Anheuser-Busch InBev (BUD)
Market Price (10/22/2026): $83.045 | Market Cap: $164.1 BilSector: Consumer Staples | Industry: Brewers
Anheuser-Busch InBev (BUD)
Market Price (10/22/2026): $83.045Market Cap: $164.1 BilSector: Consumer StaplesIndustry: Brewers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, Sustainable Consumption, and Health & Wellness Trends. Show more. | Trading close to highsDist 52W High is -4.8%, Dist 3Y High is -4.8% Weak multi-year price returns2Y Excs Rtn is -0.6%, 3Y Excs Rtn is -16% | Key risksBUD key risks include [1] substantial financial leverage that places the company in a bankruptcy "distress zone" according to its Altman Z-Score, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, E-commerce & Digital Retail, Sustainable Consumption, and Health & Wellness Trends. Show more. |
| Trading close to highsDist 52W High is -4.8%, Dist 3Y High is -4.8% |
| Weak multi-year price returns2Y Excs Rtn is -0.6%, 3Y Excs Rtn is -16% |
| Key risksBUD key risks include [1] substantial financial leverage that places the company in a bankruptcy "distress zone" according to its Altman Z-Score, Show more. |
Qualitative Assessment
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Anheuser-Busch InBev (BUD) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Robust Q2 2026 Earnings Beat with Modest Market Reaction. Anheuser-Busch InBev reported strong fiscal Q2 2026 results on July 29, 2026, with an Earnings Per Share (EPS) of $1.21, surpassing the consensus estimate of $1.09 by $0.12. Quarterly revenue also rose 11.0% year-over-year to $16.66 billion, exceeding the consensus estimate of $16.23 billion. Organic revenue grew by 5.6%, driven by a 4.2% increase in revenue per hectolitre and 1.1% growth in beer volumes. Despite these positive results, the stock experienced only a modest 1.07% increase following the announcement, suggesting that much of the good news may have already been factored into the price or that other market dynamics limited further significant upside.
2. Strategic Shift Towards Organic Growth and Digital Transformation. The company outlined its "Reignite" growth plan at a Capital Markets Day in September 2026, emphasizing a shift from acquisition-led expansion to organic growth. This strategy focuses on increasing investment in core brands, expanding "Beyond Beer" and no-alcohol segments, and leveraging digital platforms. In fiscal Q2 2026, "Beyond Beer" revenue grew 44%, and no-alcohol beer revenue increased 27%. The BEES Marketplace, a B2B digital platform, saw its Gross Merchandise Value (GMV) from third-party products increase by 50% to $1.2 billion in Q2 2026. These long-term strategic initiatives aim to build sustained value but may not trigger immediate sharp stock movements, contributing to a stable trading range.
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Anheuser-Busch InBev (BUD) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Robust Q2 2026 Earnings Beat with Modest Market Reaction. Anheuser-Busch InBev reported strong fiscal Q2 2026 results on July 29, 2026, with an Earnings Per Share (EPS) of $1.21, surpassing the consensus estimate of $1.09 by $0.12. Quarterly revenue also rose 11.0% year-over-year to $16.66 billion, exceeding the consensus estimate of $16.23 billion. Organic revenue grew by 5.6%, driven by a 4.2% increase in revenue per hectolitre and 1.1% growth in beer volumes. Despite these positive results, the stock experienced only a modest 1.07% increase following the announcement, suggesting that much of the good news may have already been factored into the price or that other market dynamics limited further significant upside.
2. Strategic Shift Towards Organic Growth and Digital Transformation. The company outlined its "Reignite" growth plan at a Capital Markets Day in September 2026, emphasizing a shift from acquisition-led expansion to organic growth. This strategy focuses on increasing investment in core brands, expanding "Beyond Beer" and no-alcohol segments, and leveraging digital platforms. In fiscal Q2 2026, "Beyond Beer" revenue grew 44%, and no-alcohol beer revenue increased 27%. The BEES Marketplace, a B2B digital platform, saw its Gross Merchandise Value (GMV) from third-party products increase by 50% to $1.2 billion in Q2 2026. These long-term strategic initiatives aim to build sustained value but may not trigger immediate sharp stock movements, contributing to a stable trading range.
