Ambev (NYSE: ABEV) financial statements

The consolidated income statement, balance sheet and cash flow statement of Ambev for its last 10 fiscal years, as filed with the regulator, in millions of Brazilian reais. At the end of fiscal 2025 it had BRL 145,087m in total assets and BRL 87,914m in equity.

Income statement

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	BRL 88,243m	BRL 89,453m	BRL 79,737m	BRL 79,709m	BRL 72,854m	BRL 58,379m	BRL 52,005m	BRL 50,231m	BRL 47,899m	BRL 45,603m
Cost of sales	BRL 42,864m	BRL 43,615m	BRL 39,292m	BRL 40,422m	BRL 35,660m	BRL 27,066m	BRL 21,678m	BRL 19,249m	BRL 18,028m	BRL 16,678m
Gross profit	BRL 45,378m	BRL 45,838m	BRL 40,445m	BRL 39,287m	BRL 37,195m	BRL 31,313m	BRL 30,327m	BRL 30,982m	BRL 29,871m	BRL 28,925m
Operating profit	BRL 23,318m	BRL 21,802m	BRL 18,831m	BRL 17,688m	BRL 17,080m	BRL 15,972m	BRL 16,075m	BRL 17,151m	BRL 16,552m	BRL 17,105m
Finance costs	BRL 4,411m	BRL 4,511m	BRL 6,280m	BRL 7,892m	BRL 5,428m	BRL 5,431m	BRL 4,748m	BRL 4,562m	BRL 4,268m	BRL 4,598m
Profit before tax	BRL 19,422m	BRL 19,487m	BRL 15,036m	BRL 14,236m	BRL 13,759m	BRL 13,494m	BRL 12,943m	BRL 13,122m	BRL 12,835m	BRL 13,398m
Income tax	—	—	BRL 75.5m	BRL 655.6m	BRL 636.6m	BRL 1,763m	BRL 754.7m	BRL 1,774m	BRL 5,048m	BRL 315.0m
Net profit	BRL 15,503m	BRL 14,437m	BRL 14,502m	BRL 14,458m	BRL 12,671m	BRL 11,379m	BRL 11,780m	BRL 10,995m	BRL 7,269m	BRL 12,547m
Earnings per share	BRL 0.99	BRL 0.92	BRL 0.92	BRL 0.92	BRL 0.81	BRL 0.72	BRL 0.75	BRL 0.70	BRL 0.47	BRL 0.80
Diluted earnings per share	BRL 0.99	BRL 0.91	BRL 0.92	BRL 0.91	BRL 0.80	BRL 0.72	BRL 0.74	BRL 0.70	BRL 0.46	BRL 0.79
Depreciation and amortisation	BRL 6,830m	BRL 7,088m	BRL 6,415m	BRL 5,944m	BRL 5,417m	BRL 5,175m	BRL 4,678m	BRL 4,448m	BRL 4,041m	BRL 3,528m

Balance sheet

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total assets	BRL 145,087m	BRL 162,508m	BRL 132,644m	BRL 137,958m	BRL 138,603m	BRL 125,196m	BRL 101,743m	BRL 95,714m	BRL 88,766m	BRL 83,841m
Current assets	BRL 43,876m	BRL 54,156m	BRL 36,563m	BRL 37,817m	BRL 38,627m	BRL 35,342m	BRL 27,621m	BRL 25,330m	BRL 24,718m	BRL 23,887m
Inventories	BRL 10,520m	BRL 11,690m	BRL 9,619m	BRL 12,923m	BRL 11,000m	BRL 7,606m	BRL 5,979m	BRL 5,402m	BRL 4,319m	BRL 4,347m
Property, plant and equipment	BRL 27,644m	BRL 30,170m	BRL 26,630m	BRL 30,056m	BRL 29,224m	BRL 24,768m	BRL 22,576m	BRL 21,638m	BRL 18,822m	BRL 19,154m
Goodwill	BRL 41,538m	BRL 44,343m	BRL 38,004m	BRL 40,594m	BRL 42,411m	BRL 40,024m	BRL 35,010m	BRL 34,276m	BRL 31,402m	BRL 30,511m
Cash	BRL 18,638m	BRL 28,596m	BRL 16,059m	BRL 14,926m	BRL 16,628m	BRL 17,090m	BRL 11,901m	BRL 11,464m	BRL 10,355m	BRL 7,877m
Total liabilities	BRL 56,312m	BRL 62,928m	BRL 52,501m	BRL 54,630m	BRL 54,585m	BRL 50,045m	BRL 39,187m	BRL 38,260m	BRL 38,869m	BRL 37,190m
Current liabilities	BRL 45,599m	BRL 49,389m	BRL 41,005m	BRL 40,540m	BRL 38,866m	BRL 33,478m	BRL 25,011m	BRL 25,209m	BRL 28,689m	BRL 28,774m
Equity	BRL 87,914m	BRL 98,642m	BRL 78,969m	BRL 81,956m	BRL 82,643m	BRL 73,816m	BRL 61,278m	BRL 56,248m	BRL 46,009m	BRL 44,825m
Equity including minorities	BRL 88,775m	BRL 99,581m	BRL 80,144m	BRL 83,328m	BRL 84,018m	BRL 75,151m	BRL 62,556m	BRL 57,455m	BRL 47,564m	BRL 46,651m
Minority interests	BRL 860.7m	BRL 938.4m	BRL 1,175m	BRL 1,372m	BRL 1,375m	BRL 1,336m	BRL 1,278m	BRL 1,207m	BRL 1,974m	BRL 1,826m

Cash flow statement

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Operating cash flow	BRL 24,450m	BRL 26,099m	BRL 24,711m	BRL 20,642m	BRL 22,901m	BRL 18,856m	BRL 18,381m	BRL 18,346m	BRL 18,261m	BRL 12,344m
Investing cash flow	−BRL 4,950m	−BRL 5,463m	−BRL 5,766m	−BRL 5,004m	−BRL 7,735m	−BRL 6,800m	−BRL 4,839m	−BRL 3,676m	−BRL 3,073m	−BRL 5,898m
Financing cash flow	−BRL 26,772m	−BRL 10,352m	−BRL 16,115m	−BRL 16,338m	−BRL 16,042m	−BRL 8,602m	−BRL 12,284m	−BRL 13,657m	−BRL 13,251m	−BRL 11,645m
Capital expenditure	−BRL 4,591m	−BRL 4,749m	−BRL 6,004m	−BRL 6,533m	−BRL 7,677m	−BRL 4,693m	−BRL 5,069m	−BRL 3,571m	−BRL 3,204m	−BRL 4,035m
Dividends paid	—	—	−BRL 543.9m	−BRL 357.4m	−BRL 2,649m	−BRL 1,689m	−BRL 396.0m	−BRL 2,763m	−BRL 4,044m	−BRL 6,007m

Where each figure comes from

From the annual report (Form 20-F) that Ambev files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Ambev page.

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Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.