Ambev S.a. income statement
In fiscal 2025, Ambev S.a. reported revenue of $15.81bn, down 5.2% on the year before, operating income of $4.18bn (a 26.4% margin) and net income of $2.78bn, or $0.18 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 29.6 | 13.2 | 15.0 | 13.8 | 13.2 | 11.4 | 13.5 | 15.5 | 16.0 | 16.7 | 15.8 |
| Cost of revenue | 4.9 | 4.8 | 5.7 | 5.3 | 5.5 | 5.3 | 6.6 | 7.8 | 7.9 | 8.1 | 7.7 |
| Gross profit | 9.3 | 8.4 | 9.4 | 8.5 | 7.7 | 6.1 | 6.9 | 7.6 | 8.1 | 8.5 | 8.1 |
| Selling and marketing | 1.8 | 1.8 | 1.9 | 1.8 | 1.8 | 1.6 | 1.8 | 2.2 | 2.2 | 2.2 | 2.0 |
| Operating income | 5.7 | 4.9 | 5.2 | 4.7 | 4.1 | 3.1 | 3.2 | 3.4 | 3.8 | 4.1 | 4.2 |
| Interest expense | 0.3 | 0.4 | 0.6 | 0.4 | 0.4 | 0.3 | 0.3 | 0.5 | 0.5 | — | — |
| Income before tax | 5.0 | 3.9 | 4.0 | 3.6 | 3.3 | 2.6 | 2.6 | 2.8 | 3.0 | 3.6 | 3.5 |
| Income tax | 1.1 | 0.1 | 1.6 | 0.5 | 0.2 | 0.3 | −0.1 | 0.1 | −0.0 | — | — |
| Net income | 3.8 | 3.6 | 2.3 | 3.0 | 3.0 | 2.2 | 2.4 | 2.8 | 2.9 | 2.7 | 2.8 |
| Diluted EPS | $0.24 | $0.23 | $0.14 | $0.19 | $0.19 | $0.14 | $0.15 | $0.18 | $0.18 | $0.17 | $0.18 |
| Diluted shares (average) | 15,820m | 15,823m | 15,838m | 15,856m | 15,869m | 15,868m | 15,858m | 15,849m | 15,839m | 15,815m | 15,684m |
| EBITDA | 6.7 | 6.0 | 6.5 | 6.0 | 5.3 | 4.1 | 4.2 | 4.6 | 5.1 | 5.4 | 5.4 |
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