Ambev exhibits cyclical revenue volatility, evidenced by a sharp 8.2% contraction in 2025Q4, while maintaining robust operating margins that frequently exceed 25%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 88.21B | 88.24B | 89.45B | 79.74B | 79.71B | 72.85B | 58.38B | 52.01B | 50.23B | 47.9B | 45.6B | 46.72B | 38.08B | 35.08B | 32.48B | 27.13B | 25.23B | 23.19B | 20.71B | 19.58B | 17.61B | 15.96B | 12.01B | 8.68B | 7.33B | 6.53B | 5.25B |
| Revenue Growth % | -3.78% | -1.35% | 12.18% | 0.04% | 9.41% | 24.8% | 12.26% | 3.53% | 4.87% | 5.04% | -2.39% | 22.69% | 8.55% | 8.01% | 19.73% | 7.5% | 8.79% | 11.98% | 5.79% | 11.16% | 10.37% | 32.88% | 38.3% | 18.55% | 12.25% | 24.3% | - |
| Cost of Goods Sold | 42.8B | 42.86B | 43.62B | 39.29B | 40.42B | 35.66B | 27.07B | 21.68B | 19.25B | 18.03B | 16.68B | 16.06B | 12.81B | 11.57B | 10.61B | 9B | 8.45B | 7.73B | 7.22B | 6.6B | 5.95B | 5.74B | 4.78B | 4.04B | 3.34B | 3.37B | 2.84B |
| COGS % of Revenue | - | 48.58% | 48.76% | 49.28% | 50.71% | 48.95% | 46.36% | 41.68% | 38.32% | 37.64% | 36.57% | 34.38% | 33.65% | 32.99% | 32.66% | 33.17% | 33.48% | 33.34% | 34.85% | 33.7% | 33.77% | 35.98% | 39.81% | 46.57% | 45.62% | 51.58% | 54.16% |
| Gross Profit | 45.41B | 45.38B | 45.84B | 40.45B | 39.29B | 37.19B | 31.31B | 30.33B | 30.98B | 29.87B | 28.92B | 30.66B | 25.27B | 23.51B | 21.87B | 18.13B | 16.78B | 15.46B | 13.5B | 12.98B | 11.66B | 10.22B | 7.23B | 4.64B | 3.98B | 3.16B | 2.41B |
| Gross Margin % | 51.48% | 51.42% | 51.24% | 50.72% | 49.29% | 51.05% | 53.64% | 58.32% | 61.68% | 62.36% | 63.43% | 65.62% | 66.35% | 67.01% | 67.34% | 66.83% | 66.52% | 66.66% | 65.15% | 66.3% | 66.23% | 64.02% | 60.19% | 53.43% | 54.38% | 48.42% | 45.84% |
| Gross Profit Growth % | - | -1% | 13.33% | 2.95% | 5.62% | 18.78% | 3.25% | -2.11% | 3.72% | 3.27% | -5.66% | 21.35% | 7.48% | 7.48% | 20.64% | 8.01% | 8.55% | 14.57% | 3.97% | 11.28% | 14.18% | 41.34% | 55.79% | 16.47% | 26.09% | 31.29% | - |
| Operating Expenses | 21.44B | 23.06B | 24.04B | 21.61B | 21.6B | 20.11B | 15.34B | 14.25B | 13.83B | 13.32B | 11.82B | 11.88B | 9.44B | 8.08B | 8.18B | 6.69B | 6.76B | 6.28B | 5.67B | 5.24B | 7.33B | 7.23B | 5.06B | 2.67B | 2.6B | 1.16B | 2.08B |
| OpEx % of Revenue | - | 26.13% | 26.87% | 27.11% | 27.1% | 27.61% | 26.28% | 27.41% | 27.53% | 27.81% | 25.92% | 25.43% | 24.79% | 23.02% | 25.18% | 24.64% | 26.8% | 27.09% | 27.37% | 26.78% | 41.61% | 45.3% | 42.17% | 30.8% | 35.55% | 17.81% | 39.62% |
| Selling, General & Admin | 24.94B | 25.14B | 26.39B | 23.44B | 23.97B | 21.85B | 17.57B | 15.33B | 14.69B | 14.43B | 14.18B | 13.46B | 10.98B | 9.81B | 8.99B | 7.49B | 7.24B | 7.02B | 5.99B | 5.62B | 4.64B | 4.33B | 3.07B | 1.91B | 1.6B | 1.53B | 1.56B |