3. Significant Insider Selling Activity. Over the past ninety days, Anheuser Busch Inbev NV experienced significant insider selling totaling approximately $862.6 million by multiple executives and major stakeholders. While one proposed sale by an officer in August 2026 was valued at about $7.6 million, this was part of a broader trend of divestments. Such substantial insider selling can signal to the market that internal leadership may perceive limited near-term upside, thereby dampening investor enthusiasm and contributing to the stock's consolidation.
4. Mixed Macroeconomic Headwinds and Evolving Consumer Trends. The broader beverage alcohol industry faced "structural upheaval" and escalating trade tensions in fiscal Q3 2026, including U.S. tariffs on Canadian alcohol. Additionally, a Gallup poll in August 2026 revealed that the share of Americans consuming alcohol reached a record low of 54%, indicating a shift towards "intentional drinking" and greater demand for low and non-alcoholic beverages. While Anheuser-Busch InBev is actively addressing these trends by expanding its portfolio in premium, "Beyond Beer," and non-alcoholic categories, these broader industry shifts and external pressures present headwinds that can limit significant stock appreciation, resulting in a more stable, sideways movement.
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Stock Movement Drivers
Fundamental Drivers
The -0.1% change in BUD stock from 6/30/2026 to 10/21/2026 was primarily driven by a -22.4% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.40 | 82.29 | -0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 60,959 | 62,615 | 2.7% |
| Net Income Margin (%) | 11.9% | 14.9% | 25.2% |
| P/E Multiple | 22.5 | 17.4 | -22.4% |
| Shares Outstanding (Mil) | 1,978 | 1,976 | 0.1% |
| Cumulative Contribution | -0.1% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BUD | -0.1% | |
| Market (SPY) | 3.5% | 10.7% |
| Sector (XLP) | 4.9% | 52.6% |
Fundamental Drivers
The 20.4% change in BUD stock from 3/31/2026 to 10/21/2026 was primarily driven by a 52.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.36 | 82.29 | 20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59,767 | 62,615 | 4.8% |
| Net Income Margin (%) | 9.8% | 14.9% | 52.1% |
| P/E Multiple | 23.4 | 17.4 | -25.4% |
| Shares Outstanding (Mil) | 2,003 | 1,976 | 1.4% |
| Cumulative Contribution | 20.4% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BUD | 20.4% | |
| Market (SPY) | 19.2% | 14.0% |
| Sector (XLP) | 7.0% | 51.3% |
Fundamental Drivers
The 40.5% change in BUD stock from 9/30/2025 to 10/21/2026 was primarily driven by a 22.5% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.57 | 82.29 | 40.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 58,519 | 62,615 | 7.0% |
| Net Income Margin (%) | 12.2% | 14.9% | 22.5% |
| P/E Multiple | 16.4 | 17.4 | 6.5% |
| Shares Outstanding (Mil) | 1,989 | 1,976 | 0.7% |
| Cumulative Contribution | 40.5% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BUD | 40.5% | |
| Market (SPY) | 17.0% | 12.8% |
| Sector (XLP) | 13.5% | 56.4% |
Fundamental Drivers
The 56.4% change in BUD stock from 9/30/2023 to 10/21/2026 was primarily driven by a 40.7% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.63 | 82.29 | 56.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59,092 | 62,615 | 6.0% |
| Net Income Margin (%) | 10.6% | 14.9% | 40.7% |
| P/E Multiple | 17.0 | 17.4 | 2.7% |
| Shares Outstanding (Mil) | 2,017 | 1,976 | 2.1% |
| Cumulative Contribution | 56.4% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| BUD | 56.4% | |
| Market (SPY) | 87.1% | 20.4% |
| Sector (XLP) | 36.4% | 47.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BUD Return | -13% | 0% | 9% | -21% | 30% | 32% | 29% |
| Peers Return | -19% | -7% | 12% | -13% | -7% | 5% | -28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| BUD Win Rate | 42% | 33% | 67% | 42% | 67% | 70% | |
| Peers Win Rate | 42% | 44% | 61% | 47% | 47% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BUD Max Drawdown | -32% | -33% | -20% | -26% | -20% | -17% | |
| Peers Max Drawdown | -42% | -33% | -23% | -28% | -29% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TAP, SAM, BUD. See BUD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | BUD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.3% | -9.5% |
