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Jun 30, 2025
Anheuser-Busch Q2 2025 Earnings Report
AB InBev reported steady growth in Q2 2025, with EBITDA margin expansion and EPS improvement.
Key Takeaways
AB InBev posted solid Q2 2025 results, driven by revenue and EBITDA growth across key markets. Volume growth in South and Central America offset softer performance in the U.S. The company maintained a strong cash position and generated substantial free cash flow.
Total revenue was $15.7 billion, reflecting 2.4% organic growth.
Normalized EBITDA grew 5.2% with margin expansion to 35.4%.
EPS rose to $0.83 and underlying EPS to $0.86.
Free cash flow totaled $3.2 billion in the first half of 2025.
Revenue by Geographic Location
Forward Guidance
AB InBev reaffirmed its 2025 outlook with expectations of EBITDA growth in line with medium-term guidance and continued deleveraging.
Positive Outlook
- EBITDA expected to grow in line with medium-term outlook of 4-8%.
- Disciplined capital allocation to continue.
- Strong performance in Latin America expected to persist.
- DTC and digital platforms scaling further.
- Cost of goods sold per hectoliter expected to grow low single digits.
Challenges Ahead
- Volume softness in the U.S. anticipated to continue.
- Foreign exchange volatility could impact results.
- Input cost pressures remain a factor.
- Geopolitical risks in certain regions could affect performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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