Anheuser-Busch InBev (ABI) Q1 2026 earnings summary

Executive summary

• Revenue grew 5.8% year-over-year, reaching $15,267 million, with beer volumes up 1.2% and underlying EPS up 20.8% to $0.97, a record for the first quarter.

• Record Q1 volumes in Mexico, Colombia, Brazil, South Africa, and Peru, with market share gained or maintained in 75% of markets.

• Megabrands, premiumization, innovation in non-alcohol and Beyond Beer, and digital platforms like BEES Marketplace were key growth drivers.

• BEES Marketplace GMV rose 55% to $1.1 billion, with overall BEES GMV reaching $14.6 billion, up 15%.

• Digital B2B platforms captured 72% of revenues.

Financial highlights

• Normalized EBITDA increased 5.3% to $5,437 million, with margin contraction of 15 bps to 35.6%.

• Underlying profit rose to $1,923 million from $1,606 million year-over-year.

• Gross profit increased 7.2% to $8,647 million; gross margin improved to 56.6%.

• D2C digital platforms served 12 million consumers, generating $139 million in revenue.

• No-alcohol beer revenue up 27%; Beyond Beer revenue up 37%.

Outlook and guidance

• FY26 EBITDA expected to grow 4–8%, in line with medium-term outlook.

• Normalized effective tax rate expected between 26% and 28%.

• Net capital expenditure guidance set at $3.5–4.0 billion for FY26.

• Net finance costs projected at $190–220 million per quarter; average gross debt coupon around 4%.

• FIFA World Cup expected to provide a 20–30 basis point global volume uplift in Q2 and Q3.