Anheuser-Busch InBev SA/NV Q3 2026 Earnings Recap

The stock fell 1.5% after earnings, a roughly flat reaction. Results were mixed: revenue and EPS grew, but total volumes were nearly flat, margins were flattish, and China declined sharply.

Key Takeaways

• Revenue increased 4.9%, with revenue per hectoliter up 4.2%; total volumes grew 0.4%, while beer volumes were flattish.
• EBITDA rose 3.9% with flattish margins, as increased sales and marketing investment and commodity headwinds were partly offset by revenue and cost management. EBIT increased 6%, and underlying EPS rose 22% to $1.21.
• China revenue and volumes declined 16.8%. The company cited a challenging industry, including abnormal weather and continued weakness in the on-premise channel, and said its results remained below potential.
• Regional performance was varied: Mexico delivered mid-single-digit volume growth and double-digit bottom-line growth; Brazil reported mid-single-digit top- and bottom-line growth, while Europe’s volumes were flat.
• BEES GMV increased 12% to $15.9 billion; GMV from third-party products rose 45% to $1.4 billion. The board approved an interim dividend of €0.40 per share.