olivLaw · US equity research
Anheuser-Busch InBev SA/NV BUD
Malt Beverages · SIC 2082 · Vertical: Food products (SIC 208x)
Anheuser-Busch InBev is the world's largest brewer by volume and one of the top ten consumer products companies by revenue, with a portfolio of well over 400 beer and other malt beverage brands. In fiscal 2025 it reported total volumes of 561.1 million hectoliters and revenue of 59.3 billion USD. Its relevance now rests on growing the beer category, digitizing its ecosystem and expanding into no-alcohol and lower-alcohol products.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Anheuser-Busch InBev SA/NV (BUD) stock was 83.67 USD (+3.11% on the day), with market capitalisation 150.4 bn USD, P/E 24.7 on diluted EPS of 3.39 USD over the last 12 months, dividend yield 3.02%, beta 0.24, 52-week range 60.44–86.48 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.0
- strong (55–70)
- Bollinger (20, 2)
- 76.77 – 85.85
- in the upper half of the band · %B 0.76 · band width 11.2%
- SMA 50 / 200
- 79.12 / 78.01
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.08 / 1.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.8% | −1.1% | +12.9 pp | — |
| 3 months | −1.8% | −0.5% | −1.3 pp | — |
| 6 months | +1.9% | +4.4% | −2.5 pp | — |
| Year to date | +30.7% | +12.3% | +18.3 pp | — |
| 1 year | +35.2% | +13.5% | +21.6 pp | +7.7% |
| 3 years | +42.0% | +76.4% | −34.4 pp | −18.1% |
| 5 years | +37.7% | +63.7% | −26.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 40 percentile of its own 10-quarter history (min 17.5, median 25.7, max 148.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53.0 bn | 52.3 bn | 46.9 bn | 54.3 bn | 57.8 bn | 59.4 bn | 59.8 bn | 59.3 bn |
| Revenue YoY | −3.3% | −1.3% | −10.4% | +15.8% | +6.4% | +2.8% | +0.7% | −0.7% |
| Net income | 4.4 bn | 9.2 bn | 1.4 bn | 4.7 bn | 6.0 bn | 5.3 bn | 5.9 bn | 6.8 bn |
| Net income YoY | −45.3% | +109.9% | −84.7% | +232.4% | +27.8% | −10.5% | +9.6% | +16.8% |
| Diluted EPS | 2.17 | 4.53 | 0.69 | 2.28 | 2.91 | 2.60 | 2.86 | 3.39 |
| Diluted EPS YoY | −45.5% | +108.8% | −84.8% | +230.4% | +27.6% | −10.7% | +10.0% | +18.5% |
| net % | 8.2% | 17.5% | 3.0% | 8.6% | 10.3% | 9.0% | 9.8% | 11.5% |
| Free cash flow | 10.1 bn | 8.9 bn | 7.1 bn | 9.2 bn | 8.1 bn | 8.6 bn | 11.2 bn | 11.2 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.6 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 97.7 bn USD
- Total assets
- 218.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.72x
- ROE
- 7.3%
- ROA
- 3.2%
- FCF margin
- 18.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 46.9 bn | 54.3 bn | 57.8 bn | 59.4 bn | 59.8 bn | 59.3 bn | SEC (XBRL)· 03 Mar 2026verified |
| Cost of revenue | 19.6 bn | 23.1 bn | 26.3 bn | 27.4 bn | 26.7 bn | 26.1 bn | SEC (XBRL)· 03 Mar 2026verified |
| Gross profit | 27.2 bn | 31.2 bn | 31.5 bn | 32.0 bn | 33.0 bn | 33.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Research & development | 296.0 m | 298.0 m | — | — | — | — | SEC (XBRL)· 18 Mar 2022verified |
| Operating income | 9.6 bn | 13.8 bn | 14.5 bn | 14.0 bn | 15.5 bn | 15.4 bn | SEC (XBRL)· 03 Mar 2026verified |
| Interest expense | 8.4 bn | 6.0 bn | 5.8 bn | 6.1 bn | 6.4 bn | 5.1 bn | SEC (XBRL)· 03 Mar 2026verified |
| Pre-tax income | 2.1 bn | 8.5 bn | 9.5 bn | 9.1 bn | 10.6 bn | 11.3 bn | SEC (XBRL)· 03 Mar 2026verified |
| Income tax | 1.9 bn | 2.4 bn | 1.9 bn | 2.2 bn | 3.2 bn | 2.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Net income | 1.4 bn | 4.7 bn | 6.0 bn | 5.3 bn | 5.9 bn | 6.8 bn | SEC (XBRL)· 03 Mar 2026verified |
| Diluted EPS | 0.69 | 2.28 | 2.91 | 2.60 | 2.86 | 3.39 | SEC (XBRL)· 03 Mar 2026verified |