| SG&A % of Revenue | - | 28.49% | 29.5% | 29.39% | 30.07% | 29.99% | 30.09% | 29.47% | 29.25% | 30.12% | 31.09% | 28.81% | 28.83% | 27.96% | 27.69% | 27.62% | 28.67% | 30.27% | 28.93% | 28.71% | 26.33% | 27.14% | 25.57% | 22.04% | 21.82% | 23.4% | 29.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -4M | -2.08B | -2.36B | -1.82B | -2.37B | -1.73B | -2.23B | -1.08B | -860.9M | -1.11B | -2.36B | -1.58B | -1.54B | -1.73B | -813.2M | -806.3M | -474.1M | -735.9M | -324.3M | -379.4M | 2.69B | 2.9B | 1.99B | 761.1M | 1.01B | -364.9M | 522.31M |
| Operating Income | 23.97B | 22.32B | 21.8B | 18.83B | 17.69B | 17.08B | 15.97B | 16.07B | 17.15B | 16.55B | 17.11B | 18.78B | 15.83B | 15.43B | 13.69B | 11.44B | 10.02B | 9.18B | 7.83B | 7.74B | 4.34B | 2.99B | 2.16B | 1.96B | 1.38B | 2B | 326.56M |
| Operating Margin % | 27.17% | 25.3% | 24.37% | 23.62% | 22.19% | 23.44% | 27.36% | 30.91% | 34.14% | 34.56% | 37.51% | 40.19% | 41.56% | 43.99% | 42.16% | 42.18% | 39.72% | 39.57% | 37.79% | 39.52% | 24.62% | 18.71% | 18.02% | 22.63% | 18.83% | 30.61% | 6.22% |
| Operating Income Growth % | - | 2.39% | 15.78% | 6.46% | 3.56% | 6.94% | -0.64% | -6.27% | 3.62% | -3.23% | -8.91% | 18.65% | 2.56% | 12.7% | 19.65% | 14.17% | 9.21% | 17.27% | 1.15% | 78.45% | 45.2% | 38% | 10.13% | 42.43% | -30.92% | 511.6% | - |
| EBITDA | 30.69B | 29.15B | 28.93B | 25.25B | 23.64B | 22.48B | 21.14B | 20.75B | 21.6B | 20.59B | 20.62B | 21.85B | 18.22B | 17.54B | 15.64B | 13.11B | 11.59B | 10.55B | 9.12B | 8.82B | 5.52B | 4.07B | 3.89B | 2.98B | 2.13B | 2.71B | 528.82M |
| EBITDA Margin % | 34.79% | 33.04% | 32.34% | 31.67% | 29.66% | 30.85% | 36.21% | 39.9% | 43% | 42.98% | 45.21% | 46.77% | 47.84% | 49.99% | 48.17% | 48.31% | 45.93% | 45.5% | 44.02% | 45.06% | 31.36% | 25.53% | 32.39% | 34.36% | 29.07% | 41.46% | 10.07% |
| EBITDA Growth % | 2.86% | 0.78% | 14.57% | 6.79% | 5.19% | 6.33% | 1.88% | -3.93% | 4.91% | -0.14% | -5.65% | 19.95% | 3.9% | 12.09% | 19.38% | 13.07% | 9.81% | 15.76% | 3.34% | 59.7% | 35.61% | 4.72% | 30.38% | 40.1% | -21.28% | 411.57% | - |
| D&A (Non-Cash Add-back) | 6.72B | 6.83B | 7.13B | 6.42B | 5.96B | 5.4B | 5.17B | 4.68B | 4.45B | 4.04B | 3.51B | 3.07B | 2.39B | 2.11B | 1.95B | 1.66B | 1.57B | 1.38B | 1.29B | 1.08B | 1.19B | 1.09B | 1.73B | 1.02B | 750M | 708.1M | 202.27M |
| EBIT | 22.25B | 22.14B | 21.89B | 17.85B | 17.13B | 15.6B | 15.61B | 14.77B | 14.85B | 14.94B | 15.67B | 17.77B | 15.38B | 14.71B | 13.88B | 11.83B | 10.34B | 9.54B | 8.09B | 7.98B | 6.26B | 5.22B | 2.16B | 2.43B | 1.84B | 1.38B | 326.56M |
| Net Interest Income | -1.54B | -1.32B | -774.3M | -160.88M | -176.38M | -287.73M | 20.54M | -191.33M | -2.69B | -3.22B | -2.26B | -1.54B | -1.12B | -1.53B | -1.06B | -524.2M | -446.9M | -982.1M | -1.19B | -1.16B | -1.08B | -1.09B | -776.4M | 93.1M | -747M | 503.1M | 373.94M |
