Anheuser Busch Financials

BUD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Anheuser Busch (BUD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BUD FY2025 2026-04-22

Flat sales are still producing rising cash because lower reinvestment needs and steady deleveraging are doing the heavy lifting.

Over the recent annual run, free cash flow rose from $8.6B to $11.2B even though sales were essentially flat. Because capex also stepped down over that span, the earnings lift looks tied to better cash conversion and lower reinvestment drag, not simple volume growth.

The balance sheet is being reshaped by internal cash: debt to equity improved from 1.4x to 0.7x while financing cash flow remained negative. That means the business has been paying down claims on itself even while returning $2.6B through buybacks and $4.5B through dividends.

More than half of total assets are goodwill at $117.9B, versus equity of $97.7B, which signals an acquisition-built balance sheet rather than one backed mainly by physical assets. With a current ratio of 0.7x, the practical support for creditors and owners is ongoing cash generation, not a large pool of liquid or tangible assets.

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Anheuser Busch's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Anheuser Busch's revenue declined 0.7% year-over-year, from $59.8B to $59.3B. This contraction results in a growth score of 33/100.

Leverage

Anheuser Busch carries a low D/E ratio of 0.75, meaning only $0.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Anheuser Busch's current ratio of 0.72 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Anheuser Busch converts 18.9% of revenue into free cash flow ($11.2B). This strong cash generation earns a score of 70/100.

Returns

Anheuser Busch's ROE of 8.7% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 8.4% the prior year.

Piotroski F-Score Neutral

6/9

Anheuser Busch passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.76x

For every $1 of reported earnings, Anheuser Busch generates $1.76 in operating cash flow ($14.9B OCF vs $8.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$59.3B

YoY-0.7%

5Y CAGR+4.8%

10Y CAGR+3.3%

Anheuser Busch generated $59.3B in revenue in fiscal year 2025. This represents a decrease of 0.7% from the prior year.

EBITDA

N/A

Net Income

$8.5B

YoY+14.3%

5Y CAGR+30.9%

10Y CAGR-1.5%

Anheuser Busch reported $8.5B in net income in fiscal year 2025. This represents an increase of 14.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$11.2B

YoY+0.3%

5Y CAGR+9.6%

10Y CAGR+1.8%

Anheuser Busch generated $11.2B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.3% from the prior year.

Cash & Debt

$11.6B

YoY+4.2%

5Y CAGR-5.3%

Anheuser Busch held $11.6B in cash against $73.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.80B

YoY+0.0%

5Y CAGR+1.2%

Anheuser Busch had 1.80B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

14.3%

YoY+1.9pp

5Y CAGR+9.6pp

10Y CAGR-8.6pp

Anheuser Busch's net profit margin was 14.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity

8.7%

YoY+0.3pp

5Y CAGR+5.9pp

10Y CAGR-12.9pp

Anheuser Busch's ROE was 8.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$2.6B

YoY+188.9%

Anheuser Busch spent $2.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 188.9% from the prior year.

Capital Expenditures

$3.7B

YoY-5.4%

5Y CAGR-0.7%

10Y CAGR-2.6%

Anheuser Busch invested $3.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.4% from the prior year.

BUD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$59.3B-0.7%	$59.8B+0.7%	$59.4B+2.8%	$57.8B+6.4%	$54.3B+15.8%	$46.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$144.0M+1.4%	$142.0M-9.0%	$156.0M+20.0%	$130.0M+5.7%	$123.0M+6.0%	$116.0M
Income Tax	$2.9B-9.6%	$3.2B+41.1%	$2.2B+15.9%	$1.9B-18.0%	$2.4B+21.6%	$1.9B
Net Income	$8.5B+14.3%	$7.4B+7.6%	$6.9B-9.3%	$7.6B+24.3%	$6.1B+177.7%	$2.2B
EPS (Diluted)	N/A	N/A	N/A	$2.91+27.6%	$2.28+790.9%	$-0.33

