Detailed financial statements for Ambev S.A. (ABEV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Ambev S.A., operating through its various subsidiaries, is a prominent player in the beverage and food industry across the Americas. The company is engaged in the manufacturing, marketing, and distribution of a diverse portfolio of products, including various types of beer (both packaged and on tap), carbonated soft drinks, other non-alcoholic beverages, malt, and food items.
Analysis Summary
Ambev S.A. reported revenue of 88.24B BRL in the most recent fiscal year, growing at a 5-year CAGR of 8.6%. Net income reached 15.50B BRL, with a 6.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.0%, operating margin 24.5%, net margin 17.7%. Free cash flow grew at 7.0% CAGR over 5 years.
At $2.66 (closing price, October 30, 2026), ABEV trades at a P/E of 14.31 and an ROE of 17.63%. Market capitalisation stands at $41.9B, placing it among large-cap names.
Balance sheet quality for ABEV: current ratio of 1.0, net cash position of 14.97B BRL. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 19.86B BRL represents 128% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 45.60B BRL | 47.90B BRL | 50.23B BRL | 52.01B BRL | 58.38B BRL | 72.85B BRL | 79.71B BRL | 79.74B BRL | 89.45B BRL | 88.24B BRL |
| Cost of Revenue | 16.68B BRL | 18.03B BRL | 19.25B BRL | 21.68B BRL | 27.07B BRL | 35.66B BRL | 40.42B BRL | 39.29B BRL | 43.62B BRL | 42.86B BRL |
| Gross Profit | 28.92B BRL | 29.87B BRL | 30.98B BRL | 30.33B BRL | 31.31B BRL | 37.19B BRL | 39.29B BRL | 40.45B BRL | 45.84B BRL | 45.38B BRL |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 14.18B BRL | 14.43B BRL | 14.69B BRL | 15.33B BRL | 17.57B BRL | 21.85B BRL | 23.97B BRL | 23.44B BRL | 26.39B BRL | 25.14B BRL |
| Operating Expenses | 11.82B BRL | 13.32B BRL | 13.83B BRL | 14.25B BRL | 15.34B BRL | 20.11B BRL | 21.60B BRL | 21.61B BRL | 24.04B BRL | 23.06B BRL |
| Operating Income | 17.11B BRL | 16.55B BRL | 17.15B BRL | 16.07B BRL | 15.97B BRL | 17.08B BRL | 17.69B BRL | 18.83B BRL | 21.80B BRL | 22.32B BRL |
| EBITDA | 19.18B BRL | 18.98B BRL | 19.30B BRL | 19.44B BRL | 20.77B BRL | 20.99B BRL | 23.08B BRL | 24.27B BRL | 29.01B BRL | 28.97B BRL |
| Interest Expense | 1.54B BRL | 4.27B BRL | 1.28B BRL | 462.1M BRL | 414.8M BRL | 1.43B BRL | 596.1M BRL | 578.4M BRL | 2.40B BRL | 2.72B BRL |
| Pre-tax Income | 13.40B BRL | 12.84B BRL | 13.12B BRL | 12.94B BRL | 13.49B BRL | 13.76B BRL | 14.24B BRL | 15.04B BRL | 19.49B BRL | 19.42B BRL |
| Income Tax | 315.0M BRL | 5.05B BRL | 1.77B BRL | 754.7M BRL | 1.76B BRL | 636.6M BRL | -655.6M BRL | 75.5M BRL | 4.64B BRL | 3.43B BRL |
| Net Income | 12.55B BRL | 7.27B BRL | 10.99B BRL | 11.78B BRL | 11.38B BRL | 12.67B BRL | 14.46B BRL | 14.50B BRL | 14.44B BRL | 15.50B BRL |
