AB InBev Q2 2026: Revenue +5.6%, Underlying EPS +23.4%, Net Debt to EBITDA Improves to 2.86x
BUD sits 51% above its 52-week low of $56.97.
Summary
AB InBev's Q2 2026 results featured 5.6% organic revenue growth, a 23.4% rise in Underlying EPS, and improved leverage. Beer volumes grew 1.1%, led by megabrands, and the company reaffirmed its full-year outlook.
Key Events · Earnings and Guidance · BUD
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Strong Q2 Top- and Bottom-Line Growth
Organic revenue increased 5.6% to $16.7B, with beer volumes up 1.1%. Underlying EPS rose 23.4% to $1.21, driven by revenue management, premiumization, and cost discipline.
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Balance Sheet Strengthens
Net debt to normalized EBITDA improved to 2.86x from 3.27x a year ago. Free cash flow increased by $2.5B to $3.9B, supported by higher profit and working capital improvements.
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Megabrands and Premiumization Drive Growth
Combined revenues of megabrands grew 6.2%, led by Corona (+17% outside home market), Stella Artois (+19%), and Michelob Ultra (+21%). Above-core beer portfolio revenue increased 6.9%.
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FY26 Outlook Reaffirmed
Company expects EBITDA to grow in line with its medium-term outlook of 4-8%, reflecting confidence in continued momentum despite macroeconomic uncertainties.
Analysis · BUD · Manufacturing
A strong second quarter underscored AB InBev's ability to deliver broad-based volume growth and a 23.4% jump in Underlying EPS. Organic revenue climbed 5.6%, fueled by a 1.1% increase in beer volumes and a 4.2% lift in revenue per hectoliter. Normalized EBITDA expanded 5.8% with margin gains, while the balance sheet strengthened markedly—net debt to EBITDA fell to 2.86x from 3.27x a year ago, and free cash flow surged by $2.5 billion. Reaffirming its FY26 EBITDA growth outlook of 4–8%, the company signaled confidence despite a dynamic consumer backdrop. The results highlight the power of its megabrands, premiumization, and digital ecosystem, with Corona, Stella Artois, and Michelob Ultra all growing double digits outside their home markets.
At the time of this filing, BUD was trading at $86.14 on NYSE in the Manufacturing sector, with a market capitalization of approximately $168B. The 52-week trading range was $56.97 to $86.17. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.