Anheuser‑Busch InBev (NYSE:BUD) reported fourth‑quarter 2025 results that included underlying earnings of $0.95 per share, a 7.5% increase from the same period a year earlier and a beat of the consensus estimate of $0.92. Revenue for the quarter rose 4.8% to $15.555 billion, slightly below the consensus estimate of $15.58 billion, resulting in a modest revenue miss.
Full‑year 2025 revenue fell 0.8% to $59.32 billion, largely due to unfavorable currency translation, while organic revenue grew 2%. Total volumes declined 2.3% for the year, with beer volumes down 2.6% and non‑beer volumes down 0.4%, reflecting continued pressure on beer consumption.
Normalized EBITDA margin expanded 101 basis points to 35.8% for the full year, driven by disciplined revenue management and premiumization, while the quarter’s margin contracted 10 basis points to 35.2% as the company invested in growth initiatives and faced temporary cost pressures.
Management reaffirmed its outlook for 2026, maintaining an EBITDA growth target of 4%–8% and signaling confidence in its strategy of premiumization, digital initiatives such as the BEES marketplace, and expansion into Beyond Beer and non‑alcoholic segments. The company also highlighted a 15% dividend increase for 2025 and progress on its share‑buyback program.
CEO Michel Doukeris said, 'We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms.' He added, 'In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment.'
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