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Sep 30, 2025
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.
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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