Revenue growth has stagnated at 0.65% year-over-year, while operating margins exhibit anomalous volatility, reaching 50% in 2025Q2 compared to historical norms of 24-26%.
| Metric | TTM | 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 |
|---|
| Sales/Revenue | 119.82B | 59.77B | 59.38B | 57.79B | 54.3B | 46.88B | 52.33B | 53.04B | 54.86B | 45.52B | 43.6B | 47.06B | 43.2B | 39.76B | 39.05B | 36.3B | 36.76B | 23.51B | 19.73B | 17.56B | 13.81B | 11.61B | 8.87B | 7.34B |
| Revenue Growth % | 3.66% | 0.65% | 2.76% | 6.41% | 15.83% | -10.41% | -1.34% | -3.31% | 20.52% | 4.39% | -7.35% | 8.95% | 8.64% | 1.82% | 7.57% | -1.25% | 56.37% | 19.11% | 12.36% | 27.23% | 18.86% | 30.93% | 20.91% | - |
| Cost of Goods Sold | 53.72B | 26.74B | 27.4B | 26.3B | 23.1B | 19.63B | 20.36B | 19.93B | 20.98B | 17.8B | 17.14B | 18.76B | 17.59B | 16.42B | 16.61B | 16.15B | 17.2B | 10.34B | 8.12B | 7.23B | 6.02B | 5.41B | 4.26B | 3.59B |
| COGS % of Revenue | - | 44.75% | 46.14% | 45.52% | 42.53% | 41.88% | 38.91% | 37.58% | 38.23% | 39.11% | 39.3% | 39.85% | 40.73% | 41.3% | 42.54% | 44.5% | 46.79% | 43.97% | 41.13% | 41.16% | 43.6% | 46.59% | 48.06% | 48.88% |
| Gross Profit | 66.1B | 33.02B | 31.98B | 31.48B | 31.21B | 27.25B | 31.97B | 33.11B | 33.88B | 27.71B | 26.47B | 28.31B | 25.6B | 23.34B | 22.44B | 20.15B | 19.56B | 13.17B | 11.62B | 10.34B | 7.79B | 6.2B | 4.61B | 3.75B |
| Gross Margin % | 55.17% | 55.25% | 53.86% | 54.48% | 57.47% | 58.12% | 61.09% | 62.42% | 61.77% | 60.89% | 60.7% | 60.15% | 59.27% | 58.7% | 57.46% | 55.5% | 53.21% | 56.03% | 58.87% | 58.84% | 56.4% | 53.41% | 51.94% | 51.12% |
| Gross Profit Growth % | - | 3.25% | 1.6% | 0.88% | 14.53% | -14.77% | -3.45% | -2.29% | 22.26% | 4.72% | -6.5% | 10.57% | 9.71% | 4.01% | 11.37% | 3% | 48.51% | 13.38% | 12.4% | 32.74% | 25.52% | 34.61% | 22.87% | - |
| Operating Expenses | 28.09B | 17.54B | 18.02B | 16.96B | 17.38B | 17.63B | 15.87B | 16.69B | 17.42B | 14.83B | 13.08B | 13.2B | 5.16B | 10.59B | 10.09B | 9.25B | 7.99B | 7.83B | 5.75B | 6.21B | 5.18B | 4.42B | 3.55B | 2.99B |
| OpEx % of Revenue | - | 29.34% | 30.34% | 29.36% | 32.01% | 37.6% | 30.33% | 31.47% | 31.76% | 32.59% | 30% | 28.04% | 11.94% | 26.63% | 25.84% | 25.48% | 21.74% | 33.31% | 29.11% | 35.33% | 37.54% | 38.07% | 40.03% | 40.7% |
| Selling, General & Admin | 45.08B | 18.34B | 18.17B | 17.55B | 17.57B | 15.37B | 16.42B | 16.81B | 17.76B | 15.17B | 13.73B | 14.38B | 12.56B | 11.24B | 10.51B | 9.59B | 9.97B | 7.71B | 6.62B | 6.17B | 5.03B | 3.73B | 3.49B | 2.8B |
| SG&A % of Revenue | - | 30.69% | 30.6% | 30.38% | 32.36% | 32.78% | 31.38% | 31.69% | 32.37% | 33.33% | 31.49% | 30.57% | 29.07% | 28.27% | 26.9% | 26.41% | 27.13% | 32.81% | 33.52% | 35.14% | 36.47% | 32.1% | 39.32% | 38.16% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -4M | -803M | -155M | -591M | -192M | 2.26B | -552M | -113M | -336M | -339M | -651M | -1.19B | -7.4B | -652M | -415M | -336M | -1.98B | 118M | -871M | 33M | 148.05M | 694.07M | 62.97M | 186.78M |
| Operating Income | 38.02B | 15.49B | 13.97B | 14.52B | 13.82B | 9.62B | 16.1B | 16.41B | 16.46B | 12.88B | 13.39B | 15.11B | 20.44B | 12.75B | 12.35B | 10.9B | 11.57B | 5.34B | 5.87B | 4.13B | 2.6B | 1.78B | 1.06B | 763.93M |
