Anheuser-Busch InBev (NYSE:BUD) reported mixed fourth quarter results on Thursday, with earnings topping analyst expectations but revenue coming in slightly below the consensus estimate amid ongoing volume declines.
For the fourth quarter, the world’s largest brewer posted underlying earnings of $0.95 per share, up 7.5% from a year earlier and above the $0.92 per share consensus estimate.
Revenue rose 4.8% year over year to $15.56 billion, compared with Wall Street expectations of $15.58 billion, representing a modest miss.
Beer volumes declined 1.9% in the quarter, contributing to a total volume decline of 1.5%, while non-beer volumes rose 0.6%.
For the full year, Anheuser-Busch InBev reported EPS of $3.73, up 6% from $3.53 in 2024. Full-year reported revenue decreased 0.8% to $59.32 billion, weighed down by unfavorable currency translation, while organic revenue increased by 2%, driven by a 4.4% rise in revenue per hectoliter.
Total volumes declined 2.3% for the year, with beer volumes down 2.6% and non-beer volumes down 0.4%. The company’s results highlighted continued pressure on beer consumption, partially offset by pricing and premiumization strategies.
Management has pointed to major global sporting events in 2026 as a potential catalyst for demand, though volume trends remain a key focus for investors heading into the new year.
“In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment,” AB InBev CEO Michel Doukeris said in a statement. “We exit 2025 with improved momentum and enter 2026 well-positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms.”
Shares of AB InBev traded up 5% post-earnings at about $81 as investors shrugged off the slight revenue miss.