Anheuser-Busch InBev SA/NV (BUD) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 | Q4'16 | Q2'16 | Q4'15 |
|---|
| Cash from Operations | 2.73B | 12.48B | 2.56B | 24.76B | -11.49B | 896M | 237M | 7.4B | 7.4B | 0 | 0 | 6.7B | 6.7B | 7.33B | 7.33B | 7.71B | 7.71B | 5.05B | 5.05B | 7.06B |
| Operating CF Margin % | 9.08% | 41.74% | 8.58% | 82.4% | -39.18% | 3.01% | 0.85% | 25.99% | 28.64% | - | - | 25.27% | 25.94% | 26.99% | 27.04% | 26.3% | 28.46% | 19.97% | 25.02% | 31.95% |
| Operating CF Growth % | 6.31% | -49.61% | 122.31% | 2663.17% | -4949.38% | -87.89% | -96.8% | - | - | -100% | -100% | -8.64% | -8.64% | -4.97% | -4.97% | 52.62% | 52.62% | -28.4% | -28.4% | -0.16% |
| Net Income | 3.85B | 5.86B | 1.47B | 3.78B | 3.11B | 5.69B | 1.6B | 3.06B | 3.06B | 3.3B | -1.9B | 5B | 5B | 2.85B | 2.85B | 4.59B | 4.59B | 1.38B | 1.38B | 4.93B |
| Depreciation & Amortization | 2.47B | 2.95B | 0 | 0 | 5.41B | 0 | 0 | 2.39B | 2.39B | 0 | 0 | 2.33B | 2.33B | 2.13B | 2.13B | 2.14B | 2.14B | 1.74B | 1.74B | 1.58B |
| Stock-Based Compensation | 0 | 644M | 315M | 1.14B | -570M | 896M | 237M | 255M | 255M | 169M | -18M | 170M | 170M | 168.5M | 168.5M | 175.5M | 175.5M | 115.5M | 115.5M | 110.5M |
| Deferred Taxes | -173.38M | -133.67M | 0 | 0 | 2.23B | 0 | 0 | 1.18B | 1.18B | 0 | 0 | 1.39B | 1.39B | 1.42B | 1.42B | 960M | 960M | 806.5M | 806.5M | 1.3B |
| Other Non-Cash Items | 539.28M | -867.74M | 5.19B | 14.13B | -15.12B | -6.58B | -1.83B | -843M | -843M | -3.47B | 1.92B | -2.19B | -2.19B | 512M | 512M | -259.5M | -259.5M | 923.5M | 923.5M | -1.75B |
| Working Capital Changes | -3.97B | 4.02B | -4.41B | 5.71B | -6.55B | 0 | 0 | 1.23B | 1.23B | 0 | 0 | -2.5M | -2.5M | 256M | 256M | 109.5M | 109.5M | 86.5M | 86.5M | 893M |
| Change in Receivables | -1.14B | 1.49B | -1.15B | 356.95M | -1.5B | 0 | 0 | 82M | 82M | 0 | 0 | -129M | -129M | -52.5M | -52.5M | 33.5M | 33.5M | -357M | -357M | -69M |
| Change in Inventory | -243.94M | 176.11M | -324.49M | 1.89B | -1.18B | 0 | 0 | -616M | -616M | 0 | 0 | -213M | -213M | -301.5M | -301.5M | -106.5M | -106.5M | -182M | -182M | -212M |
| Change in Payables | -2.3B | 2.48B | -2.69B | 3.91B | -3.91B | 0 | 0 | -82M | -82M | 0 | 0 | 129M | 129M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.63B | -1.55B | -2.14B | -4.63B | 276.12M | 0 | 0 | -2.94B | -2.94B | 0 | 0 | -2.54B | -2.54B | -1.98B | -1.98B | 3.93B | 3.93B | -30.04B | -30.04B | -2.46B |
| Capital Expenditures | -1.42B | -2.13B | -1.76B | -5.07B | 430.75M | 0 | 0 | -2.82B | -2.82B | 0 | 0 | -2.59B | -2.59B | -2.54B | -2.54B | -2.37B | -2.37B | -2.49B | -2.49B | -2.37B |
