Key Highlights
- Anheuser-Busch InBev shares climbed approximately 7% following Q1 results that exceeded projections, posting EPS of $0.97 versus the expected $0.89
- Organic volume expansion reached 0.8% — marking the company’s first positive volume performance in three years
- Beer-specific volumes increased 1.2%, propelled by unprecedented Latin American performance
- Quarterly revenue reached $15.27 billion, surpassing the $14.8 billion consensus projection
- Management maintained its annual EBITDA growth forecast of 4%–8%, highlighting the upcoming FIFA World Cup as a potential demand driver
Anheuser-Busch InBev achieved a significant milestone in the first quarter of 2026, recording volume growth for the first time since 2023, prompting investors to respond enthusiastically. Shares of the brewing giant climbed roughly 7% during Tuesday’s early session after the company reported financial results exceeding expectations across key metrics.
Anheuser-Busch InBev SA/NV, BUD
The company’s adjusted earnings per share reached $0.97, representing an increase from the prior year’s $0.81 and surpassing the analyst consensus of $0.89. Quarterly revenue totaled $15.27 billion, beating the $14.8 billion estimate, while organic growth registered at 5.8%.
Organic volume expansion of 0.8% marked a turning point for the company. This reversal ends a prolonged decline that began in the middle of 2023, when inflationary pressures and shifting consumer preferences toward wellness-focused lifestyles weighed on demand.
The beer segment specifically posted 1.2% year-over-year volume growth, with exceptional performance across multiple Latin American territories contributing significantly to the results.
Chief Executive Michel Doukeris offered a concise celebration: “Cheers to beer.”
However, the North American market continues to present challenges. Beer volumes in this geography maintained their downward trajectory on a year-over-year basis, indicating that the recovery remains uneven across different regions.
The company’s flagship U.S. brand, Bud Light, surrendered its category leadership position in 2023 amid consumer backlash to a marketing campaign. Constellation Brands’ Modelo Especial temporarily captured the top ranking before Michelob Ultra advanced, benefiting from consumer interest in its reduced-calorie, reduced-carbohydrate positioning.
Market observers continue evaluating whether Michelob Ultra’s growth trajectory can adequately compensate for weakness in traditional brand portfolios. This strategic question remains under scrutiny.
Alcohol-Free Segment Gains Traction
The brewer’s expansion into zero-alcohol beer products is emerging as a meaningful revenue contributor. Non-alcoholic offerings generated 27% revenue growth during Q1 2026, building on 34% expansion throughout 2025.
Corona Cero delivered particularly impressive results, with volume increases characterized as reaching “strong double-digits.” The portfolio also includes Budweiser Zero, Michelob Ultra Zero, and non-alcoholic Stella Artois variants.
This strategic initiative targets health-oriented consumers seeking to moderate alcohol consumption without abandoning beer consumption altogether.
Adjusted net profit for the period advanced to $1.92 billion. EBITDA totaled $5.44 billion, generally consistent with revenue performance, while margins remained stable.
Major Sporting Events on Horizon
AB InBev confirmed its full-year EBITDA growth outlook of 4% to 8%. Company leadership highlighted an extensive sports event schedule as a possible positive factor, particularly the FIFA World Cup commencing next month across venues in the United States, Canada, and Mexico.
Management also referenced the Super Bowl and Winter Olympics as events potentially supporting volume performance throughout the year.
RBC Capital Markets characterized the quarterly performance as “a relief,” observing that Q1 momentum provides support for current stock valuations. Wall Street analysts are currently modeling full-year EBITDA growth at approximately 5.1%.
Competitors Carlsberg and Heineken have similarly disclosed volume recoveries in recent reporting periods, suggesting a broader industry-wide improvement trend.
AB InBev’s American depositary receipts gained 6.8% during Tuesday’s premarket session, trading near recent highs following a period of increased volatility beginning in March.
