Anheuser-Busch InBev vs Boston Beer
Anheuser-Busch InBev reported revenue of $59.3 billion in fiscal 2025, 30.2 times Boston Beer's $2.0 billion in fiscal 2025. Anheuser-Busch InBev's revenue fell 0.8% in its latest year, and Boston Beer's fell 2.4%. Anheuser-Busch InBev had an operating margin of 26.0%, against 7.4% at Boston Beer. Free cash flow was $11.2 billion at Anheuser-Busch InBev and $216 million at Boston Beer. Their fiscal years end in different months (December 31 and December 27), so the periods don't line up exactly.
Side by side
| Anheuser-Busch InBev | Boston Beer | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 27, 2025 |
| Revenue | $59.3B | $2.0B |
| Revenue growth | −0.8% | −2.4% |
| Revenue growth a year, last 5 years | 4.8% | 2.5% |
| Gross margin | 55.9% | 48.5% |
| Operating margin | 26.0% | 7.4% |
| Net margin | 11.5% | 5.5% |
| Free cash flow | $11.2B | $216M |
| Free cash flow margin | 18.9% | 11.0% |
| Return on capital | — | 15.4% |
| Net debt to EBITDA | — | −0.9x |
| Dividends and buybacks | $6.8B | $202M |
| Change in diluted share count | — | −7.0% |
| Last close | $81.98 | $201.48 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | sold $642,036 |
| Piotroski F-score | — | 7 of 9 |
Amounts in each company's own currency, US$ 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
Anheuser-Busch InBevBoston Beer
Operating margin
Percent of revenue
Anheuser-Busch InBevBoston Beer
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Anheuser-Busch InBevBoston Beer
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 Anheuser-Busch InBev and Boston Beer pages.