| Interest Income | 1.21B | 1.4B | 1.62B | 417.55M | 419.72M | 1.14B | 435.33M | 270.73M | 454M | 774.4M | 513.6M | 1.29B | 399.4M | 342.6M | 245.6M | 765.6M | 298.4M | 366.38M | 256.8M | 236.2M | 0 | 95.54M | 11.6M | 77.4M | 34.2M | 503.1M | 373.94M |
| Interest Expense | 2.75B | 2.72B | 2.4B | 578.43M | 596.1M | 1.43B | 414.78M | 462.06M | 1.28B | 4.27B | 1.54B | 3.56B | 697.4M | 618.9M | 557.1M | 468.1M | 606.1M | 1.35B | 1.45B | 1.4B | 1.08B | 1.18B | 646.5M | 93.1M | 537.5M | 0 | 0 |
| Other Income/Expense | -4.47B | -2.9B | -2.31B | -3.8B | -3.45B | -3.32B | -2.48B | -3.13B | -4.03B | -3.72B | -3.71B | -2.27B | -1.46B | -1.55B | -892.8M | -521.2M | -319.2M | -981.4M | -1.19B | -1.16B | -28.8M | -234.3M | -333.99M | -100.7M | -72.2M | -1B | -261.79M |
| Pretax Income | 19.5B | 19.42B | 19.49B | 15.04B | 14.24B | 13.76B | 13.49B | 12.94B | 13.12B | 12.84B | 13.4B | 16.51B | 14.37B | 13.88B | 12.8B | 10.92B | 9.7B | 8.2B | 6.64B | 6.58B | 4.31B | 2.75B | 1.83B | 1.86B | 1.31B | 993.3M | 64.76M |
| Pretax Margin % | 22.1% | 22.01% | 21.79% | 18.86% | 17.86% | 18.89% | 23.12% | 24.89% | 26.12% | 26.8% | 29.38% | 35.35% | 37.73% | 39.57% | 39.41% | 40.26% | 38.46% | 35.34% | 32.05% | 33.6% | 24.45% | 17.24% | 15.24% | 21.47% | 17.85% | 15.22% | 1.23% |
| Income Tax | 3.43B | 3.43B | 4.64B | 75.5M | -655.6M | 636.6M | 1.76B | 754.7M | 1.77B | 5.05B | 315M | 3.63B | 2.01B | 2.48B | 2.34B | 2.44B | 2.08B | 2.21B | 1.45B | 1.51B | 1.32B | 1.02B | 511.94M | 426.1M | -280.6M | 51.9M | -405.37M |
| Effective Tax Rate % | 17.58% | 17.68% | 23.81% | 0.5% | -4.61% | 4.63% | 13.06% | 5.83% | 13.52% | 39.33% | 2.35% | 22.01% | 13.97% | 17.88% | 18.28% | 22.37% | 21.48% | 26.94% | 21.8% | 22.95% | 30.54% | 37.07% | 27.98% | 22.86% | -21.46% | 5.23% | -625.95% |
| Net Income | 15.58B | 15.5B | 14.44B | 14.5B | 14.46B | 12.67B | 11.38B | 11.78B | 10.99B | 7.27B | 12.55B | 12.42B | 12.07B | 9.56B | 6.35B | 5.15B | 7.56B | 5.99B | 5.12B | 5B | 2.81B | 1.55B | 1.16B | 1.41B | 1.51B | 784.6M | 470.14M |
| Net Margin % | 17.66% | 17.57% | 16.14% | 18.19% | 18.14% | 17.39% | 19.49% | 22.65% | 21.89% | 15.18% | 27.51% | 26.59% | 31.68% | 27.25% | 19.54% | 18.97% | 29.97% | 25.81% | 24.71% | 25.55% | 15.93% | 9.69% | 9.67% | 16.26% | 20.62% | 12.02% | 8.96% |
| Net Income Growth % | 7.95% | 7.39% | -0.45% | 0.3% | 14.1% | 11.35% | -3.4% | 7.14% | 51.26% | -42.06% | 0.99% | 2.97% | 26.24% | 50.61% | 23.3% | -31.94% | 26.32% | 16.94% | 2.31% | 78.29% | 81.56% | 33.04% | -17.7% | -6.54% | 92.49% | 66.89% | - |
| Net Income (Continuing) | 16.07B | 15.99B | 14.85B | 14.96B | 14.89B | 13.12B | 11.73B | 12.19B | 11.35B | 7.79B | 13.08B | 12.88B | 12.36B | 11.4B | 10.46B | 8.48B | 7.62B | 5.99B | 5.19B | 5.07B | 2.99B | 1.73B | 1.16B | 1.44B | 1.59B | 941.4M | 470.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 697.87M | 860.74M | 938.4M | 1.17B | 1.37B | 1.37B | 1.34B | 1.28B | 1.21B | 1.97B | 1.83B | 2B | 1.42B | 1.23B | 12.13B | 10.04B | 203M | 278.7M | 224.1M | 506.7M | 222.7M | 122.52M | 212.56M | 196.4M | 79.1M | 88.93M | 512.43M |
