
AB InBev’s beer. Pixabay Image.
This article presents Anheuser-Busch InBev or AB InBev (ABI)‘s revenue breakdown by region or by segment.
AB InBev’s revenue breakdown consists of regions from North America, Middle Americas, South America, EMEA, and the Asia Pacific.
The North American region includes countries such as the U.S. and Canada.
The Middle Americas region includes countries such as Mexico, Colombia, Peru, Ecuador, Honduras, El Salvador, Dominican Republic, Panama, Guatemala, Barbados, Puerto Rico, and Caribbean Islands.
The South America region includes countries such as Argentina, Bolivia, Brazil, Chile, Paraguay and Uruguay.
The EMEA region includes countries such as Europe, the Middle East, and Africa.
The Asia Pacific region includes countries such as China, India, South Korea and Vietnam.
For your information, ABI sold off its Australian subsidiary in 2019, and the sales affect only the Asia Pacific region.
Aside from the revenue breakdown, we also get into AB InBev’s profit and margin by segment.
For example, we will look at the percentage of gross profit, EBIT and EBITDA as well as the margin of each region with respect to the worldwide figure.
Investors who are interested in AB InBev’s production volume breakdown may visit this page – ABI Production Volume By Segment And Region.
Let’s take a look!
AB InBev’s Sales Breakdown, Profit, And Margin By Segment
1. Worldwide Revenue And Profit
2. Worldwide Margin
3. Revenue By Region
4. Revenue Share By Region
5. Gross Profit Share By Region
6. Gross Margin By Region
7. Normalized EBIT Share By Region
8. Normalized EBIT Margin By Region
9. Normalized EBITDA Share By Region
10. Normalized EBITDA Margin By Region
11. Summary
12. References and Credits
13. Disclosure
Worldwide Revenue And Profit
ABI worldwide revenue and profit (click to enlarge)
On a worldwide basis, AB InBev’s total revenue came in at $54 billion in 2021, the highest figure ever reported since 2018.
The 2021 revenue figure represents a rise of 15% from 2020 or 4% from 2019.
As of 3Q 2022, AB InBev’s revenue came in at $43 billion for the 9 months that ended on 30 Sept 2022, up 11.5% organically from the same period a year ago, according to the 3rd quarter release.
In terms of gross profit, ABI’s worldwide gross profit totaled $31 billion in 2021, down slightly from 2019 but up 15% from 2020.
Similarly, ABI’s normalized EBIT totaled $14 billion in 2021 while normalized EBITDA totaled $19 billion during the same fiscal year.
These profitability figures reported in 2021 were down slightly from 2019 but were up significantly from 2020.
As of 3Q 2022, AB InBev’s gross profit, normalized EBIT, and normalized EBITDA in the 9 months that ended on 30 Sept 2022 were up 5.9%, 5.9%, and 7%, respectively, from the same period a year ago, according to the 3rd quarter release.
Worldwide Margin
ABI worldwide margin (click to enlarge)
As seen in the chart above, AB InBev’s gross margin on a worldwide basis hovers above 50% in all fiscal years and totaled as much as 54% as of Q3 2022.
However, these figures have been on a decline since 2018 as the reported figure was 62% in 2018 and was down to only 57.5% in 2021.
Similarly, ABI’s normalized EBIT and EBITDA margins on a worldwide basis also have come down since 2018 and totaled 26.6% and 35.4%, respectively, in 2021.
As of 3Q 2022, these figures were even lower at 25.9% and 34.5%, respectively, and were at record lows in the last 5 years.
Revenue By Region
ABI revenue brekadown by region (click to enlarge)
For revenue breakdown by region, AB InBev’s North American region generates the highest amount of sales, reportedly at $16 billion in 2021 and $12.6 billion up to Q3 2022.
ABI’s Middle Americas region comes in at 2nd place with a revenue figure of $12.5 billion reported in 2021 and $10.3 billion reported up to 3Q 2022.
The 3rd largest revenue-generating region goes to South America, reportedly at $9.5 billion in 2021 and $8.2 billion up to 3Q 2022.
