Anheuser-Busch InBev SA/NV (BUD) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 30.01B | 29.89B | 29.88B | 30.05B | 29.33B | 29.76B | 28.03B | 28.47B | 25.83B | 25.58B | 21.3B | 26.51B | 25.82B | 27.17B | 27.11B | 29.34B | 27.1B | 25.31B | 20.21B | 22.1B |
| Revenue Growth % | 0.43% | -0.53% | 1.86% | 0.97% | 4.66% | 4.52% | 8.5% | 11.29% | 21.29% | -3.49% | -17.52% | -2.43% | -4.74% | -7.41% | 0.02% | 15.92% | 34.14% | 14.53% | -6.04% | -8.9% |
| Cost of Goods Sold | 13.12B | 13.32B | 13.42B | 13.86B | 13.54B | 13.52B | 12.79B | 12.13B | 10.96B | 10.54B | 9.1B | 10.41B | 9.95B | 10.05B | 10.2B | 10.71B | 10.67B | 9.8B | 8B | 8.47B |
| COGS % of Revenue | 43.71% | 44.58% | 44.91% | 46.12% | 46.15% | 45.43% | 45.62% | 42.62% | 42.44% | 41.19% | 42.71% | 39.27% | 38.54% | 37.01% | 37.62% | 36.51% | 39.38% | 38.72% | 39.6% | 38.35% |
| Gross Profit | 16.89B | 16.56B | 16.46B | 16.19B | 15.8B | 16.24B | 15.24B | 16.34B | 14.87B | 15.05B | 12.2B | 16.1B | 15.87B | 17.11B | 16.91B | 18.63B | 16.43B | 15.51B | 12.2B | 13.62B |
| Gross Margin % | 56.29% | 55.42% | 55.09% | 53.88% | 53.85% | 54.57% | 54.38% | 57.38% | 57.56% | 58.81% | 57.29% | 60.73% | 61.45% | 62.99% | 62.39% | 63.49% | 60.62% | 61.28% | 60.4% | 61.65% |
| Gross Profit Growth % | 2.62% | 2.32% | 4.2% | -0.31% | 3.63% | -0.61% | 2.52% | 8.59% | 21.87% | -6.53% | -23.11% | -5.93% | -6.17% | -8.14% | 2.93% | 20.1% | 34.63% | 13.85% | -4.98% | -7.04% |
| Operating Expenses | 1.88B | 8.62B | 8.91B | 8.67B | 8.72B | 8.57B | 8.23B | 9.28B | 8.32B | 10.53B | 9.89B | 8.02B | 7.69B | 8.58B | 8.74B | 9.33B | 8.66B | 8.54B | 6.39B | 6.83B |
| OpEx % of Revenue | 6.26% | 28.85% | 29.83% | 28.85% | 29.74% | 28.81% | 29.38% | 32.6% | 32.2% | 41.15% | 46.46% | 30.26% | 29.78% | 31.59% | 32.23% | 31.8% | 31.94% | 33.75% | 31.65% | 30.93% |
| Selling, General & Admin | 17.62B | 9.09B | 9.25B | 9.12B | 9.05B | 8.94B | 8.62B | 9B | 8.57B | 8.11B | 7.26B | 8.34B | 8.08B | 8.25B | 8.81B | 9.32B | 8.78B | 8.46B | 6.71B | 7B |
| SG&A % of Revenue | 58.73% | 30.42% | 30.95% | 30.35% | 30.86% | 30.04% | 30.74% | 31.62% | 33.18% | 31.71% | 34.07% | 31.47% | 31.28% | 30.37% | 32.51% | 31.77% | 32.39% | 33.42% | 33.21% | 31.68% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K |
| Operating Income | 15.01B | 7.94B | 7.55B | 7.52B | 7.07B | 7.66B | 7.01B | 7.06B | 6.55B | 4.52B | 2.31B | 8.08B | 8.18B | 8.53B | 8.18B | 9.3B | 7.77B | 6.97B | 5.81B | 6.79B |
