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Ambev SA
(NYSE:ABEV)
Ambev SA (ABEV) vs. SPDR S&P 500 ETF (SPY)
Ambev SA Business Overview & Revenue Model
Ambev SA Earnings Call Summary
Ambev SA Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 88.24B | 89.45B | 79.74B | 79.71B | 72.85B |
| Gross Profit | 42.23B | 45.84B | 40.45B | 39.29B | 37.19B |
| EBITDA | 26.85B | 29.01B | 24.27B | 23.08B | 20.99B |
| Net Income | 15.50B | 14.44B | 14.50B | 14.46B | 12.67B |
Balance Sheet | |||||
| Total Assets | 148.11B | 162.51B | 132.64B | 137.96B | 138.60B |
| Cash, Cash Equivalents and Short-Term Investments | 20.32B | 29.84B | 16.34B | 15.38B | 18.54B |
| Total Debt | 5.35B | 3.45B | 3.50B | 3.85B | 3.13B |
| Total Liabilities | 59.34B | 62.93B | 52.50B | 54.63B | 54.58B |
| Stockholders Equity | 87.91B | 98.64B | 78.97B | 81.96B | 82.64B |
Cash Flow | |||||
| Free Cash Flow | 19.86B | 21.35B | 18.71B | 14.11B | 15.22B |
| Operating Cash Flow | 24.45B | 26.10B | 24.71B | 20.64B | 22.90B |
| Investing Cash Flow | -4.95B | -5.46B | -5.77B | -5.00B | -7.73B |
| Financing Cash Flow | -26.77B | -10.35B | -16.12B | -16.34B | -16.04B |
Ambev SA Technical Analysis
Ambev SA Risk Analysis
Ambev SA Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $48.78B | 17.16 | 17.42% | 8.22% | -0.68% | 4.29% | |
70 Outperform | $2.59B | 18.67 | 9.07% | 2.53% | 16.59% | 1.72% | |
68 Neutral | $157.54B | 22.82 | 8.29% | 1.83% | -2.06% | 21.03% | |
67 Neutral | $27.10B | 24.64 | 14.29% | 2.92% | -5.57% | 119.49% | |
65 Neutral | $22.59B | 50.59 | 5.48% | 4.33% | 1.44% | -38.87% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
54 Neutral | $10.07B | -4.46 | -18.35% | 4.08% | -4.01% | -339.22% |
Ambev SA Corporate Events
On February 12, 2026, Ambev S.A. submitted a Form 6-K to the U.S. Securities and Exchange Commission, reaffirming its status as a foreign private issuer reporting under Form 20-F. The filing, signed by Chief Financial and Investor Relations Officer Guilherme Fleury de Figueiredo Ferraz Parolari, was an administrative report that did not disclose new operational or financial developments for stakeholders.
The document primarily fulfilled a regulatory requirement for the month of February 2026, indicating continued compliance with U.S. securities disclosure rules. As no additional narrative, financial data, or strategic updates were included, the immediate impact of this filing on Ambev’s operations, industry positioning, or investor outlook appears neutral.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On February 11, 2026, Ambev’s board of directors met by videoconference in São Paulo and unanimously approved the management report, management accounts and financial statements for the fiscal year ended December 31, 2025. The documents, prepared under Brazilian CPC and international IFRS standards and reviewed by the fiscal council and external auditors, are scheduled to be published on February 12, 2026.
At the same meeting, the board confirmed the payment of the first tranche of previously declared interest on own capital, to be paid on April 6, 2026 at a gross rate of R$0.075 per share, or R$0.063 net after withholding tax. The decision underscores Ambev’s continued shareholder remuneration policy and provides clarity on 2025 results allocation, signaling stability and visibility for investors ahead of the full disclosure of annual figures.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On February 11, 2026, Ambev’s board approved the payment schedule for the first tranche of previously authorized interest on own capital, tied to a distribution decision made on December 9, 2025. Shareholders of record on December 18, 2025 at B3 and December 22, 2025 at the NYSE will receive a gross R$0.075 per share, or R$0.063 net after tax, on April 6, 2026, with shares and ADRs trading ex-entitlement since December 19, 2025.
