AB InBev's Volumes Return to Growth: Is a Bigger Recovery Brewing?

BUD's Q2 beer volumes rise 1.1% as market share gains, megabrand investment and emerging-market growth fuel improving global momentum.

Zacks Equity Research

3 min read

Anheuser-Busch InBev SA/NV BUD, popularly known as AB InBev, delivered encouraging volume performance in the second quarter of 2026, signaling improving momentum across its global business. The company benefited from market share gains, continued investment in its megabrands and growth across emerging markets. Management believes its more diversified portfolio, spanning core and premium beer, non-alcoholic offerings and Beyond Beer, has positioned BUD to capture demand across more consumer occasions.

Beer volumes increased 1.1% year over year in the second quarter, while total volumes rose 0.9%. Revenues advanced 5.6%, supported by 4.2% growth in revenue per hectoliter, reflecting positive mix and revenue management initiatives. BUD also reported market share gains globally, with record second-quarter volumes in markets including Mexico, Colombia and Ecuador.

Several growth initiatives could help sustain the volume recovery. Michelob Ultra is expanding across the Americas, with 40% of the brand's second-quarter volume growth coming from outside the United States. Meanwhile, non-alcoholic beer revenues climbed 27%, led by Corona Cero and Michelob Ultra Zero. BUD is also expanding its Beyond Beer portfolio, giving the company additional avenues to attract consumers and increase participation across growing beverage segments.

Still, the recovery remains uneven across markets. China continues to be a notable pressure point, with revenues declining 8.8% amid adverse weather, a constrained consumer environment and weakness in the on-premise channel. BUD is investing in its brands, innovation and off-trade execution to improve performance there. With stronger volume trends elsewhere and management shifting its focus from resetting the business toward accelerating its growth levers, sustained execution across key markets will be crucial to determining whether the recent volume improvement develops into a broader recovery.

BUD’s Price Performance, Valuation & Estimates

AB InBev’s shares have lost 0.2% in the past six months compared with the industry’s 3.1% decline.

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From a valuation standpoint, BUD trades at a forward price-to-earnings ratio of 17.07X compared with the industry’s average of 15.13X.

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The Zacks Consensus Estimate for BUD’s 2026 and 2027 earnings per share (EPS) indicates year-over-year growth of 17.2% and 12.3%, respectively. The company’s EPS estimates for 2026 and 2027 have moved upward in the past 30 days.

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AB InBev currently carries a Zacks Rank #3 (Hold).

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