AB InBev Earnings Beat on Volume Growth
AB InBev earnings showed returning volume growth and an EPS beat, reinforcing the company's full-year normalized EBITDA trajectory and positioning.
KEY TAKEAWAYS
- Underlying EPS rose 20.8% to $0.97, above consensus.
- Organic revenue grew 5.8% and revenue per hectoliter improved 4.5%.
- Total volumes rose 0.8% and company reaffirmed full-year normalized EBITDA growth target of 4.0%-8.0%.
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Anheuser-Busch InBev (BUD) reported first-quarter 2026 results on May 5, 2026, with earnings surpassing expectations as volumes returned to growth. This lifted profit measures and led management to reaffirm its full-year normalized EBITDA outlook.
Revenue, Volume and Profit
The company issued its results at 1:02 a.m. ET, filed a Form 6-K with the SEC the same day, and posted a short-form JSE SENS announcement around 7:50 a.m. ET.
For the quarter ended March 31, 2026, reported revenue rose 12.0% to $15,267 million, while organic revenue on a constant-currency basis increased 5.8%. This top-line growth reflected price and product mix shifts as well as volume gains.
Total volumes increased 0.8% to 136.4 million hectoliters, with beer volumes up 1.2% and non-beer volumes down 1.9%. Revenue per hectoliter improved 4.5%, signaling a return to the premiumization trend the company has pursued.
Normalized EBITDA rose 5.3% to $5,437 million, while margin contracted 15 basis points to 35.6%. Underlying profit increased to $1,923 million from $1,606 million a year earlier. Underlying earnings per share (EPS) rose 20.8% to $0.97, up 8.8% on a constant-currency basis and above the $0.89 consensus. The company attributed this performance to operational leverage from mix improvements.
Megabrands and Channel Expansion
Revenue from Beyond Beer climbed 37%, highlighting non-beer diversification as a significant growth driver. The BEES marketplace, the company’s digital and direct-to-retailer platform, expanded with gross merchandise volume rising 55% to $1.1 billion, reflecting increased digital-channel activity.
Regionally, AB InBev reported record first-quarter volumes in Mexico, Colombia, Brazil, South Africa, and Peru. In the U.S., revenue rose 1.1%, and sales to retailers increased 0.3%, outpacing the industry during the period.
Management reiterated investments behind megabrands and innovations, projecting full-year 2026 normalized EBITDA growth in line with its medium-term target of 4%–8%. Michel Doukeris, chief executive, said in the release, "We are well positioned for 2026."
