$BUDFF

Anheuser-Busch InBev SA/NV

CIK:0001668717|SEC Filings

Consolidated Income Statement - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Profit or loss [abstract]

Revenue

$ 59,320

$ 59,768

$ 59,380

Cost of sales

(26,141)

(26,744)

(27,396)

Gross profit

33,179

33,024

31,984

Distribution expenses

(6,092)

(6,201)

(6,277)

Sales and marketing expenses

(7,374)

(7,156)

(7,158)

Administrative expenses

(4,667)

(4,983)

(4,738)

Other operating income/(expenses)

808

779

^[1]

778

^[1]

Exceptional income/(expense) above profit from operations

(449)

(624)

Profit from operations

15,405

15,487

13,966

Finance expense

(5,146)

(6,376)

(6,133)

Finance income

682

1,024

1,031

Net finance income/(expense)

(4,465)

(5,353)

(5,102)

Share of results of associates

378

329

295

Exceptional share of results of associates

104

(35)

Profit before tax

11,328

10,568

9,124

Income tax expense

(2,850)

(3,152)

(2,234)

Profit of the period

8,477

7,416

6,891

Profit of the period attributable to:

Equity holders of AB InBev

6,837

5,855

5,341

Non-controlling interest

$ 1,640

$ 1,561

$ 1,550

Basic earnings per share

$ 3.45

$ 2.92

$ 2.65

Diluted earnings per share

$ 3.39

$ 2.86

$ 2.6

[1]	Amended to conform to the 2025 presentation.

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Profit of the period	$ 8,477	$ 7,416	$ 6,891
Depreciation, amortization and impairment	5,652	5,544	5,411
Net finance (income)/expense	4,465	5,353	5,102
Equity-settled share-based payment expense	625	644	570
Income tax expense	2,850	3,152	2,234
Share of result of associates	(387)	(433)	1,125
Other non-cash items	(45)	(269)	(260)
Cash flow from operating activities before changes in working capital and use of provisions	21,637	21,406	21,072
Decrease/(increase) in trade and other receivables	(187)	341	(1,147)
Decrease/(increase) in inventories	87	(149)	717
Increase/(decrease) in trade and other payables	(298)	(215)	(1,110)
Pension contributions and use of provisions	(426)	(374)	(419)
Cash generated from operations	20,814	21,009	19,113
Interest paid	(3,348)	(3,649)	(3,877)
Interest received	462	594	598
Dividends received	195	234	127
Income tax paid	(3,240)	(3,134)	(2,696)
Cash flow from/(used in) operating activities	14,883	15,055	13,265
INVESTING ACTIVITIES
Acquisition of property, plant and equipment and of intangible assets	(3,656)	(3,863)	(4,638)
Proceeds from sale of property, plant and equipment and of intangible assets	104	128	156
Sale/(acquisition) of subsidiaries, net of cash	18	(46)	9
Proceeds from sale/(acquisition) of other assets	98	523	83
Cash flow from/(used in) investing activities	(3,436)	(3,259)	(4,390)
FINANCING ACTIVITIES
Proceeds from borrowings	4,400	5,465	202
Repayments of borrowings	(6,861)	(9,295)	(3,098)
Dividends paid	(4,543)	(2,672)	(3,013)
Share buyback	(2,301)	(937)	(362)
Payment of lease liabilities	(733)	(787)	(780)
Derivative financial instruments	(206)	(431)	(841)
Sale/(acquisition) of non-controlling interests	(323)	(435)	(22)
Other financing cash flows	(883)	(763)	(646)
Cash flow from/(used in) financing activities	(11,450)	(9,854)	(8,560)
Net increase/(decrease) in cash and cash equivalents	(3)	1,942	315
Cash and cash equivalents less bank overdrafts at beginning of year	11,174	10,314	9,890
Effect of exchange rate fluctuations	452	(1,082)	109
Cash and cash equivalents less bank overdrafts at end of period	$ 11,623	$ 11,174	$ 10,314

Consolidated Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Property, plant and equipment	$ 23,664	$ 23,503
Goodwill	117,908	110,479
Intangible assets	41,985	40,034
Investments in associates	5,002	4,612
Investment securities	161	168
Deferred tax assets	2,708	2,493
Pensions and similar obligations	150	42
Income tax receivables	444	470
Derivatives	145	261
Trade and other receivables	1,871	1,577
Total non-current assets	194,039	183,637
Current assets
Investment securities	306	221
Inventories	5,107	5,020
Income tax receivables	785	727
Derivatives	583	554
Trade and other receivables	6,161	5,270
Cash and cash equivalents	11,638	11,174
Assets classified as held for sale	190	33
Total current assets	24,769	22,999
Total assets	218,808	206,637
Equity
Issued capital	1,736	1,736
Share premium	17,620	17,620
Reserves	17,803	12,304
Retained earnings	50,128	46,577
Equity attributable to equity holders of AB InBev	87,287	78,237
Non-controlling interests	10,449	10,463
Total equity	97,736	88,700
Non-current liabilities
Interest-bearing loans and borrowings	72,128	70,720
Pensions and similar obligations	1,275	1,296
Deferred tax liabilities	11,400	11,321
Income tax payables	206	284
Derivatives	293	68
Trade and other payables	869	797
Provisions	425	385
Total non-current liabilities	86,596	84,871
Current liabilities
Bank overdrafts	14	0
Interest-bearing loans and borrowings	885	1,449
Income tax payables	1,825	1,805
Derivatives	6,104	5,817
Trade and other payables	25,455	23,804
Provisions	192	191
Total current liabilities	34,475	33,066
Total equity and liabilities	$ 218,808	$ 206,637