Beer powerhouse Anheuser-Busch InBev (NYSE:BUD) fell short of the market’s revenue expectations in Q2 CY2025, with sales falling 2.1% year on year to $15 billion. Its GAAP profit of $0.98 per share was in line with analysts’ consensus estimates.
Is now the time to buy Anheuser-Busch? Find out by accessing our full research report, it’s free.
Anheuser-Busch (BUD) Q2 CY2025 Highlights:
- Revenue: $15 billion vs analyst estimates of $15.3 billion (2.1% year-on-year decline, 1.9% miss)
- EPS (GAAP): $0.98 vs analyst estimates of $0.98 (in line)
- Adjusted EBITDA: $5.30 billion vs analyst estimates of $5.31 billion (35.3% margin, in line)
- Operating Margin: 26.7%, up from 25.3% in the same quarter last year
- Organic Revenue fell 1.9% year on year (2.7% in the same quarter last year)
- Market Capitalization: $114.8 billion
Company Overview
Born out of a complicated web of mergers and acquisitions, Anheuser-Busch InBev (NYSE:BUD) boasts a powerhouse beer portfolio of Budweiser, Stella Artois, Corona, and local favorites around the world.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years.
With $58.52 billion in revenue over the past 12 months, Anheuser-Busch is one of the most widely recognized consumer staples companies. Its influence over consumers gives it negotiating leverage with distributors, enabling it to pick and choose where it sells its products (a luxury many don’t have). However, its scale is a double-edged sword because it’s harder to find incremental growth when your existing brands have penetrated most of the market. To accelerate sales, Anheuser-Busch likely needs to optimize its pricing or lean into new products and international expansion.
As you can see below, Anheuser-Busch grew its sales at a weak 1.2% compounded annual growth rate over the last three years as consumers bought less of its products. We’ll explore what this means in the "Volume Growth" section.
This quarter, Anheuser-Busch missed Wall Street’s estimates and reported a rather uninspiring 2.1% year-on-year revenue decline, generating $15 billion of revenue.
Looking ahead, sell-side analysts expect revenue to grow 5.5% over the next 12 months, an acceleration versus the last three years. This projection is above the sector average and implies its newer products will spur better top-line performance.
Software is eating the world and there is virtually no industry left that has been untouched by it. That drives increasing demand for tools helping software developers do their jobs, whether it be monitoring critical cloud infrastructure, integrating audio and video functionality, or ensuring smooth content streaming. Click here to access a free report on our 3 favorite stocks to play this generational megatrend.
Organic Revenue Growth
When analyzing revenue growth, we care most about organic revenue growth. This metric captures a business’s performance excluding one-time events such as mergers, acquisitions, and divestitures as well as foreign currency fluctuations.
The demand for Anheuser-Busch’s products has been stable over the last eight quarters but fell behind the broader sector. On average, the company has posted feeble year-on-year organic revenue growth of 1.6%. 
In the latest quarter, Anheuser-Busch’s organic sales fell by 1.9% year on year. This decline was a reversal from its historical levels. We’ll keep a close eye on the company to see if this turns into a longer-term trend.
Key Takeaways from Anheuser-Busch’s Q2 Results
We struggled to find many positives in these results, especially with the revenue miss. Overall, this was a softer quarter. The stock traded down 9.6% to $60.15 immediately after reporting.
Anheuser-Busch underperformed this quarter, but does that create an opportunity to invest right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it’s free.