Anheuser-Busch InBev (BUD) Operating Expenses (2015 - 2025)
Anheuser-Busch InBev's (BUD) quarterly Operating Expenses came in at -$11.1 billion in Q3 2025, up 1.21% YoY from -$11.0 billion in Q3 2024, and down 675.55% on a QoQ basis from $1.9 billion in Q2 2025.
Anheuser-Busch InBev (BUD) Operating Expenses (2015 - 2025) Analysis & Trends
Anheuser-Busch InBev (BUD) has 11 years of Operating Expenses data on file, last reported at -$11.1 billion in Q3 2025.
- Quarterly Operating Expenses rose 1.21% year-over-year to -$11.1 billion in Q3 2025, while the trailing twelve-month figure through Jun 2026 was -$9.2 billion (up 32.07% YoY) and the FY2021 annual result came in at -$11.5 billion, down 13.91% from the prior year.
- Operating Expenses fell to -$11.1 billion in Q3 2025, from $1.9 billion in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $2.0 billion in Q2 2023 to a low of -$11.3 billion in Q3 2023.
- A 5-year average of -$4.0 billion and a median of -$4.2 billion in 2022 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2021 — Operating Expenses retreated 15.4% — and 2023, when it rose 6.12%.
- Tracing BUD's Operating Expenses over 5 years: stood at $1.8 billion in 2021, then sank by 691.62% to -$10.7 billion in 2022, then decreased by 5.21% to -$11.3 billion in 2023, then increased by 0.57% to -$11.2 billion in 2024, then increased by 1.21% to -$11.1 billion in 2025.
- The last three Operating Expenses figures came in at -$11.1 billion (Q3 2025), $1.9 billion (Q2 2025), and -$4.2 billion (Q1 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | United Breweries | 2,224.41 Bn | 1,851.39 Bn | 252.83 Bn | -49.29 Bn |
| 2 | Constellation Brands | 23.10 Bn | 23.00 Bn | 1.32 Bn | 457.00 Mn |
| 3 | Molson Coors Beverage | 8.00 Bn | 5.87 Bn | 1.06 Bn | 718.50 Mn |
| 4 | Boston Beer | 1.97 Bn | 1.71 Bn | 286.37 Mn | 215.60 Mn |
| 5 | Ambev | 624,799.98 | -3.50 Bn | 2.29 Bn | -749.91 Mn |
| 6 | Anheuser-Busch InBev | 157,405.59 | -7.66 Bn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Sep 30, 2025 | -11.09 Bn |
| Jun 30, 2025 | 1.93 Bn |
| Mar 31, 2025 | -4.19 Bn |
| Sep 30, 2024 | -11.22 Bn |
| Jun 30, 2024 | 1.92 Bn |
| Mar 31, 2024 | -4.44 Bn |
| Sep 30, 2023 | -11.29 Bn |
| Jun 30, 2023 | 1.99 Bn |
| Mar 31, 2023 | -4.34 Bn |
| Sep 30, 2022 | -10.73 Bn |
| Jun 30, 2022 | 1.88 Bn |
| Mar 31, 2022 | -4.12 Bn |
| Jun 30, 2021 | 1.81 Bn |
| Mar 31, 2021 | -4.06 Bn |
| Jun 30, 2020 | 2.14 Bn |
| Mar 31, 2020 | -3.72 Bn |
| Dec 31, 2019 | 8.72 Bn |
| Sep 30, 2019 | -10.44 Bn |
| Jun 30, 2019 | 2.10 Bn |
| Mar 31, 2019 | -3.94 Bn |