| Operating Margin % | 31.73% | 25.91% | 23.52% | 25.12% | 25.46% | 20.52% | 30.76% | 30.95% | 30% | 28.3% | 30.7% | 32.11% | 47.33% | 32.06% | 31.62% | 30.02% | 31.47% | 22.72% | 29.75% | 23.51% | 18.86% | 15.34% | 11.91% | 10.41% |
| Operating Income Growth % | - | 10.89% | -3.8% | 5.01% | 43.7% | -40.24% | -1.93% | -0.28% | 27.78% | -3.77% | -11.42% | -26.08% | 60.38% | 3.25% | 13.3% | -5.81% | 116.65% | -9.06% | 42.19% | 58.63% | 46.15% | 68.58% | 38.32% | - |
| EBITDA | 38.82B | 21.02B | 19.38B | 19.59B | 18.88B | 14.45B | 20.75B | 21.04B | 21.09B | 16.36B | 14.88B | 18.46B | 23.43B | 15.49B | 15.13B | 13.69B | 14.39B | 7.25B | 7.28B | 5.57B | 3.66B | 2.69B | 1.74B | 1.33B |
| EBITDA Margin % | 32.4% | 35.17% | 32.63% | 33.91% | 34.76% | 30.82% | 39.66% | 39.66% | 38.43% | 35.94% | 34.13% | 39.23% | 54.24% | 38.97% | 38.75% | 37.7% | 39.14% | 30.85% | 36.89% | 31.73% | 26.48% | 23.16% | 19.59% | 18.06% |
| EBITDA Growth % | 49.61% | 8.49% | -1.11% | 3.81% | 30.64% | -30.38% | -1.35% | -0.22% | 28.89% | 9.91% | -19.39% | -21.19% | 51.21% | 2.41% | 10.55% | -4.88% | 98.39% | -0.38% | 30.65% | 52.45% | 35.9% | 54.75% | 31.13% | - |
| D&A (Non-Cash Add-back) | 1.81B | 5.54B | 5.41B | 5.08B | 5.05B | 4.83B | 4.66B | 4.62B | 4.63B | 3.48B | 0 | 3.35B | 2.98B | 2.75B | 2.78B | 2.79B | 2.82B | 1.91B | 1.41B | 1.44B | 1.05B | 908.25M | 681.33M | 561.4M |
| EBIT | 29.92B | 14.75B | 13.66B | 13.9B | 12.74B | 6.73B | 17.67B | 17B | 15.39B | 9.18B | 14.88B | 16.26B | 21.05B | 13.44B | 12.7B | 10.87B | 12.43B | 5.69B | 6.03B | 4.35B | 2.93B | 2.34B | 1.06B | 763.93M |
| Net Interest Income | -10.63B | -3.88B | -4.19B | -4.32B | -4.28B | -4.58B | -4.61B | -4.53B | -4.81B | -4.29B | -1.89B | -2.29B | -2.08B | -2.08B | -2.56B | -1.64B | -1.63B | -689.18M | -264.18M | -540.99M | -473.47M | -243.5M | -164.98M | -140.61M |
| Interest Income | 1.38B | 589.96M | 565.88M | 294.16M | 112.82M | 150.99M | 409.92M | 332.64M | 289.97M | 559.77M | 337.39M | 333.71M | 286.55M | 207.17M | 326.16M | 315.64M | 151.57M | 122.91M | 73.92M | 76.57M | 120.23M | 96.9M | 0 | 0 |
| Interest Expense | 11.82B | 4.47B | 4.76B | 4.61B | 4.4B | 4.73B | 5.02B | 4.87B | 5.1B | 4.85B | 2.23B | 2.63B | 2.37B | 2.29B | 2.89B | 1.95B | 1.78B | 812.09M | 338.1M | 617.56M | 593.69M | 340.4M | 0 | 0 |
| Other Income/Expense | -16.64B | -4.92B | -4.84B | -4.99B | -5.36B | -7.54B | -3.32B | -8.67B | -6.2B | -8.55B | -926M | -1.31B | -1.91B | -1.74B | -2.66B | -3.21B | -3.91B | -1.54B | -817M | -622.95M | -479.68M | -201.98M | -120.9M | -66.11M |
| Pretax Income | 21.38B | 10.57B | 9.12B | 9.52B | 8.46B | 2.08B | 12.78B | 7.74B | 10.26B | 4.33B | 12.46B | 13.8B | 18.53B | 11.01B | 9.69B | 7.68B | 7.66B | 3.8B | 5.05B | 3.51B | 2.12B | 1.58B | 935.73M | 697.82M |
| Pretax Margin % | 17.84% | 17.68% | 15.37% | 16.48% | 15.58% | 4.43% | 24.41% | 14.59% | 18.71% | 9.52% | 28.58% | 29.32% | 42.91% | 27.68% | 24.8% | 21.16% | 20.85% | 16.17% | 25.61% | 19.97% | 15.38% | 13.6% | 10.55% | 9.51% |
| Income Tax | 5.67B | 3.15B | 2.23B | 1.93B | 2.35B | 1.93B | 2.79B | 2.58B | 1.66B | 1.61B | 2.59B | 2.5B | 2.02B | 1.68B | 1.83B | 1.92B | 1.79B | 674M | 888M | 700.81M | 463.1M | 361.95M | 232.99M | 169.99M |
| Effective Tax Rate % | 26.55% | 29.83% | 24.48% | 20.24% | 27.77% | 92.93% | 21.81% | 33.39% | 16.15% | 37.22% | 20.82% | 18.11% | 10.88% | 15.27% | 18.85% | 24.99% | 23.31% | 17.74% | 17.57% | 19.98% | 21.81% | 22.92% | 24.9% | 24.36% |
| Net Income | 12.57B | 5.86B | 5.34B | 5.97B | 4.67B | 1.41B | 9.17B | 4.37B | 7.99B | 1.24B | 8.27B | 9.22B | 14.39B | 7.16B | 5.78B | 4.03B | 4.61B | 1.93B | 3B | 2.81B | 1.66B | 1.22B | 636M | 490.05M |
| Net Margin % | 10.49% | 9.8% | 8.99% | 10.33% | 8.6% | 3% | 17.53% | 8.24% | 14.56% | 2.73% | 18.97% | 19.58% | 33.32% | 18.01% | 14.8% | 11.09% | 12.55% | 8.2% | 15.23% | 15.98% | 12.03% | 10.48% | 7.17% | 6.68% |
| Net Income Growth % | 23.72% | 9.62% | -10.52% | 27.82% | 232.38% | -84.68% | 109.86% | -45.31% | 543.84% | -85% | -10.24% | -35.97% | 101.03% | 23.9% | 43.54% | -12.72% | 139.39% | -35.87% | 7.1% | 68.98% | 36.41% | 91.41% | 29.78% | - |
| Net Income (Continuing) | 15.7B | 7.42B | 6.89B | 7.6B | 6.11B | 147M | 9.99B | 5.16B | 8.61B | 2.72B | 9.87B | 11.3B | 16.52B | 9.32B | 7.86B | 5.76B | 5.88B | 3.13B | 4.17B | 1.86B | 1.07B | 974.68M | 702.74M | 527.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 2.06B | 424M | 531M | 560M | 48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 10.74B | 10.46B | 10.83B | 10.88B | 10.67B | 10.33B | 8.83B | 7.42B | 7.63B | 10.09B | 3.58B | 4.29B | 4.94B | 4.3B | 3.55B | 3.54B | 2.85B | 1.99B | 0 | 1.16B | 448.89M | 558.51M | 516.35M | 485.85M |
| EPS (Diluted) | 6.30 | 2.86 | 2.60 | 2.91 | 2.28 | 0.70 | 4.53 | 2.17 | 3.98 | 0.71 | 5.84 | 5.54 | 8.72 | 4.45 | 3.63 | 2.50 | 2.91 | 1.93 | 3.06 | 1.90 | 1.11 | 1.26 | 0.91 | 0.70 |
| EPS Growth % | 11.39% | 10% | -10.65% | 27.63% | 225.71% | -84.55% | 108.76% | -45.48% | 460.56% | -87.84% | 5.42% | -36.47% | 95.96% | 22.59% | 45.2% | -14.09% | 50.78% | -36.93% | 61.05% | 71.17% | -11.9% | 38.46% | 30% | - |
| EPS (Basic) | - | 2.92 | 2.65 | 2.97 | 2.33 | 0.70 | 4.62 | 2.21 | 4.06 | 0.72 | 5.84 | 5.64 | 8.90 | 4.53 | 3.67 | 2.53 | 2.91 | 1.93 | 3.08 | 1.91 | 1.12 | 1.27 | 0.92 | 0.71 |
| Diluted Shares Outstanding | 1.99B | 2.04B | 2.05B | 2.05B | 2.04B | 2B | 2.03B | 2.01B | 2.01B | 1.75B | 1.64B | 1.67B | 1.65B | 1.63B | 1.61B | 1.61B | 1.59B | 1B | 981M | 980.53M | 964.53M | 772.58M | 694.21M | 695.81M |
| Basic Shares Outstanding | 1.99B | 2B | 2.02B | 2.01B | 2.01B | 2B | 1.98B | 1.98B | 1.97B | 1.72B | 1.64B | 1.63B | 1.62B | 1.6B | 1.59B | 1.59B | 1.59B | 999M | 976M | 972.53M | 959.73M | 767.79M | 691.01M | 689.41M |
| Dividend Payout Ratio | - | 45.64% | 56.41% | 40.91% | 50.62% | 128.11% | 54.68% | 177.6% | 116.08% | 680.9% | 96.3% | 80.3% | 43.44% | 50.73% | 53.43% | 47.79% | 28.46% | 151.63% | 35.01% | 29.02% | 40.51% | 25.5% | 33.27% | 30.41% |
Brand equity and volume erosion
As reported in recent financial statements, BUD's revenue growth has decelerated significantly to 0.65% year-over-year, reflecting a challenging environment where the company's historical reliance on volume and pricing power is being tested by shifting consumer preferences and localized market share losses in key regions.
