Anheuser-Busch InBev SA/NV (BUD): Financial results for Q2 2026
Anheuser-Busch InBev SA/NV (BUD) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Brussels –30 July 2026 - 7:00am CET Regulated information 1 AB InBev Reports Second Quarter 2026 Results Solid top- and bottom-line performance: Revenue up by 5.6%, Beer volume growth of 1.1% and a 23.4% Underlying EPS increase “Cheers to beer – our performance this
How this was made
The 30-second read
Why it matters
The earnings beat reinforces the company's strategic execution and may trigger buying pressure.
Market read
First‑hand earnings data for a large‑cap consumer staple, likely to move the stock and related sector.
What to watch
Potential headwinds from commodity price volatility and foreign‑exchange exposure could temper gains.
AB InBev Reports Second Quarter 2026 Results Solid top- and bottom-line performance: Revenue up by 5.6%, Beer volume growth of 1.1% and a 23.4% Underlying EPS increase
Organic revenue increased by 5.6%, beer volumes grew by 1.1%, Normalized EBITDA increased by 5.8%, and Underlying EPS increased by 23.4%. Growth was offset by declining volumes and EBITDA in Asia Pacific, including a 9.7% volume decline in China.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Volumesother | 144 003 thousand hls | – | 0.9% |
| Beer volumesother | 126 945 thousand hls | – | 1.1% |
| Non-Beer volumesother | 17 058 thousand hls | – | (1.1)% |
| RevenueGAAP | 16 660 USD Mio | – | 5.6% |
| Revenue per hl growthother | 4.2% | – | – |
| Cost of salesGAAP | (7 082) USD Mio | – | (3.2)% |
| Gross profitGAAP | 9 579 USD Mio | – | 7.5% |
| Gross marginGAAP | 57.5% | – | 99bps |
| SG&AGAAP | (5 175) USD Mio | – | (6.5)% |
| Other operating income/(expenses)GAAP | 200 USD Mio | – | (7.9)% |
| Normalized EBITnon-GAAP | 4 604 USD Mio | – | 8.0% |
| Normalized EBIT marginnon-GAAP | 27.6% | – | 58bps |
| Normalized EBITDAnon-GAAP | 5 938 USD Mio | – | 5.8% |
| Normalized EBITDA marginnon-GAAP | 35.6% | – | 4bps |
| ProfitGAAP | 4 084 USD Mio | – | – |
| Profit attributable to equity holders of AB InBevGAAP | 3 751 USD Mio | – | – |
| Underlying Profitnon-GAAP | 2 390 USD Mio | – | – |
| Basic EPSGAAP | 1.90 USD per share | – | – |
| Underlying EPSnon-GAAP | 1.21 USD per share | – | 23.4% |
| Underlying EPS in constant currencynon-GAAP | 1.11 USD per share | – | 12.9% |
| Normalized effective tax ratenon-GAAP | 26.1% | – | – |
| Free cash flow, HY26other | 3 881 million USD | – | 2 526 million USD |
| Cash flow from operating activities, HY26GAAP | 5 241 million USD | – | – |
| Net capex, HY26other | (1 360) million USD | – | – |
| Net debt to normalized EBITDAother | 2.86x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaRevenue management and positive brand mix supported revenue growth, while volumes declined by 0.7%. | 4 039 USD Mio | – | 2.6% |
| Middle AmericasVolume growth of 4.7% and revenue management supported growth. | 5 091 USD Mio | – | 9.8% |
| South AmericaBrazil delivered revenue growth of 7.8%, supported by revenue management and premiumization. | 2 961 USD Mio | – | 7.6% |
| EMEAVolume growth and premiumization drove a low-single digit top-line increase. | 2 677 USD Mio | – | 3.3% |
| Asia PacificChina volumes declined by 9.7% amid adverse weather and continued weakness in the on-premise channel. | 1 648 USD Mio | – | (2.8)% |
| Global Export and Holding CompaniesOrganic revenue growth was 66.1%. | 244 USD Mio | – | 66.1% |
FY26 outlook
- Tax ratenormalized ETR in FY26 to be in the range of 26% to 28%
- NoteEBITDA to grow in line with our medium-term outlook of between 4-8%
- NoteNet pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter
- Noteaverage gross debt coupon in FY26 to be approximately 4%
- Notenet capital expenditure of between 3.5 and 4.0 billion USD in FY26
Capital returns
- As of 24 July 2026, we completed 1.9 billion USD of our 6 billion USD share buyback program announced on 30 October 2025.