| EPS (Diluted) | 0.99 | 0.99 | 0.91 | 0.92 | 0.91 | 0.80 | 0.72 | 0.74 | 0.70 | 0.47 | 0.79 | 0.78 | 0.76 | 0.74 | 0.64 | 0.53 | 0.47 | 0.37 | 0.33 | 0.28 | 0.26 | 0.18 | 0.02 | 0.02 | 0.13 | 0.07 | 0.04 |
| EPS Growth % | 8.79% | 8.79% | -1.09% | 1.1% | 13.75% | 11.11% | -2.7% | 5.71% | 48.94% | -40.51% | 1.28% | 2.63% | 2.7% | 15.63% | 20.75% | 12.77% | 27.03% | 12.12% | 17.86% | 7.69% | 44.44% | 958.82% | -31.45% | -80.92% | 89.23% | 70.9% | - |
| EPS (Basic) | - | 0.99 | 0.92 | 0.92 | 0.92 | 0.81 | 0.72 | 0.75 | 0.70 | 0.47 | 0.80 | 0.79 | 0.77 | 0.75 | 0.65 | 0.53 | 0.47 | 0.37 | 0.33 | 0.32 | 0.26 | 0.18 | 0.02 | 0.02 | 0.13 | 0.07 | 0.04 |
| Diluted Shares Outstanding | 15.67B | 15.68B | 15.81B | 15.84B | 15.85B | 15.86B | 15.87B | 15.87B | 15.86B | 15.71B | 15.82B | 15.93B | 15.82B | 12.82B | 9.84B | 16.32B | 15.53B | 16.11B | 15.37B | 17.96B | 14.97B | 14.09B | 68.36B | 56.93B | 11.51B | 11.43B | 11.7B |
| Basic Shares Outstanding | 15.61B | 15.62B | 15.81B | 15.84B | 15.74B | 15.74B | 15.73B | 15.73B | 15.72B | 15.71B | 15.7B | 15.73B | 15.68B | 12.68B | 9.69B | 16.25B | 15.48B | 16.08B | 15.36B | 15.61B | 14.95B | 14.06B | 68.36B | 56.93B | 11.51B | 11.43B | 11.7B |
| Dividend Payout Ratio | - | 131.99% | 28.1% | 82.21% | 84.68% | 87.72% | 60.2% | 66.82% | 80.16% | 121.33% | 82.34% | 92.49% | 99.95% | 76.73% | 88.55% | 106.7% | 66.53% | 59.48% | 54.73% | 39.03% | 63.81% | 146.99% | 51.89% | 72.75% | 22.22% | 39.94% | - |
Macroeconomic and Currency Volatility
According to the provided quarterly income statements, Ambev's revenue growth has remained inconsistent, fluctuating from a 35.2% surge in 2024Q4 to a contraction of 8.2% in 2025Q4, reflecting the company's high sensitivity to regional macroeconomic conditions and seasonal demand patterns across its core Latin American markets.
The erratic revenue trajectory suggests that organic volume growth is frequently masked by currency translation effects and inflationary pricing adjustments. Investors should monitor whether the recent shift toward the Bees B2B platform can eventually decouple top-line performance from the inherent volatility of the Brazilian Real.
Based on reported financial figures, Ambev maintains a robust gross margin profile, consistently hovering around the 50% to 53% range, which appears to be supported by the company's massive scale and its ability to leverage procurement advantages despite persistent fluctuations in global commodity and agricultural input costs.
The stability of these margins suggests that the company possesses significant pricing power within its core mainstream beer segment. However, the slight compression observed in mid-2025 warrants further investigation into whether competitive pressures or rising input costs are beginning to challenge the company's historical margin floor.