| % Gain to Breakeven | 11.5% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.5% | -24.5% |
| % Gain to Breakeven | 39.8% | 32.4% |
| Time to Breakeven | 167 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.2% | -33.7% |
| % Gain to Breakeven | 109.2% | 50.9% |
| Time to Breakeven | 414 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.4% | -19.2% |
| % Gain to Breakeven | 32.3% | 23.8% |
| Time to Breakeven | 107 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.0% | -12.2% |
| % Gain to Breakeven | 12.4% | 13.9% |
| Time to Breakeven | 23 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -16.1% | -17.9% |
| % Gain to Breakeven | 19.2% | 21.8% |
| Time to Breakeven | 93 days | 123 days |
In The Past
Anheuser-Busch InBev's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | BUD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.5% | -24.5% |
| % Gain to Breakeven | 39.8% | 32.4% |
| Time to Breakeven | 167 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.2% | -33.7% |
| % Gain to Breakeven | 109.2% | 50.9% |
| Time to Breakeven | 414 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.4% | -19.2% |
| % Gain to Breakeven | 32.3% | 23.8% |
| Time to Breakeven | 107 days | 105 days |
In The Past
Anheuser-Busch InBev's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Anheuser-Busch InBev (BUD)
Anheuser-Busch InBev (AB InBev) is a prominent global beverage company primarily focused on the production, distribution, and sale of beer. In addition to its core beer offerings, the company also engages in the sale of other alcoholic beverages and soft drinks, operating on a vast international scale.
The company's main products are centered around its extensive portfolio of approximately 500 beer brands. This includes globally recognized flagship brands such as Budweiser, Corona, and Stella Artois, as well as numerous other popular regional and specialty beers like Michelob Ultra, Beck's, Hoegaarden, Leffe, Brahma, Modelo Especial, and Bud Light.
AB InBev's primary customers are consumers of alcoholic and non-alcoholic beverages across a wide array of global markets. The company serves these customers by distributing and selling its diverse product range in numerous countries worldwide, leveraging its long history and established presence in the international beverage industry.
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The Coca-Cola for beer.
The Procter & Gamble of alcoholic beverages.
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- Beer: Production, distribution, and sale of a diverse portfolio of beer brands worldwide.
- Other Alcoholic Beverages: Production, distribution, and sale of various alcoholic drinks beyond beer.
- Soft Drinks: Production, distribution, and sale of non-alcoholic beverages.
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Anheuser-Busch InBev (BUD) primarily operates as a business-to-business (B2B) company. Its products are sold to other companies that then distribute and sell them to individual consumers worldwide. Given the vast and global distribution network, Anheuser-Busch InBev does not typically disclose specific "major customers" by name that account for a significant portion of its revenue, as sales are highly diversified across numerous partners.
However, its major customers can be broadly categorized as follows, representing the key entities in its supply chain responsible for bringing its products to market:
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Beverage Distributors and Wholesalers: These are Anheuser-Busch InBev's most direct customers. They purchase products in bulk directly from the company and then manage the logistics, sales, and distribution to various retail and on-premise accounts within specific geographic territories. In many markets, such as the United States, this three-tier system (producer -> distributor -> retailer) is mandated by law. Many of the largest beverage distributors are privately held companies, thus public symbols cannot be provided. Examples of major distributors include Reyes Holdings, Southern Glazer's Wine & Spirits, and Republic National Distributing Company, all of which are privately owned.
