AB InBev (ABI) Stock Surges 7% as First-Quarter Results Exceed Expectations

Key Highlights

• Shares of AB InBev climbed approximately 7% following first-quarter results that surpassed Wall Street forecasts, with earnings per share of $0.97 versus the $0.89 estimate
• Organic volume expansion reached 0.8% — marking the company’s first quarterly volume increase in three years
• Beer-specific volumes advanced 1.2%, propelled by historic performance across Latin American markets
• Quarterly revenue reached $15.27 billion, surpassing the $14.8 billion consensus projection
• Management maintained full-year EBITDA growth outlook of 4%–8%, citing the upcoming FIFA World Cup as a potential revenue driver

Anheuser-Busch InBev reported its first quarterly volume expansion in three years during the first quarter of 2026, triggering a strong positive market reaction. Shares of the global brewing giant climbed approximately 7% during early Tuesday trading as the company exceeded expectations across key financial metrics.

Anheuser-Busch InBev SA/NV, BUD

The company delivered adjusted earnings per share of $0.97, representing an increase from $0.81 in the prior-year period and beating the analyst consensus of $0.89. Quarterly revenue totaled $15.27 billion, exceeding the $14.8 billion estimate, while organic revenue growth registered at 5.8%.

Organic volume growth reached 0.8% for the quarter, ending a prolonged downturn that began in the middle of 2023 when consumers scaled back purchases amid inflationary pressures and shifting preferences toward healthier lifestyle choices.

Beer-specific volumes climbed 1.2% compared to the same quarter last year, with unprecedented sales performance across multiple Latin American territories providing significant momentum.

Chief Executive Michel Doukeris offered a concise reaction: “Cheers to beer.”

The North American market continues to present challenges. Beer volumes in this geography experienced year-over-year declines, highlighting that the recovery remains uneven across different regions.

Bud Light, the company’s primary U.S. brand, surrendered its number-one market position in 2023 amid a consumer backlash tied to a controversial marketing campaign. Constellation Brands’ Modelo Especial temporarily claimed the lead before Michelob Ultra advanced in the rankings, benefiting from its positioning as a low-calorie, low-carbohydrate option.

Market observers continue evaluating whether Michelob Ultra’s growth trajectory can offset weakness in traditional brand portfolios. A definitive answer to that question remains elusive.

Zero-Alcohol Segment Gains Traction

The brewer’s expansion into non-alcoholic beer offerings is emerging as a meaningful growth driver. Zero-alcohol revenue increased 27% in the first quarter of 2026, building on 34% growth throughout the entirety of 2025.

Corona Cero delivered the strongest performance, with volume growth characterized as “strong double-digits.” The portfolio also includes Budweiser Zero, Michelob Ultra Zero, and non-alcoholic variants of Stella Artois.

The strategic direction reflects a belief that health-focused consumers reducing alcohol consumption represent a viable market segment that can still be served with beer products.

Adjusted net income for the quarter increased to $1.92 billion. EBITDA totaled $5.44 billion, roughly aligned with revenue expansion, while margins remained stable.

Major Sporting Events on the Horizon

AB InBev confirmed its full-year EBITDA growth guidance range of 4% to 8%. Company leadership highlighted an extensive calendar of sporting events as potential catalysts, particularly the FIFA World Cup scheduled to begin next month with matches across the United States, Canada, and Mexico.

The Super Bowl and Winter Olympics were additionally mentioned as occasions that could support volume performance throughout the year.

RBC Capital Markets characterized the quarterly performance as “a relief,” observing that first-quarter momentum provides support for current stock valuations. Analysts are presently forecasting full-year EBITDA growth of approximately 5.1%.

Carlsberg and Heineken have similarly reported volume recoveries in recent reporting periods, suggesting a broader industry-wide recovery trend may be developing.

AB InBev’s American depositary receipts advanced 6.8% during premarket trading on Tuesday, reaching the upper end of recent trading ranges following a period of heightened volatility that commenced in March.

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