AB InBev Reports 4.9% Revenue Growth as Non-Beer Drinks Offset Soft Beer Volumes
The world's largest brewer recorded $16.5 billion in third-quarter revenue, while cost pressures narrowed margins despite rising sales of alternative beverages.
Anheuser-Busch InBev reported organic revenue growth of 4.9% for the third quarter of 2026, with total revenue of about $16.5 billion, as demand for non-beer beverages helped offset softer sales volumes in parts of its beer portfolio.
The company said overall volumes increased 0.4% organically. Beer volumes were broadly flat, while non-beer volumes rose 4%. Revenue per hectolitre grew 4.2%, reflecting pricing and product mix. Its underlying earnings per share increased to $1.21 from $0.99 a year earlier.
Normalized earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 3.9% organically. The normalized EBITDA margin narrowed by 34 basis points to 36.1%, as higher commodity, transport and marketing costs weighed on profitability. Sales in China remained under pressure, contrasting with growth in several Latin American and African markets.
AB InBev reported strong growth for no-alcohol beer and other products outside its traditional beer portfolio. It also approved an interim dividend of €0.40 per share, compared with €0.15 for the previous financial year. The company retained its existing medium-term EBITDA growth expectations. Organic growth rates remove specified currency and portfolio effects and should not be confused with reported changes in dollar revenue.
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