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Large Retail Chains: These companies are major points of sale for Anheuser-Busch InBev's products to the end consumer. While often supplied by the aforementioned distributors, these large retail entities represent significant aggregated sales volumes for AB InBev brands. They include:
- Walmart Inc. (Symbol: WMT)
- The Kroger Co. (Symbol: KR)
- Target Corporation (Symbol: TGT)
- Costco Wholesale Corporation (Symbol: COST)
- Various other large regional and international grocery store, supermarket, and convenience store chains (e.g., Carrefour SA - Symbol: CRRFY, Tesco PLC - Symbol: TSCDY, Alimentation Couche-Tard Inc. - Symbol: OTCPK:ANCUF / TSX: ATD)
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On-Premise Hospitality Chains: This category encompasses businesses that sell alcoholic and non-alcoholic beverages for consumption on their premises. These include large restaurant chains, hotel groups, entertainment venues (e.g., stadiums, concert halls), and cruise lines. Like retailers, these establishments are typically supplied by distributors, but represent significant aggregated demand for AB InBev's portfolio. Specific names of major publicly traded chains that function as significant customers (even through distributors) include:
- Darden Restaurants, Inc. (Symbol: DRI) - (operates Olive Garden, LongHorn Steakhouse, etc.)
- Marriott International, Inc. (Symbol: MAR) - (large hotel chain)
- Hilton Worldwide Holdings Inc. (Symbol: HLT) - (large hotel chain)
- Various major sports and entertainment venue operators.
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- Ball Corporation (BALL)
- Crown Holdings Inc. (CCK)
- Ardagh Group S.A. (ARD)
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Michel Doukeris, Chief Executive Officer
Michel Doukeris has served as the Chief Executive Officer of AB InBev since July 1, 2021. He joined AB InBev in 1996 and has held numerous commercial operations roles in Latin America. He then spent seven years leading AB InBev's China and Asia Pacific operations. In 2016, he became the global Chief Sales Officer, and in January 2018, he assumed leadership of Anheuser-Busch and the North American business. Mr. Doukeris holds a degree in Chemical Engineering and a Master's Degree in Marketing, and has completed post-graduate programs from the Kellogg School of Management and Wharton Business School.
Fernando Tennenbaum, Chief Financial Officer
Fernando Tennenbaum has been the Chief Financial Officer of Anheuser-Busch InBev since April 2020. He joined the company in 2004 and has held various finance positions, including Treasury, Investor Relations, and Mergers & Acquisitions. Prior to his current role, he served as Vice President of Finance for the South America Zone and as Chief Financial and Investor Relations Officer of Ambev S.A. Before joining AB InBev, he was a consultant at Booz & Company and also owned his own business, Matix, from 2002 to 2004. Mr. Tennenbaum holds a degree in Industrial Engineering and a corporate MBA.
Kyle Norrington, U.S. Chief Commercial Officer
Kyle Norrington serves as the U.S. Chief Commercial Officer, overseeing the commercial organization, including sales and marketing efforts in the U.S. He previously held the position of President of Labatt in Canada, where he was instrumental in developing and implementing a strategy that resulted in a full share point gain in 2020 and improved the "Beyond Beer" portfolio through innovation, organic growth, and strategic acquisitions such as NÜTRL Vodka Soda. Before leading Labatt, he oversaw Global Brands at AB InBev, including Budweiser, Stella Artois, and Corona. Mr. Norrington has over 25 years of experience in sales and marketing with AB InBev, having started as a sales representative with Labatt Breweries of Canada in 2000.
Ezgi Barcenas, Chief Sustainability Officer
Ezgi Barcenas was appointed Chief Sustainability Officer in August 2021. In this role, she oversees the company's sustainability vision and strategy, coordinating across all business functions to advance sustainability and inclusive growth. Her team focuses on agricultural development, water stewardship, circular packaging, climate action, and responsible sourcing. Ms. Barcenas joined AB InBev in 2013 and has held key roles within the Corporate Affairs and Procurement functions, including Global Vice President of Sustainability. Prior to AB InBev, she worked in international trade, public health, and international development. She holds a bachelor's degree in Biomedical and Electrical Engineering, a master's degree in Environmental Health, and an MBA.
David Almeida, Chief Strategy & Technology Officer
David Almeida has been the Chief Strategy & Technology Officer of AB InBev since April 2020. He has a career spanning 22 years with the company. His previous roles include Chief People Officer (2018–2020) and Chief Integration Officer (2015–2020) at AB InBev, and VP Sales (2011–2015) and Chief Financial Officer (2008–2011) at Anheuser-Busch.
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The key risks to Anheuser-Busch InBev (BUD) include a significant debt load, evolving consumer preferences away from traditional beer, and exposure to economic volatility in emerging markets.
- Significant Debt Load and Financial Leverage: Anheuser-Busch InBev carries a substantial debt load, reported as $60.9 billion in net debt and a leverage ratio of 2.87x, which is higher than some competitors like Heineken. This financial leverage limits the company's flexibility for strategic investments and acquisitions, and increases its vulnerability to fluctuations in interest rates.
- Shifting Consumer Preferences and Declining Core Beer Market: A fundamental challenge for AB InBev is the ongoing shift in consumer preferences. There is a noticeable migration towards spirits and ready-to-drink (RTD) cocktails, alongside a growing trend towards moderation and health-conscious choices, including the impact of GLP-1 drugs. The core beer category is experiencing volume declines, and increased competition from craft beer also poses a threat.
- Economic Volatility in Emerging Markets and Currency/Commodity Risks: Approximately 70% of AB InBev's earnings originate from emerging markets. This significant exposure makes the company vulnerable to currency fluctuations and volatility in the costs of soft commodities, which are essential inputs for brewing.
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- Emergence of Cannabis-Infused Beverages: As cannabis legalization expands globally, cannabis-infused beverages (containing THC or CBD) are becoming a rapidly growing alternative to alcoholic drinks. These products directly compete for consumer discretionary spending on social lubricants and relaxation, potentially siphoning market share from traditional beer and spirits, particularly among demographics seeking alternative experiences or perceived healthier options. This represents a new category of recreational products.
- Accelerated Consumer Shift Towards No-Alcohol (NA) and Low-Alcohol (LA) Beverages: A significant and accelerating global trend among consumers, particularly younger generations, is the preference for NA and LA beverage options due to health consciousness, lifestyle changes, and a desire for moderation. While AB InBev has some NA offerings, a rapid and widespread pivot in consumer demand away from full-strength alcoholic beverages, driven by new innovative entrants in the NA/LA space, could fundamentally challenge AB InBev's core revenue streams and vast production infrastructure built around traditional alcohol.
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Addressable Markets for Anheuser-Busch InBev (BUD) Main Products and Services
Anheuser-Busch InBev SA/NV engages in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide. The addressable markets for its main products are substantial across global and key regional markets.
Global Market Sizes
- Alcoholic Beverages: The global alcoholic beverages market was valued at approximately USD 2.5 trillion in 2025 and is projected to reach USD 2.66 trillion in 2026. Other estimates for the global alcoholic beverages market include USD 1.9 trillion in 2025, projected to reach USD 2.0 trillion in 2026, and USD 1,653.8 billion in 2025, expected to reach USD 2,009.5 billion by 2034.
- Beer: The global beer market was valued at USD 882.80 billion in 2025 and is projected to grow to USD 916.12 billion in 2026. Another report indicated the global beer market reached USD 0.76 trillion (USD 760 billion) in 2025 and is positioned to start at USD 0.80 trillion (USD 800 billion) in 2026.
- Soft Drinks: The global soft drinks market size was valued at USD 625.00 billion in 2025 and is projected to grow to USD 648.75 billion in 2026. Another source estimated the global soft drinks market size at USD 653.4 billion in 2025.