| CapEx % of Revenue | 4.72% | 7.11% | 5.89% | 16.87% | 1.47% | - | - | 9.9% | 10.92% | - | - | 9.76% | 10.02% | 9.36% | 9.38% | 8.08% | 8.75% | 9.84% | 12.32% | 10.74% |
| Acquisitions | -265.11M | 27.09M | -380.41M | 220.31M | -211.31M | 0 | 0 | -222M | -222M | 0 | 0 | -126M | -126M | -92.5M | -92.5M | 5.57B | 5.57B | -24.81B | -24.81B | -459M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 47.38M | 552.78M | -998.44K | 218.32M | 56.68M | 0 | 0 | 103M | 103M | 0 | 0 | 176.5M | 176.5M | 653M | 653M | 727M | 727M | -2.74B | -2.74B | 368.5M |
| Cash from Financing | -5.57B | -6.51B | -2.89B | -12.91B | 4.32B | 0 | 0 | -5.8B | -5.8B | 0 | 0 | -4.26B | -4.26B | -6.97B | -6.97B | -10.5B | -10.5B | 25.37B | 25.37B | -4.64B |
| Debt Issued (Net) | 69.55M | -4.95B | 1.12B | -6.11B | 2.44B | 0 | 0 | -4.52B | -4.52B | 0 | 0 | -4.22B | -4.22B | -2.56B | -2.56B | -5.18B | -5.18B | 31.34B | 31.34B | 228.5M |
| Equity Issued (Net) | -1000K | -1000K | -1000K | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | -1000K |
| Dividends Paid | -3.17B | -527.99M | -2.14B | -2.18B | -830.42M | 0 | 0 | -1.18B | -1.18B | 0 | 0 | -2.51B | -2.51B | -3.88B | -3.88B | -4.64B | -4.64B | -4.22B | -4.22B | -3.98B |
| Share Repurchases | -1.92B | -98.29M | -836.69M | -725.06M | 363.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500M |
| Other Financing | -548.36M | -935.51M | -1.04B | -3.89B | 2.35B | 0 | 0 | -96M | -96M | 0 | 0 | -433M | -433M | -727.5M | -727.5M | -687.5M | -687.5M | -1.75B | -1.75B | -386M |
| Net Change in Cash | -4.01B | 3.78B | -2.94B | 3.48B | 424M | 448M | 237M | -3.2B | -3.2B | 0 | 0 | 209M | 209M | -3.4B | -3.4B | 1.96B | 1.96B | 1.49B | 1.49B | -1.41B |
| Free Cash Flow | 1.31B | 10.35B | 831.7M | 19.69B | -11.06B | 896M | 237M | 4.58B | 4.58B | 0 | 0 | 4.11B | 4.11B | 4.79B | 4.79B | 5.34B | 5.34B | 2.57B | 2.57B | 4.69B |
| FCF Margin % | 4.37% | 34.63% | 2.78% | 65.53% | -37.71% | 3.01% | 0.85% | 16.08% | 17.73% | - | - | 15.51% | 15.92% | 17.63% | 17.66% | 18.22% | 19.72% | 10.14% | 12.7% | 21.2% |
| FCF Growth % | 57.56% | -47.43% | 107.52% | 2097.46% | -4767.63% | -80.43% | -94.82% | - | - | -100% | -100% | -14.15% | -14.15% | -10.4% | -10.4% | 108.32% | 108.32% | -45.25% | -45.25% | -3.87% |
| FCF per Share | 0.66 | 5.17 | 0.41 | 9.77 | -5.48 | 0.45 | 0.12 | 2.28 | 2.28 | - | - | 2.10 | 2.08 | 2.42 | 2.43 | 2.71 | 2.71 | 1.30 | 1.56 | 2.86 |
| FCF Conversion (FCF/Net Income) | 0.81x | 3.79x | 1.00x | 7.36x | -5.81x | 0.21x | 0.14x | 3.34x | 3.01x | - | - | 2.15x | 1.11x | 5.18x | 2.48x | 1.52x | 2.65x | 5.29x | 17.67x | 1.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |