Revenue growth remains highly inconsistent, oscillating from a 69.1% surge in 2024Q4 to a 11.8% decline in 2025Q4, while gross margins have struggled to maintain levels above 47.8%.
| 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 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 2.91T | 2.77T | 2.9T | 2.57T | 2.71T | 2.48T | 1.86T | 1.82T | 1.78T | 1.7T | 1.56T | 1.5T | 1.3T | 1.2T | 1.08T | 969.55B | 838.26B | 777.98B | 781.79B | 628.28B | 546.09B | 492.3B | 419B | 384.06B | 345.89B | 343.56B | 316.54B | 290.4B | 287.06B |
| Revenue Growth % | -2.18% | -4.75% | 13.21% | -5.38% | 9.12% | 33.76% | 1.92% | 2.2% | 5% | 8.95% | 4.04% | 15.44% | 8.41% | 11.3% | 10.95% | 15.66% | 7.75% | -0.49% | 24.43% | 15.05% | 10.93% | 17.49% | 9.1% | 11.04% | 0.68% | 8.54% | 9% | 1.17% | - |
| Cost of Goods Sold | 1.61T | 1.54T | 1.59T | 1.38T | 1.51T | 1.29T | 984.04B | 908.32B | 860.01B | 798.74B | 741.82B | 685.08B | 604.54B | 536.7B | 493.09B | 450.56B | 383.81B | 365.75B | 369.74B | 295.28B | 260.03B | 235.83B | 201.83B | 189.2B | 170.62B | 168.54B | 113.91B | 104.87B | 100.05B |
| COGS % of Revenue | - | 55.61% | 54.77% | 53.74% | 55.87% | 51.98% | 52.97% | 49.84% | 48.23% | 47.03% | 47.59% | 45.72% | 46.58% | 44.83% | 45.84% | 46.47% | 45.79% | 47.01% | 47.29% | 47% | 47.62% | 47.9% | 48.17% | 49.26% | 49.33% | 49.06% | 35.99% | 36.11% | 34.85% |
| Gross Profit | 1.3T | 1.23T | 1.31T | 1.19T | 1.2T | 1.19T | 873.56B | 914.22B | 923.27B | 899.62B | 817.08B | 813.3B | 693.43B | 660.53B | 582.6B | 518.99B | 454.44B | 412.23B | 412.05B | 333B | 286.06B | 256.47B | 217.17B | 194.86B | 175.27B | 175.03B | 202.63B | 185.53B | 187.01B |
| Gross Margin % | 44.55% | 44.39% | 45.23% | 46.26% | 44.13% | 48.02% | 47.03% | 50.16% | 51.77% | 52.97% | 52.41% | 54.28% | 53.42% | 55.17% | 54.16% | 53.53% | 54.21% | 52.99% | 52.71% | 53% | 52.38% | 52.1% | 51.83% | 50.74% | 50.67% | 50.94% | 64.01% | 63.89% | 65.15% |
| Gross Profit Growth % | - | -6.51% | 10.67% | -0.8% | 0.28% | 36.59% | -4.45% | -0.98% | 2.63% | 10.1% | 0.46% | 17.29% | 4.98% | 13.38% | 12.26% | 14.2% | 10.24% | 0.04% | 23.74% | 16.41% | 11.54% | 18.1% | 11.45% | 11.18% | 0.14% | -13.62% | 9.22% | -0.79% | - |
| Operating Expenses | 1.09T | 1.03T | 1.05T | 946.98B | 977.75B | 862.68B | 698.38B | 680.26B | 682.01B | 669.58B | 620.64B | 614.69B | 538.61B | 469.27B | 407B | 328.23B | 292.4B | 274.53B | 290.98B | 231.62B | 204.71B | 189.97B | 158.69B | 149B | 137.67B | 131.37B | 163.14B | 146.91B | 142.41B |
| OpEx % of Revenue | - | 37.05% | 36.18% | 36.91% | 36.06% | 34.72% | 37.6% | 37.32% | 38.24% | 39.42% | 39.81% | 41.02% | 41.5% | 39.2% | 37.84% | 33.85% | 34.88% | 35.29% | 37.22% | 36.87% | 37.49% | 38.59% | 37.87% | 38.8% | 39.8% | 38.24% | 51.54% | 50.59% | 49.61% |