Regional Market Sizes
United States
- Alcoholic Beverages: The US alcoholic drinks market size was valued at USD 316 billion in 2025 and is projected to grow to USD 329 billion in 2026. A higher estimate places the US alcoholic beverages market size at USD 570.22 billion in 2025.
- Beer: The United States beer market size was USD 109.35 billion in 2025 and is projected to reach USD 111.75 billion in 2026.
Europe
- Beer: The Europe beer market size was estimated at USD 293.65 billion in 2025 and is projected to reach USD 302.45 billion in 2026. Other estimates include USD 155 billion in 2025 and USD 125.37 billion in 2025, projected to be USD 132.92 billion in 2026. The European beer market is projected to grow to USD 308.51 billion in 2026.
- Soft Drinks: The Europe soft drinks market size was valued at USD 98.75 billion in 2025 and is projected to reach USD 103.65 billion by 2026. The Europe carbonated soft drinks market, a segment of the soft drinks market, was valued at USD 143.09 billion in 2025 and is estimated to reach USD 146.48 billion in 2026.
Asia Pacific
- Alcoholic Beverages: The Asia-Pacific alcoholic beverages market size was valued at USD 541.21 billion in 2025 and is estimated to grow to USD 565.18 billion in 2026. Lower estimates indicate a market size of USD 132.25 billion in 2025 and USD 137.52 billion in 2025, projected to reach USD 149.73 billion in 2026.
- Beer: The Asia-Pacific beer market size is expected to grow from USD 240.9 billion in 2025 to USD 253.44 billion in 2026. Other estimates for the Asia Pacific beer market include USD 243.33 billion in 2025, projected to reach USD 256.30 billion in 2026, and USD 237.45 billion in 2025, projected to reach USD 246.28 billion in 2026.
- Soft Drinks: The Asia Pacific soft drinks market is projected to grow at a CAGR of 5.98% between 2025 and 2034. In 2021, the market generated a revenue of USD 102.43 billion.
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Anheuser-Busch InBev (BUD) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
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Premiumization and Growth of Megabrands: Anheuser-Busch InBev is focused on expanding its portfolio of premium and super-premium brands, including its global "megabrands" like Corona and Stella Artois. This strategy aims to increase revenue per hectoliter and overall revenue by catering to consumer demand for higher-value products.
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Digitalization and Expansion of B2B Platforms (BEES): The company is leveraging its BEES digital platform to enhance its business-to-business relationships, with a significant portion of its revenue already captured through these channels. The continued scaling and expansion of the BEES marketplace, including sales of third-party products, are expected to contribute to future revenue growth.
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Expansion of the Beyond Beer and No-Alcohol Beer Portfolio: Anheuser-Busch InBev is diversifying its product offerings by focusing on the "Beyond Beer" category, which includes non-alcoholic beers and other alcoholic beverages such as seltzers and spirits-based ready-to-drink options. This expansion caters to evolving consumer preferences and opens new revenue streams.
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Strategic Revenue Management and Pricing Initiatives: The company is implementing effective pricing strategies and revenue management initiatives across its markets. These efforts are designed to optimize pricing and increase revenue per hectoliter, contributing to top-line growth even in environments with fluctuating volumes.
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Market Share Gains and Growth in Emerging Markets: Anheuser-Busch InBev aims to gain or maintain market share, particularly in emerging markets. By capitalizing on population and economic growth in key regions, such as Mexico and Brazil, and through its diversified global footprint, the company expects to drive volume and revenue growth.
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Share Repurchases
- Anheuser-Busch InBev initiated a $6 billion share buyback program on October 30, 2025, with approximately $2.52 billion (2.178 billion EUR) repurchased as of October 13, 2026.
- The company completed a $2 billion share buyback program, announced on October 31, 2024, by June 26, 2025.
- A $1 billion share buyback program, announced on October 31, 2023, was completed on March 8, 2024.
Outbound Investments
- Anheuser-Busch acquired an 85% stake in BeatBox Beverages in December 2025.
