Anheuser-Busch InBev SA/NV (BUD Quick QuoteBUD - Free Report) , aka AB InBev, reported third-quarter 2025 results, wherein earnings per share (EPS) beat the Zacks Consensus Estimate and improved year over year. However, the top line declined and missed the consensus estimate. Bottom-line growth reflected positive business momentum, owing to the strength of its diversified footprint and consumer demand for its megabrands.

AB InBev reported an underlying EPS (normalized EPS, excluding mark-to-market gains and losses related to the hedging of share-based payment programs and the impacts of hyperinflation) of 99 cents, up 2.1% year over year. The rise was driven by 3.2% EBIT growth and the continued optimization of net finance costs. The bottom line beat the Zacks Consensus Estimate of 97 cents. On a constant-currency basis, underlying EPS improved 1%.

Revenues of $15.13 billion missed the Zacks Consensus Estimate of $15.35 billion but inched up 0.9% year over year. Growth across markets was driven by a focus on ongoing premiumization and disciplined revenue management, contributing to higher revenue per hectoliter (hl).

Shares of this Zacks Rank #3 (Hold) company have gained 5% in the past three months against the industry’s 1.5% decline.

BUD’s Q3 Details

Revenue per hl improved 4.8% year over year in the quarter, backed by revenue-management initiatives. The total organic volume fell 3.7%, including a decline of 3.9% in the beer volume and a 2.2% drop in the non-beer volume. The volume decline was led by a soft consumer landscape and unseasonal weather.

Revenues reflected the strong performance of its premium and super premium beer brands. The company’s revenues for the megabrands edged up 3% year over year. Within its megabrands, Corona led the performance with a 6.3% revenue increase outside of its home market, including double-digit growth in 33 markets. The company’s above-core beer portfolio revenues were flat year over year, constrained by performance in China. 

AB InBev has been keen on making investments in its portfolio over the years and rapidly growing its digital platform, including BEES and Zé Delivery. Its digital transformation initiatives have been on track, with B2B digital platforms contributing about 70% to its revenues in third-quarter 2025. Its omnichannel, direct-to-consumer ecosystem of digital and physical products generated $325 million in revenues in third-quarter 2025.

BUD has been focused on expanding its Beyond Beer portfolio, which has also been aiding the top line. Notably, the Beyond Beer portfolio recorded a 27% revenue rise, driven by triple-digit growth of Cutwater in the US.

The cost of sales dipped 1.5% on a reported basis to $6.6 billion but was up 0.4% on an organic basis. SG&A expenses were flat year over year on a reported basis but down 0.5% on an organic basis to $4.5 billion.

Our model estimated a 130-bps year-over-year increase in the SG&A expense rate to 31.1%. In dollar terms, SG&A expenses were expected to rise 9% year over year.

The company’s normalized earnings before interest, taxes, depreciation and amortization (EBITDA) were $5.6 billion, which rose 3.7% year over year on a reported basis and improved 6.5% on an organic basis. The normalized EBITDA margin expanded 100 bps year over year on a reported basis and 85 bps organically to 37%. The organic EBITDA margin benefited from cost efficiencies and disciplined overhead management.

The company’s board has approved a 6 billion USD share buyback plan to be executed in the next 24 months. BUD has also unveiled a bond redemption of nearly 2 billion USD of outstanding bonds. Additionally, the board approved an interim dividend of 0.15 EUR per share for 2025.

BUD’s 2025 Outlook

For 2025, AB InBev expects year-over-year EBITDA growth of 4-8%, in line with its medium-term outlook. This reflects the assessment of inflation and macroeconomic conditions.

The company expects net pension interest expenses and accretion expenses of $190-$220 million per quarter in 2025, based on currency and interest rate fluctuations. It continues to anticipate an average gross debt coupon of nearly 4% in 2025.

Management continues to expect a normalized effective tax rate of 26-28% for 2024. Net capital expenditure is still projected to be $3.5-$4 billion.

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