Company profile
SEC EDGAR ↗- Industry
- Malt Beverages
- Listed
- NYSE: BUD
- Incorporated
- Belgium
- Headquarters
- Leuven
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $59.3B
- Net income
- $8.48B
- Total assets
- $218.8B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $59.3B | $8.48B | $218.8B |
| FY2024 | $59.8B | $7.42B | $206.6B |
| FY2023 | $59.4B | $6.89B | $219.3B |
| FY2022 | $57.8B | $7.60B | $212.9B |
| FY2021 | $54.3B | $6.11B | $217.6B |
| FY2020 | $46.9B | $2.20B | $226.4B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on Anheuser-Busch InBev, and the casebook each one belongs to.
| Fork date | Decision type | What Anheuser-Busch InBev chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2015 | Adjacency Expansion | Bridge loan then bonds | canceled $42.5 billion of the $75 billion facility after roughly $47 billion of bond issuances (2016-01) | Read the story → | Adjacency Expansion Casebook → |
| 2015 | Adjacency Expansion | Debt-funded roll-up | By the end of 2023, gross debt still stood at $78.1 billion, with net debt at 3.38 times EBITDA (2023) | Read the story → | Adjacency Expansion Casebook → |
| 2023 | Crisis Response | Issue neutral statement | Modelo Especial overtook Bud Light, roughly 8.4% share against 7.3% (2023) | Read the story → | Crisis Response Casebook → |
Videos on Anheuser-Busch InBev
Run one of these yourself
The decisions Anheuser-Busch InBev faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Crisis & ReinventionThe Crisis ResponseWhat is one more quarter of not acting worth?See the pack →Business ModelThe Pricing Model ChangeWhat does changing how you charge cost before it starts paying?See the pack →
The analyses
The Roll-Up · Growth & Portfolio
AB InBev Borrowed More Money Than Anyone Ever Had. The Hangover Story Misreads the Bill.
To buy SABMiller, AB InBev took on a record $75 billion loan and sold $46 billion of bonds in the largest corporate offering of its day. The 'growth hangover' narrative says the debt broke the company. The debt is the one part that's working.
8 min
The Adjacency Expansion · Growth & Portfolio
A Single Instagram Post Cost AB InBev a Fortune. The Debt Is Why It Hurt So Much.
Bud Light's 2023 collapse looks like a culture-war accident. It was really a stress test: a company carrying $78 billion in roll-up debt had no slack to lose a single SKU, and U.S. EBITDA fell 28% in the first half of 2023.
8 min
The Crisis Response · Crisis & Reinvention
Bud Light Tried to Stand for Nothing. It Lost Everyone.
A single commemorative can to Dylan Mulvaney triggered the boycott. But AB InBev's $1.4 billion North American wound in 2023 wasn't caused by the can — it was caused by a CEO statement that refused to defend the partnership, the boycott, or anyone at all.
8 min
The Pricing Power Play · Business Model
AB InBev Is Selling Less Beer Every Year. So Why Is It Making More Money?
The world's biggest brewer's beer volumes have fallen three years running - down 2.3%, 1.9%, then 2.6%. Yet FY2024 revenue per hectoliter rose 4.3% and FY2025 EBITDA margin expanded to 35.8%. Premiumization is real - but it has a ceiling, and China just found it.
8 min