Key Highlights
- Shares of Anheuser-Busch InBev climbed approximately 7% following first-quarter results that surpassed Wall Street expectations, with earnings per share of $0.97 versus the anticipated $0.89
- The company achieved organic volume growth of 0.8% — marking the first quarterly increase in three years
- Beer-specific volumes climbed 1.2%, propelled by unprecedented sales performance across Latin American markets
- Quarterly revenue reached $15.27 billion, surpassing the consensus estimate of $14.8 billion
- Management maintained its full-year EBITDA growth outlook of 4%–8%, citing the upcoming FIFA World Cup as a potential revenue driver
The world’s largest brewer achieved a significant milestone in the first quarter of 2026, recording its initial volume expansion in three years. Investors responded enthusiastically, pushing Anheuser-Busch InBev’s stock up roughly 7% during Tuesday’s opening session after the company reported quarterly figures that exceeded expectations on both revenue and profit metrics.
Anheuser-Busch InBev SA/NV, BUD
The brewing conglomerate reported adjusted earnings per share of $0.97, representing a significant increase from the prior year’s $0.81 and outpacing the analyst consensus of $0.89. Quarterly revenue totaled $15.27 billion, exceeding Wall Street’s $14.8 billion projection, while achieving organic revenue growth of 5.8%.
Overall volumes expanded by 0.8% on an organic basis during the three-month period. This positive movement breaks a prolonged downturn that commenced in mid-2023, when economic headwinds including inflation and shifting consumer preferences toward wellness-oriented choices pressured demand.
Beer-only volumes registered a 1.2% year-over-year increase, with exceptional performance across multiple Latin American territories contributing significantly to the uptick.
Chief Executive Michel Doukeris offered a succinct response to the results: “Cheers to beer.”
The North American market continues to present challenges. Beer volumes in this geographic segment declined compared to the previous year, underscoring that the recovery remains uneven across the company’s global footprint.
Bud Light, the company’s premier U.S. brand, surrendered its market-leading position in 2023 amid controversy surrounding a promotional campaign. Constellation Brands’ Modelo Especial temporarily captured the top ranking before Michelob Ultra advanced, benefiting from consumer demand for lower-calorie and reduced-carbohydrate options.
Market observers continue monitoring whether Michelob Ultra’s growth trajectory can adequately offset weakening performance in established brand portfolios. A definitive answer to this question remains elusive.
Zero-Alcohol Category Demonstrates Strong Momentum
The brewer’s expansion into alcohol-free beer alternatives is evolving into a meaningful revenue stream. Zero-alcohol product revenue surged 27% in the first quarter of 2026, building on 34% growth achieved throughout the entirety of 2025.
Corona Cero emerged as the category leader, with volumes expanding at what the company characterized as “strong double-digits.” The portfolio also includes Budweiser Zero, Michelob Ultra Zero, and non-alcoholic variants of Stella Artois.
The strategic initiative reflects management’s belief that wellness-focused consumers reducing alcohol consumption represent an addressable market rather than lost customers.
Adjusted net profit for the period increased to $1.92 billion. EBITDA totaled $5.44 billion, generally tracking with revenue expansion, while margins held steady.
Major Sporting Events on the Horizon
Anheuser-Busch InBev reiterated its full-year EBITDA growth projection in the 4% to 8% range. Company leadership highlighted an extensive calendar of major sporting competitions as potential catalysts, particularly the FIFA World Cup, scheduled to commence next month with matches across the United States, Canada, and Mexico.
Additional events including the Super Bowl and Winter Olympics were identified as occasions that could support volume improvements throughout the remainder of the year.
RBC Capital Markets characterized the quarterly performance as “a relief,” observing that first-quarter momentum provides support for current equity valuations. Wall Street analysts are currently modeling full-year EBITDA growth of approximately 5.1%.
Competitors Carlsberg and Heineken have similarly reported volume recoveries in recent reporting periods, suggesting a broader industry-wide rebound may be underway.
AB InBev’s American depositary receipts advanced 6.8% in premarket activity on Tuesday, reaching the upper portion of their recent trading range following a period of heightened volatility that began in March.
