Bud Brewer AB InBev Beats Expectations as Beer Rebound Continues — 2nd Update

By Joshua Kirby

Budweiser brewer Anheuser-Busch InBev said the soccer world championship and a focus on its more premium labels helped lift revenue and earnings above expectations at the start of the summer.

The world's largest brewer said total sales volumes were 0.9% higher on year organically over the quarter through June, driven by beer volumes rising 1.1%. Analysts had forecast volume growth of 0.7%, according to a consensus of estimates provided by the company.

The FIFA World Cup that kicked off in June helped boost growth of AB InBev's Michelob Ultra lager in the U.S. and expanded the label across key market in Latin America, the company said. Other sporting events such as Wimbledon and Roland Garros also offered a chance for the group's brands to dig in among consumers, AB InBev said.

Revenue outstripped volumes, meanwhile, rising 5.6% on year to $16.66 billion due in part to a concentration on the group's more premium labels. That beat analysts' expectations for revenue growth of 4.4%. The group's said some of its major labels like Corona, Stella Artois and Michelob Ultra booked double-digit revenue growth outside their home markets.

"Cheers to beer," Chief Executive Michel Doukeris said. Investment in the group's biggest brands is paying off and strengthening their cultural relevance among consumers, he said.

"Our performance this quarter reflects the strength of the beer category and the consistent execution of our strategy," Doukeris said.

The performance continues a rebound begun at the beginning of the year, when volumes turned positive for AB InBev and many of its brewing peers after a period of sliding demand.

Earnings before interest, taxes, depreciation and amortization meanwhile increased 5.8% on year to $5.94 billion, also ahead of analysts' expectations. Operating margins were "flattish" as the company invested in sales and marketing and offset currency effects, it said.

"This is a high-quality print," Jefferies's Edward Mundy wrote in a note following the update.

AB InBev backed its outlook for the year, with Ebitda expected to grow between 4% and 8% compared with a year earlier, in line with midterm targets.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

July 30, 2026 03:33 ET (07:33 GMT)