| EPS | 0.80 BRL | 0.47 BRL | 0.70 BRL | 0.75 BRL | 0.72 BRL | 0.81 BRL | 0.92 BRL | 0.92 BRL | 0.92 BRL | 0.99 BRL |
| EPS (Diluted) | 0.79 BRL | 0.47 BRL | 0.70 BRL | 0.74 BRL | 0.72 BRL | 0.80 BRL | 0.91 BRL | 0.92 BRL | 0.91 BRL | 0.99 BRL |
| Shares Outstanding (Diluted) | 15,823.2 M | 15,710.2 M | 15,856.2 M | 15,869.0 M | 15,867.6 M | 15,857.5 M | 15,848.6 M | 15,838.6 M | 15,814.7 M | 15,683.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 24.81B BRL | 22.46B BRL | 20.15B BRL | 21.59B BRL |
| Gross Profit | 13.06B BRL | 11.58B BRL | 10.45B BRL | 11.01B BRL |
| Operating Income | 7.39B BRL | 5.87B BRL | 4.76B BRL | 5.50B BRL |
| EBITDA | 8.60B BRL | 7.15B BRL | 6.41B BRL | 7.60B BRL |
| Net Income | 4.35B BRL | 3.77B BRL | 3.39B BRL | 4.25B BRL |
| EPS | 0.28 BRL | 0.24 BRL | 0.22 BRL | 0.28 BRL |
| EPS (Diluted) | 0.28 BRL | 0.24 BRL | 0.22 BRL | 0.27 BRL |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.88B BRL | 10.35B BRL | 11.46B BRL | 11.90B BRL | 17.09B BRL | 16.63B BRL | 14.93B BRL | 16.06B BRL | 28.60B BRL | 18.64B BRL |
| Short-term Investments | 282.8M BRL | 0 | 13.4M BRL | 14.6M BRL | 1.70B BRL | 1.91B BRL | 454.5M BRL | 277.2M BRL | 1.24B BRL | 1.68B BRL |
| Receivables | 4.37B BRL | 7.96B BRL | 7.03B BRL | 8.57B BRL | 4.30B BRL | 4.79B BRL | 8.20B BRL | 9.18B BRL | 9.85B BRL | 10.23B BRL |
| Inventory | 4.35B BRL | 4.32B BRL | 5.40B BRL | 5.98B BRL | 7.61B BRL | 11.00B BRL | 12.92B BRL | 9.62B BRL | 11.69B BRL | 10.52B BRL |
| Total Current Assets | 23.89B BRL | 24.72B BRL | 25.33B BRL | 27.62B BRL | 35.34B BRL | 38.63B BRL | 37.82B BRL | 36.56B BRL | 54.16B BRL | 43.88B BRL |
| Property, Plant & Equipment | 19.15B BRL | 18.82B BRL | 20.10B BRL | 22.58B BRL | 24.77B BRL | 29.22B BRL | 30.06B BRL | 26.63B BRL | 30.17B BRL | 27.64B BRL |
| Goodwill | 30.51B BRL | 31.40B BRL | 34.28B BRL | 35.01B BRL | 40.02B BRL | 42.41B BRL | 40.59B BRL | 38.00B BRL | 44.34B BRL | 41.54B BRL |
| Intangible Assets | 5.25B BRL | 4.67B BRL | 5.84B BRL | 6.31B BRL | 7.58B BRL | 8.69B BRL | 9.22B BRL | 10.04B BRL | 12.53B BRL | 11.04B BRL |
| Total Assets | 83.84B BRL | 86.85B BRL | 94.13B BRL | 101.74B BRL | 125.20B BRL | 138.60B BRL | 137.96B BRL | 132.64B BRL | 162.51B BRL | 148.11B BRL |
| Accounts Payable | 10.87B BRL | 11.85B BRL | 14.05B BRL | 15.07B BRL | 19.34B BRL | 25.08B BRL | 24.33B BRL | 23.20B BRL | 25.22B BRL | 22.60B BRL |
| Short-term Debt | 3.62B BRL | 1.70B BRL | 1.53B BRL | 217.1M BRL | 2.33B BRL | 224.6M BRL | 273.3M BRL | 151.2M BRL | 163.6M BRL | 1.17B BRL |
| Total Current Liabilities | 28.77B BRL | 29.07B BRL | 25.21B BRL | 25.01B BRL | 33.48B BRL | 38.87B BRL | 40.54B BRL | 41.01B BRL | 49.39B BRL | 45.60B BRL |
| Long-term Debt | 1.73B BRL | 2.83B BRL | 850.7M BRL | 697.8M BRL | 338.4M BRL | 267.2M BRL | 454.3M BRL | 391.0M BRL | 324.0M BRL | 2.22B BRL |
