Anheuser-Busch InBev (ABI) Q2 2026 earnings summary

Executive summary

• Delivered solid top and bottom-line growth in Q2 2026, with beer volumes up 1.1% and revenue up 5.6% year-over-year, driven by megabrands, premiumization, and digital platforms.

• Underlying EPS rose 23.4% to $1.21; free cash flow for H1 increased by $2.5 billion to $3.9 billion.

• BEES Marketplace GMV grew 50% to $1.2 billion; digital D2C platforms served 13 million consumers and generated $165 million in revenue.

• Market share was gained or maintained in 70% of markets, with record high Q2 volumes in Mexico, Colombia, and Ecuador.

• Consistent investment in brands and digital capabilities, with increased capital allocation flexibility and strengthened balance sheet.

Financial highlights

• Revenue increased 5.6% year-over-year; revenue per hectoliter up 4.2%.

• EBITDA grew 5.8% to $5.94B in Q2 2026, with margin expanding by 4 bps to 35.6%.

• Underlying EPS up 23.4% to $1.21; constant currency EPS up 12.9%.

• Free cash flow for H1 reached $3.9 billion, up $2.5 billion year-over-year.

• Net debt to EBITDA improved by 0.4x to 2.86x year-over-year; net debt at $64.2B as of June 2026.

Outlook and guidance

• Confident in delivering 2026 outlook of 4%-8% EBITDA growth.

• Net capex guidance of $3.5-4.0B; normalized effective tax rate of 26-28%.

• Net finance costs projected at $190-220M per quarter; average gross debt coupon ~4%.

• Expect balanced growth between H1 and H2, with sales and marketing investments skewed to Q2 and Q3 due to the World Cup.

• FX headwinds in H1 expected to become supportive in H2, though energy and logistics costs may rise.