Key Takeaways
- Shares of AB InBev climbed approximately 7% following Q1 results that surpassed expectations, posting earnings per share of $0.97 versus the $0.89 forecast
- Organic volume growth reached 0.8% ā marking the company’s first quarterly increase in three years
- Beer-specific volumes climbed 1.2%, propelled by exceptional performance across Latin American markets
- Quarterly revenue totaled $15.27 billion, surpassing the Wall Street consensus of $14.8 billion
- Management maintained its full-year EBITDA growth outlook of 4%ā8%, highlighting the upcoming FIFA World Cup as a key revenue driver
Anheuser-Busch InBev achieved a significant milestone in Q1 2026, reporting its first quarterly volume increase in three years, prompting investors to bid up shares by approximately 7% during Tuesday’s opening session. The world’s largest brewer exceeded analyst projections across key financial 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 exceeding the analyst consensus estimate of $0.89. Quarterly revenue totaled $15.27 billion, beating Wall Street’s $14.8 billion projection, while achieving 5.8% organic growth.
Organic volume growth of 0.8% in the quarter ended a prolonged downturn that began in mid-2023, when consumer spending patterns shifted amid inflationary pressures and increasing preference for wellness-oriented lifestyles.
Beer-specific volumes increased 1.2% compared to the same quarter last year, with exceptional sales performance across multiple Latin American territories providing significant support.
Chief Executive Michel Doukeris offered a succinct assessment: “Cheers to beer.”
The North American market continues to present challenges. Beer volumes in this geography declined on a year-over-year basis, indicating that the recovery remains uneven across regions.
Bud Light, the company’s premier U.S. brand, surrendered its market leadership position in 2023 amid consumer reaction to a controversial marketing campaign. Constellation Brands’ Modelo Especial temporarily claimed the top position before Michelob Ultra advanced in the rankings, benefiting from consumer demand for lower-calorie, reduced-carbohydrate options.
Market observers continue to evaluate whether Michelob Ultra’s upward trajectory can adequately offset weaknesses in traditional flagship brands. This dynamic remains under scrutiny.
Zero-Alcohol Segment Gains Traction
The brewer’s non-alcoholic beer initiative is evolving into a meaningful revenue stream. Zero-alcohol sales increased 27% in Q1 2026, building on 34% growth throughout the entirety of 2025.
Corona Cero delivered the strongest performance, with volumes expanding at what the company described as “strong double-digits.” The portfolio also includes Budweiser Zero, Michelob Ultra Zero, and non-alcoholic variants of Stella Artois.
The strategic thesis centers on capturing health-focused consumers who are reducing alcohol consumption but remain interested in beer-drinking occasions.
Adjusted net profit for the quarter increased to $1.92 billion. EBITDA totaled $5.44 billion, generally aligned with revenue expansion, while margins remained stable.
Major Sporting Events on Horizon
AB InBev maintained its full-year EBITDA growth projection of 4% to 8%. Company leadership highlighted a robust calendar of major sporting competitions as potential volume catalysts, particularly the FIFA World Cup, scheduled to begin next month across host nations including the United States, Canada, and Mexico.
The Super Bowl and Winter Olympics were also referenced as events that could provide positive momentum throughout the year.
RBC Capital Markets characterized the quarterly performance as “a relief,” observing that Q1 momentum supports current equity valuations. Analysts are currently projecting full-year EBITDA growth of approximately 5.1%.
Both Carlsberg and Heineken have similarly reported volume recoveries in recent reporting periods, suggesting a broader industry-wide recovery may be underway.
AB InBev’s American depositary receipts advanced 6.8% during premarket trading on Tuesday, reaching the upper end of recent trading ranges following a period of heightened volatility that commenced in March.
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