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Sep 30
Anheuser-Busch Q3 2025 Earnings Report
Anheuser-Busch reported a slight increase in revenue and EBITDA, despite volume declines and a drop in net income during Q3 2025.
Key Takeaways
AB InBev delivered modest revenue growth and EBITDA margin expansion in Q3 2025, while net income declined significantly due to non-underlying financial items. Volumes fell across key regions, but premium and no-alcohol portfolios showed strength. A $6B share buyback and interim dividend were announced.
Revenue rose to $15.13 billion, a 0.9% organic increase despite volume declines.
Underlying EPS grew slightly to $0.99 while net income dropped to $1.05 billion due to non-underlying items.
Normalized EBITDA rose 3.3% to $5.59 billion with margin expansion to 37.0%.
A $6 billion share buyback program and €0.15 interim dividend were announced.
Anheuser-Busch
Anheuser-Busch
Anheuser-Busch Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comSouth America Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comGlobal Export and Holding Companies Revenue
CapyFin.com Forward Guidance
AB InBev expects EBITDA to grow 4–8% for FY25 in line with its medium-term outlook, with a normalized ETR of 26–28% and $3.5–4.0B in capex.
Positive Outlook
- EBITDA projected to grow 4–8% in FY25.
- Normalized tax rate expected at 26–28%.
- Net capex guided at $3.5–4.0B for FY25.
- Strong premium and no-alcohol brand momentum continues.
- BEES Marketplace GMV approaching $1B per quarter.
Challenges Ahead
- Volume declines across key regions, including Asia Pacific and South America.
- Consumer environment in China remains soft.
- FX and non-underlying items impacted reported earnings.
- Revenue decline in Brazil due to weather and consumption trends.
- China operations saw 15.2% revenue and 16.9% EBITDA drop.
Revenue & Expenses
Visualization of income flow from segment revenue to net income