- Share buyback was (1 301) million USD in HY26 compared to (1 901) million USD in HY25.
- Dividends paid were (2 596) million USD in HY26 compared to (3 147) million USD in HY25.
What drove it
- Revenue growth of 5.6% was driven by revenue management and positive mix from premiumization and Beyond Beer.
- Combined revenues of megabrands increased by 6.2%, led by Corona, which grew by 17% outside of its home market.
- No-alcohol beer revenue increased by 27% and Beyond Beer revenue increased by 44%.
- Brazil revenue increased by 7.8%, beer volumes increased by 5.0%, and EBITDA increased by 16.1% with 230bps of margin expansion.
- BEES captured 15.0 billion USD in GMV, up 16% versus 2Q25, while BEES Marketplace GMV increased by 50% to approximately 1.2 billion USD.
- Sales and marketing investment reached 4.1 billion USD in HY26, up 9% versus HY25.
Concerns
- Asia Pacific revenue declined by 2.8%, volumes declined by 4.7%, and Normalized EBITDA declined by 10.9%.
- China volumes declined by 9.7%, revenue declined by 8.8%, and EBITDA declined by 16.1%, impacted by adverse weather and continued weakness in the on-premise channel.
- North America volumes declined by 0.7%, and Normalized EBITDA increased by 0.5% with a 74bps Normalized EBITDA margin contraction.
- Non-beer volumes declined by 1.1%.
- Net debt increased to 64.2 billion USD as of 30 June 2026 from 60.9 billion USD as of 31 December 2025.
What to watch
- Execution in China and the company's efforts to improve execution and expand its in-home channel presence.
- Whether Brazil's beer-volume growth, premiumization and margin expansion continue.
- North America volume performance and the return on increased marketing investment.
- Delivery against the FY26 EBITDA growth outlook of between 4-8%.
- Net debt to normalized EBITDA progress toward the company's optimal capital structure of around 2x.
- Further deployment of the 6 billion USD share buyback program.
Balance sheet and cash flow
- Free cash flow increased by 2 526 million USD to reach 3 881 million USD in HY26.
- Cash flow from operating activities reached 5 241 million USD in HY26 compared to 2 704 million USD in HY25.
- Net debt increased to 64.2 billion USD as of 30 June 2026 from 60.9 billion USD as of 31 December 2025.
- Total liquidity was 18.1 billion USD as of 30 June 2026, consisting of 10.1 billion USD available under committed long-term credit facilities and 8.0 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts.
- Cash and cash equivalents were 7 658 million US dollar at 30 June 2026 compared to 11 638 million US dollar at 31 December 2025.
- Interest-bearing loans and borrowings were 68 908 million US dollar in non-current liabilities and 3 381 million US dollar in current liabilities at 30 June 2026.
- Cash flow from/(used in) investing activities was (1 807) million USD in HY26, compared to (1 306) million USD in HY25.
- Cash flow from/(used in) financing activities was (7 505) million USD in HY26, compared to (5 837) million USD in HY25.
Analysis
AB InBev delivered solid second-quarter organic growth, with revenue up by 5.6%, total volumes up by 0.9% and beer volumes up by 1.1%. Revenue per hl increased by 4.2%, with management attributing the result to revenue management and positive mix from premiumization and Beyond Beer. Gross margin expanded by 99bps to 57.5%, Normalized EBIT increased by 8.0%, and Normalized EBITDA increased by 5.8% to 5 938 USD Mio, although the EBITDA margin was broadly flat at 35.6% with 4bps of expansion.
