NYSE$BUD
Anheuser-Busch Inbev Sa-ADR · Q2 2025 earnings
Q2 2025 earnings · · Investor relations
Briefing
AB InBev H1 revenue $28.6B with underlying EPS $1.79 as Q2 beer category momentum builds
Anheuser-Busch InBev filed its unaudited interim report for the six months ended June 30, 2025, reporting revenue of $28.6 billion, down 4.2% reported but reflecting organic revenue growth of 2.3% with revenue per hectoliter up 4.3%. Normalized EBITDA was $10.2 billion (-1.3% reported, +7.2% organically) and profit attributable to equity holders was $3.8 billion. Basic EPS was $1.92 and underlying EPS was $1.79 versus $1.66 a year ago. Volumes declined 2.2% in H1, with Q2 trends improving as the beer category returned to growth supported by normalized weather. BEES captured $613 million of incremental revenue in H1 and DTC megabrands grew 9.1%. Management cited solid first-half execution and confidence in delivering its 2025 outlook.
- H1 reported revenue $28.6B (-4.2%); organic revenue +2.3% with rev/hl +4.3%
- Normalized EBITDA $10.2B (+7.2% organic); underlying EPS $1.79 (+8.0%)
- Profit attributable to equity holders $3.8B; basic EPS $1.92
- H1 volumes -2.2%; Q2 beer category returned to growth in key markets
- BEES incremental revenue $613M in H1; DTC megabrands revenue +9.1%
Headline financials
Revenue & EPS history
Anheuser-Busch · Revenue · Quarterly
$28.6B
Forward guidance
CEO Michel Doukeris said consistent strategy execution drove a solid first half and reinforces confidence in delivering the 2025 outlook, with continued focus on revenue management, premiumization, and deleveraging.
Tailwinds
- Underlying EPS up 8.0% in H1 with organic EBITDA growth of 7.2%
- BEES digital platform and DTC megabrands scaling incremental revenue
Headwinds
- Reported revenue pressured by unfavorable currency translation (-4.2% H1)
- Volume declines in Brazil and China remain headwinds
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2025
-0.4%
Avg return
Earnings day
-1.3%
Avg return
5 days after
+0.0%
Avg return
30 days after
51%
31 / 61 earnings
Positive
+9.7%
Q4 2018
Best reaction
-14.1%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -2.7% | -6.4% | -9.4% | |
| Q3 2025 | -2.4% | +0.7% | +0.1% | |
| Q2 2025 | -14.1% | -10.3% | -5.8% | |
| Q4 2024 | +7.2% | +1.3% | +0.0% | |
| Q2 2024 | +6.5% | +1.7% | +3.3% | |
| Q1 2024 | +4.8% | +6.8% | +2.7% | |
| Q3 2023 | +5.1% | +9.0% | +16.5% | |
| Q2 2023 | +0.5% | +0.2% | -0.1% | |
| Q1 2023 | +1.8% | -0.3% | -13.9% | |
| Q4 2022 | +3.0% | -0.8% | +10.8% | |
| Q3 2022 | +6.6% | +8.2% | +19.8% | |
| Q2 2022 | -4.7% | -7.9% | -11.6% | |
| Q1 2022 | -5.7% | -6.3% | -4.8% | |
| Q4 2021 | +5.4% | -5.8% | -5.0% | |
| Q3 2021 | +7.1% | +5.1% | +1.9% | |
| Q2 2021 | -8.2% | -8.9% | -10.5% | |
| Q1 2021 | +5.6% | +5.3% | +8.7% | |
| Q4 2020 | -11.5% | -9.3% | -3.0% | |
| Q3 2020 | -2.1% | +1.6% | +29.1% | |
| Q2 2020 | -4.0% | -1.7% | +4.3% | |
| Q1 2020 | +1.7% | -2.6% | +34.1% | |
| Q4 2019 | -11.9% | -14.5% | -35.1% | |
| Q3 2019 | -11.6% | -11.6% | -13.7% | |
| Q2 2019 | +5.2% | +6.3% | -1.4% | |
| Q1 2019 | -3.2% | -4.1% | -4.2% | |
| Q4 2018 | +9.7% | +10.0% | +12.4% | |
| Q3 2018 | -9.9% | -9.6% | -7.4% | |
| Q2 2018 | -4.7% | -4.7% | -8.0% | |
| Q1 2018 | -2.9% | -2.8% | -3.6% | |
| Q4 2017 | +4.2% | +6.2% | +3.5% | |
| Q3 2017 | -1.5% | +1.0% | -3.3% | |
| Q2 2017 | +4.7% | +3.6% | +0.7% | |
| Q1 2017 | +6.7% | +5.4% | +4.6% | |
| Q4 2016 | -1.1% | -2.2% | +4.0% | |
| Q3 2016 | -4.9% | -5.7% | -14.5% | |
| Q2 2016 | -0.5% | -1.8% | -0.1% | |
| Q1 2016 | +0.2% | — | — | |
| Q4 2015 | -2.9% | — | — | |
| Q3 2015 | +1.5% | — | — | |
| Q2 2015 | -4.4% | — | — | |
| Q1 2015 | +2.1% | — | — | |
| Q4 2014 | +1.8% | — | — | |
| Q3 2014 | -2.7% | — | — | |
| Q2 2014 | -0.1% | — | — | |
| Q1 2014 | +0.7% | — | — | |
| Q4 2013 | -1.7% | — | — | |
| Q3 2013 | -0.9% | — | — | |
| Q2 2013 | +0.6% | — | — | |
| Q1 2013 | -0.2% | — | — | |
| Q4 2012 | +2.6% | — | — | |
| Q3 2012 | -0.4% | — | — | |
| Q2 2012 | -0.4% | — | — | |
| Q1 2012 | +1.0% | — | — | |
| Q4 2011 | +0.6% | — | — | |
| Q3 2011 | -2.5% | — | — | |
| Q2 2011 | +0.7% | — | — | |
| Q1 2011 | +2.2% | — | — | |
| Q4 2010 | +0.5% | — | — | |
| Q3 2010 | -1.4% | — | — | |
| Q2 2010 | +2.1% | — | — | |
| Q1 2010 | +0.2% | — | — |
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