| Dividend per share | 1.06 | 1.36 | 1.41 | 1.73 | 1.49 | 2.53 | SEC (XBRL)· 03 Mar 2026derived |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 15.3 bn | 12.1 bn | 10.0 bn | 10.3 bn | 11.2 bn | 11.6 bn | SEC (XBRL)· 03 Mar 2026verified |
| Receivables | 4.8 bn | 5.0 bn | 5.3 bn | 6.0 bn | 5.3 bn | 6.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Inventories | 4.5 bn | 5.4 bn | 6.6 bn | 5.6 bn | 5.0 bn | 5.1 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current assets | 26.5 bn | 23.9 bn | 23.2 bn | 23.4 bn | 23.0 bn | 24.8 bn | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | 26.4 bn | 26.7 bn | 26.7 bn | 26.8 bn | 23.5 bn | 23.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| Goodwill | 121.0 bn | 115.8 bn | 113.0 bn | 117.0 bn | 110.5 bn | 117.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Intangibles (excl. goodwill) | 41.5 bn | 40.4 bn | 40.2 bn | 41.3 bn | 40.0 bn | 42.0 bn | SEC (XBRL)· 03 Mar 2026verified |
| Total assets | 226.4 bn | 217.6 bn | 212.9 bn | 219.3 bn | 206.6 bn | 218.8 bn | SEC (XBRL)· 03 Mar 2026verified |
| Accounts payable | 23.0 bn | 25.4 bn | 26.3 bn | 26.0 bn | 23.8 bn | 25.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | 32.4 bn | 34.2 bn | 34.4 bn | 37.2 bn | 33.1 bn | 34.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Equity | 78.4 bn | 79.3 bn | 84.3 bn | 92.7 bn | 88.7 bn | 97.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| Shares outstanding at year end | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 03 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.9 bn | 14.8 bn | 13.3 bn | 13.3 bn | 15.1 bn | 14.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 3.8 bn | 5.6 bn | 5.2 bn | 4.6 bn | 3.9 bn | 3.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | 7.1 bn ≈ | 9.2 bn ≈ | 8.1 bn ≈ | 8.6 bn ≈ | 11.2 bn ≈ | 11.2 bn ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | 6.3 bn | -5.9 bn | -4.3 bn | -4.4 bn | -3.3 bn | -3.4 bn | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | -8.5 bn | -11.6 bn | -10.9 bn | -8.6 bn | -9.9 bn | -11.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Dividends paid | 1.8 bn | 2.4 bn | 2.4 bn | 3.0 bn | 2.7 bn | 4.5 bn | SEC (XBRL)· 03 Mar 2026verified |
| Share repurchases | — | 0 | 0 | 362.0 m | 937.0 m | 2.3 bn | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 150.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation73
- Returns79
- Quality87
- Balance sheet14
- Growth21
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 33.22 – 107.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E64.60 – 107.48 (Mid 72.52)10 companies used · median multiple 21.4x · quartiles 19.1x – 31.7xBF-A, BUDA, COCO, COKE, FIZZ, KDP, KO, MNST, PEP, YHC
- Dividend discount (DDM)33.22 – 44.67 (Mid 38.10)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.5% | 73 (vs peers) | 9% |
| FCF conversion · Quality | 164.2% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 0.9% | 7 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 5.2% | 35 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.0x | 23 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 24.7x | 57 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.5% | 93 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 4.6% | 65 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 40.5% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth21/100 · 2/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation73/100 · 2/3 factors with a value
Memo
Anheuser-Busch InBev SA/NV (BUD). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 59.3 bn USD in 2025; YoY growth -0.7%; net margin 11.5%; ROE 8.3%.