The company signaled continued shareholder-return discipline by confirming that the remaining IOC amount will be set and announced at a later board meeting, but no later than December 31, 2026. Ambev also emphasized its commitment to shareholder value, disclosure transparency and clear payment mechanics, outlining how proceeds will be credited via bank accounts, depositary services and custodians, which helps provide visibility and predictability for investors.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
Ambev reported its fourth-quarter and full-year 2025 results on February 12, 2026, showing a 3.3% decline in total volumes for the year, with drops across Brazil, Latin America South, Central America and the Caribbean, and Canada. Despite softer volumes and cyclical headwinds affecting consumption occasions, net revenue grew 4.0% on the back of a 7.5% increase in net revenue per hectoliter, driven by premiumization, favorable mix and revenue management initiatives.
Normalized EBITDA rose 5.6% in 2025 with a 50-basis-point margin expansion to 33.4%, marking a third straight year of margin gains, even as operating cash flow fell 6.3% due to volume-related working capital impacts. Normalized profit edged up 1.6% for the year, and the company reinforced its shareholder-return stance by announcing around R$ 20 billion in 2025 for buybacks, dividends and interest on capital, with the board setting April 6, 2026, as the payment date for a R$ 1.2 billion tranche of 2025 interest on capital.
Management highlighted that disciplined execution of its three strategic pillars—category growth, ecosystem digitization and business optimization—helped offset a challenging consumer and weather environment. Digital platforms remained a key differentiator, with BEES Marketplace GMV up 70% and Zé Delivery GMV up 13% in 2025, deepening customer relationships and supporting Ambev’s positioning for growth opportunities in 2026 despite recent volume pressure.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On February 11, 2026, Ambev’s Fiscal Council met at the company’s São Paulo headquarters and reviewed the financial statements for the fiscal year ended December 31, 2025. The council members formally approved the management report, the allocation of 2025 results and the proposed dividends and interest on equity distributions tied to that net income.
The council’s decision followed an unqualified report from independent auditor Grant Thornton and a performance briefing from Ambev’s chief financial and investor relations officer. This endorsement clears a key governance step ahead of publishing the 2025 financials and supports the reliability of Ambev’s reported earnings and shareholder payout plans for the year.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On February 11, 2026, Ambev disclosed that it expects cash cost of goods sold per hectoliter for its Brazilian beer business to rise between 4.5% and 7.5% in full-year 2026, excluding non-Ambev marketplace sales and based on current commodity prices and exchange rates. The company attributed the anticipated increase mainly to higher commodity-related expenses, particularly aluminum, and to changes in portfolio mix, signaling potential margin pressure and cost headwinds for its core Brazilian operations, while emphasizing that these figures are preliminary management projections subject to economic uncertainties and not yet reviewed by external auditors.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
Ambev disclosed that, between January 1 and 31, 2026, members of its board of directors and management reported their positions and trades in the company’s common shares and ADRs, as required by Brazilian securities regulator CVM Instruction 44/2021. The board of directors’ group showed no effective trading activity during the month, maintaining an unchanged position of 30,400,903 common shares and 468,040 ADRs.
Over the same January 2026 period, the management group executed several transactions in Ambev common shares, including sizeable sales through XP Corretora and securities lending operations via XP Investimentos. These trades reduced management’s direct common share holdings from 5,822,022 to 5,208,794 shares, while ADR holdings remained stable at 19,790, providing investors with greater transparency into insider activity and potential alignment of interests with shareholders.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
In a regulatory filing dated February 11, 2026, Ambev S.A. reported that in January 2026 it carried out no transactions in its own securities or derivatives, as required under Brazilian securities regulator CVM Instruction 44/2021. The company disclosed that its position of outstanding shares held in treasury remained unchanged over the month at 145,113,436 common shares and no ADRs, signaling a pause in buyback or treasury stock activity that keeps its capital structure stable for now.
The absence of trades suggests Ambev maintained a steady approach to managing its equity base during the period, with no moves to either expand or reduce its treasury holdings. For shareholders, this indicates no immediate dilution or concentration effects arising from treasury share operations in January, and offers a neutral datapoint on the company’s financial policy as markets track its future capital allocation decisions.
