7Baggers

Anheuser-Busch Inbev SA
(NYSE:BUD) 

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Anheuser-Busch InBev SA/NV engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide. It offers a portfolio of approximately 500 beer brands, which primarily include Budweiser, Corona, and Stella Artois; Beck's, Hoegaarden, Leffe, and Michelob Ultra; a...

Founded: 1852
Full Time Employees: 170,000
Sector: Consumer Defensive
Industry: Beverages-Brewers
WineBeers
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• Market Cap:
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• Employees:
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• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-06-30 2024-12-31 2024-06-30 2023-12-31 2023-06-30 2022-12-31 2022-06-30 2020-12-31 2019-12-31 2019-08-01 2019-03-01 2018-12-31 2018-07-27 2018-07-26 2018-03-01 2017-12-31 2017-07-27 2017-06-30 2017-03-03 2016-12-31 2016-11-14 
                         
      revenue
    		28  29  29  28   26 54  27 27 56  27 45,517 45  14,895 
      yoy
    		-3.45%  3.57%    -48.15%   -3.70% -3.57%  0.00% -99.94% 24.44%  -99.82%     
      qoq
    		         -51.85%   0.00% -51.79%   -99.94% 101048.89%    
      cost of sales
    		-12  -13  -13  -12   -10 -20  -10 -10 -21  -10 -17,803 -17  -5,588 
      gross profit
    		16  16  15  15   16 34  16 16 35  16 27,715 27  9,307 
      yoy
    		6.67%  6.67%    -55.88%   0.00% -2.86%  0.00% -99.94% 29.63%  -99.83%     
      qoq
    		         -52.94%   0.00% -54.29%   -99.94% 102548.15%    
      gross margin %
    		57.14% NaN% 55.17% NaN% 51.72% NaN% 53.57%  NaN% 61.54% 62.96% NaN% 59.26% 59.26% 62.50% NaN% 59.26% 60.89% 60.00% NaN% 62.48% 
      distribution expenses
    		-2  -3  -3  -3   -2 -5  -2 -2 -5  -2 -4,543 -4  -1,421 
      sales and marketing expenses
    		-3  -3  -3  -3   -3 -7  -4 -4 -8  -4 -7,745 -7  -2,211 
      administrative expenses
    		-2  -2  -2  -2   -1 -3  -1 -1 -3  -1 -2,883 -2  -1,798 
      other operating income/
    		383  334  327  478   393 680  332 332 854  408 732 732  133 
      exceptional expenses above profit from operations
    		-94                     
      profit from operations
    		7  7  6  7   8 17  8 8 17  7 12,882 12  3,454 
      finance expense
    		-2  -3                   
      finance income
    		700  401  385  694   2 440  224 224 378  128 818 652  257 
      net finance income/
    		-1  -2  -3  -2   -199 -8  -3 -3 -6  -3  -8   
      share of results of associates
    		135                     
      exceptional share of results of associates
    		9  104    -1               
      profit before tax
    		5  4  3  3   8 8  5 5 11  4 4,334 4  4,074 
      income tax expense
    		-1  -1  -1  -1   -1 -2  -1 -1 -1  -994 -1,613 -1  -1,152 
      profit of the period
    		4  3  2  2   6 5  3 3        
      profit of the period attributable to:
    		                     
