Anheuser-Busch InBev (BUD) Operating Margin (2015 - 2025)
Anheuser-Busch InBev (BUD) posted Operating Margin of 23.39% for Q4 2025, down 16.91% on a QoQ basis from 28.15% in Q3 2025, and down 419.0% year-over-year from 7.33% in Q4 2024.
Anheuser-Busch InBev (BUD) Operating Margin (2015 - 2025) Analysis & Trends
Anheuser-Busch InBev's Operating Margin history runs 11 years deep, the most recent figure standing at 23.39% for Q4 2025.
- Quarterly Operating Margin fell 419.0% year-over-year to 23.39% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 25.97% (up 6.0% YoY) and the FY2025 annual result came in at 25.97%, up 6.0% from the prior year.
- Operating Margin was 23.39% for Q4 2025 at Anheuser-Busch InBev, down from 28.15% in the prior quarter.
- Across five years, Operating Margin topped out at 28.15% in Q3 2025 and bottomed at 28.59% in Q4 2021.
- A 5-year average of 21.7% and a median of 24.8% in 2021 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2021 — Operating Margin plunged 5719 bps — and 2022, when it surged 5332 bps.
- Anheuser-Busch InBev's Operating Margin stood at 28.59% in 2021, then jumped by 186 bps to 24.73% in 2022, then fell by 7 bps to 22.97% in 2023, then advanced by 20 bps to 27.58% in 2024, then retreated by 15 bps to 23.39% in 2025.
- Business Quant data shows BUD's Operating Margin at 23.39% in Q4 2025, 28.15% in Q3 2025, and 26.45% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | United Breweries | 4,330.57 Bn | 3,689.35 Bn | 387.52 Bn | 54.39% |
| 2 | Mexican Economic Development | 1,197.42 Bn | 1,191.27 Bn | - | - |
| 3 | Anheuser-Busch InBev | 166.02 Bn | 153.80 Bn | 8.61 Bn | 23.39% |
| 4 | Ambev | 49.20 Bn | 45.43 Bn | 2.42 Bn | 27.83% |
| 5 | Constellation Brands | 23.03 Bn | 22.93 Bn | 1.32 Bn | 32.63% |
| 6 | Molson Coors Beverage | 8.13 Bn | 7.74 Bn | 897.20 Mn | 70.42% |
| 7 | Boston Beer | 1.95 Bn | 1.69 Bn | 286.37 Mn | 11.64% |
| 8 | NFiniTi | 720.00 Mn | 719.98 Mn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 23.39% |
| Sep 30, 2025 | 28.15% |
| Jun 30, 2025 | 26.45% |
| Mar 31, 2025 | 25.96% |
| Dec 31, 2024 | 27.58% |
| Sep 30, 2024 | 26.36% |
| Jun 30, 2024 | 24.88% |
| Mar 31, 2024 | 24.84% |
| Dec 31, 2023 | 22.97% |
| Sep 30, 2023 | 23.60% |
| Jun 30, 2023 | 23.20% |
| Mar 31, 2023 | 24.32% |
| Dec 31, 2022 | 24.73% |
| Sep 30, 2022 | 25.78% |
| Jun 30, 2022 | 25.70% |
| Mar 31, 2022 | 24.16% |
| Dec 31, 2021 | -28.59% |
| Sep 30, 2021 | 9.84% |
| Jun 30, 2021 | 25.90% |
| Mar 31, 2021 | 24.77% |