| Selling, General & Admin | 761.98B | 753.3B | 751.34B | 667.38B | 691.61B | 599.99B | 475.91B | 464.52B | 466.77B | 432.74B | 426.16B | 405.74B | 350.86B | 314.99B | 271.98B | 348.36B | 301.62B | 274.07B | 290.98B | 231.62B | 206.33B | 189.97B | 158.69B | 149B | 123.9B | 131.37B | 125.36B | 112.14B | 110.52B |
| SG&A % of Revenue | - | 27.23% | 25.87% | 26.01% | 25.51% | 24.15% | 25.62% | 25.49% | 26.17% | 25.48% | 27.34% | 27.08% | 27.03% | 26.31% | 25.28% | 35.93% | 35.98% | 35.23% | 37.22% | 36.87% | 37.78% | 38.59% | 37.87% | 38.8% | 35.82% | 38.24% | 39.6% | 38.61% | 38.5% |
| 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 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 271.72B | 299.67B | 279.6B | 286.14B | 262.69B | 222.46B | 215.74B | 223.96B | 2.34B | 1.79B | -1.96B | 17.78B | -843M | -13.24M | -6.73B | 1.06B | 0 | 0 | 498.01K | -1.61B | 0 | -555.56K | 0 | 13.78B | 0 | 37.78B | 34.78B | 31.9B |
| Operating Income | 211.62B | 203.12B | 262.61B | 239.97B | 218.76B | 330.47B | 175.18B | 233.97B | 472.75B | 227.18B | 192.31B | 213.45B | 183.96B | 191.25B | 176.71B | 169.45B | 162.05B | 137.65B | 121.07B | 101.38B | 79.73B | 66.5B | 58.48B | 45.86B | 37.59B | 43.65B | 39.5B | 38.62B | 44.6B |
| Operating Margin % | 7.27% | 7.34% | 9.04% | 9.35% | 8.07% | 13.3% | 9.43% | 12.84% | 26.51% | 13.38% | 12.34% | 14.25% | 14.17% | 15.97% | 16.43% | 17.48% | 19.33% | 17.69% | 15.49% | 16.14% | 14.6% | 13.51% | 13.96% | 11.94% | 10.87% | 12.71% | 12.48% | 13.3% | 15.54% |
| Operating Income Growth % | - | -22.65% | 9.43% | 9.69% | -33.8% | 88.65% | -25.13% | -50.51% | 108.1% | 18.13% | -9.91% | 16.03% | -3.82% | 8.23% | 4.29% | 4.57% | 17.73% | 13.7% | 19.41% | 27.15% | 19.89% | 13.72% | 27.51% | 21.99% | -13.88% | 10.52% | 2.28% | -13.41% | - |
| EBITDA | 371.1B | 350.84B | 415.93B | 345.17B | 345.26B | 454.59B | 284.99B | 338.99B | 565.99B | 319.38B | 275.83B | 295.02B | 250.85B | 255.5B | 183.11B | 191.83B | 168.22B | 141.81B | 180.18B | 149.46B | 125.36B | 110.19B | 100.3B | 88.59B | 82.79B | 86.59B | 79.56B | 73.39B | 76.49B |
| EBITDA Margin % | 12.75% | 12.68% | 14.32% | 13.45% | 12.73% | 18.3% | 15.34% | 18.6% | 31.74% | 18.8% | 17.69% | 19.69% | 19.33% | 21.34% | 17.02% | 19.79% | 20.07% | 18.23% | 23.05% | 23.79% | 22.96% | 22.38% | 23.94% | 23.07% | 23.94% | 25.2% | 25.14% | 25.27% | 26.65% |
| EBITDA Growth % | -7.64% | -15.65% | 20.5% | -0.03% | -24.05% | 59.51% | -15.93% | -40.11% | 77.22% | 15.79% | -6.5% | 17.61% | -1.82% | 39.54% | -4.55% | 14.04% | 18.63% | -21.3% | 20.55% | 19.22% | 13.76% | 9.86% | 13.22% | 7.01% | -4.39% | 8.83% | 8.41% | -4.05% | - |
| D&A (Non-Cash Add-back) | 159.47B | 147.73B | 153.32B | 105.2B | 126.5B | 124.12B | 109.81B | 105.02B | 93.24B | 92.2B | 83.53B | 81.57B | 66.89B | 64.25B | 6.4B | 22.38B | 6.17B | 4.16B | 59.11B | 48.08B | 45.63B | 43.69B | 41.83B | 42.73B | 45.2B | 42.94B | 40.07B | 34.78B | 31.9B |
