AB InBev revenue climbs 5.8% as Corona and non-alcoholic portfolio drive gains

Anheuser-Busch InBev (NYSE:BUD) reported a strong start to the 2026 fiscal year, with first-quarter results characterized by top-line growth and a significant increase in underlying profitability.

The global brewer recorded a 5.8% increase in revenue, supported by a 1.2% rise in beer volumes and a 4.5% growth in revenue per hectoliter.

On a reported basis, total revenue climbed 12% to $15.27 billion, a figure positively impacted by currency translation.

The company’s "megabrands" led the momentum, with combined revenues rising 8.2%.

Corona remained a standout performer, growing 16% in markets outside of its home territory of Mexico.

The results highlight AB InBev’s successful pivot toward high-growth, non-traditional categories.

The "Beyond Beer" portfolio, which includes ready-to-drink spirits and seltzers, saw revenue jump 37%, while the no-alcohol beer segment grew by 27%.

The company’s digital transformation also reached a new milestone.

The BEES Marketplace, its proprietary B2B platform, reported a 55% increase in Gross Merchandise Value (GMV) for third-party products, reaching $1.1 billion for the quarter.

Underlying profit for the first quarter rose to $1.92 billion, up from $1.61 billion in the same period last year.

Underlying earnings per share (EPS) increased 20.8% to $0.97, though management noted that on a constant currency basis, the EPS increase was a more modest 8.8%.

Normalized EBITDA increased by 5.3% to $5.44 billion.

However, the company experienced a slight margin contraction of 15 basis points, bringing the EBITDA margin to 35.6%.

Total volumes saw a slight uptick of 0.8%, as the 1.2% growth in beer was partially offset by a 1.9% decline in non-beer volumes.