      equity holders of ab inbev
    		3  2  1  1   6 4  2 2 7  2 1,193 1  2,699 
      non-controlling interest
    		744  672  678  782   587 1  640 640 1  692 1,528 1  223 
      basic earnings per share
    		1.92  1.28  0.98  0.84   3.06 2.21  1.5 1.5 4.06  1.48  0.72   
      diluted earnings per share
    		1.89  1.25  0.96  0.83   3.01 2.17  1.47 1.47 3.98  1.45  0.71   
      exceptional costs above profit from operations
    		  -119  -107  -105               
      share of result of associates
    		  137  105  129               
      finance cost
    		    -3  -2   -2 -7  -3 -3 -6  -3 -9,382 -5  -763 
      restructuring
    		         -58 -385  -137 -137 -468  -288 -323 -323  -17 
      acquisition costs business combinations
    		         -23 -74  -38 -38 -155  -25 -448 -448  -160 
      business and asset disposal
    		         -24 -26  -21 -21 -39  26 377 377   
      share of result of associates and joint ventures
    		         62 153  93 93 430  124 16 16  1,126 
      profit from operations before non-recurring items
    		          17   8 17    13   
      provision for eu investigation
    		          -230           
      non-recurring net finance income/
    		          -1   -494 -693    -3   
      profit from continuing operations
    		          5  3 3 9  3 2,721 2   
      profit from discontinued operations
    		              28  28  48   
      profit from continuing operations attributable to:
    		                     
      basic earnings per share from continuing operations
    		          2.21  1.5 1.5 4.04  1.46  0.69   
      diluted earnings per share from continuing operations
    		          2.17  1.47 1.47 3.96  1.43  0.68   
      basic earnings per share before non-recurring items and discontinued operations1
    		          3.44   1.83 4.04       
      diluted earnings per share before non-recurring items and discontinued operations1
    		          3.38   1.79 3.96       
      underlying eps1
    		          4.38           
      profit of the year
    		              9  3  2   
      profit of the year attributable to:
    		                     
      other impairment losses
    		                     
      net finance cost
    		                 -8,564   -506 
      attributable to:
    		                     
      earnings per share
    		                     
      basic
    		                 0.72    
      diluted
    		                 0.71    
      basic weighted-average number of ordinary shares
    		                 1,717    
      diluted weighted-average number of ordinary shares
    		                 1,755    
      impairment of assets
    		                    -379 
      judicial settlement
    		                     
      basic earnings per share before non-recurring items and discontinued operations1.
    		                  2.83   
      diluted earnings per share before non-recurring items and discontinued operations2
    		                  2.77   
      profit
    		                    2,922 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-07-31 2025-06-30 2024-12-31 2024-06-30 2023-12-31 2023-08-03 2023-06-30 2022-12-31 2022-06-30 2021-12-31 2020-12-31 2020-07-31 2019-12-31 2019-08-01 2019-07-26 2019-03-01 2018-12-31 2018-07-27 2018-07-26 2018-03-01 2017-12-31 2017-07-27 2017-03-03 2016-12-31 2016-11-14 
                               
        assets
      		                         
        non-current assets
      		                         
        property, plant and equipment
      		23 23 23 25 26 27 27 26 26,000,000 26 26 24 27 27 27 25 25 25 25 27 27 26 27 27 19,309 
        goodwill
      		114 114 110 113 117 116 116 113 115,000,000 115 120 115 128 134 134 133 133 136 136 140 140 141 136 136 65,210 
        intangible assets
      		41 41 40 40 41 40 40 40 40,000,000 40 41 40 42 45 45 44 44 45 45 45 45 45 44 44 29,634 
        investments in associates
      		4 4 4 4 4 4 4                  286 
        investment securities
      		152 152 168 185 178 179 179 175 164,000,000 161 137 113 110 123 123 108 108 112 112 100 100 82 82 82 49 
        deferred tax assets
      		2 2 2 2 2 2 2 2 2,000,000 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1,201 
        pensions and similar obligations
      		101 101 42 12 12   11                  
        income tax receivables
      		426 426 470 749 844 835 835 883 740,000,000 1 869 566 1 994 994 992 992 524 524 708 708 1 1 1  
        derivatives
      		44 44 261 184 44 62 62 60 133,000,000 48 138 297 132 91 91 291 291 29 29 25 25 56 146 146 213 
        trade and other receivables
      		1 1 1 1 1 1 1 1 1,000,000 1 1 650 807 777 777 769 769 756 756 834 834 901 874 874 789 
        total non-current assets
      		189 189 183 189 195 194 194 189 191,000,000 193 199 189 207 217 217 213 213         
        current assets
      		                         
