Anheuser-Busch InBev SA/NV (BUD Quick QuoteBUD - Free Report) , aka AB InBev, reported first-quarter 2026 results, wherein earnings per share (EPS) and revenues surpassed the Zacks Consensus Estimate. Both the top and bottom lines also improved year over year. Bottom-line growth reflected disciplined cost management and positive business momentum, owing to the strength of its diversified footprint and consumer demand for its megabrands.

BUD posted underlying earnings of 97 cents per share, up 20.8% from the year-ago quarter and surpassed the Zacks Consensus Estimate of 90 cents by 7.8%. Revenues came in at $15,267 million, up 12% year over year and ahead of the consensus mark of $14,675 million by 4%.

Shares of this Zacks Rank #3 (Hold) company have gained 19.6% in the past three months compared with the industry’s 14.4% growth.

BUD’s Brand Momentum Lifts Revenue per Hectoliter

BUD’s quarter benefited from a combination of revenue management and favorable mix. On an organic basis, revenues rose 5.8%, supported by a 4.5% increase in revenue per hectoliter on continued premiumization. 

Execution behind core brands remained a key lever. Combined revenues of its megabrands rose 8.2%, led by Corona, which grew 16% outside of its home market. Management also highlighted strong performances for Stella Artois and Michelob Ultra outside their home markets.

AB InBev’s Footprint Shows Broad-Based Volume Gains

AB InBev delivered modest overall volume growth, aided by strength in key markets. Total volumes increased 0.8% organically, with beer volumes rising 1.2% and non-beer volumes declining 1.9%. The company noted record-high first-quarter beer volumes in markets including Mexico, Colombia, Brazil, South Africa and Peru, underscoring improved category activation across parts of its footprint. 

BUD Accelerates Digital Execution Through BEES

Digitization remained a notable growth vector in the quarter. As of March 31, 2026, BEES was live in 29 markets and the company said it is digitizing relationships with more than 6 million customers globally. AB InBev also indicated that 72% of its revenues were captured through B2B digital platforms in the quarter. 

The company’s marketplace initiatives continued to scale. BEES captured $14.6 billion in gross merchandise value (GMV) in the quarter, up 15% from the year-ago period, while BEES Marketplace GMV rose 55% to approximately $1.1 billion from sales of third-party products. These gains signal expanding monetization beyond core beer distribution.

AB InBev’s Beyond Beer and No-Alcohol Portfolio Expands

AB InBev’s innovation agenda also showed up in its Balanced Choices and Beyond Beer portfolios. Management said no-alcohol beer revenues increased 27%, supported by the continued expansion of its global offerings. The company also highlighted a 17% revenue increase for its broader Balanced Choices portfolio of low-carb, low-calorie, sugar-free, gluten-free and no-alcohol beer brands. 

Beyond Beer growth accelerated, with revenues up 37% in the quarter. Performance was led by the global expansion of Flying Fish and strength in the United States from Cutwater, which delivered triple-digit revenue growth and ranked as the third-largest contributor by brand to global revenue growth in the period.

BUD’s Margin Analysis

Gross margin improved 76 basis points to 56.6%, aided by higher gross profit, while SG&A rose on a reported basis as the company supported brand building and innovation. 

Normalized EBIT increased 7.1% to $4,073 million, indicating improved depreciation and amortization efficiency alongside overhead discipline. Normalized EBITDA increased 5.3% to $5,437 million, and the normalized EBITDA margin was 35.6%, reflecting a modest contraction of 15 basis points. Our model had anticipated a rise of 10.4% in normalized EBIT and 8.5% in normalized EBITDA for the first quarter.

AB InBev Maintains 2026 Outlook

The company continues to expect EBITDA growth in line with its medium-term range of 4-8%, reflecting management’s current assessment of inflation and broader macroeconomic conditions. 

Net pension interest and accretion expenses are expected to be $190-$220 million per quarter, and the company expects its average gross debt coupon to be approximately 4% in 2026. AB InBev also expects a normalized effective tax rate of 26-28% and net capital expenditure of $3.5-$4.0 billion for the year.

Three Stocks Looking Good

Freshpet, Inc. (FRPT Quick QuoteFRPT - Free Report) , which is a pet food company, currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

The Zacks Consensus Estimate for Freshpet’s current financial-year sales indicates growth of 9.3% from the prior-year level. FRPT delivered a trailing four-quarter earnings surprise of 50%, on average.

United Natural Foods (UNFI Quick QuoteUNFI - Free Report) , which is the leading distributor of natural, organic and specialty food and non-food products, currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for United Natural Foods’ current financial-year earnings is expected to rise 254.9% from the year-ago reported figure. UNFI delivered a trailing four-quarter earnings surprise of 51.9%, on average.

B&G Foods (BGS Quick QuoteBGS - Free Report) , which has a diversified portfolio of brands, including B&G, B&M, Cream of Wheat, Las Palmas and more, currently carries a Zacks Rank of 2. BGS delivered a negative average earnings surprise of 19.5% in the trailing four quarters. 

The Zacks Consensus Estimate for BGS’ current financial-year earnings indicates growth of 5.9% from the year-ago number.