| Total Liabilities | 37.19B BRL | 40.85B BRL | 38.26B BRL | 39.19B BRL | 50.05B BRL | 54.58B BRL | 54.63B BRL | 52.50B BRL | 62.93B BRL | 59.34B BRL |
| Retained Earnings | 0 | -355.4M BRL | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.04B BRL |
| Total Equity | 44.83B BRL | 45.59B BRL | 56.25B BRL | 61.28B BRL | 73.82B BRL | 82.64B BRL | 81.96B BRL | 78.97B BRL | 98.64B BRL | 87.91B BRL |
| Total Debt | 5.40B BRL | 4.57B BRL | 4.10B BRL | 3.06B BRL | 4.79B BRL | 3.13B BRL | 3.85B BRL | 3.50B BRL | 3.45B BRL | 5.35B BRL |
| Net Debt | -2.76B BRL | -5.79B BRL | -7.37B BRL | -8.85B BRL | -14.00B BRL | -15.41B BRL | -11.54B BRL | -12.84B BRL | -26.39B BRL | -14.97B BRL |
| Working Capital | -4.89B BRL | -4.35B BRL | 120.8M BRL | 2.61B BRL | 1.86B BRL | -239.1M BRL | -2.72B BRL | -4.44B BRL | 4.77B BRL | -1.72B BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 18.64B BRL | 17.99B BRL | 16.61B BRL | 19.19B BRL |
| Total Assets | 148.11B BRL | 142.76B BRL | 138.21B BRL | 141.57B BRL |
| Total Liabilities | 59.34B BRL | 51.94B BRL | 49.32B BRL | 50.13B BRL |
| Total Equity | 87.91B BRL | 90.13B BRL | 88.31B BRL | 90.90B BRL |
| Total Debt | 5.35B BRL | 3.11B BRL | 2.95B BRL | 2.71B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 13.08B BRL | 7.79B BRL | 11.35B BRL | 12.19B BRL | 11.73B BRL | 13.12B BRL | 14.89B BRL | 14.96B BRL | 14.85B BRL | 15.99B BRL |
| Depreciation & Amortization | 3.51B BRL | 4.04B BRL | 4.45B BRL | 4.68B BRL | 5.17B BRL | 5.40B BRL | 5.96B BRL | 6.42B BRL | 7.13B BRL | 6.83B BRL |
| Stock-based Compensation | 170.3M BRL | 209.3M BRL | 161.0M BRL | 205.7M BRL | 208.7M BRL | 387.6M BRL | 313.9M BRL | 331.6M BRL | 400.9M BRL | 454.2M BRL |
| Change in Working Capital | -1.58B BRL | -435.2M BRL | -446.5M BRL | -184.0M BRL | 897.6M BRL | 3.00B BRL | -2.68B BRL | -296.1M BRL | -165.0M BRL | -1.62B BRL |
| Operating Cash Flow | 12.34B BRL | 18.26B BRL | 18.35B BRL | 18.38B BRL | 18.86B BRL | 22.90B BRL | 20.64B BRL | 24.71B BRL | 26.10B BRL | 24.45B BRL |
| Capital Expenditure | -4.13B BRL | -3.20B BRL | -3.57B BRL | -5.07B BRL | -4.69B BRL | -7.68B BRL | -6.53B BRL | -6.00B BRL | -4.75B BRL | -4.59B BRL |
| Acquisitions | -1.82B BRL | -333.3M BRL | -133.4M BRL | 107.3M BRL | -431.5M BRL | -133.3M BRL | -33.0M BRL | -52.8M BRL | 10.3M BRL | -91.6M BRL |
| Stock Repurchased | 0 | -38.6M BRL | 0 | -32.1M BRL | -7.4M BRL | -44.2M BRL | -54.1M BRL | -119.0M BRL | -467.6M BRL | -1.93B BRL |
| Dividends Paid | -10.33B BRL | -8.82B BRL | -8.81B BRL | -7.87B BRL | -6.85B BRL | -11.12B BRL | -12.24B BRL | -11.92B BRL | -4.06B BRL | -20.46B BRL |
| Free Cash Flow | 8.21B BRL | 15.06B BRL | 14.78B BRL | 13.31B BRL | 14.16B BRL | 15.22B BRL | 14.11B BRL | 18.71B BRL | 21.35B BRL | 19.86B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | 13.25B BRL | 3.16B BRL | 4.71B BRL | 7.68B BRL |
