BUDFF (Anheuser-Busch InBev/NV) Operating Income: $16,342 Mil (TTM As of Mar. 2026)

What is Anheuser-Busch InBev/NV Operating Income?

Anheuser-Busch InBev/NV BUDFF +0.48% 82 Operating Income is $16,342 Mil as of Mar. 2026. GuruFocus rates BUDFF with a GF Score™ of 82/100 and a GF Value™ of $65.66 (Modestly Overvalued). The stock has 8 warning signs investors should review.

Anheuser-Busch InBev/NV's Operating Income for the three months ended in Mar. 2026 was $4,074 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $16,342 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Anheuser-Busch InBev/NV's Operating Income for the three months ended in Mar. 2026 was $4,074 Mil. Anheuser-Busch InBev/NV's Revenue for the three months ended in Mar. 2026 was $15,267 Mil. Therefore, Anheuser-Busch InBev/NV's Operating Margin % for the quarter that ended in Mar. 2026 was 26.69%.

Anheuser-Busch InBev/NV's 5-Year average Growth Rate for Operating Margin % was -0.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Anheuser-Busch InBev/NV's annualized ROC % for the quarter that ended in Mar. 2026 was 6.40%. Anheuser-Busch InBev/NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 77.63%.

Anheuser-Busch InBev/NV (OTCPK:BUDFF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Anheuser-Busch InBev/NV's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	16296 * ( 1 - 20.88% )	/	( (201456	+	0)	/ 1 )
=	12893.3952	/	201456
=	6.40 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	218808	-	27058	-	( 11838	-	max(0, 34475	-	24769	+	11838	))
=	201456

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0	-	0	-	( 0	-	max(0, 0	-	0	+	0	))
=	0

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Anheuser-Busch InBev/NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	18372	/	( ( (23665 + max(-22763, 0))	+	(0 + max(0, 0)) )	/	1 )
=	18372	/	( ( 23665	+	0 )	/	1 )
=	18372	/	23665
=	77.63 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(4262	+	4974	+	1578)	-	(27058	+	223	+	6296)
=	-22763

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(0	+	0	+	0)
=	0

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Anheuser-Busch InBev/NV's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2026 )	/	Revenue (Q: Mar. 2026 )
	=	4074	/	15267
	=	26.69 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Anheuser-Busch InBev/NV Operating Income Related Terms

Anheuser-Busch InBev/NV Operating Income Historical Data

* Premium members only.

The historical data trend for Anheuser-Busch InBev/NV's Operating Income can be seen below:

Anheuser-Busch InBev/NV Operating Income Chart

Anheuser-Busch InBev/NV Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

Get a 7-Day Free Trial

14,205.00

14,465.00

14,410.00

15,268.00

15,650.00

Anheuser-Busch InBev/NV Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Operating Income	Get a 7-Day Free Trial															3,587.00	4,013.00	4,205.00	4,050.00	4,074.00

82GF Score

Anheuser-Busch InBev SA/NV BUDFF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Anheuser-Busch InBev/NV Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $16,342 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $16,342 Mil mean?

Anheuser-Busch InBev/NV (BUDFF) has a Operating Income of $16,342 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Anheuser-Busch InBev/NV and its competitors.

Is Anheuser-Busch InBev/NV's Operating Income too high?

Anheuser-Busch InBev/NV's current Operating Income is $16,342 Mil. Overall, Anheuser-Busch InBev/NV has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Anheuser-Busch InBev/NV's Operating Income compare to STZ and TAP?

Anheuser-Busch InBev/NV's Operating Income of $16,342 Mil can be compared against companies in the Beverages - Alcoholic industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Beverages - Alcoholic company?

A good Operating Income depends on the Beverages - Alcoholic industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Anheuser-Busch InBev/NV and its competitors. Anheuser-Busch InBev/NV's current Operating Income is $16,342 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Anheuser-Busch InBev/NV stock overvalued right now?

Based on GuruFocus' analysis, Anheuser-Busch InBev/NV (BUDFF) is currently considered Modestly Overvalued. The stock's GF Value™ is $65.66, compared to a current price of $80.22 — trading 22.2% above its estimated fair value. The current Operating Income is $16,342 Mil. Anheuser-Busch InBev/NV's overall GF Score™ is 82/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Anheuser-Busch InBev/NV (BUDFF), the current Operating Income is $16,342 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Anheuser-Busch InBev/NV (BUDFF) Overvalued in 2026?

Based on GuruFocus' analysis, Anheuser-Busch InBev/NV stock appears to be overvalued. The current stock price of $80.22 is trading 22.2% above its estimated GF Value™ of $65.66. GuruFocus considers Anheuser-Busch InBev/NV to be Modestly Overvalued.

Key valuation signals for BUDFF:

Operating Income: $16,342 Mil
GF Value™: $65.66 vs. price of $80.22 (22.2% above fair value)
GF Score™: 82/100 with 8 warning signs

No single metric tells the full story. See the BUDFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Anheuser-Busch InBev/NV Business Description

Industry Consumer Defensive Beverages - Alcoholic

Comparable Companies STZ TAP SAM XZIM:DLTA.ZW BSP:ABEV3 XAMS:HEIA MEX:FEMSAUBD XAMS:HEIO OCSE:CARL B TSE:2502 TSE:2503 HKSE:01876 SHSE:600600 HKSE:00291 TSX:TPX.B TSE:2501 SZSE:000729 BOM:532478 OCSE:RBREW SHSE:600132

Other Exchanges ANH:South Africa BUD:USA ANB:Mexico 1ABI:Italy 0A22:UK ABIb:UK 0RJI:UK 1NBA:Germany ABUD34:Brazil ABI:Belgium ABIN:Austria

Address Brouwerijplein 1, Leuven, BEL, 3000

Website https://www.ab-inbev.com

Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, and we estimate it distributes 23 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and US-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev, an 87% stake in Budweiser APAC, and in 2016 acquired SABMiller.

82GF Score

Get the complete analysis for BUDFF

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$80.22

Price

$65.66

GF Value

View BUDFF Analysis

See Operating Income data for all stocks →