Anheuser-Busch InBev SA/NV Q3 2025 Earnings Recap

AB InBev reported a modest revenue increase of 0.9% in Q3 2025 despite facing challenges from weather and economic conditions, while maintaining strong momentum in premium segments and operational efficiency.

Key Takeaways

• Revenue growth achieved in 70% of markets, driven by disciplined revenue management and strong brand investments.
• EBITDA increased by 3.3% with an 85 basis points margin expansion amid foreign exchange headwinds.
• Michelob Ultra led the U.S. market growth, becoming the number one brand by volume year-to-date, while Cutwater achieved triple-digit revenue growth.
• The company announced a $6 billion share buyback program and an interim dividend of EUR 0.15 per share, reflecting confidence in cash flow and capital management.
• Operational resilience is evident with returning growth in Mexico and record high volumes in Colombia, despite industry pressures in Brazil and broader Latin America.