Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (BUD) Earnings

Anheuser-Busch Inbev SA Sponsored ADR (Belgium)

BUD · NYSE

Symbol: BUD
Type: Stock
Sector: Consumer Staples
Industry: Beverages (Production/Distribution)
Country: Europe
Exchange: NYSE

Anheuser-Busch InBev ( AB InBev ) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life's moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Beer is the drink for moderation, and for over a century, AB InBev has championed responsible drinking. We are committed to providing our consumers with Balanced Choices to enjoy on any occasion.

Key Issues

Bullish view

A portfolio of approximately 500 brands, including major international labels and regional names, gives AB InBev a broad base from which to serve drinkers. Barron’s argued the stock can still be a buy even as drinkers abandon beer.

Bearish view

The headline itself flags consumers moving away from beer, raising the risk that category weakness pressures sales despite the breadth of the portfolio.

Analyst Consensus

See all

Buy

11 analysts

$81

Current

—

Low

$95

Average

—

High

Average target implies +17.07% versus the current price.

Earnings History

BeatMissNo estimate

Dec 2026upcoming

Next quarter

Expected to report Feb 11, 2027 — estimated from last year’s reporting date.

Consensus is $1.13 EPS for Dec 2026 across 6 estimates, ranging $1.06 to $1.24.

BUD Sep 2026

Reported Oct 29, 2026 · before the open

: 6.14%

: $1.14
: $1.21
: —
: —

Highlights

EPS beat The supplied quarter headline reports EPS of 1.21 versus consensus of 1.14, a 6.14% upside surprise; the release itself reports nine-month basic EPS of $4.01 and underlying EPS of $3.40.
Nine-month growth Revenue rose 10.7% to $48.4 billion, normalized EBITDA increased 10.0% to $17.3 billion and operating profit grew 12.3% to $13.2 billion versus the first nine months of 2025.
Organic performance Excluding currency translation, acquisitions and disposals, classification changes and Argentina hyperinflation effects, nine-month revenue grew 5.4%, revenue per hectoliter rose 4.3% and normalized EBITDA increased 5.0%.
Currency contribution Currency translation added $2.445 billion to revenue and $813 million to operating profit; reported revenue growth therefore exceeded underlying growth.
Volume divergence Nine-month consolidated volume was nearly flat at 422.7 million hectoliters, up 0.2%; Middle Americas grew 3.7%, while North America declined 1.6% and Asia Pacific fell 5.7%.
Finance-driven earnings lift Nine-month net finance expense fell to $1.77 billion from $3.79 billion, including a $1.23 billion mark-to-market gain versus a $608 million loss in 2025; underlying EPS rose to $3.40 from $2.78.
Digital platforms BEES GMV reached $46 billion for the nine months, up from $37 billion, while direct-to-consumer brands generated $462 million of revenue versus $389 million.
Interim dividend The board approved a 2026 interim dividend of EUR 0.40 per share, with payment to NYSE ADR holders scheduled for 16 December 2026.

Analysis

The supplied quarter headline was a clear EPS beat: 1.21 against 1.14 consensus, or 6.14%. The detailed release, however, presents nine-month results through 30 September rather than standalone third-quarter results. It reports nine-month basic EPS of $4.01 and underlying EPS of $3.40, up from $2.46 and $2.78, respectively, a year earlier. The materials do not provide a standalone third-quarter year-on-year comparison or a prior-quarter comparison, so those trends cannot be quantified here.

The nine-month picture combines solid underlying growth with a meaningful currency tailwind and a large finance-line swing. Revenue increased 10.7% to $48.4 billion, but grew 5.4% excluding currency, acquisitions and disposals, classification changes and Argentina hyperinflation effects. Normalized EBITDA rose 10.0% to $17.3 billion, or 5.0% on that adjusted basis, while operating profit increased 12.3% to $13.2 billion. Volumes were almost flat: strength in Middle Americas offset declines in North America and Asia Pacific. Net finance expense dropped by $2.0 billion, principally reflecting a reversal in derivative mark-to-market results; this helped lift period profit to $9.0 billion from $6.1 billion. The release also points to higher commercial investment and cost pressures, with adjusted SG&A up 5.7% and cost per hectoliter up 2.3%.

Earnings and profitability

Quarter headline EPS of 1.21 exceeded the supplied 1.14 consensus by 6.14%; the detailed release does not give standalone quarterly EPS or its year-on-year comparison.
Nine-month earnings Profit attributable to AB InBev equity holders rose to $7.91 billion from $4.88 billion. Underlying profit increased to $6.71 billion from $5.53 billion, and underlying EPS advanced to $3.40 from $2.78.
Operating result Nine-month operating profit increased 12.3% to $13.22 billion and normalized EBITDA rose 10.0% to $17.33 billion. Excluding currency, acquisitions and disposals, classification changes and Argentina hyperinflation effects, operating profit grew 7.4% and normalized EBITDA 5.0%.

Revenue and currency

Reported growth Nine-month revenue increased 10.7% to $48.44 billion from $43.76 billion. Currency translation contributed $2.445 billion, mainly from Middle Americas, South America and EMEA.
Underlying growth On the company’s adjusted basis, revenue rose 5.4% and revenue per hectoliter grew 4.3%, supported by volume, revenue growth management, premiumization and Beyond Beer. Argentina hyperinflation effects and acquisitions and disposals reduced reported revenue by a net $125 million.
Costs and investment Adjusted cost of sales increased 3.9%, or 2.3% per hectoliter, reflecting commodity costs and transactional FX headwinds. Adjusted SG&A rose 5.7%, as the company increased marketing investment in megabrands and major platforms.

Regional volume trends

Consolidated volumes Nine-month volume rose 0.2% to 422.7 million hectoliters; excluding acquisition and disposal effects, it increased 0.7%.
Growth markets Middle Americas volume increased 3.7% reported, or 5.6% excluding acquisition and disposal effects, led by Mexico, Colombia, Peru and Ecuador. South America grew 0.6%, with Brazil beer volume up 2.1%; EMEA increased 1.1%.
Pressure points North American volume declined 1.6%, or 2.1% excluding acquisition and disposal effects; U.S. sales to retailers fell 1.7% and sales to wholesalers declined 2.1%. Asia Pacific volume fell 5.7%, including a 9.7% decline in China, where the company cited weak industry conditions, mix and inventory management.

Finance and earnings quality

Net finance expense The nine-month expense fell to $1.77 billion from $3.79 billion. Before exceptional finance results, it declined more modestly, to $3.02 billion from $3.21 billion.
Mark-to-market swing Exceptional finance results included a $1.23 billion gain on derivative mark-to-market adjustments, compared with a $608 million loss in the prior-year period. This substantial swing contributed to the rise in reported profit and EPS.
Tax Income tax expense was $2.66 billion versus $2.13 billion, while the effective tax rate declined to 23.2% from 26.7%. The company attributed the lower rate in part to non-taxable derivative gains.

Digital platforms and dividend

BEES The B2B platform was live in 30 markets, capturing 73% of revenue through digital platforms. Nine-month GMV increased to $46 billion from $37 billion; Marketplace GMV from third-party products rose to $3.7 billion from $2.4 billion.
Direct to consumer Zé Delivery, TaDa Delivery and PerfectDraft served 13 million active consumers and generated $462 million of nine-month revenue, compared with $389 million a year earlier.
Capital return The board approved an interim dividend of EUR 0.40 per share for fiscal 2026. Payment to NYSE ADR holders is scheduled for 16 December 2026.