| Operating Margin % | 50.03% | 26.57% | 25.26% | 25.02% | 24.11% | 25.75% | 25.01% | 24.78% | 25.36% | 17.66% | 10.83% | 30.47% | 31.68% | 31.4% | 30.16% | 31.69% | 28.68% | 27.53% | 28.75% | 30.72% |
| Operating Income Growth % | 98.91% | 5.61% | 6.72% | -1.89% | 0.9% | 8.6% | 6.99% | 56.18% | 184.09% | -44.06% | -71.81% | -5.3% | 0.07% | -8.26% | 5.17% | 33.44% | 33.81% | 2.62% | -11.94% | -9.66% |
| EBITDA | 16.82B | 8.08B | 6.67B | 7.25B | 5.91B | 7.9B | 5.78B | 6.37B | 6.49B | 7.75B | -925M | 10.43B | 10.25B | 5.81B | 7.39B | 9.1B | 7.09B | 5.64B | 3.79B | 7.25B |
| EBITDA Margin % | 56.06% | 27.05% | 22.32% | 24.13% | 20.13% | 26.55% | 20.6% | 22.36% | 25.11% | 30.3% | -4.34% | 39.33% | 39.7% | 21.39% | 27.25% | 31.02% | 26.18% | 22.29% | 18.76% | 32.83% |
| EBITDA Growth % | 152.23% | 11.52% | 12.92% | -8.26% | 2.27% | 24.11% | -10.98% | -17.86% | 801.3% | -25.65% | -109.02% | 79.43% | 38.78% | -36.17% | 4.12% | 61.35% | 87.2% | -22.25% | -50.32% | -20.13% |
| D&A (Non-Cash Add-back) | 1.81B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 7.92B | 8.08B | 6.67B | 7.25B | 5.91B | 7.9B | 5.78B | 6.37B | 6.49B | 7.75B | -925M | 10.43B | 10.25B | 5.81B | 7.39B | 9.1B | 7.09B | 5.64B | 3.79B | 7.25B |
| Net Interest Income | -3.35B | -2.59B | -1.28B | -3.4B | -796.29M | -985.64M | -3.33B | -3.16B | -3.34B | -3.46B | -969.76M | -3.32B | -3.43B | -3.29B | -3.3B | -3.5B | -3.68B | -3.49B | -1.81B | -1.33B |
| Interest Income | 483.84M | 331.42M | 258.54M | 309.51M | 256.37M | 244.37M | 49.79M | 68.86M | 43.97M | 52.4M | 98.38M | 257.56M | 152.13M | 177.78M | 154.62M | 174.28M | 114M | 307.6M | 0 | 0 |
| Interest Expense | 3.84B | 2.92B | 1.54B | 3.52B | 1.24B | 1.37B | 3.24B | 3.25B | 3.26B | 3.53B | 1.2B | 3.6B | 3.61B | 3.51B | 3.51B | 3.7B | 3.82B | 3.82B | 2.13B | 1.28B |
| Other Income/Expense | -9.48B | -2.15B | -2.77B | -2.24B | -3.22B | -1.85B | -3.29B | -2.9B | -2.25B | 813M | -5.56B | -3.27B | -211M | -5.17B | -3.15B | -2.79B | -3.21B | -4.3B | -4.14B | -814M |
| Pretax Income | 5.53B | 5.79B | 4.78B | 5.28B | 3.85B | 5.81B | 3.72B | 4.16B | 4.3B | 5.33B | -3.25B | 4.81B | 7.97B | 3.36B | 5.02B | 6.51B | 4.57B | 2.67B | 1.67B | 5.97B |
| Pretax Margin % | 18.42% | 19.36% | 16% | 17.57% | 13.12% | 19.52% | 13.27% | 14.61% | 16.67% | 20.84% | -15.28% | 18.13% | 30.86% | 12.36% | 18.53% | 22.19% | 16.85% | 10.54% | 8.24% | 27.04% |