As reported in recent financial statements, Ambev demonstrates strong operating leverage, with operating margins frequently exceeding 25%, indicating that the company successfully manages its SG&A expenses relative to gross profit growth even during periods of significant top-line contraction in its primary Brazilian and Latin American segments.
The ability to maintain high operating margins despite revenue volatility suggests that the company's digital transformation via the Bees platform is effectively optimizing distribution costs. This operational discipline appears to be a key differentiator that protects profitability when volume growth stalls.
Analysis of the income statement reveals that Ambev consistently incurs stock-based compensation expenses, which reached $107.1 million in 2025Q2, potentially diluting the quality of reported net income and requiring investors to carefully adjust for these non-cash charges when evaluating the company's true underlying earnings power.
While the company remains highly profitable, the recurring nature of these compensation expenses suggests a structural impact on EPS that should be factored into valuation models. The variability in net income margins, ranging from 12% to 22.8%, further highlights the need to normalize for non-operating items and tax-related fluctuations.
While the company's scale is often cited as a defensive moat, a critical analysis of the data suggests that the reliance on premiumization to drive margins may be reaching a saturation point, leaving the company vulnerable to trade-down effects if regional consumer discretionary spending continues to weaken.
Short-sellers might focus on the potential for margin compression if the company is forced to increase promotional spending to defend market share against aggressive competitors. The sustainability of current profitability levels appears contingent on the successful execution of the premium mix strategy, which remains sensitive to macroeconomic headwinds.
Quick answers to the most common questions about buying ABEV stock.
For fiscal year 2025, Ambev S.A. (ABEV) reported total revenue of $88.24B. This represents a 1580.9% increase compared to $5.25B in 2000.
Ambev S.A. (ABEV) is profitable, generating $15.50B in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
Ambev S.A. (ABEV) reported an operating income of $22.32B, resulting in an operating profit margin of 25.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Ambev S.A. (ABEV) generated $45.38B in gross profit for the year, representing a gross profit margin of 51.4%. This demonstrates the company's core pricing power and production efficiency.