AB InBev's Q3 revenue rises 5%, EPS up 22%

Anheuser-Busch Inbev SA

29/10/2026 06:12

Overview
Belgium-based brewer's Q3 revenue rose 4.9% and underlying EPS increased 22.4% yr/yr
Company reported flat beer volumes, but growth in non-beer and premium segments
Board approved interim dividend of €0.40 per share, up from €0.15 last year

Outlook
AB InBev expects FY26 EBITDA growth in line with medium-term outlook of 4-8%
Company expects FY26 normalized effective tax rate between 26% and 28%
Company expects FY26 net capital expenditure of $3.5 bln to $4.0 bln

Result Drivers
PREMIUMIZATION AND BEYOND BEER - Co said revenue growth was driven by increased sales of premium, no-alcohol, and Beyond Beer products, with premium brands like Corona, Stella Artois and Michelob Ultra posting strong gains outside their home markets
DIGITAL ECOSYSTEM EXPANSION - Co highlighted a 45% increase in BEES Marketplace GMV and growth in digital direct-to-consumer platforms as supporting revenue growth
REGIONAL PERFORMANCE VARIATION - Co said growth in Latin America and Africa offset declines in China, where volumes and revenue fell due to industry weakness and adverse weather

Company press release: ID:nBw5d5Rzha

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
 
$16.51 bln
 
Q3 Adjusted EPS
 
$1.21
 
Q3 Underlying Profit
 
$2.40 bln
 
Q3 Normalized EBITDA
 
$5.96 bln
 
Q3 Gross Margin
 
56.30%
 
Q3 Gross Profit
 
$9.30 bln
 
Q3 Normalized EBIT
 
$4.54 bln
 
Q3 Normalized EBITDA Margin
 
36.10%
 
Q3 Normalized EBIT Margin
 
27.50%
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 25 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the brewers peer group is "buy"
Wall Street's median 12-month price target for Anheuser-Busch Inbev SA is €82.00, about 12.3% above its October 28 closing price of €73.04
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads
Oct 29 - Budweiser brewer AB InBev hits Q3 profit forecast, but costs on the rise
Oct 28 - New CEO says Heineken must do better even as Q3 sales top forecast
Oct 28 - Budweiser Brewing nine-month revenue falls on weaker China demand

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)