The estimated value range is 48.91–76.08 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 55.31 USD, the price of 83.67 USD leaves a potential of -33.9% (value / price − 1) and a margin of safety of -51.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.5%
- FCF conversion: 164.2%
- FCF yield: 7.5%
- Payout ratio (FCF): 40.5%
What contradicts it
- Revenue CAGR 3Y: 0.9%
- Interest coverage: 3.0x
- Current ratio: 0.7x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Food products (SIC 208x) · same industry group (3-digit SIC) · compared with 31 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| KOCoca Cola Co | 412.1 bn | 28.2 | 42.6% | 28.7% | +1.9% | +31% / +64% |
| DEODIAGEO plc | 237.6 bn | 92.4 | 24.0% | 9.1% | +0.3% | +7% / −30% |
| PEPPepsico Inc | 194.1 bn | 18.7 | 50.1% | 10.8% | +2.3% | −4% / −15% |
| BUDAnheuser-Busch InBev SA | 150.4 bn | 24.7 | 8.3% | 11.5% | −0.7% | +35% / +42% |
| KDPKeurig Dr Pepper Inc. | 50.1 bn | 37.2 | 5.7% | 7.1% | +8.2% | +32% / +17% |
| MNSTMonster Beverage Corp | 47.8 bn | 22.4 | 25.7% | 23.1% | +10.7% | +30% / +77% |
| BF-ABrown Forman Corp | 14.9 bn | 20.3 | 18.1% | 18.4% | −1.2% | +10% / −48% |
| CELHCelsius Holdings, Inc. | 7.8 bn | 104.3 | 10.5% | 4.2% | +85.5% | −25% / −38% |
| PRMBPrimo Brands Corp | 7.6 bn | 79.4 | 3.2% | 1.5% | +29.3% | +34% / +46% |
| COCOThe Vita Coco Company, Inc. | 3.7 bn | 32.9 | 32.0% | 15.7% | +18.2% | +23% / +133% |
| FIZZNational Beverage Corp. | 3.5 bn | 20.2 | 40.1% | 14.8% | −1.7% | +11% / −21% |
| COKECoca-Cola Consolidated, Inc. | 1.5 bn | 2.5 | 90.0% | 7.5% | +4.8% | +25% / +178% |
| WESTWestrock Coffee Company | 1.0 bn | — | — | -4.9% | +39.8% | +138% / +13% |
| BUDABuda Juice, Inc. | 83.2 m | 34.5 | 19.3% | 17.1% | +11.8% | unavailable / unavailable |
| SRXHSRX Global Inc. | 18.0 m | — | -70.8% | -254.8% | −81.3% | −96% / −100% |
| REEDReed's, Inc. | 12.0 m | — | -14,800.0% | -63.5% | −10.2% | −80% / −92% |
| WVVIWillamette Valley Vineyards, Inc. | 8.3 m | — | -3.3% | -5.9% | −6.5% | −37% / −68% |
| YHCLQR House Inc. | 2.9 m | 0.2 | -88.2% | -1,589.2% | −37.4% | −98% / −100% |
| IPSTIp Strategy Holdings, Inc. | 2.3 m | — | -2,713.2% | -2,064.0% | +20.4% | −98% / unavailable |
| EDVAEndovia Health Sciences, Inc. | 1.2 m | — | — | -53,856.5% | −90.9% | −96% / −100% |
| BRCCBRC Inc. | 903.4 k | — | -14.2% | -1.5% | +1.7% | −23% / −77% |
| IBGInnovation Beverage Group Limited | 593.4 k | — | — | -223.4% | −5.1% | −94% / unavailable |
| FMXMexican Economic Development, Inc. | — | — | 12.0% | 5.1% | −9.9% | +36% / +3% |
| CCUUnited Breweries Co Inc | — | — | 12.9% | 6.1% | +13.2% | −18% / −10% |
| ZVIAZevia PBC | — | — | -18.0% | -4.8% | +4.0% | −55% / −44% |
1- and 3-year price returns: for BUD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 53.48 Total return -34% · Per year -34% | 94.72 Total return 17% · Per year 17% | 142.91 Total return 75% · Per year 75% |
| 3 years | 48.19 Total return -35% · Per year -13% | 96.39 Total return 26% · Per year 8% | 160.20 Total return 105% · Per year 27% |
| 5 years | 43.43 Total return -36% · Per year -9% | 98.09 Total return 35% · Per year 6% | 179.58 Total return 138% · Per year 19% |
- Exit P/E± 24.10
- Net margin± 16.87
- Annual revenue growth± 14.34
- Annual dilution± 1.42
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (30 Jul 2026), 6-K (16 Jun 2026), 6-K (14 May 2026).
