Anheuser-Busch InBev SA (NYSE:BUD) on Thursday reported fourth-quarter and full-year 2025 results, posting organic revenue growth of 2.5% in the quarter and 2.0% for the full year.



AB InBev's portfolio includes Budweiser, Bud Light, Michelob, Natural Light, and Busch, plus global brands like Stella Artois and Corona, craft labels like Goose Island, and beverages such as hard seltzers and canned cocktails.



The company posted adjusted EPS of 95 cents, beating the 89-cent analyst estimate, while quarterly sales of $15.555 billion topped expectations of $15.533 billion.



Reported revenue increased 4.8% in the quarter to $15.555 billion and decreased 0.8% for the year to $59.32 billion, “impacted by unfavorable currency translation.”



“In 2025, we executed our strategy, made disciplined capital allocation choices, and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment. We exit 2025 with improved momentum and enter 2026 well-positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms,” said Michel Doukeris, CEO, AB InBev.



“Our ability to deliver consistent results across varying operating conditions is a testament to the durability of our strategy and the resilience of our business,” the company said in a statement.



<h2>Fourth-Quarter Results</h2>



GAAP EPS was 99 cents in the fourth quarter of 2025, up from 61 cents in the fourth quarter of 2024. Underlying EPS rose to 95 cents from 88 cents, while underlying profit increased to $1.884 billion from $1.77 billion. Profit attributable to equity holders of AB InBev totaled $1.959 billion, compared with $1.22 billion a year earlier.



Volumes declined 1.5% to 139,166 thousand hectoliters, including a 1.9% drop in beer volumes and a 0.6% increase in nonbeer volumes.



Normalized EBITDA increased 2.3% to $5.473 billion, while normalized EBITDA margin contracted 10 basis points to 35.2%.



<h2>Segment Performance</h2>



In 4Q25, North America revenue was $3.235B with normalized EBITDA of $906M; Middle Americas revenue was $4.927B with normalized EBITDA of $2.508B; South America revenue was $3.645B with normalized EBITDA of $1.321B; EMEA revenue was $2.524B with normalized EBITDA of $815M; and Asia Pacific revenue was $1.053B with normalized EBITDA of $192M.



In the United States, revenue declined 1.4% in 4Q25, while revenue per hl increased 2.6%. Sales-to-retailers (STRs) fell by 3.5% and sales-to-wholesalers (STWs) declined by 3.9%, while EBITDA decreased by 6.2%.



In China, volumes declined by 3.9% and revenue per hl declined by 7.7%, resulting in a 11.3% revenue decline, and EBITDA decreased by 38.7%.



<h2>Full-Year Results</h2>



GAAP EPS, or basic EPS, was $3.45 in fiscal 2025, up from $2.92 in fiscal 2024. Underlying EPS rose to $3.73 from $3.53, and underlying profit totaled $7.41 billion, compared with $7.061 billion. Reported profit attributable to equity holders of AB InBev was $6.837 billion, compared with $5.855 billion.



Volumes declined 2.3% to 561,100 thousand hectoliters, including a 2.6% drop in beer volumes and a 0.4% decline in nonbeer volumes.



Normalized EBITDA increased 4.9% to $21.223 billion, and normalized EBITDA margin expanded 101 basis points to 35.8%.



<h2>Cash Flow, Balance Sheet, and Capital Allocation</h2>



Operating cash flow was $14.883 billion in fiscal 2025, compared with $15.055 billion in fiscal 2024. Free cash flow totaled $11.331 billion, in line with fiscal 2024, and net capex was $3.552 billion.



The company reported total liquidity of $22.0 billion, including $11.9 billion of cash, cash equivalents, and short-term investments in debt securities, less bank overdrafts.



The board proposed a final dividend of 1.00 euros per share, bringing the full-year 2025 dividend to 1.15 euros per share, subject to shareholder approval at the Apr. 29, 2026, annual general meeting. As of Feb. 9, 2026, AB InBev said it had completed about $635 million of a $6 billion share buyback program announced Oct. 30, 2025.



Additionally, it completed the reacquisition of the 49.9% minority stake in its U.S.-based metal container plants for about $2.9 billion on Jan. 30, 2026.



<h2>Outlook</h2>



For 2026, AB InBev said it expects EBITDA to grow in line with its medium-term outlook of 4% to 8%. It expects net pension interest and accretion expenses of $190 million to $220 million per quarter, an average gross debt coupon of about 4% in fiscal 2026, a normalized effective tax rate of 26% to 28%, and net capital expenditures of $3.5 billion to $4.0 billion in fiscal 2026.



BUD Price Action: Anheuser-Busch InBev shares were up 3.56% at $80.01 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.



Photo by Mehaniq via Shutterstock

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Anheuser-Busch InBev (NYSE: BUD) reported Q4 and full-year 2025 results, achieving organic revenue growth of 2.5% and 2.0%, respectively. The company posted adjusted EPS of 95 cents, surpassing analyst estimates, with quarterly sales of $15.555 billion. Despite a 1.5% decline in volumes, normalized EBITDA increased by 2.3%. The company announced a final dividend of 1.00 euros per share and completed a $635 million share buyback. BUD shares rose 3.56% to $80.01, reaching a new 52-week high.

Budweiser Maker Stock Hits 52-Week High After Resilient Quarter