The most recent analyst rating on (ABEV) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
In December 2025, Ambev S.A. reported movements in its own shares held in treasury, disclosing transactions carried out under Brazilian securities regulations. Over the month, the company delivered a total of roughly 23.97 million common shares from treasury, mainly as settlement of restricted share grants, at prices around 13.28–14.02 reais per share, reducing its treasury stock from 169.08 million to 145.11 million common shares. The disclosure highlights an active use of equity-based compensation and treasury management but does not indicate broader changes to Ambev’s capital structure or operations beyond these share deliveries.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
In a regulatory filing for the period from December 1 to 31, 2025, Ambev S.A. disclosed consolidated transactions in its shares and ADRs carried out by members of its board of directors and management, as required by Brazilian securities regulation. The report shows that, over the month, directors and executives received sizeable deliveries of restricted shares directly from the company and executed various trades in common shares through a broker, as well as an internal ownership transfer of 18 million shares, resulting in a significant increase in the group’s overall common-share holdings by month-end. These disclosures enhance transparency around insider positions and equity-based compensation at Ambev, providing shareholders with clearer visibility into how senior leadership’s interests are aligned with the company’s performance and capital structure as of late 2025.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On January 5, 2026, Ambev S.A. announced that it will hold its ordinary shareholders’ meeting on April 30, 2026, in compliance with applicable Brazilian corporate legislation. Details and documentation for the meeting will be provided at a later date, a procedural step that sets the timetable for shareholder deliberations on recurring corporate matters and signals the upcoming governance and decision-making cycle relevant to investors and other stakeholders.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On December 22, 2025, Ambev S.A. disclosed that it has entered into a related-party agreement with its controlling shareholder Anheuser-Busch InBev and its subsidiaries for the use and operation of the BEES B2B digital sales platform. Under the terms, Ambev will pay an annual fee aligned with market standards for access to the full suite of BEES technology, products and services, and will have the option to acquire an equity stake or participate in any deal if a third party joins the shareholding structure of the entity that owns the platform, reflecting recognition of its investments in the system. The company stressed that the deal followed its related-party transaction policy, was benchmarked by an independent financial advisor against similar technology and digital services contracts, and was reviewed by the Governance Committee and approved by the Board of Directors without participation from ABI representatives on Ambev’s side, with management asserting that the arrangement is at arm’s length and justified by operational synergies, scale, international reach and information security benefits.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On December 9, 2025, Ambev S.A. approved a new policy regulating the hiring of services related or not related to auditing, provided by independent auditors. This policy outlines the general principles, jurisdictions, and unauthorized services to ensure compliance with regulations from the Brazilian Securities and Exchange Commission and the U.S. SEC. The policy aims to maintain the independence of auditors and includes a pre-approved list of services with annual fee limits. The Fiscal Board, acting as an audit committee, plays a crucial role in overseeing these engagements, ensuring transparency and adherence to the Sarbanes-Oxley Act.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On December 9, 2025, Ambev S.A. approved a new policy on remuneration and the granting of stock options and restricted shares to its Executive Board. This policy aims to align executive compensation with the company’s long-term value generation and performance culture, emphasizing meritocracy and competitive remuneration. The policy outlines various aspects of executive compensation, including fixed and variable remuneration, stock options, and benefits, all designed to attract and retain talent while ensuring alignment with the company’s strategic goals.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On December 9, 2025, Ambev S.A.’s Board of Directors approved the distribution of dividends amounting to R$ 0.4612 per share, based on the extraordinary balance sheet as of November 30, 2025. The payment, scheduled for December 30, 2025, will be made without withholding income tax. Additionally, the Board approved the distribution of interest on own capital at a gross amount of R$ 0.2690 per share, with a net distribution of R$ 0.2286 per share, subject to taxation. This distribution reflects Ambev’s commitment to shareholder value and transparency.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
On December 9, 2025, Ambev S.A.’s Board of Directors approved the preparation of an extraordinary balance sheet as of November 30, 2025, and announced a dividend distribution of R$0.4612 per share, to be paid on December 30, 2025. Additionally, the Board approved the distribution of interest on capital of R$0.2690 per share, to be paid by December 31, 2026. The Board also acknowledged the resignation of Nelson José Jamel, effective January 1, 2026, and elected Ricardo Manuel Frangatos Pires Moreira to the People Committee.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.
During November 2025, Ambev S.A. reported that there were no changes in the securities and derivatives transactions by its management and related persons, as per the compliance with Article 11 of the CVM Instruction # 358/2002. The initial and final balances of shares and ADRs remained unchanged, indicating a stable position in their securities dealings for the month.
The most recent analyst rating on (ABEV) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Ambev SA stock, see the ABEV Stock Forecast page.