AB InBev (NYSE:BUD) exceeded Wall Street’s profit expectations for the final quarter of 2025, proving that a mix of higher prices and premium "Beyond Beer" offerings can still drive the bottom line even as global consumption cools.
The Leuven, Belgium-based brewer reported a fourth-quarter net income of $1.96 billion, or $0.99 per share.
When adjusted for one-time items, earnings reached $0.95 per share, surpassing the $0.92 consensus among analysts.
While total revenue of $15.56 billion fell just shy of the $15.58 billion forecast, the company managed to expand its margins through disciplined "revenue management" and a 23% surge in its high-margin non-beer portfolio, led by the triple-digit growth of Cutwater spirits.
For the year, the company reported profit of $6.84 billion, or $3.45 per share.
Revenue was reported as $59.32 billion.
Despite the volume pressure in markets like China, the company hiked its dividend to €1.15 and projected mid-term EBITDA growth of 4% to 8%, a more optimistic outlook than its European rivals.