Anheuser-Busch InBev SA/NV (BUD) quarterly cash flow statement — complete operating, investing & financing history
Anheuser-Busch InBev SA/NV (BUD) cash flow statement — 24-year operating, investing & financing cash flows
| Metric | Q2'26 | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 | Q4'16 |
|---|
| Cash from Operations | 5.25B | 12.12B | 2.73B | 12.46B | 2.56B | 12.38B | 905.47M | 11.1B | 1.85B | 11.1B | 3.47B | 8.89B | 1.12B | 7.63B | 4.9B | 10.23B | 3.42B | 11.48B | 7.71B | 5.05B |
| Operating CF Margin % | 16.43% | 39.59% | 9.08% | 41.7% | 8.58% | 41.2% | 3.09% | 37.29% | 6.6% | 38.98% | 13.43% | 34.75% | 5.27% | 28.78% | 18.98% | 37.67% | 12.6% | 39.14% | 28.46% | 19.97% |
| Operating CF Growth % | 92.47% | -2.75% | 6.31% | 0.67% | 183.17% | 11.54% | -51.02% | -0% | -46.72% | 24.84% | 208.91% | 16.53% | -77.08% | -25.46% | 43.46% | -10.88% | -55.71% | 127.19% | 52.62% | -28.4% |
| Net Income | 6.32B | 3.01B | 3.85B | 3.28B | 2.56B | 3.37B | 1.98B | 4.28B | 1.69B | 2.21B | 2.45B | 3.33B | -3.97B | 2.69B | 5.82B | 883.91M | 2.95B | 5.13B | 4.59B | 1.38B |
| Depreciation & Amortization | 2.76B | 3.06B | 2.47B | 2.94B | 2.58B | 2.91B | 2.49B | 2.79B | 2.28B | 2.31B | 2.28B | 2.45B | 2.41B | 2.35B | 2.27B | 2.29B | 2.33B | 2.18B | 2.14B | 1.74B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175.5M | 115.5M |
| Deferred Taxes | 0 | -245.53M | -173.38M | -133.67M | -176.72M | -327.42M | -362.59M | -245M | -457.23M | -190.39M | -156.7M | 285M | -316.23M | 149.18M | -170.15M | 117.69M | -135.67M | -290.97M | 960M | 806.5M |
| Other Non-Cash Items | -1.32B | 3.15B | 539.28M | 2.35B | 2.01B | 3.58B | 1.61B | 1.45B | 1.86B | 3.11B | 476.08M | -185M | 6.04B | 1.28B | -1.21B | 4.38B | 849.91M | 2.2B | -259.5M | 923.5M |
| Working Capital Changes | -2.52B | 3.14B | -3.97B | 4.02B | -4.41B | 2.85B | -4.81B | 2.82B | -3.52B | 3.66B | -1.58B | 3.01B | -3.04B | 1.15B | -1.81B | 2.56B | -2.57B | 2.27B | 109.5M | 86.5M |
| Change in Receivables | -1.08B | 952.54M | -1.14B | 1.49B | -1.15B | 178.48M | -1.33B | 530.68M | -578.76M | 917.11M | -753.54M | 504.87M | 15.06M | -9.34M | -237.21M | 233.3M | -338.17M | -238.63M | 33.5M | -357M |
| Change in Inventory | -370.36M | 330.71M | -243.94M | 175.78M | -324.49M | 946.43M | -228.37M | -719.92M | -829.79M | -336.49M | -892.27M | 58.65M | -488.91M | -13.91M | -409.36M | -148.36M | -438.92M | 31.94M | -106.5M | -182M |
| Change in Payables | -909.89M | 2.01B | -2.3B | 2.47B | -2.69B | 1.96B | -3.07B | 3.17B | -1.92B | 3.2B | 321.38M | 2.74B | -2.24B | 1.61B | -885.78M | 2.68B | -1.52B | 2.8B | 0 | 0 |
| Cash from Investing | -5.2B | -2.12B | -1.63B | -1.54B | -2.14B | -2.32B | -2.07B | -2.69B | -1.96B | -3.65B | -2.21B | 343.93M | 9.1B | -2.55B | -1.76B | -1.85B | -2.17B | 1.59B | 3.93B | -30.04B |
| Capital Expenditures | -1.41B | -2.23B | -1.42B | -2.12B | -1.76B | -2.53B | -2.11B | -3.17B | -1.99B | -3.46B | -2.17B | -2.49B | -1.62B | -3.45B | -1.72B | -2.98B | -2.19B | -3.04B | -2.37B | -2.49B |