On the other hand, the smallest revenue-generating region goes to the Asia Pacific, reportedly at only $6.8 billion in 2021 and $5.3 billion as of Q3 2022.
A trend worth mentioning is that ABI’s sales in most regions as of 2021 have only slightly improved compared to that of the pre-COVID period.
For example, AB InBev’s Middle Americas revenue grew 25% in 2021 from 2020 but only 5% from 2019.
Similarly, AB InBev’s South American revenue grew 17% in 2021 from 2020 but was down 3% from 2019.
One exception to this trend is the North American region which grew consecutively in all fiscal years since 2018 as shown in the chart above.
For example, ABI’s sales from the North American region totaled $16.3 in 2021, a rise of 4.5% from 2020.
Similarly, ABI’s North American revenue of $15.6 billion reported in 2020 represents a rise of 1% from 2019.
Therefore, AB InBev’s North American operation seems to be more resilient to the COVID-19 disruptions.
Revenue Share By Region
ABI revenue share by region (click to enlarge)
In terms of the revenue share by region, AB InBev’s North American region tops the chart at roughly 30% in 2021 and 29% as of 2022.
The Middle Americas region contributed roughly 23% of sales to total revenue in 2021 and this ratio has been rising since 2018.
Similarly, AB InBev’s South American region revenue share came in at about 17.5% in 2021 and 19.1% as of 3Q 2022, a new high since 2020.
The revenue share for the EMEA and the Asia Pacific regions seems to have declined over the years.
For example, EMEA’s revenue share totaled only 14% as of Q3 2022 compared to 15.8% reported in 2018 while the ratio has been flat for the Asia Pacific region in the last 5 years.
Gross Profit Share By Region
ABI gross profit share by region (click to enlarge)
For profitability, AB InBev’s North American operation contributed the highest share of gross profit, notably at 32.3% in 2021 and 31.9% as of 2022 Q3.
This trend is not a surprise as the North American region also contributed the highest share of revenue to the company.
On the other hand, ABI’s Middle Americas region gross profit share came in at 26% in 2021 and 26.6% as of Q3 2022, making the region with the 2nd highest share of gross profit for the company.
A trend worth mentioning is that the gross profit share for South America and EMEA has been on a decline as shown in the chart.
For example, AB InBev’s South American gross profit share topped 19.3% in 2018 but this figure has dropped to only 15.2% in 2021.
Similar to the revenue share, AB InBev’s Asia Pacific gross profit share was at the bottom of the chart, contributing to only 12% of the total gross profit in 2021.
While the Asia Pacific has been generating the least gross profit share, the ratio has been steadily climbing as shown in the chart, illustrating the growing profitability of this region.
Gross Margin By Region
ABI gross margin by region (click to enlarge)
While ABI’s North American region contributed the highest share of gross profit to the company, it is not the case when it comes to profitability.
As seen in the chart, AB InBev’s North American gross margin was only at 62% in 2021, slightly lower than the gross margin of the Middle Americas.
Therefore, the Middle Americas region has been ABI’s most profitable segment since 2018, with gross margin topping a massive 71% in 2018.
Despite the high gross margin for the Middle Americas region, the ratio has been on a decline and reached only 61% as of 2022 Q3.
A similar declining gross margin was also seen for regions such as South America, EMEA, and the Asia Pacific.
In fact, South America’s gross margin has declined the most since 2018 and was at the bottom of the chart as of 2022 3Q, reportedly at only 47.5%.
In short, from the perspective of gross margin, AB InBev’s Middle Americas region has been the company’s most profitable segment, with gross margin topping at least 60% while South America has become the least profitable region, with gross margin tumbling to only 47.5% as of Q3 2022.
Normalized EBIT Share By Region
ABI normalized EBIT share by region (click to enlarge)
For normalized EBIT, ABI’s North American region is again at the top of the chart, contributing 37% of normalized EBIT share to the company in 2021.
This ratio has been on a rise since 2018 and topped as much as 36.7% as of Q3 2022 for the 9 months that ended on 30 Sept 2022.