In brief
Anheuser-Busch InBev is the world's largest brewer by volume and one of the top ten consumer products companies by revenue, with a portfolio of well over 400 beer and other malt beverage brands. In fiscal 2025 it reported total volumes of 561.1 million hectoliters and revenue of 59.3 billion USD 1. Its relevance now rests on growing the beer category, digitizing its ecosystem and expanding into no-alcohol and lower-alcohol products.
SWOT
Strengths
- The company benefits from an extensive global footprint and leading positions in several key markets, which provide scale in investment and raw material purchasing 1.
- Its portfolio of global, multi-country and local brands is considered among the strongest in the industry, with several brands ranked among the most valuable in the world 1.
- The company maintains a culture of financial discipline and efficiency aimed at reducing non-commercial costs and redirecting resources to marketing 1.
Weaknesses
- High exposure to developing markets brings risks of currency devaluation, inflation and political instability that can disproportionately affect results 1.
- A significant part of the portfolio consists of above core and core brands, which may be more sensitive to reduced disposable income than lower-priced products 1.
- The company relies on distributors and third-party partners to reach points of sale, and changes or losses in these arrangements could affect sales 1.
Opportunities
- Growth in no-alcohol and lower-alcohol beverages could open new consumption categories and occasions for existing brands 1.
- Monetizing the digital ecosystem through the BEES platform and fintech services could raise revenue from the existing customer base 1.
- Expansion of the Beyond Beer category, which is growing at an accelerated pace, could diversify revenue sources beyond beer 1.
Threats
- Shifts in trade policy, tariffs and geopolitical tensions could raise costs and reduce demand in several markets 1.
- Shifts in consumer preferences toward lower-margin products or off-trade consumption could reduce profitability 1.
- Regulation on advertising, public health and alcohol consumption may limit marketing and raise compliance costs 1.
Risks
- Exposure to emerging economieshigh
Developing economies, where the company is strongly present, are vulnerable to devaluation, inflation and political instability, which can affect revenue and demand 1.
- Currency fluctuationshigh
Movements of currencies against the US dollar can create volatility in reported results and affect consumers' purchasing power 1.
- Raw material and energy costsmedium
Prices of barley, corn, packaging, energy and transport are volatile, and the company cannot always pass these costs on to customers, which can reduce margins 1.
- Indebtedness and funding accessmedium
The level of debt and a possible downgrade of credit ratings could limit access to funding for capital and refinancing needs 1.
- Regulation and litigationmedium
The company is exposed to litigation, alcohol regulation and antitrust law, and breaches could lead to fines and significant costs 1.
Investment thesis
What would need to be true (bull case)
- Its position as the global volume leader and its leading share in many key markets provide scale for marketing investment and favorable purchasing, which could support long-term growth 1.
- Expansion into no-alcohol and Beyond Beer segments, combined with ecosystem digitization, could diversify revenue if these initiatives reach their goals 1.
- Geographic diversification between developed and developing markets offers a balance that could cushion regional shocks 1.
What would break the thesis
- The majority revenue exposure to emerging markets brings macroeconomic and currency risks that could affect results more than for competitors with lower exposure 1.
- Inflationary pressures and volatile raw material and energy costs could reduce margins if they cannot be fully passed on to customers 1.
- The level of debt and the risk of a credit rating downgrade could limit the company's financial flexibility 1.
What to watch
- Revenue and volume trends in emerging regionsQ1 2027
- Progress of the no-alcohol and lower-alcohol range2027
- Trajectory of indebtedness and deleveraging actions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Mar 2026; since then the company filed 6-K (29 Oct 2026), 6-K (30 Jul 2026), 6-K (16 Jun 2026), 6-K (14 May 2026).
The business
The strategy rests on three pillars: leading and growing the beer category through four expansion levers, from core superiority to Beyond Beer; digitizing and monetizing the ecosystem, including the BEES business-to-business platform; and optimizing the business through disciplined resource allocation, risk management and an efficient capital structure 1. The company argues its leadership position rests on an advantaged global footprint and a strong brand portfolio 1.
