Anheuser-Busch InBev (also called AB InBev) reported higher Q4 and full-year profit for 2025 and continued expansion of its global B2B digital platform, even as overall beer volumes declined.
The world’s largest brewer said its fiscal Q4 revenue rose to $15.6 billion from $14.8 billion a year earlier. That’s a 4.8% increase year over year. For its fiscal full-year 2025, AB InBev reported revenue totaled $59.3 billion. That’s down 0.8% from $59.8 billion in 2024, reflecting unfavorable currency translation.
Profit for AB InBev increased to $1.96 billion in the fourth quarter, up 60.6% from $1.22 billion in 4Q24. For the full year, profit rose to $6.84 billion, up 16.8% from $5.86 billion in 2024.
Total volumes declined 1.5% in the fourth quarter, falling to 139.2 million hectoliters from 141.8 million a year earlier. Beer volumes fell 1.9% in the quarter.
For the full year, total volumes declined 2.3%, to 561.1 million hectoliters from 575.7 million in 2024. Beer volumes were down 2.6% year over year.
AB InBev GMV from its digital marketplace in Q4
While volumes softened in Q4, AB InBev continued to expand its digital commerce ecosystem, particularly through BEES, its B2B ordering platform used by retailers and distributors.
As of Dec. 31, BEES was live in 29 markets, with 72% of company revenue captured through B2B digital platforms. The company said BEES generated $52.5 billion in gross merchandise value in 2025, up 12% year over year.
BEES Marketplace, which enables retailers to purchase third-party products alongside AB InBev brands, reached $3.5 billion in gross merchandise value, up 61% from 2024.
The company’s direct-to-consumer (DTC) ecosystem — including Zé Delivery, TaDa Delivery and PerfectDraft — generated $1.3 billion in revenue in 2025, fulfilling more than 76 million ecommerce orders, up 8% year over year.
CEO Michel Doukeris said the company “executed our strategy” in 2025 and exited the year with “improved momentum,” despite what he described as a dynamic consumer environment.
For distributors and retail partners, AB InBev’s results underscore a structural shift. While beer volumes declined globally, digital B2B transactions continue to expand at double-digit rates. BEES is increasingly functioning not just as an ordering portal, but as a data, assortment and marketplace engine — allowing the brewer to deepen retailer relationships, capture demand signals and layer in third-party products to drive growth beyond core beer shipments.
Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports. Here’s last quarter’s update on AB InBev digital sales and revenue.
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