AB InBev Returns to Volume Growth With 0.8% Q1 Rise

Anheuser-Busch InBev (NYSE: BUD) returned to volume growth in the first quarter, reporting a 0.8 percent organic increase that beat analyst expectations and showed its diversification strategy is gaining traction.

“Cheers to beer - the strength of the category and the consistent execution of our consumer-centric strategy drove continued momentum across our footprint,” CEO Michel Doukeris said in a statement. “With strong execution by our teams and major moments of celebration ahead, we are well positioned for 2026.”

The world’s largest brewer saw revenue climb 5.8 percent to $15.27 billion, ahead of consensus, while underlying earnings per share jumped 20.8 percent to $0.97. The performance ends a period of sliding volumes that challenged the Budweiser-maker amid shifting consumer tastes.

The results signal that AB InBev’s focus on premium labels and non-beer alternatives is paying off, offsetting weakness in some mainstream segments. The company’s shares have been closely watched as it navigates changing drinking habits and inflationary pressures.

Premium Brands and Beyond Beer Drive Growth

The brewer’s growth was led by its megabrands and an expanding portfolio of non-beer products. The combined revenues of Corona, Stella Artois, and Michelob Ultra grew by 8.2 percent, with Corona posting a 16 percent sales increase outside of its home market of Mexico.

The company’s Beyond Beer division, which includes products like the Cutwater spirits-based cocktails, saw revenue accelerate with a 37 percent increase. Its no-alcohol beer portfolio also expanded, with revenue climbing 27 percent. This growth in higher-margin products helped drive a 4.5 percent increase in revenue per hectoliter.

Metric	1Q26 Actual	Organic Growth
Total Volume	136.4M hl	+0.8%
Revenue	$15.27 Billion	+5.8%
Normalized EBITDA	$5.44 Billion	+5.3%
Underlying EPS	$0.97	+20.8%

Performance Across Key Markets

Performance was broad-based, though some markets showed signs of strain.

United States: Sales-to-retailers grew 0.3 percent, outperforming the industry. The Beyond Beer portfolio was a key driver, with revenue up in the high-sixties, led by triple-digit growth from the Cutwater brand.
Mexico: The company reported record-high volumes, driving high-single-digit revenue growth.
Brazil: Beer volumes grew 1.2 percent to a first-quarter record, helping lift revenue by 8.4 percent in the country.
China: The post-Covid recovery remains sluggish, with volumes declining 1.5 percent and revenue falling 3.9 percent amid increased investments to rebuild momentum.

AB InBev maintained its full-year guidance, expecting EBITDA to grow between 4 and 8 percent in 2026.

The return to volume growth suggests the company's strategy to diversify its portfolio is effectively capturing new consumers and offsetting declines in traditional beer. Investors will watch the upcoming FIFA World Cup, a major sales driver, to see if the momentum can be sustained through the year.

This article is for informational purposes only and does not constitute investment advice.