Ambev S.a. cash flow statement

In fiscal 2025, Ambev S.a.'s operations generated $4.38bn of cash; it spent $822m on capital projects, leaving free cash flow of $3.56bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ambev S.a.: cash flow statement, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	7,187	3,565	5,726	5,057	4,668	3,689	4,251	4,008	4,952	4,866	4,381
Depreciation and amortisation	937	1,019	1,267	1,226	1,188	1,013	1,006	1,154	1,285	1,322	1,224
Stock-based pay	60	49	66	44	52	41	72	61	66	75	81
Capital spending	1,640	1,165	1,005	984	1,287	918	1,425	1,268	1,203	885	822
Free cash flow	5,547	2,399	4,721	4,073	3,381	2,771	2,826	2,739	3,749	3,981	3,558
Free cash flow after stock pay	5,487	2,350	4,655	4,028	3,328	2,730	2,754	2,678	3,682	3,906	3,477
Share buybacks	—	—	—	844	0	0	0	0	—	320	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Ambev S.a.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ambev S.a.