Anheuser-Busch InBev (ABI) Q3 2026 earnings summary

Executive summary

• 3Q26 organic revenue grew 4.9%, volumes 0.4% and revenue per hl 4.2%; Normalized EBITDA rose 3.9% and Underlying EPS 22.4% to $1.21.

• Growth in premium, no-alcohol and Beyond Beer portfolios was partly offset by China weakness and higher marketing and commodity costs; record Q3 volumes were achieved in 15 markets.

Financial highlights

• Reported 3Q26 revenue rose 9.1% to $16.512bn, with positive currency translation; 9M26 reported revenue increased 10.7% to $48.439bn.

• Normalized EBITDA increased 3.9% to $5.957bn; Normalized EBIT rose 6.0% to $4.538bn.

• Underlying Profit was $2.396bn versus $1.970bn; profit attributable to equity holders was $1.597bn versus $1.054bn.

• 9M26 organic revenue grew 5.4%, Normalized EBITDA 5.0% and Underlying EPS 22.2% to $3.40.

Outlook and guidance

• FY26 EBITDA growth expected within the 4–8% range; confidence in delivering the 2026 outlook was reaffirmed.

• FY26 net capital expenditure expected at $3.5–4.0bn; normalized effective tax rate at 26–28%.

• Net pension interest and accretion expenses expected at $190–220m per quarter; average gross debt coupon expected at ~4%.

• Medium-term outlook shifted from EBITDA growth of 4–8% to EBIT growth of 5–9% for the second phase of the 10-year plan; 2027 guidance was not yet provided.