Anheuser-Busch InBev delivered better-than-expected second-quarter results for 2026 as pricing, premium brands and FIFA World Cup marketing supported revenue, despite a sharp volume decline in China.
The Budweiser and Corona maker recorded organic revenue growth of 5.6% for the three months ended June 30. Analysts had expected about 4.4%, placing the result above the published forecast range of 3.2% to 5%.
Reported revenue reached $16.66 billion, 11% more than a year earlier. Currency translation contributed to the difference between reported and organic growth.
AB InBev Q2 earnings beat expectations
Underlying earnings per share came in at $1.21, compared with $0.98 in Q2 2025 and analyst estimates of about $1.11 to $1.12. Underlying profit was $2.39 billion, while reported profit attributable to shareholders totalled $3.75 billion.
The reported profit included non-underlying items, making underlying earnings a clearer measure for comparing the company’s operating performance.
Normalized EBITDA grew 5.8% organically to $5.94 billion, ahead of the 4.6% consensus. Its margin remained broadly stable at 35.6% as cost controls helped offset foreign-exchange pressure and additional marketing expenditure.
Beer volumes improve but China remains weak
Total organic volumes gained 0.9%, with beer volumes adding 1.1% and non-beer volumes falling 1.1%. Some consensus data placed the total volume forecast at 0.7%, while other estimates were closer to 0.96%, explaining the different descriptions of the result across financial reports.
China volumes dropped 9.7% as AB InBev underperformed an already soft local beer market. Adverse weather and continued weakness in bars and restaurants contributed to an 8.8% revenue decline and a 16.1% reduction in China EBITDA.
Across Asia-Pacific, total volumes fell 4.7%. Stronger trading elsewhere partly offset that weakness, including record second-quarter beer volumes in Mexico, Colombia and Ecuador. Middle Americas delivered 4.7% volume growth, while Brazil beer volumes gained 5%.
World Cup and premium brands support revenue
Revenue per hectolitre improved 4.2%, reflecting pricing, revenue management and a stronger product mix. Combined revenue from Corona, Stella Artois and Michelob Ultra grew 6.2% during the quarter.
Outside their home markets, Corona generated 17% revenue growth, Stella Artois delivered 19% and Michelob Ultra recorded 21%. FIFA World Cup sponsorship supported Michelob Ultra in the United States and helped expand the brand across Latin America.
No-alcohol beer revenue grew 27%, while Beyond Beer added 44%. These categories give AB InBev access to consumers seeking alcohol-free products and alternatives to traditional lager.
Changing drinking habits are affecting brewers differently, as shown by Shepherd Neame’s weaker brewing volumes and resilient London pub sales. The comparison highlights why pricing discipline and a broader product range matter across the sector.
BEES Marketplace and debt position
Gross merchandise value from third-party products sold through BEES Marketplace grew 50% to $1.2 billion. The digital platform allows retailers to order AB InBev products alongside goods supplied by other companies.
Net debt to normalized EBITDA improved to 2.86 times from 3.27 times in June 2025. Lower leverage provides greater financial flexibility, although debt remains an important measure for shareholders.
Operating costs and softer consumption are influencing production decisions across the industry. James Boag’s production move from Tasmania to mainland Australia shows how established beer businesses are adapting their operations as demand patterns change.
Diageo Shares Sink 6% After H1 Earnings Drop and Dividend Is Halved
Diageo Layoffs Signal Major Reset at Johnnie Walker and Guinness Maker
Why AB InBev shares traded lower
AB InBev’s US-listed shares traded about 2% to 3% lower after the announcement despite the earnings beat. Nearly flat operating margins, heavier marketing investment and profit-taking after a strong year-to-date performance may have influenced the market reaction.
The movement shows that investors are looking beyond headline revenue toward margins, spending levels and the durability of beer demand. Continued weakness in China could remain a concern if other markets lose momentum.
First-half performance and 2026 outlook
For the first half of 2026, organic revenue grew 5.7%, with reported revenue reaching $31.93 billion. Normalized EBITDA totalled $11.38 billion, while underlying EPS was $2.18 compared with $1.79 a year earlier.
AB InBev retained its full-year guidance for EBITDA growth of 4% to 8% and expects net capital expenditure of $3.5 billion to $4 billion. Company filings and reporting information are available through the official AB InBev investor centre.
The second-half focus will be whether China’s beer market stabilises, World Cup demand continues and premium products convert stronger sales into improved margins.
Make Swikblog your go-to source on Google for reliable updates, smart insights, and daily trends.