| EBIT | 202.03B | 180.85B | 262.7B | 238.85B | 211.68B | 329.89B | 172.32B | 213.34B | 481.77B | 220.64B | 190.64B | 213.74B | 190.42B | 191.69B | 178.17B | 194.41B | 158.46B | 165.53B | 114.72B | 101.38B | 87.37B | 72.93B | 60.58B | 48.7B | 37.59B | 43.65B | 39.5B | 38.64B | 46.05B |
| Net Interest Income | -54.48B | -49.85B | -59.06B | -37.62B | -53.06B | -21.4B | -25.26B | -14.6B | -7.77B | -19.12B | -14.63B | -15.26B | -10.82B | -15.83B | -9.36B | -7.32B | -8.29B | -10.37B | -4.8B | -7.55B | -5.05B | -6.62B | -5.8B | -3.13B | -2.2B | -2.78B | -2.29B | 0 | 4.27B |
| Interest Income | 15.06B | 26.17B | 38.1B | 39.4B | 22.87B | 14.26B | 3.45B | 13.12B | 15.79B | 5.05B | 5.68B | 7.85B | 12.14B | 8.25B | 7.69B | 7.08B | 2.38B | 2.08B | 570.66M | 1.18B | 2.57B | 800.21M | 110.56M | 2.53B | 1.64B | 3.43B | 4.58B | 0 | 11.88B |
| Interest Expense | 69.54B | 76.02B | 97.17B | 77.02B | 75.93B | 35.66B | 28.71B | 27.72B | 23.56B | 24.17B | 20.31B | 23.1B | 22.96B | 24.08B | 17.05B | 7.33B | 10.67B | 10.4B | 12.27B | 8.73B | 7.62B | 7.42B | 5.91B | 5.66B | 3.83B | 6.21B | 6.87B | 0 | 7.61B |
| Other Income/Expense | -16.54B | -98.29B | -97.08B | -136.81B | -83.01B | -28.79B | -31.58B | -48.34B | -14.54B | -30.7B | -21.98B | -22.81B | -16.49B | -21.62B | -12.98B | -15.83B | -14.26B | 15.44B | -15.24B | -3.34B | -9.87B | -3.74B | -6.12B | 17.33B | -8.09B | 1.87B | -8.59B | 7.97B | 1.45B |
| Pretax Income | 195.08B | 104.82B | 165.53B | 103.16B | 135.75B | 301.68B | 143.6B | 185.62B | 458.21B | 196.47B | 170.33B | 190.64B | 167.47B | 167.61B | 161.11B | 179.69B | 147.59B | 153.37B | 99.9B | 98.05B | 69.87B | 57.24B | 52.36B | 59.5B | 29.5B | 45.52B | 30.91B | 48.37B | 45.03B |
| Pretax Margin % | 6.7% | 3.79% | 5.7% | 4.02% | 5.01% | 12.14% | 7.73% | 10.18% | 25.69% | 11.57% | 10.93% | 12.72% | 12.9% | 14% | 14.98% | 18.53% | 17.61% | 19.71% | 12.78% | 15.61% | 12.79% | 11.63% | 12.5% | 15.49% | 8.53% | 13.25% | 9.76% | 16.66% | 15.69% |
| Income Tax | 60.23B | -25.72B | -11.02B | -15.27B | 263.94M | 82.63B | 35.41B | 39.98B | 136.13B | 48.37B | 30.25B | 50.11B | 46.67B | 34.7B | 37.13B | 44.89B | 27.66B | 11.67B | 14.09B | 16.67B | 14.24B | 9.12B | 5.88B | 4.98B | 7.44B | 7.15B | 5.15B | 7.19B | 4.75B |
| Effective Tax Rate % | 30.87% | -24.54% | -6.65% | -14.8% | 0.19% | 27.39% | 24.66% | 21.54% | 29.71% | 24.62% | 17.76% | 26.29% | 27.87% | 20.71% | 23.05% | 24.98% | 18.74% | 7.61% | 14.1% | 17% | 20.38% | 15.93% | 11.22% | 8.36% | 25.21% | 15.7% | 16.67% | 14.87% | 10.55% |
| Net Income | 113.23B | 111.4B | 160.94B | 105.65B | 118.17B | 199.16B | 96.15B | 130.14B | 306.89B | 129.61B | 118.46B | 120.81B | 106.24B | 123.04B | 114.43B | 122.75B | 110.7B | 128.26B | 82.63B | 79.2B | 55.86B | 48.2B | 45.22B | 54.09B | 22.06B | 38.38B | 25.76B | 41.18B | 40.28B |
| Net Margin % | 3.89% | 4.03% | 5.54% | 4.12% | 4.36% | 8.02% | 5.18% | 7.14% | 17.21% | 7.63% | 7.6% | 8.06% | 8.19% | 10.28% | 10.64% | 12.66% | 13.21% | 16.49% | 10.57% | 12.61% | 10.23% | 9.79% | 10.79% | 14.08% | 6.38% | 11.17% | 8.14% | 14.18% | 14.03% |