        inventories
      		5 5 5 5 5 6 6 6 6,000,000 5 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3,282 
        cash and cash equivalents
      		7 7 11 7 10 6 6 9 7,000,000 12 15 25 7 8 8 7 7 7 7 10 10 7 8 8 6,050 
        assets classified as held for sale
      		161 161 33 51 34 35 35 30 30,000,000 30 74 128 10 51 51 39 39 41 41 133 133 7 16 16  
        total current assets
      		21 21 22 21 23 21 21 23 20,000,000 23 26 36 28 20 20 18 18         
        total assets
      		211 211 206 210 219 216 216 212 212,000,000 217 226 225 236 237 237 232 232 237 237 246 246 251 258 258 191,129 
        equity and liabilities
      		                         
        equity
      		                         
        issued capital
      		1 1 1 1 1 1 1 1 1,000,000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1,736 
        share premium
      		17 17 17 17 17 17 17 17 17,000,000 17 17 17 17 17 17 17 17 17 17 17 17 17 17 17 17,620 
        reserves
      		13 13 12 15 20 18 18 15 17,000,000 15 17 13 24 21 21 19 19 23 23 24 24 26 23 23 -18,053 
        retained earnings
      		47 47 46 43 42 39 39 38 34,000,000 33 30 27 31 29 29 26 26 26 26 28 28 26 28 28 32,587 
        equity attributable to equity holders of ab inbev
      		80 80 78 78 81 77 77 73 71,000,000 68 68 60 75 70 70 64 64 68 68 72 72 72 71 71 33,890 
        non-controlling interests
      		10 10 10 10 10 11 11 10 11,000,000 10 10 8 8 7 7 7 7 7 7 7 7 10 10 10  
        total equity
      		91 91 88 89 92 88 88 84 82,000,000 79 78 68 84 78 78 71 71         
        non-current liabilities
      		                         
        interest-bearing loans and borrowings
      		71 71 70 75 74 78 78 78 82,000,000 87 95 106 97 101 101 105 105 110 110 108 108 108 113 113 101,045 
        deferred tax liabilities
      		11 11 11 11 11 12 12 11 12,000,000 12 12 12 12 13 13 13 13 13 13 13 13 16 16 16 11,890 
        income tax payables
      		296 296 284 408 589 595 595 610 619,000,000 726 808 739 1 554 554 576 576 571 571 732 732 836 3 3  
        trade and other payables
      		1 1 797 880 738 872 872 859 1,000,000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1,389 
        provisions
      		352 352 385 368 320 370 370 396 447,000,000 436 544 559 701 1 1 1 1 1 1 1 1 1 1 1 705 
        total non-current liabilities
      		86 86 84 90 89 93 93 94 98,000,000 104 115 126 117 121 121 125 125         
        current liabilities
      		                         
        bank overdrafts
      		21 21  17 17 53 53 83 130,000,000 53 5 153 68 105 105 114 114 72 72 117 117 261 184 184 55 
        liabilities associated with assets held for sale
      		25 25           1         1 2 2  
        total current liabilities
      		33 33 33 30 37 33 33 34 30,000,000 34 32 31 34 37 37 34 34         
        total equity and liabilities
      		211 211 206 210 219 216 216 212 212,000,000 217 226 225 236 237 237 232 232 237 237 246 246 251 258 258 191,129 
        profit of the period
      		   3                      
        other comprehensive income: items that will not be reclassified to profit or loss:
      		                         
        re-measurements of post-employment benefits
      		                         
        other comprehensive income: items that may be reclassified subsequently to profit or loss:
      		                         
        exchange differences on translation of foreign operations
      		   -5                      
        effective portion of changes in fair value of net investment hedges
      		   673                      
        cash flow hedges recognized in equity
      		   346                      
        cash flow hedges reclassified from equity to profit or loss
      		   -3                      
        other comprehensive income, net of tax
      		   -4                      
        total comprehensive income
      		   -1                      
        attributable to:
      		                         
        equity holders of ab inbev
      		   -1                      
        non-controlling interest
      		   184                     3,847 
        million us dollar
      		   30                      
        .
      		                         
