Anheuser-Busch InBev Q4 EPS $0.95 Tops Forecasts, 2026 EBITDA Growth at 4%–8%
Anheuser-Busch InBev delivered fourth-quarter underlying EPS of $0.95 versus estimates of $0.88, with volumes down 1.5% against an expected 2.7% decline and organic revenue up 2.5%. Regional outperformance in North, Middle and South Americas drove results, and the company guided 2026 EBITDA growth of 4%–8%.
1. Fourth-Quarter Results
Anheuser-Busch InBev reported fourth-quarter underlying EPS of $0.95, exceeding the $0.88 consensus, with total volumes declining 1.5% versus a 2.7% expected drop and organic revenue rising 2.5% against 1.5% forecasts.
2. Americas Regions Performance
In North America, revenue fell 1% compared to a 2.3% forecast decline and volumes dropped 3.5% versus an expected 5.5% decrease. Middle Americas revenue grew 5.9% driven by mid-single-digit expansion in Mexico, while South America revenue rose 5% aided by improving Brazilian volumes as weather normalized.
3. China and Global Trends
China volumes declined 3.9%, an improvement from the prior quarter’s 11.4% drop, with market share flat year-over-year following inventory adjustments. Total company volumes declined 1.5%, outperforming expectations, as premiumization and portfolio management offset broader consumption softness.
4. 2026 Outlook
The company guided 2026 EBITDA growth of 4%–8%, surpassing peers’ 2%–6% outlook, reflecting confidence in its medium-term targets and ability to leverage market share gains and premiumization trends.