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BUD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$218.8B+5.9%	$206.6B-5.8%	$219.3B+3.0%	$212.9B-2.2%	$217.6B-3.9%	$226.4B
Current Assets	$24.8B+7.7%	$23.0B-1.6%	$23.4B+0.8%	$23.2B-3.2%	$23.9B-9.7%	$26.5B
Cash & Equivalents	$11.6B+4.2%	$11.2B+8.1%	$10.3B+3.6%	$10.0B-17.6%	$12.1B-20.7%	$15.3B
Inventory	$5.1B+1.7%	$5.0B-10.1%	$5.6B-15.6%	$6.6B+22.5%	$5.4B+20.5%	$4.5B
Accounts Receivable	$6.2B+16.9%	$5.3B-12.5%	$6.0B+13.0%	$5.3B+5.6%	$5.0B+4.4%	$4.8B
Goodwill	$117.9B+6.7%	$110.5B-5.6%	$117.0B+3.6%	$113.0B-2.4%	$115.8B-4.3%	$121.0B
Total Liabilities	$121.1B+2.7%	$117.9B-6.9%	$126.7B-1.6%	$128.7B-7.0%	$138.3B-6.6%	$148.1B
Current Liabilities	$34.5B+4.3%	$33.1B-11.0%	$37.2B+8.1%	$34.4B+0.6%	$34.2B+5.7%	$32.4B
Long-Term Debt	$73.0B+1.2%	$72.2B	N/A	N/A	N/A	N/A
Total Equity	$97.7B+10.2%	$88.7B-4.3%	$92.7B+10.0%	$84.3B+6.2%	$79.3B+1.3%	$78.4B
Retained Earnings	$50.1B+7.6%	$46.6B+10.3%	$42.2B+8.7%	$38.8B+14.6%	$33.9B+9.8%	$30.9B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$218.8B+3.6%	$211.1B+2.2%	$206.6B-1.9%	$210.7B-3.9%	$219.3B+1.4%	$216.4B+1.6%	$212.9B+0.3%	$212.4B
Current Assets	$24.8B+16.8%	$21.2B-7.8%	$23.0B+9.4%	$21.0B-10.0%	$23.4B+8.8%	$21.5B-7.3%	$23.2B+11.9%	$20.7B
Cash & Equivalents	$11.6B+62.4%	$7.2B-35.9%	$11.2B+51.2%	$7.4B-28.5%	$10.3B+50.9%	$6.8B-31.3%	$10.0B+41.9%	$7.0B
Inventory	$5.1B-6.7%	$5.5B+9.1%	$5.0B-9.8%	$5.6B-0.3%	$5.6B-18.4%	$6.8B+3.4%	$6.6B+8.3%	$6.1B
Accounts Receivable	$6.2B-11.9%	$7.0B+32.7%	$5.3B-21.4%	$6.7B+11.3%	$6.0B-8.9%	$6.6B+24.0%	$5.3B-9.1%	$5.9B
Goodwill	$117.9B+2.7%	$114.8B+3.9%	$110.5B-2.6%	$113.5B-3.1%	$117.0B+0.8%	$116.2B+2.8%	$113.0B-2.1%	$115.4B
Total Liabilities	$121.1B+1.2%	$119.7B+1.5%	$117.9B-2.9%	$121.5B-4.1%	$126.7B-0.7%	$127.6B-0.9%	$128.7B-0.8%	$129.6B
Current Liabilities	$34.5B+4.4%	$33.0B-0.2%	$33.1B+8.2%	$30.6B-17.7%	$37.2B+10.0%	$33.8B-1.8%	$34.4B+11.3%	$30.9B
Long-Term Debt	$73.0B	N/A	$72.2B	N/A	N/A	N/A	N/A	N/A
Total Equity	$97.7B+6.9%	$91.4B+3.1%	$88.7B-0.6%	$89.2B-3.7%	$92.7B+4.4%	$88.8B+5.3%	$84.3B+1.8%	$82.8B
Retained Earnings	$50.1B+5.2%	$47.6B+2.3%	$46.6B+7.0%	$43.5B+3.1%	$42.2B+7.5%	$39.3B+1.1%	$38.8B+12.7%	$34.4B

