Key Highlights

  • Underlying EPS rose 22% to USD 1.21, ahead of the consensus estimate of USD 1.14.
  • Revenue of USD 16.51 billion topped the consensus estimate of USD 16.27 billion, growing 4.9% on higher volume and pricing.
  • The board approved an interim dividend of EUR 0.40 per share, up from EUR 0.15 a year earlier.
  • China revenue and volumes fell 16.8% against a backdrop of abnormal weather and weak on-premise sales.

Anheuser-Busch InBev (NYSE:BUD) reported third quarter 2026 underlying EPS of USD 1.21, up 22.4% and above a consensus estimate of USD 1.14. Revenue of USD 16.51 billion exceeded a consensus estimate of USD 16.27 billion and rose 4.9%, built on 0.4% volume growth and a 4.2% increase in revenue per hectoliter. Volumes grew for a third consecutive quarter, with record third quarter volumes in 15 markets. Constant currency EPS growth was 13.9%, so translation tailwinds supplied the rest of the gain, according to the chief financial officer.

Margins, Brands and Regional Detail

EBITDA rose 3.9% with flattish margins as higher sales and marketing investment and commodity costs were offset by revenue and cost management. Measured in U.S. dollars, EBITDA grew 6.5% in the quarter and 10% year to date, while EBIT increased 6%. Over the past twelve months the company has invested USD 8.1 billion in sales and marketing. Roughly 70% of EBITDA comes from emerging and developing markets.

Chief Executive Officer Michel Doukeris highlighted mega brand revenue growth of 7.7% and a 35% revenue increase in non-alcohol beer, led by Corona Zero and Michelob ULTRA Zero. Corona revenue outside Mexico grew 20%. In the United States the company gained share of total alcohol for a tenth consecutive quarter, and Beyond Beer revenue grew in the low teens. Mexico and Colombia posted double digit bottom line growth, Brazil delivered mid single digit top and bottom line growth, and South Africa reached record volumes. China was the weak spot, with revenue and volumes down 16.8% as the industry in the company footprint fell by low teens.

The BEES platform captured USD 15.9 billion of gross merchandising value, up 12%, and third party product value rose 45% to USD 1.4 billion. Digital direct to consumer platforms served 13 million consumers and generated USD 158 million of revenue.

Capital Allocation and Statements on 2027

The interim dividend of EUR 0.40 per share compares with EUR 0.15 a year ago, which the CFO framed as consistent with a progressive dividend ambition. The company has repurchased USD 2.6 billion of shares under its 24 month, USD 6 billion buyback program. On the balance sheet, 98% of debt is fixed rate at an average coupon near 4%, there are no financial covenants on its bonds, and last twelve month free cash flow exceeds any single annual bond maturity.

Management confirmed confidence in delivering its 2026 outlook but gave no 2027 guidance, saying the outlook is scheduled for disclosure with full year results in February. The CFO said the company is almost fully hedged for next year, and that current market prices point to a more normal cost year. The medium term framework was reset to EBIT growth of 5% to 9% from EBITDA growth of 4% to 8%.

Data Points Behind the Next Report

The February full year release is the dated event for the 2027 outlook, and the hedge position of nearly full coverage frames the cost discussion. China is the market to follow, where the company estimates its share loss narrowed to below half a point in the quarter from more than one point earlier in the year. Non-alcohol beer, which management says has moved from under 1% of the business to above 1.5%, approaching 2% on a run rate, offers another measure. The pace of buybacks against the USD 6 billion authorization, now USD 2.6 billion complete, and the revenue per hectoliter trend of 4.2% round out the list.