TLDR
- AB InBev stock rose ~7% after Q1 earnings beat expectations, with EPS of $0.97 vs. $0.89 forecast
- Total volumes grew 0.8% organically — the first volume growth in three years
- Beer volumes specifically rose 1.2%, driven by record sales in Latin America
- Revenue came in at $15.27 billion, ahead of the $14.8 billion analyst estimate
- Full-year EBITDA guidance reaffirmed at 4%–8% growth, with the FIFA World Cup flagged as a sales catalyst
AB InBev posted its first volume growth in three years in Q1 2026, and Wall Street took notice. The stock jumped around 7% in early trading Tuesday after the Budweiser maker delivered results that beat on both the top and bottom lines.
Anheuser-Busch InBev SA/NV, BUD
Adjusted EPS came in at $0.97, up from $0.81 a year ago and ahead of the $0.89 analyst consensus. Revenue hit $15.27 billion, topping forecasts of $14.8 billion, with organic growth of 5.8%.
Total volumes rose 0.8% organically in the quarter. That snaps a slide that had been running since mid-2023, when consumers pulled back due to inflation and growing interest in healthier lifestyles.
AB InBev Q1 26 Earnings: • Revenue: $15.27B (est $14.84B) • Organic Revenue: +5.8% (est +3.15%) • Organic Volume Growth: +0.8% (est -0.31%) • Adj EBITDA Margin: 35.6% (est 35.4%)
— First Squawk (@FirstSquawk) May 5, 2026
Beer volumes alone were up 1.2% year-over-year, with record sales in several Latin American markets helping drive the number.
CEO Michel Doukeris summed it up simply: “Cheers to beer.”
North America remains a softer spot. Beer volumes in that region continued to decline year-over-year, a reminder that not everything is trending in the right direction just yet.
Bud Light, the group’s flagship U.S. brand, lost its long-held top spot in 2023 following a marketing backlash. Constellation Brands’ Modelo Especial briefly took over before Michelob Ultra climbed the ranks, helped by its low-calorie, low-carb appeal.
Investors have been watching whether Michelob Ultra’s momentum is enough to cover the declines in legacy brands. That question hasn’t been fully answered yet.
No-Alcohol Portfolio Picks Up Steam
AB InBev’s push into no-alcohol beer is quietly becoming a real business line. No-alcohol revenue rose 27% in Q1 2026, following 34% growth across the full year of 2025.
Corona Cero led the charge, with volume growth described as “strong double-digits.” Budweiser Zero, Michelob Ultra Zero, and alcohol-free versions of Stella Artois are all part of the expanding lineup.
The company is betting that health-conscious consumers who are cutting back on alcohol don’t have to stop drinking beer entirely.
Adjusted net profit for the quarter rose to $1.92 billion. EBITDA came in at $5.44 billion, broadly in line with revenue growth, with margins flat.
World Cup in View
AB InBev reaffirmed its full-year EBITDA growth guidance of 4% to 8%. Management pointed to a packed sports calendar as a potential tailwind, including the FIFA World Cup, which kicks off next month across the U.S., Canada, and Mexico.
The Super Bowl and Winter Olympics were also cited as events that could help lift volumes through the year.
RBC Capital Markets called the results “a relief,” noting that momentum in Q1 helps justify the stock’s valuation. Analysts currently expect full-year EBITDA growth of around 5.1%.
Carlsberg and Heineken also reported volume rebounds in recent weeks, adding to the picture of a broader recovery taking shape across the beer industry.
AB InBev’s American depositary receipts were up 6.8% in premarket trading on Tuesday, trading at the higher end of recent ranges after a volatile stretch that began in March.
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