Q4 25 EPS
$N/A
Est. $0.05
Q4 25 Revenue
$24.81B
MISS 2.13%
Est. $25.35B
vs S&P Since Q4 25
-15.6%
TRAILING MARKET
ABEV -9.8% vs S&P +5.8%
Full Year 2025 Results
FY 25 Revenue
$88.24B
MISS 0.61%
Est. $88.78B
Market Reaction
Did ABEV Beat Earnings? Q4 2025 Results
Ambev closed out 2025 on a mixed note, with fourth-quarter revenue of $24.81 billion falling 2.13% short of the $25.35 billion consensus estimate and declining 8.2% from the year-ago period, as volume headwinds and significant foreign exchange pressu… Read more Ambev closed out 2025 on a mixed note, with fourth-quarter revenue of $24.81 billion falling 2.13% short of the $25.35 billion consensus estimate and declining 8.2% from the year-ago period, as volume headwinds and significant foreign exchange pressures weighed on results. Consolidated volumes dropped 3.6% in the quarter, hurt by unfavorable weather conditions in October and sluggish consumption trends across key markets, while net finance costs ballooned to $1.09 billion from $614.60 million a year earlier, driven largely by hedging carry costs on Ambev's U.S. Dollar exposure in Brazil. The company's premiumization push offered a partial offset, with net revenue per hectoliter growing 8.7% organically, and premium brand volumes surging 17% for the full year. Normalized EBITDA margin expanded for a third consecutive year in FY25, and management declared approximately $20.00 billion in shareholder returns through dividends and buybacks. Looking ahead, Ambev cited the 2026 FIFA World Cup as a meaningful demand catalyst, even as Brazil Beer cash costs per hectoliter are guided to rise between 4.5% and 7.5%.
Key Takeaways
- • Premiumization and revenue management driving NR/hl growth of 8.7% in Q4 and 7.5% for full year
- • Premium brand volumes in Brazil Beer increased 17% in FY25
- • Non-alcohol beer volumes grew approximately 30% in Brazil
- • Disciplined cost management keeping Cash COGS and Cash SG&A growth under control
- • Zé Delivery GMV grew 13% to R$4.7 billion with 67 million yearly orders and 27 million yearly active users
- • BEES Marketplace GMV grew 70% consolidated, driven by third-party partnerships
- • Third consecutive year of Normalized EBITDA margin expansion
ABEV YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
ABEV Revenue by Segment
With YoY comparisons, source: SEC Filings
ABEV Revenue by Geography
Regional revenue distribution
“In 2025, the strength of our brands and the consistent execution of our strategy drove mid-single-digit Normalized EBITDA growth with margin expansion, despite a dynamic environment.”
— Carlos Lisboa, Q4 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% |