AB InBev’s EPS Up 6% to $3.73, Free Cash Flow Hits $11.3B
AB InBev’s FY25 revenue increased 2.0% to $59.3 billion with revenue per hectoliter up 4.4% and normalized EBITDA rising 4.9% to $21.2 billion on 101 bps margin expansion to 35.8%. Underlying EPS climbed 6.0% to $3.73, free cash flow totaled $11.3 billion, and the board proposed a €1.15 per share full-year dividend.
1. Strong Financial Results
AB InBev reported FY25 revenue of $59,320 million, up 2.0% year-over-year, with revenue per hectoliter rising 4.4% despite a 2.3% volume decline. Normalized EBITDA increased 4.9% to $21,223 million, expanding margins by 101 basis points to 35.8%, while underlying EPS grew 6.0% to $3.73.
2. Cash Flow and Leverage
Free cash flow reached $11.3 billion, supporting disciplined debt management and leaving net debt to normalized EBITDA at 2.87x, down from 2.89x at the end of 2024. This leverage reduction underpins the company’s ability to pursue growth investments and shareholder returns.
3. Capital Returns and Allocation
The board proposed a final dividend of €1.00 per share, bringing full-year dividends to €1.15 after a €0.15 interim payment, and has completed approximately $635 million of its $6 billion share buyback program announced in October 2025.