Similarly, AB InBev’s Middle Americas region contributed nearly the same normalized EBIT share, notably at 34.5% in 2021 and 33.4% as of 3Q 2022.
Also, this ratio has been increasing over the years, from 30.3% reported in 2018 to as much as 33.4% as of Q3 2022.
On the other hand, the normalized EBIT share for the rest of the regions such as South America and EMEA has been on a decline.
For example, ABI’s EMEA region contributed only 10% of the normalized EBIT share as of Q3 2022, a record low since 2018 and also the least among all regions.
While the revenue contribution from the Asia Pacific region has been the lowest, it is not the case when it comes to the normalized EBIT share.
As seen, the Asia Pacific has steadily overtaken the EMEA to become the 4th most profitable region from the perspective of the normalized EBIT share.
As of Q3 2022, AB InBev’s Asia Pacific normalized EBIT share managed to top 12.2%, a record high since 2018.
Normalized EBIT Margin By Region
ABI normalized EBIT margin by region (click to enlarge)
From the perspective of the normalized EBIT margin, AB InBev’s Middle Americas region is once again at the top of the chart, churning out an impressive ratio that topped 39.8% in 2021 and 36.3% as of 3Q 2022.
Therefore, the Middle Americas region is the most profitable segment, beating its North American counterpart despite having a significantly smaller revenue figure compared to the North American region.
A trend worth saying is the growing normalized EBIT margin of the Asia Pacific which has overtaken that of the South American and EMEA regions as of Q3 2022 to become the 3rd most profitable region.
Normalized EBITDA Share By Region
ABI normalized EBITDA share by region (click to enlarge)
In terms of the normalized EBITDA share, AB InBev’s North America and Middle Americas both contributed about the same amount each, notably at 32% in 2021 and 31% as of 2022 Q3.
Also, these figures have been on a rise since 2018, illustrating the growing profitability coming from these segments.
Similarly, AB InBev’s Asia Pacific operation also has been seeing its normalized EBITDA share going up since 2018, topping as much as 12.6% as of 3Q 2022 from 10% reported in 2018.
Normalized EBITDA Margin By Region

ABI normalized EBITDA margin by region (click to enlarge)
Despite having the largest revenue share, AB InBev’s North American region was only in the second spot when it comes to profitability.
As seen, the North American normalized EBITDA margin was only around 38% in 2021 and 37% as of 2022 3Q, a much lower figure compared to that of the Middle Americas region.
Again, ABI’s Middle Americas has been the company’s most profitable segment since 2018, with a normalized EBITDA margin topping at a massive 49% in 2021 and 46% as of 2022 3Q.
Despite the huge normalized EBITDA margins over the years, these figures have been declining as shown in the chart, indicating the shrinking profitability of these regions.
The most obvious downtrend was seen in the South American region.
For example, AB InBev’s South American operation has now become the least profitable segment as the normalized EBITDA margin topped only 30% as of 3Q 2022, a record low and also the smallest among all regions.
Conclusion
In conclusion, ABI’s North America generates the highest revenue while the Middle Americas comes in second.
It is the same case for revenue share in which these regions are at the top spots.
In terms of profit numbers, AB InBev’s North America and Middle Americas also have been at the top of the chart, with gross profit, normalized EBIT, and EBITDA share topping about 30%.
However, ABI’s North America was only in second place from the perspective of margins as the Middle Americas region managed to churn out margins that exceeded its North American counterpart.
Therefore, ABI’s Middle Americas has been the company’s most profitable segment despite having revenue that is significantly below that of North America.
For your information, AB InBev’s North American revenue share comes in at 30% in 2021 while that of the Middle Americas was only 23% during the same year.
Meanwhile, AB InBev’s South American region has become the least profitable segment as its gross margin, normalized EBIT, and EBITDA margins have nearly sat at the bottom of the chart.
References and Credits
1. Financial figures in this article were obtained and referenced from AB InBev’s annual and quarterly statements available in AB InBev Results Center.
2. Image by Marcelo Ikeda Tchelão from Pixabay
Disclosure
The content in this article is for informational purposes only and is neither a recommendation nor a piece of financial advice to purchase a stock.
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