Brown–Forman vs Anheuser-Busch InBev
Anheuser-Busch InBev reported revenue of $59.3 billion in fiscal 2025, 15.1 times Brown–Forman's $3.9 billion in fiscal 2026. Brown–Forman's revenue fell 1.2% in its latest year, and Anheuser-Busch InBev's fell 0.8%. Brown–Forman had an operating margin of 25.5%, against 26.0% at Anheuser-Busch InBev. Free cash flow was $893 million at Brown–Forman and $11.2 billion at Anheuser-Busch InBev. Their fiscal years end in different months (April 30 and December 31), so the periods don't line up exactly.
Side by side
| Brown–Forman | Anheuser-Busch InBev | |
|---|---|---|
| Latest fiscal year | FY2026, Apr 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $3.9B | $59.3B |
| Revenue growth | −1.2% | −0.8% |
| Revenue growth a year, last 5 years | 2.6% | 4.8% |
| Gross margin | 60.5% | 55.9% |
| Operating margin | 25.5% | 26.0% |
| Net margin | 18.2% | 11.5% |
| Free cash flow | $893M | $11.2B |
| Free cash flow margin | 22.7% | 18.9% |
| Return on capital | 12.9% | — |
| Net debt to EBITDA | 2.0x | — |
| Dividends and buybacks | $827M | $6.8B |
| Change in diluted share count | −1.3% | — |
| Last close | $28.95 | $81.98 |
| P/E at the last close | 18.7× | — |
| Insider trades, last 12 months | sold $1.5 million | — |
| Piotroski F-score | 6 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Brown–FormanAnheuser-Busch InBev
Operating margin
Percent of revenue
Brown–FormanAnheuser-Busch InBev
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Brown–FormanAnheuser-Busch InBev
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Brown–Forman and Anheuser-Busch InBev pages.