Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Anheuser-Busch InBev SA stock edged higher Thursday after the brewer reported second-quarter results that beat analyst expectations, supported by organic revenue growth, higher beer volumes, and stronger underlying earnings.
The company’s portfolio includes major brands such as Budweiser, Corona and Stella Artois, along with more than 500 beer brands spanning traditional lagers and newer product categories.
Adjusted EPS of $1.21 beat the $1.11 estimate, while sales of $16.66 billion topped the $16.352 billion estimate.
Don’t Miss:
Earnings And Margins
Reported revenue rose 11% year over year, helped by currency translation, while organic revenue increased 5.6%.
Revenue per hectoliter rose 4.2%. Basic EPS increased to $1.90 from 84 cents, and underlying EPS rose 23.4% from 98 cents.
Profit attributable to shareholders more than doubled to $3.75 billion from $1.68 billion.
The result included $1.40 billion of non-underlying mark-to-market gains tied to derivative instruments used for equity-related hedging. Underlying profit increased to $2.39 billion from $1.95 billion.
Normalized EBITDA rose 5.8% organically to $5.94 billion, with margin expanding 4 basis points to 35.6%.
Total volumes increased 0.9%, including 1.1% growth in beer volumes, while non-beer volumes declined 1.1%.
“Cheers to beer – our performance this quarter reflects the strength of the beer category and the consistent execution of our strategy. Through investment in our megabrands and mega platforms, innovation and offering more choices across more occasions, we are strengthening the cultural relevance of our brands with consumers,” CEO Michel Doukeris said.
Trending: Avoid the #1 Investing Mistake: How Your ‘Safe’ Holdings Could Be Costing You Big Time
On the earnings call, Doukeris said the 2026 FIFA World Cup provided a modest boost to beer volumes during the quarter, estimating the tournament contributed about 20 to 30 basis points of volume growth.
He said the bigger benefit would come over the longer term, highlighting the World Cup as the launchpad for Michelob ULTRA’s expansion across the Americas.
Doukeris said 40% of the brand’s second-quarter volume growth came from markets outside the U.S., calling the rollout “one of the best outcomes” of the company’s World Cup investment.
Regional Performance
Middle Americas revenue rose 9.8%, and EBITDA increased 10.3%, while South America revenue grew 7.6% and EBITDA climbed 14.3%.
Brazil was a standout, with revenue up 7.8%, EBITDA up 16.1%, and margin expanding 230 basis points.
China remained the main weak spot. Revenue fell 8.8%, and EBITDA declined 16.1% as adverse weather and continued weakness in the on-premise channel pressured volumes.
See Also: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier.
Brand Growth And Cash Flow
Megabrand revenue increased 6.2%, no-alcohol beer revenue rose 27%, and Beyond Beer revenue grew 44%. BEES Marketplace gross merchandise value increased 50% to $1.2 billion.
First-half operating cash flow rose to $5.24 billion, while free cash flow reached $3.88 billion, up $2.53 billion. AB InBev reported $18.1 billion of liquidity and $64.2 billion of net debt.
It had completed $1.9 billion of its $6 billion buyback program as of July 24.
2026 Outlook
The company maintained its 2026 outlook for EBITDA growth of 4% to 8%, net capital spending of $3.5 billion to $4 billion, and a normalized tax rate of 26% to 28%.
The outlook reflects its current assessment of inflation and other macroeconomic conditions.
Photo by Mehaniq via Shutterstock
Read Next: Think you’re saving enough for your kids? You might be dangerously off — see why
Building Wealth Across More Than Just the Market
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.
Arrived
Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.
Realberry
Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.
FarmTogether
Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.
Immersed
Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.
Fundrise
Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.
Mode Mobile
Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte’s fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.
EquityMultiple
For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
