Anheuser-Busch InBev SA/NV

What does AB InBev own?
AB InBev owns more than 500 beer brands sold across approximately 50 countries. Its three global flagship brands are Budweiser, Stella Artois, and Corona. Other major brands include Bud Light, Michelob Ultra, Beck's, Leffe, Hoegaarden, Brahma, Skol, Harbin, and Goose Island. The company also holds a majority stake in Ambev, the separately listed Latin American brewing subsidiary.

Is AB InBev publicly traded?
Yes, AB InBev is publicly traded on Euronext Brussels under the ticker symbol ABI and on the New York Stock Exchange under BUD. The company also holds secondary listings on the Mexico Stock Exchange (ANB) and the Johannesburg Stock Exchange (ANH). AB InBev has been publicly listed since before the 2008 Anheuser-Busch acquisition.

Who founded AB InBev?
AB InBev was formed in 2008 through the merger of InBev and Anheuser-Busch. InBev itself was formed in 2004 through the merger of Belgian brewer Interbrew and Brazilian brewer AmBev. The founding families of the Belgian Interbrew group and the Brazilian investors associated with 3G Capital, including Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira, are the principal architects of the company's current form.

Where is AB InBev headquartered?
AB InBev is headquartered in Leuven, Belgium, where the Belgian predecessor Interbrew was based. The company maintains major operational centers in New York, São Paulo, and other cities globally, but its registered corporate headquarters and principal executive offices are in Leuven.

How many brands does AB InBev own?
AB InBev owns more than 500 beer brands globally, ranging from global flagships like Budweiser and Stella Artois to local champions that hold dominant positions in specific national markets. The company does not attempt to list all brands publicly, but its investor relations materials reference the portfolio as comprising more than 500 brands.

Who owns AB InBev?
AB InBev is publicly traded, but the founding shareholder group, including the Belgian families associated with the original Interbrew and the Brazilian investors associated with 3G Capital, holds approximately 50% of voting rights through Stichting Anheuser-Busch InBev, a Dutch foundation. This gives the founding group effective control of strategic decisions despite the company's public listing. The remaining shares are held by institutional investors and public shareholders worldwide.

What is AB InBev's revenue?
AB InBev reported full-year 2025 revenue of $59.32 billion on a reported basis. Normalized EBITDA was $21.22 billion, representing a margin of 35.8%. Underlying earnings per share were $3.73 for FY2025, up 6% year over year. Free cash flow generation was $11.3 billion for the full year.

Does AB InBev own Corona in the United States?
No. In the United States, the rights to Corona and several other Mexican beer brands are held by Constellation Brands under a perpetual license agreement that predates the SABMiller acquisition. AB InBev owns Corona rights in all other markets globally. This arrangement was a condition of U.S. antitrust approval for the 2016 SABMiller deal.

The origins of AB InBev trace back to three distinct brewing traditions that were consolidated through a series of landmark mergers over roughly two decades.

Interbrew, the Belgian predecessor, was itself the product of a 1988 merger between two historic Belgian breweries: Artois, founded in Leuven in 1366 and known for Stella Artois, and Piedboeuf, brewer of Jupiler. Interbrew expanded aggressively through acquisitions during the 1990s, acquiring Labatt Brewing in Canada in 1995 for approximately $2.7 billion and Bass Brewers in the United Kingdom in 2000 for approximately $3 billion, among numerous other deals. By the early 2000s, Interbrew was one of the world's three largest brewers.

AmBev, the Brazilian predecessor, was formed in 1999 through the merger of Brahma and Antarctica, the two dominant Brazilian brewers. The combined entity became the largest beverage company in Latin America and the fifth-largest brewer globally. AmBev's management team, backed by the Brazilian private equity firm 3G Capital and its predecessors, became known for aggressive cost management and operational efficiency.

In 2004, Interbrew and AmBev merged to form InBev, creating the world's largest brewer at the time. The deal was structured so that AmBev's shareholders received InBev shares, giving the Brazilian management group and 3G Capital significant influence over the combined entity. Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira, the founders of 3G Capital, became major shareholders and board members of InBev.

In 2008, InBev made its most consequential move: the $52 billion acquisition of Anheuser-Busch, the American brewer founded in St. Louis, Missouri in 1852 by Eberhard Anheuser and Adolphus Busch. Anheuser-Busch was the maker of Budweiser, Bud Light, and Busch, and was the dominant brewer in the United States. The deal, which was initially resisted by Anheuser-Busch's board, created AB InBev and established the company as the clear global leader in brewing. The combined entity controlled approximately 25% of global beer volume at the time of closing.

The 2016 acquisition of SABMiller for approximately $107 billion was the largest transaction in the history of the brewing industry and one of the largest corporate acquisitions ever completed. SABMiller brought major brands including Peroni, Grolsch, and Pilsner Urquell into the AB InBev portfolio, along with dominant market positions in Africa and parts of Asia. To satisfy antitrust regulators in the United States and China, AB InBev was required to divest several brands, including the U.S. rights to Miller brands, which were sold to Molson Coors, and the Chinese Snow brand, which was sold to China Resources Beer. The SABMiller acquisition left AB InBev with substantial debt, driving a multi-year deleveraging program that continued through 2025.

In October 2025, AB InBev announced a $6 billion share buyback program, reflecting confidence in the company's cash generation and balance sheet strength as net debt fell to 2.87 times EBITDA. CEO Michel Doukeris, who took over from Carlos Brito in 2021, has focused the company's strategy on premiumization, digital commerce, and beyond beer categories including non-alcoholic beverages and hard seltzers.

For full-year 2025, AB InBev reported revenue of $59.32 billion, normalized EBITDA of $21.22 billion, and underlying EPS of $3.73, up 6% year over year. Volume declined 2.3% for the full year, reflecting challenging consumer environments in several key markets, while revenue per hectoliter grew 4.4%, demonstrating the effectiveness of the premiumization strategy.