        employee benefits
      		     11 11  5,000,000 5 6 14 14 19 19 16 16 19 19 22 22 13 10 10 5 
        investment in associates
      		       4 4,000,000                 
        investments in associates and joint ventures
      		         5 6 5 5 5 5 6 6 6 6 5 5 4 4 4  
        investments in joint ventures
      		                         
        income tax receivable
      		                        994 
        assets held for sale
      		                        47 
        current assets - sum
      		                        74,433 
        liabilities
      		                         
        non-current liabilities - sum
      		                        118,045 
        income tax payable
      		                        430 
        current liabilities - sum
      		                        35,347 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-07-31 2025-06-30 2024-06-30 2020-07-31 2019-08-01 2019-07-26 2018-07-27 2018-07-26 2017-07-27 
                 
          operating activities
        		         
          profit of the period
        		4 4 3  6 6 3 3  
          depreciation, amortization and impairment
        		2 2 2 2 2 2 2 2 2 
          net finance expense
        		1 1 2       
          equity-settled share-based payment expense
        		309 309 315 -18 181 181 167 167 163 
          income tax expense
        		1 1 1 492 1 1 1 1 994 
          share of results of associates
        		-144 -144        
          other non-cash items
        		-93 -93 339       
          cash flow from operating activities before changes in working capital and use of provisions
        		10 10 10 7 10 10 10 10 9 
          decrease in trade and other receivables
        		-1 -1 -1 15 -248 -248 -339 -339 303 
          decrease in inventories
        		-242 -242 -325 -487 -411 -411 -440 -440 -244 
          increase in trade and other payables
        		-2 -2 -2 -2 -934 -934 -1 -1 -2 
          pension contributions and use of provisions
        		-278 -278 -251 -327 -279 -279 -282 -282 -288 
          cash generated from operations
        		6 6 6 4 8 8 7 7 7 
          interest paid
        		-1 -1 -2 -2 -2 -2 -2 -2 -2 
          interest received
        		241 241 303 172 244 244 218 218 461 
          dividends received
        		135 135 123 30 137 137 38 38 60 
          income tax paid
        		-2 -2 -2 -1 -1 -1 -2 -2 -961 
          cash flow from operating activities
        		2 2 2 1 4 4 3 3 4 
          investing activities
        		         
          acquisition of property, plant and equipment and of intangible assets
        		-1 -1 -1 -1 -1 -1 -2 -2 -1 
          proceeds from sale of property, plant and equipment and of intangible assets
        		55 55 52 56 230 230 155 155 144 
          sale/(acquisition) of subsidiaries, net of cash
        		-4 -4        
          proceeds from sale/(acquisition) of other assets
        		47 47 -29       
          cash flow from investing activities
        		-1 -1 -1 9 -1 -1 -1 -1 6 
          financing activities
        		         
          proceeds from borrowings
        		4 4 5 14 22 22 23 23 10 
          repayments of borrowings
        		-3 -3 -4       
          dividends paid
        		-3 -3 -2 -1 -2 -2 -5 -5 -4 
          share buyback
        		-1 -1 -838       
          payment of lease liabilities
        		-354 -354 -406 -280      
          derivative financial instruments
        		114 114 -172       
          sale/(acquisition) of non-controlling interests
        		-314 -314 -414       
          other financing cash flows
        		-303 -303 -465       
          cash flow from financing activities
        		-5 -5 -3 8 -1 -1 -4 -4 -10 
          net increase in cash and cash equivalents
        		-4 -4 -2 18 1 1 -2 -2 57 
          cash and cash equivalents less bank overdrafts at beginning of year
        		11 11 10 7 6 6 10 10 8 
          effect of exchange rate fluctuations
        		410 410 -463 -720 -30 -30 210 210 -1 
          cash and cash equivalents less bank overdrafts at end of period
        		7 7 7 24 8 8 7 7 7 
          •
        		         
          ab-inbev.com
        		         
          net finance (income)/expense
        		         
          share of result of associates
        		  -241       
          decrease/(increase) in trade and other receivables
        		         
          decrease/(increase) in inventories
        		         
          increase/(decrease) in trade and other payables
        		         
          cash flow from/(used in) operating activities
        		         
          sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of
        		  -19       
          cash flow from/(used in) investing activities
        		         
          cash flow from/(used in) financing activities
        		         
          net increase/(decrease) in cash and cash equivalents
        		         
          .
        		         
