Company Reports

Anheuser-Busch InBev spearheaded the consolidation of the brewing industry. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed-cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.

Anheuser-Busch InBev’s second-quarter results included organic revenue growth of 5.6%, volume growth of 0.9%, and normalized EBITDA growth of 5.8%, all ahead of company-compiled consensus. Shares fell around 2% intraday on July 30.

Anheuser-Busch InBev spearheaded the brewing industry consolidation. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed-cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.

AB InBev’s first-quarter 2026 results included year-over-year organic revenue and EBITDA growth of 5.8% and 5.3%, respectively, ahead of company-compiled consensus. Underlying EPS rose 8.8% in constant currency to USD 0.97. Shares rose around 7% in early trading on May 5.

Anheuser-Busch InBev spearheaded the brewing industry consolidation. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.

AB InBev’s full-year 2025 results included organic revenue growth of 2.0%, with revenue per hectoliter growth of 4.4%, and a volume decline of 2.3%. EBITDA margin expanded 101 basis points, with improvement across all regions except Asia-Pacific. Shares rose around 2% at the market open on Feb. 12.

Anheuser-Busch InBev’s third-quarter results included organic revenue growth of 0.9% year over year, with a 3.7% volume decline. Normalized EBIT margin expanded 61 basis points. Shares were flat intraday on Oct. 30, 2025.

Anheuser-Busch InBev spearheaded the brewing industry consolidation that has been unfolding during this decade. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.

Anheuser-Busch InBev reported its first-quarter results with organic revenue up 1.5% and normalized EBIT margin up 218 basis points, ahead of consensus. Shares were up around 3% at the market open on May 8.

We are relaunching coverage of four of the largest global brewers: InBev, Ambev, Heineken, and Carlsberg. We are maintaining our Morningstar Economic Moat Ratings of wide for InBev and Ambev, upgrading Heineken to wide from narrow, and upgrading Carlsberg to narrow from none. Ambev is our preferred pick, as we believe the market does not fully reflect its region-leading growth potential, offering 33% upside from current levels.

Anheuser-Busch InBev spearheaded the brewing industry consolidation that has been unfolding during this decade. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.

We maintain our EUR 83/$90 fair value estimate for wide-moat Anheuser-Busch InBev after the firm reported fourth-quarter and full-year results in line with our estimates. We were most impressed by full-year growth of 4.3% in revenue per hectoliter against a weak consumer environment in key markets. Full-year normalized EBITDA growth was 8.2%, slightly ahead of guidance. For 2025, management expects organic EBITDA growth consistent with its medium-term target of 4%-8%. We think this is achievable and expect an improving environment over 2025 to provide a tailwind to results. Even with the shares rising 8% on Feb. 26 following the announcement, we continue to view them as undervalued.

Wide-moat Anheuser-Busch InBev reported third-quarter 2024 results, which that were in line with our estimates but slightly below consensus. While total volume was down by 2% in the quarter, we remain impressed with the firm’s ability to deliver normalized EBITDA growth, thanks to solid cost management execution. With this, the firm adjusted its 2024 outlook, now expecting EBITDA growth of 6% to 8%, up from 4% to 8%. With our long-term estimates unchanged, we maintain our fair value estimate of EUR 83 per share and continue to view the stock as undervalued.

Anheuser-Busch InBev, or AB InBev, has been acquisitive, having made transformative deals for Interbrew and Anheuser-Busch, and more recently acquiring Grupo Modelo, Oriental Brewery, and SABMiller. Management's strategy is to buy brands with a promising growth platform, expand distribution, and ruthlessly squeeze costs from the business.

Wide-moat Anheuser-Busch InBev reported second-quarter of 2024 results, showing a slightly larger decline in volumes and lower revenue growth than anticipated by company-compiled consensus. However, due to solid cost management, AB InBev achieved 10% normalized EBITDA growth in second-quarter 2024 compared with the same quarter last year and 8% growth for the first six months, aligning with the company’s guidance of 4%-8% EBITDA growth for 2024. EPS reached USD 0.9, comfortably surpassing consensus of USD 0.85. We keep our fair value estimate of EUR 83/share.

Wide-moat Anheuser-Busch InBev reported better-than-expected results for first-quarter 2024 with EBITDA of $4.9 billion, up 5.4% and considerably above company-compiled consensus estimates. The company also delivered a 90-basis-point margin expansion. Investors reacted positively, with shares up 5%. However, the outlook for 2024 remains unchanged, with organic EBITDA growth confirmed in the range of 4%-8%. This is still in line with our explicit forecast, so we don’t expect to make any material changes to our EUR 83 fair value estimate. At current levels, shares look undervalued.

Anheuser-Busch InBev, or AB InBev, has been acquisitive, having made transformative deals for Interbrew and Anheuser-Busch, and more recently acquiring Grupo Modelo, Oriental Brewery, and SABMiller. Management's strategy is to buy brands with a promising growth platform, expand distribution, and ruthlessly squeeze costs from the business.

Anheuser-Busch InBev, or AB InBev, has been acquisitive, having made transformative deals for Interbrew and Anheuser-Busch, and more recently acquiring Grupo Modelo, Oriental Brewery, and SABMiller. Management's strategy is to buy brands with a promising growth platform, expand distribution, and ruthlessly squeeze costs from the business.

Anheuser-Busch InBev, or AB InBev, closed the books on a miserable year with underlying full-year earnings per share of $3.05, in line with our forecasts although volume was again a shade below our estimate. We retain our wide moat rating and $90 fair value estimate for the ADRs. We believe that there is still material upside to the stock from its market value on Feb. 29 and that share gains from trading down and a boost from the declining dollar could provide triggers to capture some of that upside this year.

Anheuser-Busch InBev reported a quite strong third quarter that showed signs that its algorithm may be reverting to our medium-term forecast. The green shoots of optimism offered by this report that inflationary pressures may be easing and that margins stabilizing are good news. We retain our wide moat rating and $90 fair value estimate for the ADRs, but we raise our valuation of the Brussels-traded share class to EUR 85 from EUR 83 due to the slightly stronger U.S. dollar. We believe there is still material upside to the stock from its market value on Oct. 31.