H 
Heineken Holding HEIO.AS · EUR
Consumer Staples · Beverages · Euronext Amsterdam · 🇳🇱 Netherlands
79.55
+0.25%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€28.75bn
FY2016FY2025
Net income
€1.89bn
FY2016FY2025
Free cash flow
€2.61bn
FY2016FY2025
Shareholders' equity
€17.98bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €28.75bn | €29.82bn | €30.36bn | €28.72bn | €22.14bn | €19.71bn | €23.97bn | €22.49bn | €21.61bn | €20.79bn |
| Gross profit | €10.29bn | €10.51bn | €10.70bn | €11.36bn | €8.57bn | €7.15bn | €9.83bn | €8.92bn | €8.69bn | €8.19bn |
| Research and development | — | — | €251.7m | €193.0m | — | — | — | — | — | — |
| Operating income | €3.41bn | €3.52bn | €3.23bn | €4.08bn | €4.55bn | €2.02bn | €3.70bn | €3.28bn | €3.23bn | €2.99bn |
| Net income | €1.89bn | €978.0m | €2.30bn | €2.68bn | €3.32bn | −€204.0m | €2.17bn | €1.90bn | €1.94bn | €1.54bn |
| Diluted earnings per share | 5.19 | 3.60 | 8.14 | 9.33 | 11.56 | -0.71 | 7.54 | 6.61 | 6.72 | 5.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €54.96bn | €55.07bn | €56.39bn | €53.42bn | €49.82bn | €43.52bn | €47.51bn | €42.15bn | €41.03bn | €39.32bn |
| Cash and short-term investments | €4.77bn | €2.35bn | €2.38bn | €2.77bn | €3.25bn | €4.00bn | €1.82bn | €2.90bn | €2.44bn | €3.04bn |
| Total liabilities | €34.34bn | €32.67bn | €33.60bn | €31.50bn | €30.12bn | €29.12bn | €30.20bn | €26.44bn | €26.51bn | €24.75bn |
| Debt | €19.28bn | €17.05bn | €18.24bn | €16.38bn | €16.87bn | €18.20bn | €17.05bn | €14.99bn | €15.38bn | €14.57bn |
| Shareholders' equity | €17.98bn | €19.58bn | €20.06bn | €19.55bn | €17.36bn | €13.39bn | €16.15bn | €14.53bn | €13.32bn | €13.24bn |
| Shares outstanding | 363m | 272m | 283m | 287m | 288m | 288m | 287m | 288m | 288m | 288m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €5.01bn | €5.50bn | €4.43bn | €4.50bn | €4.18bn | €3.14bn | €4.34bn | €4.39bn | €3.88bn | €3.72bn |
| Capital spending | −€2.40bn | −€2.18bn | −€2.68bn | −€2.01bn | −€1.60bn | −€1.64bn | −€2.10bn | −€1.89bn | −€1.70bn | −€1.76bn |
| Free cash flow | €2.61bn | €3.32bn | €1.75bn | €2.48bn | €2.58bn | €1.50bn | €2.24bn | €2.50bn | €2.19bn | €1.96bn |
| Dividends paid | −€1.28bn | −€1.20bn | −€1.33bn | −€1.10bn | −€796.0m | −€583.0m | −€951.0m | −€1.09bn | −€1.01bn | −€1.03bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €14.84bn | €21.66bn | €7.09bn | €15.00bn | €14.82bn | €15.84bn | €14.52bn | €7.26bn |
| Gross profit | €1.61bn | €7.82bn | €2.47bn | €1.99bn | €5.15bn | €1.46bn | €1.50bn | €2.41bn |
| Operating income | €1.61bn | €2.69bn | €716.5m | €1.99bn | €1.54bn | €1.46bn | €1.50bn | €585.5m |
| Net income | €1.13bn | €1.14bn | €372.0m | €1.07bn | −€95.0m | €1.15bn | €1.16bn | €593.5m |
| Diluted earnings per share | 4.08 | 3.14 | 1.03 | 3.94 | -0.35 | 4.06 | 4.08 | 2.08 |
| Cash from operations | €2.48bn | €3.32bn | €1.69bn | €3.56bn | €1.94bn | €3.40bn | €1.03bn | — |
| Capital spending | −€1.00bn | −€839.0m | −€647.0m | −€963.0m | −€1.22bn | −€1.21bn | −€1.47bn | — |
| Free cash flow | €1.48bn | €2.48bn | €1.04bn | €2.60bn | €722.0m | €2.19bn | −€436.0m | — |
| Total assets | €58.04bn | €54.96bn | €51.63bn | €55.07bn | €54.56bn | €56.39bn | €56.91bn | €56.50bn |
| Cash and short-term investments | €2.83bn | €4.77bn | €2.07bn | €2.35bn | €2.28bn | €2.38bn | €2.17bn | €2.17bn |
| Debt | €4.35bn | €18.11bn | €4.09bn | €16.02bn | €4.71bn | €17.28bn | €5.42bn | €16.23bn |
| Shareholders' equity | €19.12bn | €17.98bn | €17.71bn | €19.58bn | €19.41bn | €20.06bn | €19.40bn | €21.65bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 35.8% | 35.2% | 35.3% | 35.2% | 38.3% | 36.9% |
| Operating margin | 11.8% | 11.8% | 10.6% | 14.9% | 20.4% | 3.1% |
| Net margin | 3.3% | 1.7% | 3.9% | 10.6% | 16.1% | -0.4% |
| Return on equity | 11.0% | 5.2% | 12.1% | 31.3% | 41.1% | -1.3% |
| Return on assets | 1.8% | 0.9% | 2.1% | 5.8% | 7.2% | -0.2% |
| Free cash flow yield | 30.7% | 44.0% | 37.8% | 34.1% | 30.2% | 25.0% |
| Revenue growth | -3.6% | -1.8% | 5.7% | 30.9% | 11.3% | -17.7% |
| Earnings growth | 91.2% | -57.6% | -61.4% | -14.0% | -4117.0% | -103.7% |
| Current ratio | 0.93x | 0.77x | 0.77x | 0.78x | 0.79x | 0.83x |
| Debt to equity | 2.10x | 1.71x | 1.78x | 1.60x | 1.86x | 2.61x |
| Equity ratio | 16.1% | 17.4% | 17.8% | 18.5% | 17.6% | 15.5% |
| Interest coverage | 5.49x | 5.17x | 5.05x | 9.35x | 9.70x | 1.17x |
| Buybacks as a share of market value | -33.4% | 3.9% | 1.5% | 0.1% | 0.0% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.0% | 7.8% | 3.4% |
| Operating income | -5.8% | 11.0% | 2.0% |
| Net income | -11.1% | — | -0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.5% | 36.4% | 36.7% | 38.0% |
| Operating margin | 11.8% | 12.1% | 13.0% | 13.7% |
| Net margin | 4.9% | 6.7% | 6.9% | 7.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.0 | 16.1 | 9.4 | 7.7 | 7.0 | -108.7 | 11.5 | 11.2 | 12.3 | 12.4 |
| Price to sales | 0.8 | 0.5 | 0.7 | 0.7 | 1.1 | 1.1 | 1.0 | 0.9 | 1.1 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 27 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.16 | 1.91 | 1.73 | 1.92 | 1.46 | 0.98 | 1.04 | 1.65 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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