| Income Tax | 1.48B | 1.61B | 1.55B | 1.04B | 1.19B | 683M | 721M | 1.12B | 1.23B | 1.44B | 492M | 1.22B | 1.56B | 1.36B | 1.43B | 927M | 994M | 779M | 835M | 1.47B |
| Effective Tax Rate % | 26.77% | 27.75% | 32.33% | 19.74% | 30.97% | 11.76% | 19.39% | 26.91% | 28.59% | 27.01% | -15.12% | 25.42% | 19.64% | 40.47% | 28.45% | 14.24% | 21.77% | 29.19% | 50.15% | 24.59% |
| Net Income | 3.35B | 3.29B | 2.56B | 3.36B | 1.98B | 4.28B | 1.69B | 2.21B | 2.46B | 3.31B | -1.9B | 3.12B | 6.05B | 1.42B | 2.96B | 5.09B | 2.91B | 956M | 286M | 3.66B |
| Net Margin % | 11.17% | 11.01% | 8.58% | 11.19% | 6.74% | 14.37% | 6.04% | 7.77% | 9.52% | 12.92% | -8.93% | 11.76% | 23.44% | 5.21% | 10.9% | 17.34% | 10.73% | 3.78% | 1.42% | 16.58% |
| Net Income Growth % | 30.73% | -2.14% | 29.63% | -21.37% | 16.9% | 93.27% | -31.16% | -33.04% | 229.3% | 6.07% | -131.4% | 120.06% | 104.87% | -72.17% | 1.58% | 432.22% | 917.13% | -73.9% | -93.79% | -27.12% |
| Net Income (Continuing) | 4.05B | 4.18B | 3.24B | 4.24B | 2.66B | 5.13B | 3B | 3.04B | 3.07B | 3.89B | -3.75B | 3.58B | 6.41B | 2B | 3.59B | 5.58B | 3.57B | 1.89B | 830M | 4.51B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 0 | 0 |
| Minority Interest | 10.74B | 10.46B | 10.72B | 10.83B | 11.32B | 10.88B | 11.2B | 10.67B | 10.96B | 10.33B | 8.28B | 8.83B | 7.9B | 7.42B | 7.05B | 7.63B | 10.77B | 10.09B | 3.85B | 3.58B |
| EPS (Diluted) | 1.68 | 1.64 | 1.27 | 1.67 | 0.98 | 2.12 | 1.23 | 1.29 | 1.23 | 1.65 | -0.97 | 1.57 | 3.07 | 0.72 | 1.50 | 2.58 | 2.12 | 0.54 | 0.16 | 2.23 |
| EPS Growth % | 32.28% | -1.8% | 29.59% | -21.23% | -20.33% | 64.34% | 0% | -21.82% | 226.8% | 5.1% | -131.6% | 118.06% | 104.67% | -72.09% | -29.25% | 377.78% | 1225% | -75.78% | -95.57% | -27.36% |
| EPS (Basic) | 1.68 | 1.64 | 1.27 | 1.67 | 0.98 | 2.12 | 1.23 | 1.29 | 1.23 | 1.65 | -0.97 | 1.57 | 3.07 | 0.72 | 1.50 | 2.58 | 2.12 | 0.58 | 0.17 | 2.23 |
| Diluted Shares Outstanding | 1.99B | 2B | 2.04B | 2.02B | 2.02B | 2.01B | 2.01B | 2.01B | 2.01B | 1.98B | 1.97B | 1.96B | 1.98B | 1.98B | 1.97B | 1.97B | 1.97B | 1.97B | 1.64B | 1.64B |
| Basic Shares Outstanding | 1.99B | 2.02B | 2B | 1.98B | 2.02B | 1.98B | 2.01B | 1.98B | 2B | 1.97B | 1.97B | 1.96B | 1.98B | 1.96B | 1.97B | 1.96B | 1.97B | 1.64B | 1.64B | 1.64B |
| Dividend Payout Ratio | 94.64% | 16.04% | 83.41% | 64.9% | 41.98% | - | - | 53.41% | 48.09% | - | - | 80.47% | 41.42% | 274.05% | 131.32% | 91.15% | 159.42% | 441.95% | 1477.27% | 108.74% |