#Anheuser-Busch InBev Reports Q4 2025 Earnings
Anheuser-Busch InBev SA reported fourth-quarter 2025 results in February 2026 that exceeded market expectations on both earnings and revenue. Earnings per share were $0.95, above consensus estimates of $0.91. Revenue for the quarter totaled $15.55 billion, slightly ahead of expectations of $15.51 billion.
For full year 2025, revenue reached $59.32 billion, down 0.8% on a reported basis but up 2% organically. Full-year earnings per share rose 6% to $3.73 from $3.53 in 2024. EBITDA was nearly $21 billion, with margin expansion recorded across all five operating regions.
Net debt to EBITDA declined to 2.89x, falling below 3.0x for the first time since 2015. The company initiated a $2 billion share buyback program and increased its dividend by 22% to €1 per share.
Shares rose about 5% following the earnings release. The stock trades near $65 to $66, with a price-to-earnings ratio of 26.33.
#What Investors Need to Know
The results show continued margin expansion and improved leverage metrics despite ongoing volume pressure. The reduction in net debt below 3x EBITDA marks a balance sheet milestone and supports capital return activity.
Investors should monitor first quarter 2026 results for updates on volume trends, margin performance, and progress toward 2026 organic EBITDA growth guidance of 4% to 8%.
#Broader Market Context
Global brewers continue to face soft consumer demand and volume pressure in several markets. Pricing and premiumization strategies remain central across the sector.