Ambev (ADR)
Brazilian brewer distributing global beer brands and PepsiCo products across Latin America and Canada.
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Profile
Sells a Brazilian beer portfolio built from a 1999 industry merger, distributes global AB InBev brands regionally, and holds an exclusive PepsiCo bottling franchise across parts of Latin America. Anheuser-Busch InBev controls the company; digital ordering platforms and a Zero-Based Budgeting management discipline extend its historical brewing and distribution base.
Traces to the 1999 merger of Brazil's two largest brewers, Brahma and Antarctica, and now sits inside the Anheuser-Busch InBev group. Core brands — Skol, Brahma, Antarctica, plus global names like Budweiser, Corona and Stella Artois — sit alongside an exclusive PepsiCo bottling and distribution franchise covering Pepsi, Gatorade and Guaraná Antarctica.
Brazil is the core market, with operations reaching Central America and the Caribbean, Argentina, Bolivia, Paraguay and Uruguay, and Canada through Labatt.
Zé Delivery reaches consumers directly, while BEES handles business ordering for most of the retail base; management runs on Zero-Based Budgeting and meritocracy discipline.
Anheuser-Busch InBev holds voting control through two subsidiaries, with a Brazilian foundation as the largest minority holder. On-trade exclusivity agreements central to Brazilian beer distribution operate under an antitrust cease-and-desist agreement.
Company facts
Categories
Key statistics
Year to date +15.8% · Average volume (30d) 31.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | UBS | Target | $2.90 | $2.85 | ||
| Jul 15, 2026 | Scotiabank | Downgrade | Sector Outperform | Sector Perform | ||
| May 14, 2026 | UBS | Reiterate | Sell | $2.65 | $2.90 | |
| May 6, 2026 | Barclays | Reiterate | Equal Weight | $3 | $3.50 | |
| Apr 16, 2026 | UBS | Downgrade | Neutral | Sell | $2.65 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.04 | $0.04 | 0.0% | $4.05B | $3.97B | −1.9% | +0.65% |
| May 5, 2026Q1 FY26 | $0.05 | $0.05 | 0.0% | $4.38B | $4.56B | +4.2% | +1.78% |
| Feb 12, 2026Q4 FY25 | $0.05 | $0.05 | 0.0% | $4.62B | $5.23B | +13.1% | −2.81% |
| Oct 30, 2025Q3 FY25 | $0.04 | $0.04 | 0.0% | $4.77B | $3.91B | −18.1% | +0.43% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.32B | $3.86B | $4.00B | $4.77B | $4.32B | $3.87B | |
| Gross profit | $2.22B | $1.93B | $2.06B | $2.51B | $2.23B | $2.01B | |
| Operating income | $1.10B | $845.1M | $1.21B | $1.42B | $1.13B | $914.5M | |
| Net income | $709.6M | $522.1M | $911.6M | $835.0M | $723.9M | $650.7M | |
| Diluted EPS | $0.04 | $0.03 | $0.06 | $0.05 | $0.05 | $0.04 | |
| Gross margin | 51.3% | 50.0% | 51.5% | 52.6% | 51.6% | 51.9% | |
| Operating margin | 25.4% | 21.9% | 30.2% | 29.8% | 26.1% | 23.6% |
Fiscal years (4-quarter sums)FY21 $14.00B · FY22 $15.31B · FY23 $15.32B · FY24 $17.18B · FY25 $16.95B
Balance sheet, Jun 30, 2026Cash & short-term investments $3.52B · Total debt $566.5M · Total assets $26.55B · Shareholders' equity $16.97B
Dividends
Last cut to $0.0092 from $0.0978 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 24, 2026 | Jun 24 | Jan 11 | $0.0092 | cut from $0.0978 |
| Dec 22, 2025 | Dec 22 | Jan 9 | $0.0978 | raised from $0.024 |
| Aug 11, 2025 | Aug 11 | Oct 14 | $0.024 | raised from $0.0236 |
| May 19, 2025 | May 19 | Jul 17 | $0.0236 | raised from $0.0224 |
| Mar 18, 2025 | Mar 18 | Apr 14 | $0.0224 | |
| Dec 23, 2024 | Dec 23 | Jan 17 | $0.1084 | special dividend |
| Dec 22, 2023 | Dec 26 | Jan 5 | $0.151 | special dividend |
| Dec 20, 2022 | Dec 21 | Jan 5 | $0.1443 | special dividend |
Ownership
Shares outstanding 15.45B · Float —
Float — provider float is below the insider stake.
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| First Eagle Investment Management, LLC | 349.32M | 2.26% | 13F | Aug 24, 2026 |
| GQG Partners LLC | 185.07M | 1.20% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 33.06M | 0.21% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 28.98M | 0.19% | 13F | Aug 14, 2026 |
| Loomis Sayles & Co L P | 27.00M | 0.17% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 30, 2026 | Ricardo Manuel Frangatos Pires Moreira | director | −468,040 | $3.08 |
| May 5, 2026 | Paulo Andre Zagman | officer: See Remarks | −136,250 | $3.41 |
| Mar 27, 2026 | de Lacerda Eduardo Braga Cavalcanti | officer: See Remarks | −152,386 | $2.85 |
| Mar 24, 2026 | Parente Guilherme Malik | officer: See Remarks | −20,971 | $2.76 |
Peers
- Coca-Cola
Century-long soft-drink rival across Brazil and Latin America
- Compañía Cervecerías Unidas (ADR)
Direct beer rival across Chile, Argentina, and the LAS bloc
- Coca-Cola FEMSA (ADR)
Coca-Cola's bottling arm contesting Brazil's cooler space
- Molson Coors Class B
Duopoly rival for Labatt in the Canadian beer market
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ambev (ADR) | $2.87 | +0.35% | $44.20B | 14.3 | 17.5 | 2.7 | +7.5% |
| Coca-Cola | $89.75 | +0.11% | $385.77B | 26.9 | 26.5 | 7.7 | +6.7% |
| Compañía Cervecerías Unidas (ADR) | $12.28 | +1.66% | $2.23B | 20.3 | 13.8 | 0.7 | +5.2% |
| Coca-Cola FEMSA (ADR) | $112.58 | +0.12% | $23.65B | 16.8 | 19.7 | 0.0 | +11.4% |
| Molson Coors Class B | $41.46 | −0.06% | $7.78B | — | 8.7 | 0.7 | −3.3% |
| Median | 20.3 | 16.8 | 0.7 | +5.9% |