The share price of AB InBev appeared to be a stock that no one really wanted to defend for the majority of 2024 and a significant portion of 2025. Earnings calls continued to discuss Bud Light’s problems in the United States. There was a sliding of volumes. On a Friday night, younger drinkers appeared to have different plans. The chart then began acting strangely, almost without warning. On the morning of May 6, anyone watching the ticker witnessed the kind of move that makes traders sit up: an 8% increase on a single earnings report, driving the stock to levels not seen since prior to the pandemic. Yes, let’s toast to beer.
Although $15.27 billion exceeded the consensus by nearly $580 million, the revenue figure was not the most significant figure. In isolation, it was a smaller, almost embarrassingly modest increase in organic volume of 0.8%. the first increase in quarterly volume in about three years. That fraction of a percentage point is significant for a business the size of AB InBev. It implies that the protracted, grinding decline that started in the middle of 2023—the one linked to inflation, shifting consumer preferences, and the controversy that caused Bud Light to lose its position as the industry leader in the United States—may have finally reached its bottom.
| Field | Information |
|---|---|
| Company Name | Anheuser-Busch InBev SA/NV |
| Headquarters | Leuven, Belgium |
| CEO | Michel Doukeris |
| Primary Listing | Euronext Brussels (Ticker: ABI) |
| U.S. Listing | NYSE: BUD |
| Share Price (8 May 2026) | 67.50 EUR |
| 52-Week Range | 48.87 – 70.36 EUR |
| Market Capitalization | ~121.28 Billion EUR |
| P/E Ratio (TTM) | 22.12 |
| Dividend Yield | 1.19% |
| Q1 2026 Revenue | $15.27 Billion (+12% Y/Y) |
| Q1 2026 EPS | $0.97 (beat $0.89 estimate) |
| Investor Relations | AB InBev Investor Center |
| Industry | Beverages — Brewers |
In São Paulo or Mexico City, the company’s hand can be seen everywhere in the beer aisle of any large supermarket. Brahma. Corona. Stella Modelo. Right now, the most compelling aspect of the recovery is the Latin American narrative. Beer-specific volumes increased by 1.2%, and management reported record results in a number of the region’s nations. Investors appear to think the brewer has found again what it momentarily lost: the capacity to expand without relying solely on price hikes.
Never one to jump to conclusions, JPMorgan increased its price target from $84 to $93.83 while remaining overweight. The rest of the analyst community appears to be in agreement, based on the MarketBeat consensus of about $91.61. In Wall Street parlance, that’s a “Moderate Buy,” which typically indicates that everyone is at ease owning it, no one is at ease selling, and some are discreetly placing bets on something more.
However, it seems like the comeback is being told a bit too neatly. In 2025, the world’s beer consumption decreased by 2.6%. This quarter, AB InBev’s own North American beer volumes decreased once more. Bud Light has yet to regain its previous position; Modelo Especial did so, followed by Michelob Ultra, which rose to prominence on a wave of low-calorie marketing. It is still unclear whether these successes can counteract declines in the more established flagship brands. It’s difficult to ignore the fact that the same households reducing their calorie intake are also reaching for mocktails, sparkling water, and zero-alcohol options that were nonexistent ten years ago.
To its credit, rather than moving away from that change, the company has been heading in that direction. In addition to a 34% increase for the entire year of 2025, zero-alcohol revenue increased by 27% during the quarter. Corona Cero’s double-digit performance is impressive. It’s still unclear if that segment will ever grow to the point where it matters at the group level, but at least the direction is right. Additionally, the FIFA World Cup is quickly approaching, and breweries with worldwide Budweiser sponsorship agreements typically perform well during tournament years. The full-year EBITDA guidance was maintained by management at 4% to 8% growth, which is neither audacious nor cautious.
What will happen to the share price of AB InBev after this? Although the stock is no longer inexpensive at about 18.7 times forward earnings, a long-term investor shouldn’t be concerned about its price. The company has been reducing its debt for years and is still doing so. It’s a small dividend. The portfolio of brands is vast, sometimes clumsy, sometimes brilliant. It’s easy to assume that the worst is over as we watch this develop. Most likely, it is. However, beer is a slow industry, and turnarounds in slow industries often appear to be questions one quarter and victories the next.