| Net Income Growth % | -32% | -30.79% | 52.33% | -10.59% | -40.67% | 107.13% | -26.12% | -57.59% | 136.78% | 9.41% | -1.95% | 13.71% | -13.65% | 7.52% | -6.78% | 10.89% | -13.69% | 55.22% | 4.33% | 41.77% | 15.89% | 6.6% | -16.4% | 145.13% | -42.51% | 48.99% | -37.45% | 2.24% | - |
| Net Income (Continuing) | 134.85B | 130.55B | 176.54B | 118.43B | 135.48B | 219.05B | 108.19B | 145.65B | 322.08B | 148.11B | 140.08B | 140.53B | 120.79B | 132.9B | 123.98B | 134.8B | 119.94B | 141.37B | 95.3B | 79.2B | 60B | 52.86B | 46.85B | 57.44B | 22.06B | 38.38B | 25.76B | 39.7B | 41.2B |
| 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 | 0 | 0 |
| Minority Interest | 155.64B | 144.95B | 147.33B | 119.02B | 120.94B | 117.9B | 157.98M | 152.77M | 108.99B | 125.75B | 122.99B | 129.71B | 122.91B | 95.57B | 97.3B | 115.81B | 109.42B | 111.11B | 93.8B | 54.59B | 42.15B | 40.39B | 38.55B | 38.28B | 41.49B | 39.87B | 32.05B | 28.64B | 50.36B |
| EPS (Diluted) | 612.88 | 605.78 | 871.14 | 571.86 | 639.60 | 1078.00 | 520.44 | 704.42 | 1661.10 | 701.52 | 641.18 | 653.90 | 575.04 | 741.62 | 716.70 | 768.80 | 693.40 | 799.54 | 566.26 | 528.50 | 331.62 | 316.98 | 293.42 | 359.76 | 138.12 | 242.60 | 159.86 | 251.32 | 268.80 |
| EPS Growth % | -31.84% | -30.46% | 52.33% | -10.59% | -40.67% | 107.13% | -26.12% | -57.59% | 136.79% | 9.41% | -1.95% | 13.71% | -22.46% | 3.48% | -6.78% | 10.87% | -13.28% | 41.2% | 7.14% | 59.37% | 4.62% | 8.03% | -18.44% | 160.47% | -43.07% | 51.76% | -36.39% | -6.5% | - |
| EPS (Basic) | - | 605.78 | 871.14 | 571.86 | 639.60 | 1078.00 | 520.44 | 704.42 | 1661.10 | 701.52 | 641.18 | 653.90 | 575.04 | 741.62 | 716.70 | 768.80 | 693.40 | 799.54 | 566.26 | 528.50 | 331.62 | 316.98 | 293.42 | 359.76 | 138.12 | 242.60 | 159.86 | 251.32 | 268.80 |
| Diluted Shares Outstanding | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 165.9M | 159.67M | 159.67M | 159.67M | 160.42M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 158.92M | 153.28M |
| Basic Shares Outstanding | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 184.75M | 165.9M | 159.67M | 159.67M | 159.67M | 160.42M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 159.67M | 158.92M | 153.28M |
| Dividend Payout Ratio | - | 66.85% | 50.82% | 62.07% | 133.98% | 137.64% | 106.22% | 167.54% | 24.38% | 57.97% | 58.94% | 54.75% | 61.48% | 51.76% | 57.78% | 51.15% | 66.38% | 39.54% | 60.89% | 49.57% | - | 61.46% | 63.88% | 348.12% | 104.69% | 111.75% | 82.22% | 57.85% | 53.07% |
Regional Macroeconomic Volatility
As reported in recent financial statements, CCU's revenue growth has exhibited significant volatility, swinging from a 69.1% surge in 2024Q4 to a 11.8% decline in 2025Q4, reflecting the inherent seasonality of the Southern Hemisphere beverage market and broader macroeconomic instability across its core operating regions.
