OTC · Financial Statements

Carlsberg A/S (CABHF) Financial Statements

$149.10 OTC: CABHF Market Cap $19.71B

Carlsberg A/S most recently reported annual revenue of $88.9B, net profit of $5.9B. Revenue grew at an average annual rate of 8.8% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Carlsberg A/S: Revenue rose from $62.9B in 2016 to $88.9B in 2025, a change of +41.2% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 12.2% to 13.4%, a shift of +1.2 percentage points; the most recent year shows net profit of $5.9B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$62.9B$61.1B$62.6B$65.2B$58.4B$60.3B$70.3B$73.8B$75.0B$88.9B
Operating Expenses$55.2B$52.5B$53.6B$55.2B$48.9B$50.5B$59.8B$63.3B$64.3B$77.0B
Operating Profit$7.7B$8.5B$9.0B$9.9B$9.5B$9.7B$10.5B$10.5B$10.8B$11.9B
Operating Margin12.2%14.0%14.4%15.3%16.3%16.1%14.9%14.2%14.3%13.4%
Other Income$-406.0M$0$-473.0M$175.0M$-480.0M$775.0M$-529.0M$-430.0M$-764.0M$-2.9B
Interest$1.7B$1.1B$850.0M$746.0M$623.0M$768.0M$691.0M$7.6B$201.0M$2.6B
Depreciation$4.8B$4.6B$4.1B$4.5B$3.9B$4.2B$4.9B$4.3B$4.4B$5.4B
Profit Before Tax$7.0B$3.5B$8.5B$10.1B$9.0B$10.5B$9.9B$9.9B$10.0B$9.0B
Tax$34.5M$41.4M$28.0M$26.9M$24.7M$20.6M$17.8M$18.9M$19.9M$22.9M
Net Profit$4.5B$1.3B$5.3B$6.5B$6.0B$6.9B$-1.1B$-40.9B$6.8B$5.9B
EPS$29.48$8.30$34.73$42.99$40.94$47.56$-7.60$-2025.55$51.43$44.83
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

5 duplicate period labels in the source data were collapsed.

MetricJun '20Dec '20Jun '21Dec '21Jun '22Dec '22Jun '23Dec '23Jun '24Dec '24Jun '25Dec '25
Revenue$28.8B$29.6B$31.7B$35.0B$35.4B$34.5B$37.7B$35.9B$19.3B$36.1B$45.9B$43.1B
Operating Expenses$24.2B$24.6B$26.7B$29.5B$29.5B$29.9B$31.8B$31.5B$16.2B$31.4B$38.6B$37.5B
Operating Profit$4.5B$5.0B$4.9B$5.5B$5.9B$4.6B$5.9B$4.4B$3.2B$4.7B$7.2B$5.6B
Operating Margin15.8%16.8%15.5%15.8%16.7%13.3%15.7%12.1%16.3%13.1%15.8%13.1%
Interest$287.0M$336.0M$305.0M$463.0M$329.0M$365.0M$437.0M$621.0M$685.0M$789.0M$1.3B$1.7B
Profit Before Tax$4.3B$4.4B$4.5B$5.4B$5.1B$4.4B$5.5B$4.1B$2.8B$4.3B$5.5B$3.8B
Tax$26.4M$24.7M$25.6M$19.8M$22.0M$14.8M$22.1M$15.9M$21.2M$18.4M$23.0M$22.9M
Net Profit$2.8B$3.2B$3.0B$3.8B$-5.3B$4.2B$3.5B$-44.4B$1.9B$3.1B$3.6B$2.6B
EPS$19.27$21.71$20.87$26.50$-37.40$29.59$25.47$-326.22$13.73$23.55$27.00$19.46

Over the 10 years reported for Carlsberg A/S, borrowings increased from $30.4B in 2016 to $70.6B in 2025, cash stood at $9.6B in the latest year, shareholders' equity was $2.6B, current assets covered current liabilities 0.60 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$129.8B$117.7B$119.7B$123.4B$119.9B$128.5B$115.2B$112.2B$113.3B$153.6B
Current Assets$17.3B$15.4B$18.1B$17.8B$18.9B$23.2B$34.0B$204.6B$26.3B$29.2B
Cash$3.5B$3.5B$5.6B$5.2B$8.1B$8.4B$8.1B$13.4B$11.5B$9.6B
Inventory$4.0B$3.9B$4.4B$4.7B$4.6B$5.4B$5.7B$39.4B$6.0B$7.1B
Receivables$8.3B$7.0B$7.2B$7.1B$5.5B$8.3B$7.7B$5.1B$7.2B$11.1B
Fixed Assets$25.9B$24.5B$25.4B$27.3B$26.2B$26.7B$23.5B$24.5B$27.1B$32.7B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$5.8B$5.3B$5.7B$5.5B$5.2B$6.3B$6.4B$7.7B$4.6B$5.2B
Other Assets$53.1B$50.8B$51.0B$52.5B$50.3B$52.6B$38.1B$38.5B$41.6B$59.2B
Total Liabilities$75.9B$67.8B$71.7B$77.9B$76.7B$79.6B$80.7B$86.3B$82.7B$123.0B
Current Liabilities$35.5B$25.2B$34.5B$32.9B$28.4B$43.4B$48.4B$320.1B$46.0B$48.4B
Borrowings$30.4B$24.4B$24.0B$24.7B$35.0B$29.0B$28.4B$265.0B$38.1B$70.6B
Other Liabilities$45.5B$43.5B$47.7B$53.2B$41.7B$50.6B$52.3B$0$44.6B$52.4B
Equity$3.1B$3.1B$3.1B$3.0B$3.0B$2.9B$2.8B$2.8B$2.7B$2.6B
Reserves$51.1B$47.3B$45.4B$43.0B$39.2B$45.6B$31.6B$23.3B$27.8B$27.7B

For Carlsberg A/S, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $7.4B; free cash flow was positive in 10 of 10 years; financing activities used $136.7B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$9.6B$12.1B$12.6B$12.7B$11.2B$13.6B$15.1B$13.7B$11.3B$13.0B
Investing Cash Flow$-5.2B$-7.5B$-10.9B$-9.1B$-10.6B$-9.2B$-8.7B$-15.2B$-6.0B$-41.1B
Financing Cash Flow$-835.0M$-194.0M$-684.0M$-28.1B$-6.9B$-2.4B$-54.1B$15.3B$3.9B$-136.7B
Net Cash Flow$-592.0M$384.0M$1.9B$-472.0M$3.3B$-361.0M$-718.0M$5.5B$-1.9B$-595.0M
Free Cash Flow$5.7B$8.0B$8.6B$8.2B$6.8B$9.7B$11.1B$9.4B$6.3B$7.4B

Valuation & Return Ratios

MetricValue
PEG Ratio-2.22
EV / EBITDA11.22
FCF Yield5.93%
Quick Ratio0.46
Interest Coverage2.72
Return 1Y24.15%
Return 3Y95.70%
Return 5Y185.11%

Carlsberg A/S (CABHF) financials — frequently asked questions

What is Carlsberg A/S's annual revenue?

Carlsberg A/S (CABHF) reported annual revenue of $88.9B in its most recent fiscal year.

What is Carlsberg A/S's net profit?

Carlsberg A/S (CABHF) reported net profit of $5.9B in its most recent fiscal year.

What is CABHF EV/EBITDA?

Carlsberg A/S's enterprise value to EBITDA (EV/EBITDA) ratio is 11.22.

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