BUD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$14.9B-1.1%	$15.1B+13.5%	$13.3B-0.2%	$13.3B-10.1%	$14.8B+35.9%	$10.9B
Capital Expenditures	$3.7B-5.4%	$3.9B-16.7%	$4.6B-10.1%	$5.2B-8.5%	$5.6B+49.2%	$3.8B
Free Cash Flow	$11.2B+0.3%	$11.2B+29.7%	$8.6B+6.0%	$8.1B-11.1%	$9.2B+28.8%	$7.1B
Investing Cash Flow	-$3.4B-5.4%	-$3.3B+25.8%	-$4.4B-1.2%	-$4.3B+26.2%	-$5.9B-192.8%	$6.3B
Financing Cash Flow	-$11.4B-16.2%	-$9.9B-15.1%	-$8.6B+21.5%	-$10.9B+6.0%	-$11.6B-36.8%	-$8.5B
Dividends Paid	$4.5B+70.0%	$2.7B-11.3%	$3.0B+23.4%	$2.4B+3.3%	$2.4B+31.3%	$1.8B
Share Buybacks	$2.6B+188.9%	$900.0M	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BUD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	14.3%+1.9pp	12.4%+0.8pp	11.6%-1.6pp	13.2%+1.9pp	11.3%+6.6pp	4.7%
Return on Equity	8.7%+0.3pp	8.4%+0.9pp	7.4%-1.6pp	9.0%+1.3pp	7.7%+4.9pp	2.8%
Return on Assets	3.9%+0.3pp	3.6%+0.5pp	3.1%-0.4pp	3.6%+0.8pp	2.8%+1.8pp	1.0%
Current Ratio	0.72+0.0	0.70+0.1	0.63-0.0	0.67-0.0	0.70-0.1	0.82
Debt-to-Equity	0.75-0.1	0.81-0.6	1.37-0.2	1.53-0.2	1.74-0.1	1.89
FCF Margin	18.9%+0.2pp	18.7%+4.2pp	14.5%+0.5pp	14.1%-2.8pp	16.9%+1.7pp	15.2%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.72+0.1	0.64-0.1	0.700.0	0.69+0.1	0.630.0	0.64-0.0	0.670.0	0.67
Debt-to-Equity	0.75-0.6	1.31+0.5	0.81-0.5	1.360.0	1.37-0.1	1.44-0.1	1.53-0.0	1.57
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Anheuser Busch's annual revenue?

Anheuser Busch (BUD) reported $59.3B in total revenue for fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Anheuser Busch's revenue growing?

Anheuser Busch (BUD) revenue declined by 0.7% year-over-year, from $59.8B to $59.3B in fiscal year 2025.

Is Anheuser Busch profitable?

Yes, Anheuser Busch (BUD) reported a net income of $8.5B in fiscal year 2025, with a net profit margin of 14.3%.

How much debt does Anheuser Busch have?

As of fiscal year 2025, Anheuser Busch (BUD) had $11.6B in cash and equivalents against $73.0B in long-term debt.

What is Anheuser Busch's net profit margin?

Anheuser Busch (BUD) had a net profit margin of 14.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Anheuser Busch's return on equity (ROE)?

Anheuser Busch (BUD) has a return on equity of 8.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Anheuser Busch's free cash flow?

Anheuser Busch (BUD) generated $11.2B in free cash flow during fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Anheuser Busch's operating cash flow?

Anheuser Busch (BUD) generated $14.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Anheuser Busch's total assets?

Anheuser Busch (BUD) had $218.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Anheuser Busch's capital expenditures?

Anheuser Busch (BUD) invested $3.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Anheuser Busch buy back shares?

Yes, Anheuser Busch (BUD) spent $2.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Anheuser Busch have outstanding?

Anheuser Busch (BUD) had 1.80B shares outstanding as of fiscal year 2025.

What is Anheuser Busch's current ratio?

Anheuser Busch (BUD) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Anheuser Busch's debt-to-equity ratio?

Anheuser Busch (BUD) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Anheuser Busch's return on assets (ROA)?

Anheuser Busch (BUD) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Anheuser Busch's Piotroski F-Score?

Anheuser Busch (BUD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Anheuser Busch's earnings high quality?

Anheuser Busch (BUD) has an earnings quality ratio of 1.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Anheuser Busch?

Anheuser Busch (BUD) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.