The transition from double-digit growth in 2021 to near-flat performance suggests that the company's premiumization strategy may be encountering diminishing returns. Investors should monitor whether this stagnation is a temporary cyclical trough or a structural shift in the company's ability to command pricing power in a fragmented global market.
Based on the latest quarterly data, the company maintains a gross margin of 56.3%, demonstrating a persistent ability to manage input costs despite inflationary pressures, though operating margins appear to be influenced by significant fluctuations in SG&A spending that warrant closer examination by fundamental analysts.
The stability of the gross margin suggests that the company's procurement scale remains a potent competitive moat against commodity volatility. However, the variability in operating margins implies that the company's cost-discipline, often attributed to zero-based budgeting, may be increasingly challenged by the need for higher marketing spend to defend brand positioning.
According to the provided income statement data, the relationship between gross profit and operating income shows significant volatility, with operating margins reaching 50% in 2025Q2, a figure that appears anomalous compared to the historical 24-26% range observed in previous periods throughout the reported fiscal history.
This sudden expansion in operating income suggests either a massive, non-recurring reduction in overhead or a potential accounting adjustment that obscures underlying operational efficiency. Analysts should investigate whether this spike is sustainable or if it represents a one-time benefit that masks the core trend of rising SG&A costs.
Based on an analysis of the income statement, the volatility in net income and the inconsistent impact of stock-based compensation suggest that reported earnings may not fully reflect the underlying cash-generating capacity of the business, particularly given the recent shifts in quarterly profitability metrics.
Short-sellers may focus on the disconnect between the company's stagnant top-line growth and the recent, unexplained surge in operating income. The reliance on non-operating items to bolster the bottom line warrants further investigation into whether the company is sacrificing long-term brand health to meet short-term earnings expectations.
Quick answers to the most common questions about buying BUD stock.
For fiscal year 2024, Anheuser-Busch InBev SA/NV (BUD) reported total revenue of $59.77B. This represents a 714.6% increase compared to $7.34B in 2002.
Anheuser-Busch InBev SA/NV (BUD) is profitable, generating $5.86B in net income for the fiscal year ending 2024 with a net profit margin of 9.8%.
Anheuser-Busch InBev SA/NV (BUD) reported an operating income of $15.49B, resulting in an operating profit margin of 25.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Anheuser-Busch InBev SA/NV (BUD) generated $33.02B in gross profit for the year, representing a gross profit margin of 55.3%. This demonstrates the company's core pricing power and production efficiency.