The structure comprises five reported regions, namely North America, Middle Americas, South America, EMEA and Asia Pacific, plus Global Export and Holding Companies, which includes global headquarters and export businesses 1. The company holds number one market share positions in the United States, Mexico and Brazil and, according to the source, the number one position in premium and super premium beer in China 1.
Segments
Geographic regions
Activity is organized across five reported regions, and developing markets accounted for 65% of 2025 revenue while developed markets accounted for approximately 35% 1. This diversification balances growth in emerging markets with the stability of mature markets 1.
Beyond Beer
The Beyond Beer range includes flavored alcohol beverages, hard seltzer and canned cocktails, such as Flying Fish, Brutal Fruit, Cutwater and NÜTRL, which are expanding at an accelerated pace 1.
Market context
The company describes the beer category as big, profitable and growing, and consumption is linked to disposable income and the growth of the legal drinking age population 1. The company notes that developing markets, where it is more exposed, can be affected disproportionately by downturns in those economies 1.
Distribution channels differ between on-trade and off-trade, and the company uses both own distribution and third-party networks depending on the market, which influences realized prices and margins 1. A shift in preferences toward lower-margin products could affect price realization 1.
Trends
- Ecosystem digitizationtailwind
The company links digitization to its ability to monetize its ecosystem through the BEES platform, direct-to-consumer solutions and fintech services, which could generate additional revenue from its existing customer base 1.
- Inflation and input costsheadwind
Inflationary pressures and volatile prices for malted barley, corn, packaging, energy and transport could raise production costs and reduce margins if they cannot be passed on to customers 1. The effect is especially visible in South America 1.
- Trade tariffs and geopolitical instabilitymixed
Global tariffs and shifting trade policies create uncertainty that can affect demand, costs and exchange rates, and their trajectory remains hard to predict 1. The effect depends on the scale and duration of measures, so it could be negative or neutral 1.
Competitive position
The company describes its global market share as first place by volume worldwide, and its leading positions in many countries give it scale for marketing investment and favorable sourcing terms 1. The source document does not detail individual competitors, so the competitive analysis is limited to the company's own statements 1.
The company argues that competition and shifting consumer preferences could reduce margins and raise costs, particularly for above core and core brands, which form a significant part of its portfolio 1. Competitors with less exposure to these segments could be less affected 1.
- Constellation BrandsSTZ
Named in the source as the buyer of Grupo Modelo's US business and holder of the exclusive right to market Corona beer in the United States 1.
- Asahi
Named in the source as the buyer of the Carlton & United Breweries business in Australia, to which the company granted rights to commercialize its global brands 1.
- Anadolu Efes
Named in the source as a partner in the AB InBev Efes entity operating in Russia and Ukraine, where the status of the investment remains uncertain 1.
- Mahou
Named in the source as the counterparty in the agreement under which the company distributes San Miguel beers in the United Kingdom from 2025 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Berea fără alcool începe să cucerească lumea: Vânzările AB InBev cresc cu 35% pe acest segment, în timp ce berea tradiţională pierde teren în faţa unei noi generaţii de consumatoriZiarul Financiar · 29 Oct 2026 · RO
- AB InBev Volumes Lag Estimates on Slump in China DemandBloomberg Markets · 29 Oct 2026 · EN
- Anheuser-Busch InBev Maps Organic Growth Engine at Capital Markets DayYahoo Finance — News · 23 Sept 2026 · EN
- Anheuser-Busch InBev Unveils ‘Reignite’ Growth Plan at Capital Markets DayYahoo Finance — News · 23 Sept 2026 · EN
- AB InBev invests in New York Cutwater productionYahoo Finance — News · 24 Aug 2026 · EN
- Beer Dynasty Families Sell €731 Million Stake in AB InBevBloomberg Markets · 03 Aug 2026 · EN
- AB InBev makes history with 3rd Creative Marketer of Year titleKorea Times — Business · 10 May 2026 · RO
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)30 Jul 2026
- Current report (foreign issuer)16 Jun 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)05 May 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)27 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Anheuser-Busch InBev SA/NV · 03 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.