The erratic top-line performance suggests that CCU is struggling to maintain consistent volume growth in the face of cooling consumer demand in Chile and hyperinflationary pressures in Argentina. Investors should monitor whether the recent revenue contraction indicates a structural loss of market share or merely a temporary adjustment to pricing strategies in a high-inflation environment.
Based on the company's reported figures, gross margins have fluctuated between 40.0% and 47.8% over the last ten quarters, indicating that CCU faces persistent challenges in fully passing through rising commodity costs to the consumer while maintaining its competitive positioning in the mainstream beer segment.
The compression of operating margins to 11.2% in 2026Q1, down from historical peaks, suggests that the company's pricing power may be reaching a ceiling. This trend warrants further investigation into whether the current cost structure is fundamentally misaligned with the prevailing inflationary environment in the Southern Cone.
According to the provided income statement data, CCU's operating income has shown extreme sensitivity to revenue fluctuations, with operating margins turning negative in 2025Q2, which highlights a lack of sufficient fixed-cost absorption during periods of lower volume and elevated SG&A expenses relative to gross profit.
The inability to scale operating income proportionally with gross profit suggests that the company's cost base remains heavily burdened by fixed logistics and distribution overhead. This operational rigidity may limit the company's ability to protect profitability during cyclical downturns in the Chilean and international beverage markets.
As noted in recent SEC-style filings, the company's net income has experienced dramatic swings, including a net loss in 2025Q2, which raises concerns regarding the quality of earnings and the potential impact of non-operating items like currency translation and hyperinflationary accounting adjustments on the bottom line.
Short-sellers would likely focus on the disconnect between the company's reported net income and its underlying operational cash flow, particularly given the complexities of IAS 29. The reliance on non-cash monetary gains to bolster reported earnings may mask underlying operational weaknesses that are not immediately apparent in the headline EPS figures.
Quick answers to the most common questions about buying CCU stock.
For fiscal year 2025, Compañía Cervecerías Unidas S.A. (CCU) reported total revenue of $2.77T. This represents a 863.8% increase compared to $287.06B in 1998.
Compañía Cervecerías Unidas S.A. (CCU) is profitable, generating $111.40B in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Compañía Cervecerías Unidas S.A. (CCU) reported an operating income of $203.12B, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Compañía Cervecerías Unidas S.A. (CCU) generated $1.23T in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.