Anheuser-Busch Q4 EPS Tops by 8% as Revenue Grows 5%
Anheuser-Busch reported Q4 adjusted EPS of $1.30, 8% above analyst forecasts, while revenue rose 5% year-over-year to $14.2 billion. The brewer lifted its 2026 organic volume growth target to mid-single-digits and reaffirmed a roughly $6 billion free cash flow goal.
1. Q4 Financial Results
Anheuser-Busch delivered adjusted EPS of $1.30 in the fourth quarter, surpassing consensus by 8%, and generated $14.2 billion in revenue, up 5% year-over-year on higher pricing and volume.
2. Growth Drivers
Revenue expansion was fueled by a 3% increase in global volumes, led by strong performances in North America and Europe, and pricing gains contributed roughly 2 percentage points to top-line growth.
3. 2026 Outlook
Management raised its 2026 organic volume growth forecast to mid-single-digit percentages, reiterated plans to achieve approximately $6 billion in free cash flow, and signaled continued margin improvement initiatives.