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ABEV

Ambev S.A.

ABEV

Ambev S.A. • NYSE
$2.55 ▲ 1.59% (+0.04)
Market Cap $39.91 B
52w High $2.64
52w Low $1.76
Dividend Yield 0.18%
P/E 13.42
Volume 11.04M
Outstanding Shares 15.65B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.847B ▲ $4.422B ▼ $4.745B ▲ 22.761% ▲ $0.3 ▲ $7.533B ▲
Q2-2025 $20.09B ▼ $5.594B ▼ $2.718B ▼ 13.527% ▼ $0.17 ▼ $5.69B ▼
Q1-2025 $22.497B ▼ $5.842B ▼ $3.694B ▼ 16.419% ▼ $0.24 ▼ $7.076B ▼
Q4-2024 $27.035B ▲ $6.976B ▲ $4.88B ▲ 18.052% ▲ $0.31 ▲ $8.438B ▲
Q3-2024 $22.097B $5.81B $3.46B 15.66% $0.22 $6.975B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.841B ▲ $140.755B ▼ $48.027B ▼ $92.027B ▼
Q2-2025 $17.525B ▼ $142.157B ▼ $48.947B ▼ $92.472B ▼
Q1-2025 $20.31B ▼ $147.299B ▼ $51.823B ▼ $94.528B ▼
Q4-2024 $29.838B ▲ $162.508B ▲ $62.927B ▲ $98.642B ▲
Q3-2024 $20.939B $147.286B $48.402B $98.14B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.864B ▲ $6.919B ▲ $-1.17B ▼ $-3.223B ▲ $1.904B ▲ $5.875B ▲
Q2-2025 $2.791B ▼ $3.05B ▲ $-961.3M ▼ $-3.96B ▲ $-2.714B ▲ $1.962B ▲
Q1-2025 $3.805B ▼ $1.204B ▼ $-784.4M ▲ $-8.827B ▼ $-9.477B ▼ $375.8M ▼
Q4-2024 $4.88B ▲ $13.914B ▲ $-1.471B ▼ $-5.263B ▼ $8.811B ▲ $12.395B ▲
Q3-2024 $3.566B $8.108B $-1.134B $-1.088B $5.63B $6.922B

Five-Year Company Overview

Income Statement

Income Statement Ambev’s income statement shows a business that has grown steadily while keeping profitability healthy. Sales have increased meaningfully over the last several years, and profits from core operations have risen alongside them. Gross and operating margins appear solid, which suggests good cost control and strong pricing power. Net income and earnings per share, however, have been fairly flat recently despite higher sales. This hints that factors such as currency swings, taxes, or mix of products and regions may be offsetting some of the top-line growth. Overall, the picture is of a mature, highly profitable company with stable earnings rather than one with explosive profit growth.

Balance Sheet

Balance Sheet The balance sheet looks conservative and robust. Total assets and shareholder equity have both grown over time, pointing to a business that is building its resource base without overstretching. Cash on hand has increased sharply in the most recent year, giving Ambev a sizeable liquidity cushion. Debt levels are low and have trended down, which reduces financial risk and interest costs. The combination of high cash balances and modest debt suggests a very strong financial position, with flexibility to invest, weather downturns, or absorb shocks in its markets.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has moved up over the period, broadly tracking the growth in revenue and showing that reported profits are backed by real cash. Free cash flow has improved as well, supported by disciplined investment spending. Capital expenditures remain meaningful but manageable, indicating ongoing investment in production, logistics, and technology without straining the company’s finances. Overall, Ambev converts a good portion of its profits into cash, providing ample room for reinvestment and other corporate priorities.

Competitive Edge

Competitive Edge Ambev holds a dominant competitive position in Brazil and much of Latin America, supported by an exceptionally wide and efficient distribution network that is hard for rivals to replicate. Its portfolio combines strong local beer brands with well-known global labels, plus important non-alcoholic brands through partnerships. This breadth allows it to reach many price points and consumer tastes. Its size gives it purchasing and production advantages, helping keep costs low. Brand recognition and customer loyalty are high, which reinforces its market share. Key risks around this position include dependence on a few core markets (especially Brazil), exposure to regulation and taxes on alcoholic drinks, and ongoing competition from local craft brewers and global players.

Innovation and R&D

Innovation and R&D Ambev’s innovation is focused less on traditional laboratory R&D and more on digital platforms, data, and new product categories. Its BEES platform digitizes relationships with retailers, improving ordering, logistics, and insights. Zé Delivery connects directly with consumers and provides real-time data on behavior and demand patterns. Together, these create a digital ecosystem and a data advantage that can guide pricing, promotions, and product development. On the product side, Ambev is pushing into premium beers, craft-style offerings, ready-to-drink beverages, hard seltzers, and a wider range of non-alcoholic drinks, aligning with global trends and health-conscious consumers. It is also investing in sustainability projects and startup collaborations around packaging, water use, and emissions. The main uncertainties lie in how quickly these digital and product innovations scale, and how well they fend off competing delivery apps, local brands, and shifting consumer tastes.

Summary

Taken together, Ambev looks like a mature, highly profitable beverage leader with a very strong financial base and a durable competitive moat. Revenue and operating profits have grown steadily, the balance sheet is cash-rich with low debt, and cash flow generation is strong and consistent. Strategically, the company is using its scale and brand power while modernizing through digital platforms and expanding into premium and “beyond beer” categories. This positions it to benefit from changing consumer habits, but also exposes it to execution risks, regulatory pressure on alcohol, and economic volatility in Latin America. Overall, the story is one of stability and resilience with measured growth, more than rapid transformation—backed by solid finances and a powerful, though regionally concentrated, market position.