Highlights 

  • Q3 2025 revenue up 0.9%, driven by megabrand momentum and strong no-alcohol beer growth 
  • Normalized EBITDA grew 3.3% to USD 5,594M, with an 85bps margin expansion 
  • Announces USD 6B share buyback, USD 2B bond redemption, and EUR 0.15 interim dividend 

Anheuser-Busch InBev(NYSE:BUD)posted Q3 2025 revenue growth of 0.9%, supported by a 4.8% increase in revenue per hectoliter. Reported revenue rose 0.6% to USD 15,133M, while nine-month revenue declined 2.6% to USD 43,764M due to adverse currency movements. 

Megabrand's revenue advanced 3.0% during the quarter, led by Corona, which rose 6.3% outside its home market. The company’s non-alcohol beer portfolio recorded a 27% revenue increase. Gross Merchandise Value (GMV) from BEES Marketplace sales of third-party products climbed 66% year-on-year to USD 935M. 

Total volumes were down 3.7% in Q3 2025, with beer volumes declining 3.9% and non-beer volumes falling 2.2%. 

Earnings and Profitability 

Normalized EBITDA rose 3.3% to USD 5,594M, expanding the EBITDA margin by 85bps to 37.0%. For the first nine months of 2025, Normalized EBITDA was up 5.8% to USD 15,750M, with a 138bps margin improvement to 36.0%. 

Underlying profit stood at USD 1,970M in Q3 2025, compared with USD 1,971M in Q3 2024. Underlying EPS increased 1.0% to USD 0.99, while nine-month Underlying EPS grew 5.4% to USD 2.78. On a constant currency basis, Underlying EPS rose 0.3% in Q3 and 11.8% year-to-date. 

Reported profit attributable to equity holders was USD 1,054M, down from USD 2,071M in Q3 2024, reflecting non-underlying items. 

Capital Allocation 

AB InBev’s Board authorized a USD 6B share repurchase program to be completed over the next 24 months. The company also announced the redemption of USD 2B in outstanding bonds and an interim dividend of EUR 0.15 per share for FY2025. 

Management Commentary 

“Our megabrands and Beyond Beer innovations continue to drive growth across markets. Despite a dynamic consumer environment, we delivered solid top- and bottom-line results. With further progress on deleveraging and strong financial performance year-to-date, we are pleased to announce a USD 6B share buyback program and an interim dividend,” said Michel Doukeris, CEO of AB InBev. 

Strategic and Market Highlights 

AB InBev advanced its three strategic priorities — category leadership, ecosystem digitization, and business optimization. BEES Marketplace GMV reached USD 935M, up 66% year-on-year, while the broader BEES platform achieved USD 13.3B GMV, an 11% increase. 

The company gained market share in several key geographies, including the United States, Brazil, South Africa, South Korea, Canada, and Ecuador. Its no-alcohol and Beyond Beer portfolios remained key growth drivers, with the latter growing 27% in Q3 2025. 

Outlook 

For FY2025, AB InBev expects EBITDA growth within its medium-term range of 4–8%, a normalized effective tax rate of 26–28%, and net capital expenditures between USD 3.5B and USD 4.0B.