Key Takeaways
- Shares of AB InBev climbed approximately 7% following a Q1 earnings performance that surpassed market expectations, posting EPS of $0.97 versus the anticipated $0.89
- Organic volume expansion reached 0.8% — marking the company’s first positive volume movement in three years
- Beer-specific volumes advanced 1.2%, powered by exceptional performance across Latin American territories
- Quarterly revenue reached $15.27 billion, exceeding Wall Street’s $14.8 billion projection
- Management maintained full-year EBITDA growth targets of 4%–8%, highlighting the upcoming FIFA World Cup as a significant opportunity
Anheuser-Busch InBev delivered its first quarterly volume increase since 2023 during Q1 2026, sparking enthusiasm among investors. Shares climbed approximately 7% during Tuesday’s early session following the brewing giant’s performance that exceeded projections across key metrics.
Anheuser-Busch InBev SA/NV, BUD
Adjusted earnings per share reached $0.97, representing growth from the prior year’s $0.81 figure and surpassing the Wall Street 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% ended a prolonged downturn that began in mid-2023, when consumer behavior shifted amid inflationary pressures and increasing preference for wellness-oriented choices.
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Beer category volumes specifically advanced 1.2% compared to the same quarter last year, fueled by unprecedented sales figures across multiple Latin American territories.
CEO Michel Doukeris offered a succinct reaction: “Cheers to beer.”
The North American market presents ongoing challenges. Beer volumes across this geography maintained their year-over-year decline, indicating that recovery remains uneven across the company’s global footprint.
Bud Light, the company’s leading American brand, surrendered its market leadership position in 2023 amid consumer backlash to a promotional campaign. Constellation Brands’ Modelo Especial temporarily claimed the top ranking before Michelob Ultra advanced, benefiting from consumer demand for lower-calorie, reduced-carbohydrate options.
Market observers continue evaluating whether Michelob Ultra’s upward trajectory can offset weakness in established brands. This dynamic remains under active assessment.
Zero-Alcohol Segment Gains Traction
The company’s expansion into alcohol-free beer has evolved into a meaningful revenue contributor. Non-alcoholic offerings generated 27% revenue growth during Q1 2026, building on the 34% annual expansion recorded throughout 2025.
Corona Cero delivered particularly impressive results, with volume increases characterized as “strong double-digits.” The portfolio also features Budweiser Zero, Michelob Ultra Zero, and non-alcoholic Stella Artois variants.
Management is pursuing consumers who seek to moderate alcohol intake while maintaining their connection to beer culture.
Adjusted net profit for the quarter climbed to $1.92 billion. EBITDA totaled $5.44 billion, aligning with revenue expansion, while margins held steady.
World Cup on the Horizon
AB InBev maintained its annual EBITDA growth forecast within the 4% to 8% range. Leadership highlighted a robust sporting events calendar as a potential catalyst, featuring 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 identified as occasions that may boost consumption throughout the year.
RBC Capital Markets characterized the quarterly performance as “a relief,” observing that Q1 momentum supports current stock valuations. Analyst projections currently anticipate full-year EBITDA growth around 5.1%.
Carlsberg and Heineken have similarly reported volume improvements in recent reporting periods, suggesting a wider industry recovery may be underway across the global beer sector.
American depositary receipts for AB InBev advanced 6.8% during premarket activity on Tuesday, reaching the upper bounds of recent trading ranges following a period of increased volatility that commenced in March.