| Capital Expenditure | -1.63B BRL | -466.9M BRL | -879.9M BRL | -1.13B BRL |
| Free Cash Flow | 11.62B BRL | 2.69B BRL | 3.83B BRL | 6.54B BRL |
| Dividends Paid | -9.69B BRL | -1.5M BRL | -1.18B BRL | -1.38B BRL |
| Stock-based Compensation | 148.1M BRL | 93.1M BRL | 97.4M BRL | 114.2M BRL |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.0% | +4.9% | +3.5% | +12.3% | +24.8% | +9.4% | +0.0% | +12.2% | -1.4% | |
| Net Income Growth (YoY) | -42.1% | +51.3% | +7.1% | -3.4% | +11.4% | +14.1% | +0.3% | -0.4% | +7.4% | |
| EPS Growth (YoY) | -41.3% | +48.9% | +7.1% | -4.0% | +12.5% | +13.6% | +0.0% | +0.0% | +7.6% | |
| Shares Change (YoY) | -0.7% | +0.9% | +0.1% | -0.0% | -0.1% | -0.1% | -0.1% | -0.2% | -0.8% | |
| FCF Growth (YoY) | +83.4% | -1.9% | -9.9% | +6.4% | +7.5% | -7.3% | +32.6% | +14.1% | -7.0% | |
| Gross Margin | 63.4% | 62.4% | 61.7% | 58.3% | 53.6% | 51.1% | 49.3% | 50.7% | 51.2% | 51.4% |
| Operating Margin | 37.5% | 34.6% | 34.1% | 30.9% | 27.4% | 23.4% | 22.2% | 23.6% | 24.4% | 25.3% |
| EBITDA Margin | 42.1% | 39.6% | 38.4% | 37.4% | 35.6% | 28.8% | 29.0% | 30.4% | 32.4% | 32.8% |
| Net Margin | 27.5% | 15.2% | 21.9% | 22.7% | 19.5% | 17.4% | 18.1% | 18.2% | 16.1% | 17.6% |
| FCF Margin | 18.0% | 31.4% | 29.4% | 25.6% | 24.3% | 20.9% | 17.7% | 23.5% | 23.9% | 22.5% |
| Effective Tax Rate | 2.4% | 39.3% | 13.5% | 5.8% | 13.1% | 4.6% | -4.6% | 0.5% | 23.8% | 17.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 0.52 BRL | 0.96 BRL | 0.93 BRL | 0.84 BRL | 0.89 BRL | 0.96 BRL | 0.89 BRL | 1.18 BRL | 1.35 BRL | 1.27 BRL |
| Dividends Per Share | 0.65 BRL | 0.56 BRL | 0.56 BRL | 0.50 BRL | 0.43 BRL | 0.70 BRL | 0.77 BRL | 0.75 BRL | 0.26 BRL | 1.30 BRL |
| Shares Outstanding (Basic) | 15,696.6 M | 15,705.8 M | 15,718.1 M | 15,727.5 M | 15,733.1 M | 15,736.9 M | 15,741.9 M | 15,838.6 M | 15,814.7 M | 15,617.5 M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | 17.63% |
| Return on Invested Capital | 17.04% |
| Return on Assets | 11.12% |
| Gross Margin | 50.01% |
| Operating Margin | 24.52% |
| Net Margin | 17.69% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 1.06 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.97 | 46.52 | 21.72 | 24.88 | 22.06 | 19.25 | 15.62 | 14.77 | 12.46 | 13.66 |
| P/B | 5.59 | 7.53 | 4.25 | 4.79 | 3.39 | 2.97 | 2.76 | 2.73 | 1.84 | 2.40 |
| P/S | 5.50 | 7.17 | 4.76 | 5.64 | 4.28 | 3.37 | 2.84 | 2.70 | 2.03 | 2.39 |
| Gross Margin | 63.4% | 62.4% | 61.7% | 58.3% | 53.6% | 51.1% | 49.3% | 50.7% | 51.2% | 51.4% |
| Operating Margin | 37.5% | 34.6% | 34.1% | 30.9% | 27.4% | 23.4% | 22.2% | 23.6% | 24.4% | 25.3% |
| Net Margin | 27.5% | 15.2% | 21.9% | 22.7% | 19.5% | 17.4% | 18.1% | 18.2% | 16.1% | 17.6% |
Related companies: BUD · STZ · FMX · TAP
Explore sector: Consumer Defensive · Beverages - Alcoholic
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