| CapEx % of Revenue | 4.41% | 7.29% | 4.72% | 7.1% | 5.89% | 8.43% | 7.19% | 10.67% | 7.12% | 12.14% | 8.4% | 9.72% | 7.59% | 13.03% | 6.65% | 10.97% | 8.08% | 10.35% | 8.75% | 9.84% |
| Acquisitions | -4.1B | 28.72M | -265.11M | 27.09M | -380.41M | 110.16M | 33.05M | 265.28M | -32.87M | -160.48M | -140.73M | 13.71B | -148.58M | 309.52M | -23.02M | 531.79M | -1.27B | 12.01B | 5.57B | -24.81B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 310.3M | 86.27M | 47.38M | 551.94M | -998.44K | 109.16M | 10.02M | 222.76M | 65.75M | -32.98M | 97.81M | -10.88B | 10.87B | 602.96M | -16.01M | 604.25M | -5.99M | -8.93B | 727M | -2.74B |
| Cash from Financing | -4.12B | -5.53B | -5.57B | -6.51B | -2.89B | -6.46B | -2.13B | -5.25B | -4.99B | -1.76B | -9.62B | -18.9B | 8.26B | -5.88B | -2B | -8.97B | -3.9B | -10.84B | -10.5B | 25.37B |
| Debt Issued (Net) | 246.24M | -2.52B | 69.55M | -4.94B | 1.12B | -3.06B | 155.25M | -3.75B | -3.44B | -505.07M | -7.98B | -18.59B | 10.23B | -9.41B | 1.41B | -6.18B | 1.48B | 5.29B | -5.18B | 31.34B |
| Equity Issued (Net) | -1.3B | -378.77M | -1.92B | -98.49M | -836.69M | -362.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.57B | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -2.6B | -1.36B | -3.17B | -528.15M | -2.14B | -1.09B | -1.93B | -1.18B | -1.27B | -978.45M | -1.38B | -589.94M | -1.22B | -2.62B | -2.39B | -2.63B | -5.12B | -4.82B | -4.64B | -4.22B |
| Share Repurchases | -1.3B | -378.77M | -1.92B | -98.49M | -836.69M | -362.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -465.46M | -1.27B | -548.36M | -934.78M | -1.04B | -1.95B | -359.59M | -326.17M | -284.9M | -274.1M | -255.5M | 276.35M | -746.91M | 579.66M | -1.02B | -161.12M | -261.36M | -11.31B | -687.5M | -1.75B |
| Net Change in Cash | -3.98B | 4.47B | -4.01B | 3.78B | -2.94B | 3.48B | -3.13B | 2.95B | -5.07B | 5.31B | -8.46B | -9.77B | 17.78B | -941M | 1.1B | -896M | -2.5B | 10.47B | 1.96B | 1.49B |
| Free Cash Flow | 3.84B | 9.89B | 1.31B | 10.34B | 831.7M | 9.84B | -1.2B | 7.92B | -145.44M | 7.64B | 1.3B | 6.67B | -462.8M | 4.19B | 3.19B | 7.36B | 1.29B | 8.45B | 5.34B | 2.57B |
| FCF Margin % | 12.02% | 32.3% | 4.37% | 34.59% | 2.78% | 32.76% | -4.11% | 26.62% | -0.52% | 26.84% | 5.03% | 26.06% | -2.17% | 15.82% | 12.35% | 27.08% | 4.78% | 28.8% | 19.72% | 10.14% |
| FCF Growth % | 192.94% | -4.36% | 57.56% | 5.02% | 169.02% | 24.25% | -728.51% | 3.68% | -111.18% | 14.63% | 381% | 58.94% | -114.51% | -42.99% | 146.35% | -12.92% | -75.77% | 229.35% | 108.32% | -45.25% |
| FCF per Share | 1.94 | 5.00 | 0.66 | 5.16 | 0.41 | 4.88 | -0.60 | 3.94 | -0.07 | 3.81 | 0.65 | 3.36 | -0.23 | 2.14 | 1.61 | 3.72 | 0.66 | 4.28 | 2.71 | 1.30 |
| FCF Conversion (FCF/Net Income) | 0.83x | 4.03x | 0.81x | 3.79x | 1.00x | 3.68x | 0.46x | 2.59x | 1.09x | 5.02x | 1.41x | 2.69x | -0.59x | 2.45x | 0.81x | 7.23x | 1.16x | 2.26x | 2.65x | 5.29x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |