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Dec 31, 2025
Anheuser-Busch Q4 2025 Earnings Report
Anheuser-Busch delivered revenue growth and EBITDA expansion in Q4 2025 despite volume declines, with higher underlying profit and EPS.
Key Takeaways
Anheuser-Busch reported revenue of 15555000000 in Q4 2025, up 2.5%, with normalized EBITDA of 5473000000 and underlying profit of 1884000000. Volumes declined 1.5%, while underlying EPS increased to 0.95.
Revenue increased to 15555000000 with 4.0% revenue per hl growth.
Normalized EBITDA rose to 5473000000 with a 35.2% margin.
Underlying profit increased to 1884000000 from 1770000000.
Volumes declined 1.5% driven by lower beer volumes.
Revenue by Geographic Location
Forward Guidance
For FY26, the company expects EBITDA growth in line with its 4-8% medium-term outlook, with disciplined capital allocation and continued deleveraging.
Positive Outlook
- EBITDA expected to grow between 4% and 8%.
- Continued premiumization and revenue per hl growth.
- Strong free cash flow generation.
- Ongoing share buyback program.
- Normalized ETR expected between 26% and 28%.
Challenges Ahead
- Exposure to inflation and macroeconomic volatility.
- Volume pressure in certain key markets.
- FX translation headwinds.
- Industry softness in select regions.
- Potential volatility in interest rates and currency markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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