Anheuser‑Busch InBev reported first‑quarter 2026 results that surpassed expectations, with adjusted earnings per share of $0.97 versus a consensus estimate of $0.90–$0.91, a beat of roughly $0.07 or 7.8%. Total revenue reached $15.27 billion, outpacing the $14.72–$14.76 billion consensus by about $0.5 billion, a 3.5–4.0% surprise. EBITDA margin held steady at 35.6%, a 15‑basis‑point decline from the prior year, while normalized EBITDA grew 5.3% year‑over‑year, underscoring disciplined cost management amid investment in sales and marketing.
The earnings beat was driven by a combination of premiumization, strong brand performance, and record volumes in key markets. Core brands such as Corona, Stella Artois, and Michelob Ultra delivered robust demand, while the company’s no‑alcohol portfolio grew 27% in revenue and its Beyond Beer segment expanded 37%. In the Americas, record first‑quarter volumes were reported in Mexico, Colombia, Brazil, South Africa, and Peru, offsetting a 1.3% decline in Asia Pacific sales caused by challenges in South Korea and China.
Segment performance also highlighted the growth of the BEES Marketplace, whose gross merchandise value rose 55% year‑over‑year to $1.1 billion, contributing to overall sales momentum. Despite the Asia Pacific downturn, the company maintained market‑share gains in 75% of its markets, reinforcing its competitive position in the global beer industry.
AB InBev reaffirmed its full‑year 2026 guidance, projecting organic EBITDA growth of 4% to 8%. The reaffirmation signals management’s confidence in sustaining profitability and growth momentum, even as the company continues to invest in premium offerings and digital commerce platforms.
"Our Q1 results demonstrate the strength of our diversified portfolio and our ability to deliver consistent growth across multiple markets. We are committed to driving innovation and expanding our premium offerings to meet evolving consumer preferences. We are encouraged by our performance in the first quarter and, looking ahead, we are well positioned to activate the category in some of the biggest moments of celebration of the year, including the FIFA World Cup. Our consistent performance and the strength of the beer category reinforce our confidence in our ability to deliver our FY26 outlook and create a future with more cheers." – CEO Michel Doukeris
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