Portfolio mix remained a central contributor. Combined megabrand revenue increased by 6.2%, while Corona, Stella Artois and Michelob Ultra grew revenue by 17%, 19% and 21%, respectively, outside their home markets. No-alcohol beer revenue increased by 27%, Beyond Beer revenue increased by 44%, and Balanced Choices revenue increased by 13%. BEES Marketplace GMV increased by 50% to approximately 1.2 billion USD, while overall BEES GMV increased by 16% to 15.0 billion USD.
Regional performance was uneven. Middle Americas grew revenue by 9.8%, South America by 7.6% and Brazil by 7.8%, with Brazil EBITDA up 16.1% and margin expansion of 230bps. Asia Pacific was the main counterweight, as revenue declined by 2.8%, volumes declined by 4.7% and Normalized EBITDA declined by 10.9%. China was particularly weak, with volumes down 9.7%, revenue down 8.8% and EBITDA down 16.1%. North America delivered 2.6% organic revenue growth but volumes declined by 0.7% and the segment's EBITDA margin contracted by 74bps as increased marketing investment absorbed productivity and top-line gains.
Underlying EPS increased by 23.4% to 1.21 USD per share, while constant-currency Underlying EPS increased by 12.9%. Reported profit attributable to equity holders reached 3 751 USD Mio, compared with 1 676 USD Mio, with the release noting impacts from non-underlying items. HY26 free cash flow increased by 2 526 million USD to 3 881 million USD. The company completed 1.9 billion USD of its 6 billion USD share buyback program as of 24 July 2026, while net debt increased to 64.2 billion USD from 60.9 billion USD at 31 December 2025. Net debt to normalized EBITDA nonetheless improved to 2.86x from 3.27x at 30 June 2025.
The FY26 outlook was maintained. AB InBev expects EBITDA growth in line with its medium-term outlook of between 4-8%, a normalized ETR of between 26% and 28%, and net capital expenditure of between 3.5 and 4.0 billion USD. The key reported variables for the balance of the year are the pace of recovery in China, sustained beer-volume growth in the Americas, the return on elevated sales and marketing investment, and continued deleveraging toward the company's stated optimal net debt to normalized EBITDA ratio of around 2x.
Management, verbatim
Cheers to beer – our performance this quarter reflects the strength of the beer category and the consistent execution of our strategy. Through investment in our megabrands and mega platforms, innovation and offering more choices across more occasions, we are strengthening the cultural relevance of our brands with consumers. Thank you to our colleagues for their commitment and disciplined execution, which position us well to continue our momentum.
Michel Doukeris, CEO, AB InBev
Not in the filing
stated, not guessed- Prior-quarter comparisons for Q2 2026 revenue, volumes, profit, margins, EBITDA, EBIT and EPS
- Q2 2026 operating cash flow
- Q2 2026 free cash flow
- Diluted EPS
- FY26 revenue guidance
- FY26 gross margin guidance
- FY26 operating expenses guidance
- Prior-release outlook for comparison with actual results
- Cash dividend declared per share
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
AB InBev filed a Form 6‑K with detailed Q2 2026 financials, highlighting revenue, volume, and profitability metrics.
Ticker impact
Q2 2026 earnings report shows 5.6% revenue growth, 23.4% underlying EPS increase and improved net‑debt/EBITDA ratio.
Expect short‑term price appreciation, especially in pre‑market trading.
Revenue and EPS beat expectations, margin expansion and balance‑sheet improvement provide a clear catalyst.
Market effects
Beer and broader consumer staples sector may see a lift as AB InBev demonstrates demand resilience.
European and North American markets could benefit from the upbeat results.
AB InBev's global footprint means the earnings beat can influence worldwide beverage stocks.
Counterpoint
If the market has already priced in the growth, the stock may face limited upside.
Key entities
- CompanyAnheuser‑Busch InBev SA/NV
Global brewer reporting Q2 2026 results.
- ExecutiveMichel Doukeris
CEO of AB InBev, quoted in the release.
