Q3 25 EPS
$0.06
BEAT +41.77%
Est. $0.04
Q3 25 Revenue
$20.85B
MISS 2.52%
Est. $21.39B
vs S&P Since Q3 25
+27.1%
BEATING MARKET
ABEV +33.1% vs S&P +6.0%
Market Reaction
Did ABEV Beat Earnings? Q3 2025 Results
Ambev posted a mixed third quarter for fiscal 2025, falling short of revenue expectations as broad industry softness weighed on volumes across its core markets. The Brazilian brewer reported net revenue of $20.85 billion, missing the consensus estima… Read more Ambev posted a mixed third quarter for fiscal 2025, falling short of revenue expectations as broad industry softness weighed on volumes across its core markets. The Brazilian brewer reported net revenue of $20.85 billion, missing the consensus estimate of $21.39 billion by 2.52% and declining 5.7% year over year, with consolidated volumes dropping 5.8% organically as unseasonable weather and a challenging macroeconomic backdrop pressured demand in Brazil, where beer volumes alone fell 7.7%. The headline miss, however, masked genuine underlying progress; disciplined revenue management lifted net revenue per hectoliter 7.4% organically, helping normalized EBITDA margin expand 50 basis points to 33.9%, while a sharply lower tax bill drove normalized profit up 7.4% to $3.84 billion. EPS came in at $0.04, broadly in line with the $0.04 consensus estimate. Management characterized the volume softness as situational rather than structural, and with year-to-date EBITDA already up 7.6% alongside 120 basis points of margin expansion, the company enters the final stretch of the year on reasonably firm footing. Goldman Sachs maintained its Sell rating on the stock following the results.
Key Takeaways
- • Net revenue per hectoliter growth of 7.4% driven by revenue management and premiumization
- • Premium and super-premium brands grew high single digits in the quarter
- • Balanced-choices portfolio (Michelob Ultra, Stella Pure Gold, no-alcohol beers) grew mid-thirties
- • Cash SG&A declined 0.8% through disciplined cost and expense management
- • Lower effective tax rate drove normalized EPS growth of 8.7%
- • BEES Marketplace consolidated GMV grew 100%, Brazil GMV up over 120%
- • Zé Delivery MAUs grew 11% to 5.4 million
ABEV YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ABEV Revenue by Segment
With YoY comparisons, source: SEC Filings
ABEV Revenue by Geography
Regional revenue distribution
“The third quarter remained dynamic as industries softness persisted. In this context, consistent execution of our strategy strengthened our brands and delivered low-single-digit normalized EBITDA growth with margin expansion.”
— Carlos Lisboa, Q3 2025 Earnings Press Release
ABEV Earnings Trends
ABEV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ABEV EPS Trend
Earnings per share: estimate vs actual
ABEV Revenue Trend
Quarterly revenue: estimate vs actual
ABEV Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | $0.05 | — | — | — | — |
| Q4 25 FY | $0.05 | — | — | $24.81B | -2.13% |
| FY Full Year | $0.18 | — | — | $88.24B | -0.61% |
| Q3 25 BEAT | $0.04 | $0.06 | +41.77% | $20.85B | -2.52% |
| Q2 25 MISS | $0.04 | $0.03 | -9.07% | $3.83B | -82.05% |