB InBev repurchased $2.7 billion of debt and reached a leverage ratio of 2.87 times, despite a $2.8 billion FX headwind on net debt from a stronger euro. He also described an improved debt maturity profile, including no bonds maturing in 2026, a weighted average maturity of 13 years, and no financial covenants.
The company has raised its dividend each year since 2021 and paid an interim dividend in 2025, Tennenbaum said. For 2025, the board proposed a final dividend of 1 euro per share; combined with the interim dividend, management said this represents a total dividend increase of 15% year-over-year. Tennenbaum also noted the company completed $3.2 billion of share buybacks and is executing a further $6 billion program.
Brand, portfolio, and innovation highlights
Management emphasized growth in premium, non-alcohol, and Beyond Beer. Doukeris said Mega Brands and the premium portfolio grew ahead of the overall business, while Beyond Beer and non-alcohol beer revenue rose 23% and 34%, respectively. He added that innovations across packaging, brands, and liquids contributed 11% of total revenue in 2025.
Doukeris pointed to Corona as a key premiumization example, noting the brand’s 100-year anniversary in 2025 and stating that since 2018 its volumes have doubled. He said Corona’s volume increased by double digits in 30 markets during 2025 and that the brand sells at an average 20% premium to the nearest competitor. He also said Corona was again ranked as the most valuable beer brand globally in 2025.
On non-alcohol beer, Doukeris said growth was led by Corona Cero globally and Michelob ULTRA Zero in the U.S., and management estimated it gained share in 70% of its top 14 non-alcohol beer markets. In Q&A, Doukeris attributed the company’s non-alcohol momentum to investment in product technology, rolling out “winning brands” in non-alcohol formats, and marketing support through major platforms such as the Olympic Games.
Beyond Beer accounted for about 3% of total company revenue, Doukeris said. In Q&A, he said the U.S. Beyond Beer business represents “a little bit less than 3%” of the company’s U.S. business and is growing quickly, led by Cutwater. He also referenced BeatBox as a complementary proposition for different occasions and consumer cohorts.
Regional performance and market trends
In North America, Doukeris said the company gained share in both beer and spirits in 2025. He identified Michelob ULTRA and Busch Light as the top two volume share gainers in the U.S. beer industry and said Beyond Beer revenue in the U.S. increased in the high 30s, led by Cutwater, which he said delivered triple-digit revenue growth.
Doukeris also pointed to early-2026 industry signals in the U.S., noting beer industry volumes and revenues grew in January. He highlighted upcoming marketing moments, including Budweiser’s 150-year anniversary and brand activation tied to the FIFA World Cup. He also noted that Budweiser, Michelob ULTRA, and Bud Light ranked among the USA Today Ad Meter’s top 10 Super Bowl ads, with Budweiser taking the top spot for a second consecutive year.
In Middle Americas, Doukeris said Mexico delivered a mid-single-digit top- and bottom-line increase, led by the “above core” beer portfolio. In Colombia, he cited record high volume and margin expansion that drove double-digit EBITDA growth, with revenue increases across all price segments. In Brazil, he said momentum improved in the fourth quarter, with market share gains and volumes returning to growth in December as weather normalized; premium and super-premium beer brands delivered high-teens volume growth and gained share to lead the premium segment.
In Europe, management said market share gains and premiumization partially offset a soft industry, driven by mega brands and non-alcohol beer. In South Africa, Doukeris said the company continued gaining share in beer and Beyond Beer, with disciplined revenue and cost management driving mid-single-digit top- and bottom-line growth.
In APAC, management cited weakness in China. Doukeris said China revenue declined by low teens, with volumes underperforming what he described as a more stable industry as AB InBev adjusted inventory levels and focus areas to reflect channel and geographic shifts. He said fourth-quarter market share trends improved to be flat year-over-year, supported by stronger Budweiser brand power and in-home channel performance.
In Q&A, Doukeris said China’s off-trade channel is changing rapidly, highlighting acceleration in O2O (online-to-offline) and saying the company is “gaining share” there. He said the on-trade channel was “not improving,” but also “not getting worse,” and described industry stabilization. He also said the company has been shifting distribution toward off-trade and more inland geographies, with a focus on inventory health and wholesaler cash flow.
Digitization and BEES Marketplace scaling
Doukeris said AB InBev’s “digitize and monetize” pillar captured $53 billion in gross merchandise value (GMV) in 2025, up 12% from the prior year. He said BEES Marketplace GMV rose 61% to $3.5 billion, calling the company “still early” in scaling the marketplace while exploring ways to enhance profitability.
In Q&A, Doukeris described a growing shift toward third-party (3P) marketplace activity, where orders are placed through the BEES app and fulfilled by suppliers, which he said is “the most profitable” portion and “scaling fast.” He also framed the opportunity around expanding AB InBev’s participation in customer spend beyond beer, noting beer can represent roughly 34% to 40% of what retailers sell.
Doukeris also said the company’s direct-to-consumer digital platforms served 12.3 million consumers in 2025, an 11% increase versus 2024.
2026 outlook, phasing, and sustainability
Looking ahead, Tennenbaum said AB InBev expects organic EBITDA growth of 4% to 8% in 2026, “in line with our medium-term outlook.” He also provided guidance for net capex of $3.5 billion to $4.0 billion and a normalized effective tax rate of 26% to 28%.
Management also discussed 2026 phasing dynamics in Q&A. Tennenbaum said transactional and cost-of-goods-sold pressures are expected to be greater in the first half and ease later in the year, referencing prior-year currency depreciation in markets such as Brazil and Mexico. He also said sales and marketing investment would likely be more concentrated in the second and third quarters due to the FIFA World Cup, while emphasizing the company will manage the business with a long-term value focus rather than catering to individual quarters.
On sustainability, Tennenbaum said the company achieved its water and agriculture goals set in 2018 and made “strong progress” on climate and packaging objectives over the past eight years, adding the company plans to build on that foundation.
Doukeris closed the call by reiterating improved momentum exiting 2025, noting December volume trends improved and the company gained or maintained share in 80% of its markets in the fourth quarter. He highlighted a “calendar of events” in 2026—starting with the Super Bowl and Winter Olympics and culminating with the FIFA World Cup in North America—as opportunities to “activate the category and engage consumers.”
About Anheuser-Busch InBev SA/NV (NYSE:BUD)
Anheuser-Busch InBev SA/NV (NYSE: BUD) is a multinational brewing company headquartered in Leuven, Belgium. It is one of the world’s largest brewers and is primarily engaged in the production, distribution and marketing of beer and related beverages. The company’s operations span brewing, packaging, logistics and retail/customer sales support, serving a broad set of channels from on-premise hospitality to retail and e-commerce.
AB InBev’s portfolio includes a mix of global, regional and local beer brands across mainstream, premium, craft and non-alcoholic categories.
