One of the world's largest brewers, Anheuser-Busch InBev makes and sells hundreds of beer brands, including Budweiser, Bud Light, Stella Artois, Corona, and Beck's, enjoyed by drinkers in dozens of countries. The company was born in 2008 when Belgian-Brazilian brewer InBev bought the American icon Anheuser-Busch, whose roots trace back to 1852 when a German immigrant named Eberhard Anheuser took over a struggling St. Louis brewery. A fun quirk: Budweiser's famous Clydesdale horses were introduced in 1933 as a gift to celebrate the end of Prohibition, and the draft horses still appear in the brand's advertising today.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
AB InBev's profit rose 14.3% to $8.5B on lower finance costs and a lower tax rate, even as revenue slipped 0.8% to $59.3B under currency and volume pressure.
Profit rose ahead of , but the top line told a different story. Revenue slipped 0.8% to $59.3 billion as a $1.3 billion currency and a 2.5% volume decline overwhelmed the 2.0% from pricing and premiumization, while rose 14.3% to $8.5 billion thanks to lower finance costs and a lower tax rate. The core business is grinding out modest organic gains, but the reported numbers remain at the mercy of the dollar and developing-market demand.
Key takeaways
rose 14.3% to $8.5 billion, driven by lower net finance expense and a lower , not by .
fell 0.8% to $59.3 billion, as a $1.3 billion negative currency translation impact and a 2.5% drop in total volumes to 561.1 million hectoliters more than offset 2.0% organic revenue growth.
rose 7.2% to $11.3 billion and widened 1.4 points to 19.1%, but profit from operations—which includes —fell 0.5% to $15.4 billion after swinging from a $25 million net gain in 2024 to $449 million in net exceptional charges, including restructuring and asset disposal losses.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
The company manages currency, interest rate, commodity, and equity risks through derivatives and fixed-price contracts, with sensitivity analyses provided.
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A 10% USD move against other currencies could impact pre-tax profit by ~$91M and equity reserves by $516M over 12 months.
Only 2% of interest-bearing liabilities are variable-rate post-hedging; a 100bps rate change would alter by $15M, offset by $112M in interest income.
Volumes fell across three of five regions: Asia Pacific dropped 6.4%, North America fell 4.1%, and South America declined 3.5%, with the company citing soft consumer demand and unseasonable weather.
The company recorded a $213 million loss on equity swaps hedging 100.5 million shares for share-based payments, and disclosed that a 24% share-price swing could now impact pre-tax profit by $1.56 billion.
Total liquidity stood at $22.0 billion, and the company guided for 2026 net capital expenditure of $3.5 to $4.0 billion while targeting a to ratio of around 2x.
What changed
The swing flagged in 2024 materialized: after a $25 million net gain in 2024, the company recorded $449 million in net exceptional charges in 2025, pulling profit from operations down 0.5% even as rose.
North America's volume trajectory worsened: after a 12.2% drop in 2023 and a stabilization narrative in 2024, volumes fell another 4.1% in 2025, showing the region has not found a floor.
The AB InBev Efes divestiture flagged in 2022 and 2023 remains unresolved, with the Russian government now placing the joint venture under temporary management, blocking the planned sale and creating ongoing uncertainty.
Currency translation remained a material drag, with a $1.3 billion negative impact in 2025, following $2.0 billion in 2024 and $2.7 billion in 2023, as the strong dollar and developing-market currency weakness persisted.
What to watch
Whether North America volumes stabilize or continue to decline after a cumulative drop of more than 16% over three years.
The resolution—or further deterioration—of the AB InBev Efes situation in Russia, now under temporary government management.
The impact of new global tariffs and a strong U.S. dollar on 2026 reported , given the $1.3 billion currency translation hit in 2025 and the company's sensitivity to a 10% USD move.
Whether the $449 million in net exceptional charges in 2025 is a one-off reset or the start of a period of elevated restructuring and asset disposal costs.
Commodity exposure is hedged via fixed-price contracts and derivatives, with $2.3B in aluminum swaps and $630M in other commodity derivatives outstanding.
Equity swaps hedge share-price risk on 100.5M shares, causing a $213M loss in 2025; a 24% share-price swing could impact pre-tax profit by $1.56B.
The company uses foreign exchange forwards, options, futures, and cross-currency swaps to hedge operating and non-operating currency exposures, with 2026 exposures largely locked in for key pairs.
Macroeconomic volatility, currency swings, and geopolitical conflicts are the most emphasized threats to revenue and profitability.
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Macroeconomic weakness, inflation, and global tariffs could reduce consumer demand and shift purchases to lower-priced products, disproportionately impacting the company's above-core and core beer portfolio.
Currency translation effects, primarily from the Argentine peso, Brazilian real, and Mexican peso, negatively impacted consolidated by $1.3 billion in 2025.
The ongoing Russia-Ukraine conflict has led to the Russian government placing the AB InBev Efes joint venture under temporary management, blocking the planned divestiture and creating ongoing uncertainty.
The company's high debt level and potential downgrades could limit its financial flexibility, increase borrowing costs, and restrict its ability to fund operations or pay dividends.
A substantial 65% of 2025 came from developing markets, exposing the company to heightened risks of currency devaluation, inflation, political instability, and restrictions on cash repatriation.
The company's reliance on its largest shareholder, Stichting Anheuser-Busch InBev, which controls 33.99% of voting rights, could lead to actions that are not supported by other shareholders.
AB InBev is the world's largest brewer, operating a diversified portfolio of over 400 beer and non-beer brands across five geographic regions.
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The company reports under five segments: North America, Middle Americas, South America, EMEA, and Asia Pacific, with 2025 of USD 59.3 billion on 561.1 million hectoliters of volume.
Its strategy focuses on leading the beer category through core superiority, , balanced choices, and a Beyond Beer portfolio, while digitizing its ecosystem via the BEES B2B platform.
The brand portfolio includes four global brands (Budweiser, Corona, Stella Artois, Michelob ULTRA), multi-country brands, and local champions, with eight brands ranked among the world's top ten most valuable beer brands.
Non-beer activities, including soft drinks and spirits-based RTDs like Cutwater and NÜTRL, accounted for 14% of consolidated volumes and 11% of in 2025.
The company holds the number one market share position in over 30 countries and is the market leader by volume in the United States, Mexico, and Brazil.
A key competitive strength is its global scale and geographic diversification, with developing markets representing 65% of 2025 , balanced against the stability of developed markets.
Consolidated revenue fell 0.8% to $59.3B on currency headwinds and volume declines, while Normalized EBITDA rose 1.3% to $21.2B.
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Total volumes decreased 2.5% to 561.1 million hectoliters, driven by declines in Asia Pacific (-6.4%), North America (-4.1%), and South America (-3.5%), partly due to soft consumer demand and unseasonable weather.
decreased 0.8% to $59.3B, with a $1.3B negative currency translation impact; excluding currency and scope effects, revenue grew 2.0% on disciplined revenue management and premiumization.
Cost of sales decreased 2.3% to $26.1B, but on an organic basis per hectoliter increased 2.6%, driven by foreign exchange and commodity headwinds, particularly in South America and EMEA.
Profit from operations decreased 0.5% to $15.4B, impacted by $449M in net exceptional charges including restructuring and asset disposal losses, versus a $25M net gain in the prior year.
Profit of the period rose 14.3% to $8.5B, primarily due to lower net finance expense and a lower , while the company maintained total liquidity of $22.0B.
The company expects 2026 net capital expenditure between $3.5B and $4.0B and targets a to ratio of around 2x.