          net finance cost/
        		   5 199 199 3 3 3 
          ☐
        		         
          sale/(purchase) of non-controlling interests
        		         
          payments on borrowings
        		   -4 -20 -20 -22 -22 -15 
          cash net finance (cost)/income other than interests
        		   -457 -784 -784 -280 -280 -298 
          impairment losses on goodwill
        		   2      
          cash flow from operating activities on australia discontinued operations
        		   84      
          proceeds from australia divestiture
        		   10      
          cash flow from investing activities on australia discontinued operations
        		   -13      
          cash flow from financing activities on australia discontinued operations
        		         
          1
        		         
          u.s. dollar
        		         
          brazilian real
        		         
          mexican peso
        		         
          chinese yuan
        		         
          euro
        		         
          colombian peso
        		         
          south african rand
        		         
          canadian dollar
        		         
          argentinean peso
        		         
          peruvian peso
        		         
          south korean won
        		         
          pound sterling
        		         
          dominican peso
        		         
          other
        		         
          profit
        		        3 
          interest, taxes and non-cash items included in profit
        		         
          cash flow from operating activities before changes in working capital and provisions
        		         
          change in working capital
        		         
          interest and taxes (paid)/received
        		         
          profit/(loss) from continuing operations
        		         
          impairment losses on receivables, inventories and other assets
        		   237 57 57 65 65 70 
          additions/(reversals) in provisions and employee benefits
        		   186 87 87 76 76 47 
          loss/(gain) on sale of property, plant and equipment and intangible assets
        		         
          loss/(gain) on sale of subsidiaries, associates and assets held for sale
        		         
          other non-cash items included in profit
        		   -194 -250 -250 -284 -284 -155 
          share of result of associates and joint ventures
        		   -33 -62 -62 -93 -93 -124 
          acquisition of subsidiaries, net of cash acquired
        		   -204 -342 -342 -70 -70 -519 
          sale of other subsidiaries, net of cash disposed of
        		         
          net proceeds from sale/(acquisition) of other assets
        		   -30 -7  -69 -69 -63 
          proceeds from public offering of minority stake in budweiser apac
        		         
          profit from continuing operations
        		   -3      
          2
        		         
          loss on sale of property, plant and equipment and intangible assets
        		    -30 -30 -35 -35 -12 
          loss on sale of subsidiaries, associates and assets held for sale
        		   4   -1  -44 
          sale of non-controlling interest
        		         
          sale of subsidiaries, net of cash disposed of
        		    92 92 -2  71 
          net proceeds from sale/(acquisition) of investment in short-term debt securities
        		    -1  1 1 2 
          net repayments/(payments) of loans granted
        		      -73 -73 282 
          proceeds from assets held for sale
        		         
          proceeds from sab transaction-related divestitures
        		      -330 -330  
          taxes on sab transaction-related divestitures
        		      -100 -100  
          (purchase)/sale of non-controlling interest
        		         
          net increase/(decrease) in cash and cash equivalents on continuing operations
        		         
          net increase/(decrease) in cash and cash equivalents on discontinued operations
        		         
          net of tax proceeds from the sale of assets held for sale
        		    2 2 67 67 5 
          purchase of non-controlling interest
        		      -930 -930 -63 
          payments of lease liabilities
        		    -235 -235    
          acquisition of sab, net of cash acquired
        		         
          acquisition of other subsidiaries, net of cash acquired
        		         
          net proceeds from the issue of share capital
        		         
          acquisition of sabmiller, net of cash acquired
        		         
          proceeds from sabmiller transaction-related divestitures