Anheuser-Busch InBev SA/NV Earnings - Q4 2025 Analysis & Highlights
Anheuser-Busch InBev SA/NV's Q4 2025 earnings call highlighted a year of disciplined strategy execution, delivering dollar-based EPS growth , continued margin expansion , and solid free cash flow generation despite a dynamic consumer environment. The company saw accelerated growth in its Beyond Beer and non-alcohol beer portfolios and significant increases in BEES Marketplace GMV. Management expressed optimism for 2026 , citing improved momentum in key markets and upcoming events like the FIFA World Cup.
Key Financial Results
Revenue per hectoliter increased by 4.4% in 2025.
Top-line growth for the year was 2%.
EBITDA increased by 4.9%.
EBITDA margin expanded by 101 basis points.
Underlying profit growth was $350 million.
Underlying EPS was $3.73 per share , a 6% increase versus last year in dollars and a 9.4% increase in constant currency.
Dollar-based EPS has grown at a CAGR of 6.7% since 2021.
EBITDA growth accounted for a $0.46 per share increase.
Free cash flow was $11.3 billion in 2025.
Business Segment Results
Revenue increased in 65% of markets.
EBITDA growth was delivered in four of the five operating regions.
In the US , the company gained share in both beer and spirits in 2025.
Michelob Ultra and Busch Light were the top two volume share gainers in the US beer industry.
Beyond Beer portfolio growth in the US accelerated, with revenue increasing in the high-30s , led by Cutwater which grew revenue in the triple-digits.
In Mexico , the business delivered a mid-single-digit top- and bottom-line increase.
In Colombia , record high volumes and margin expansion drove double-digit EBITDA growth.
In Brazil , market share was gained and volumes returned to growth in December.
Premium and super premium beer brands in Brazil delivered high-teens volume growth in 2025 and gained share to lead the premium segment.
In Europe , market share gains and premiumization partially offset a soft industry.
In South Africa , market share gains in beer and Beyond Beer drove mid-single-digit top- and bottom-line growth.
In China , revenue declined by low-teens with volumes underperforming a more stable industry.
In Q4, China's market share trend improved to be flat versus last year, driven by improvements in Budweiser brand power and in-home channel performance.
Capital Allocation
$2.7 billion of debt was repurchased.
The leverage ratio reached 2.87 times despite a $2.8 billion FX headwind on net debt.
The company has no bonds maturing in 2026.
The weighted average maturity of the bond portfolio is 13 years.
The dividend has been raised every year since 2021.
$3.2 billion of share buybacks have been completed, with a further $6 billion program currently executing.
A final dividend of €1 per share has been proposed for 2025, representing a total dividend increase of 15% year-over-year.
Industry Trends and Dynamics
The beer and Beyond Beer category is forecast to continue to gain share of alcohol beverage in 2025, having gained more than 200 basis points since 2021.
Beer is expected to grow volumes globally and continue to gain share of alcohol beverage.
Premium beer is forecast to grow volumes across all geographic clusters at more than double the rate of the category overall.
The Beyond Beer category is projected to grow volumes at double the rate of the overall beer category.
Non-alcohol beer is a key opportunity to develop new consumption occasions and increase participation.
Competitive Landscape
The company is the leader in the premium beer segment globally.
Corona was again ranked as the Most Valuable Beer Brand in the world in 2025.
Corona sells on average at a 20% premium to its nearest competitor.
The company gained or maintained share in 80% of its markets in Q4.
Macroeconomic Environment
The operating environment in 2025 was dynamic.
Near-term demand across many CPG categories was impacted by a constrained consumer environment and unseasonable weather.
Productivity initiatives more than offset transactional FX headwinds.
Around 70% of EBITDA is generated in emerging and developing markets projected to account for more than 80% of beer category volume growth through 2029.
COGS outlook for 2026 looks similar to 2025, with potentially more pressure in the first half due to currency hedges.
Growth Opportunities and Strategies
The company invested $7.4 billion in sales and marketing in 2025, averaging more than $7 billion per year since 2021.
Megabrands increased revenue at a CAGR of 10% since 2021 and now represent 57% of total revenues.
Corona's volumes have doubled since 2018, with double-digit volume increases in 30 markets in 2025.
The non-alcohol beer portfolio delivered a 34% revenue increase and gained share in 70% of the top 14 non-alcohol beer markets.
Beyond Beer portfolio revenue increased by 23% in 2025.
Beyond Beer now accounts for 3% of total revenue.
Innovations across packaging, brands, and liquids contributed 11% of total revenue in 2025.
BEES captured $53 billion in gross merchandise values in 2025, a 12% increase versus last year.
BEES Marketplace GMV reached $3.5 billion , a 61% increase versus last year.
The marketplace on BEES has grown to $3.5 billion in GMV from a standing start five years ago.
DTC digital platforms now serve 12.3 million consumers , an 11% increase compared to 2024.
The company is focused on turning around the China market by reorganizing towards off-trade and more inland distribution.
The off-trade channel in China is changing quickly, with the O2O channel accelerating significantly.
The company is expanding its Beyond Beer portfolio globally , with Flying Fish expanding to Europe and the Americas, and Cutwater expanding to Canada.
Financial Guidance and Outlook
EBITDA is expected to grow between 4% and 8% on an organic basis in 2026.
Net CapEx is expected to be between $3.5 billion and $4 billion.
The normalized effective tax rate is expected to be between 26% and 28%.
The company aims to continue a progressive dividend over time.