Key Highlights
- Anheuser-Busch InBev shares climbed approximately 7% following first-quarter results that exceeded projections, delivering EPS of $0.97 versus the $0.89 consensus estimate
- Organic volume expansion reached 0.8% — marking the company’s initial volume increase in a three-year span
- Beer-specific volumes advanced 1.2%, fueled by exceptional performance across Latin American territories
- Top-line results registered $15.27 billion, surpassing Wall Street’s $14.8 billion projection
- Management maintained full-year EBITDA growth outlook between 4% and 8%, highlighting the upcoming FIFA World Cup as a potential revenue driver
The world’s largest brewer has broken a prolonged volume slump, delivering its first quarterly growth since 2023 in the opening three months of 2026. Investors responded enthusiastically, pushing AB InBev shares up roughly 7% during Tuesday’s early session as the maker of Budweiser exceeded expectations on multiple fronts.
Anheuser-Busch InBev SA/NV, BUD
The company’s adjusted earnings per share reached $0.97, representing a significant improvement from the prior year’s $0.81 and comfortably beating the analyst consensus of $0.89. Top-line performance hit $15.27 billion, exceeding the $14.8 billion forecast, while organic revenue expanded 5.8%.
Organic volume improvement of 0.8% during the quarter ended a downward trajectory that began in mid-2023, when consumers became more cautious amid inflationary pressures and a broader shift toward wellness-focused consumption patterns.
Beer-specific volumes showed even stronger momentum with a 1.2% year-over-year increase, bolstered by outstanding sales performance throughout various Latin American countries.
Chief Executive Michel Doukeris offered a straightforward reaction: “Cheers to beer.”
The North American market continues to present challenges. Beer volumes across that geography maintained their year-over-year decline, indicating that the recovery remains uneven across different territories.
The company’s flagship American brand, Bud Light, surrendered its number-one market position in 2023 amid a consumer boycott triggered by a promotional campaign controversy. Constellation Brands’ Modelo Especial temporarily claimed the top ranking before Michelob Ultra advanced through the standings, benefiting from its positioning as a lower-calorie, reduced-carbohydrate option.
Market observers continue monitoring whether the strength of Michelob Ultra can adequately offset ongoing weakness in traditional brand portfolios. This strategic question remains unresolved.
Alcohol-Free Segment Accelerates
The brewer’s expansion into zero-alcohol beer is evolving into a substantial revenue contributor. Non-alcoholic offerings generated 27% revenue growth during the first quarter of 2026, building on the 34% full-year expansion recorded throughout 2025.
Corona Cero emerged as the category leader, posting what the company characterized as “strong double-digit” volume increases. The portfolio also includes Budweiser Zero, Michelob Ultra Zero, and non-alcoholic variations of Stella Artois.
The strategic thesis centers on capturing health-oriented consumers who want to moderate alcohol intake without abandoning beer consumption entirely.
Adjusted net income for the period reached $1.92 billion. EBITDA totaled $5.44 billion, roughly matching revenue expansion, with margin percentages remaining stable.
Global Sporting Events on Horizon
Management reiterated its full-year EBITDA growth projection of 4% to 8%. Executives highlighted an exceptionally busy international sports schedule as a possible growth catalyst, particularly the FIFA World Cup, scheduled to begin next month across venues in the United States, Canada, and Mexico.
The Super Bowl and Winter Olympics were also mentioned as major events that could provide volume support throughout the remainder of the year.
RBC Capital Markets characterized the quarterly performance as “a relief,” observing that first-quarter momentum supports the stock’s current valuation levels. Wall Street analysts are currently modeling full-year EBITDA growth near 5.1%.
Competitors Carlsberg and Heineken have similarly reported volume recoveries in recent earnings announcements, suggesting an industry-wide stabilization may be underway within the global beer sector.
AB InBev’s American depositary receipts advanced 6.8% during premarket activity on Tuesday, reaching the upper end of their recent trading range following a period of heightened volatility that commenced in March.
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