- The company acquired Hoop Tea in November 2021.
- Anheuser-Busch InBev is actively investing in fast-growing "Beyond Beer" brands such as Cutwater, Nutrl, Flying Fish, and Brutal Fruit, which contributed to a mid-70% revenue growth in this portfolio in Q2 2026.
Capital Expenditures
- Anheuser-Busch InBev anticipates annual capital expenditures between $3.5 billion and $4.0 billion for 2025 and 2026.
- Actual capital expenditures were approximately $5.64 billion in 2025, $5.16 billion in 2024, and $4.638 billion in 2023.
- Investments under the "Brewing Futures" initiative, totaling $600 million for 2025 and 2026 in U.S. manufacturing, focus on brewery upgrades, workforce training, and expanding production capacity for key brands like Michelob Ultra and Busch Light.
Peer Outperformance in Brewers
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Consumer Staples Merchandise Retail | 12 | 13.5% | 47.8% | 62.2% | WMT 156% · PSMT 133% · COST 121% |
| Food Retail | 6 | -3.0% | 55.4% | 43.5% | CASY 274% · SFM 196% · KR 82% |
| Tobacco | 6 | -35.0% | 0.3% | 25.0% | PM 157% · MO 125% |
| Food Distributors | 9 | -3.0% | 36.2% | 17.8% | CHEF 243% · USFD 179% · ANDE 123% |
| Soft Drinks & Non-alcoholic Beverages | 13 | -1.2% | -6.2% | 14.5% | COKE 459% · COCO 370% · CCHGY 126% |
| Brewers ← | 3 | -11.4% | -25.1% | 4.8% | BUD 58% · TAP 5% |
| Household Products | 19 | 6.4% | -1.6% | -15.2% | IPAR 68% · CL 40% · CHD 33% |
| Personal Care Products | 4 | 6.5% | 9.4% | -17.1% | ELF 283% · PG 27% · COTY -61% |
| Agricultural Products & Services | 11 | -15.0% | -5.1% | -25.8% | ADM 41% · BG 33% · INGR 14% |
| Packaged Foods & Meats | 48 | -28.3% | -31.1% | -39.3% | CALM 121% · TR 40% · SJM 26% |
| Distillers & Vintners | 5 | -41.1% | -55.4% | -76.5% | STZ -34% · BF-B -54% |
| Drug Retail | 3 | -36.9% | -58.4% | -95.0% |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 82.29 |
| Mkt Cap | 7.4 |
| Rev LTM | 11,084 |
| Op Inc LTM | 1,476 |
| FCF LTM | 766 |
| FCF 3Y Avg | 709 |
| CFO LTM | 1,118 |
| CFO 3Y Avg | 1,083 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.8% |
| Rev Chg 3Y Avg | -0.2% |
| Rev Chg Q | -3.3% |
| QoQ Delta Rev Chg LTM | -0.9% |
| Op Inc Chg LTM | -12.8% |
| Op Inc Chg 3Y Avg | 4.8% |
| Op Mgn LTM | 13.3% |
| Op Mgn 3Y Avg | 14.6% |
| QoQ Delta Op Mgn LTM | -1.8% |
| CFO/Rev LTM | 15.7% |
| CFO/Rev 3Y Avg | 15.0% |
| FCF/Rev LTM | 11.3% |
| FCF/Rev 3Y Avg | 10.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Middle Americas | 17,376 | 17,072 | 16,348 | 14,180 | 12,541 |
| North America | 14,207 | 14,655 | 15,072 | 16,566 | 16,257 |
| South America | 11,954 | 12,423 | 12,040 | 11,599 | 9,494 |
| EMEA | 9,502 | 9,003 | 8,589 | 8,120 | 8,032 |
| Asia Pacific | 5,693 | 6,196 | 6,824 | 6,532 | 6,848 |
| Global Export and Holding companies | 588 | 418 | 508 | 790 | 1,133 |
| Total | 59,320 | 59,767 | 59,381 | 57,787 | 54,305 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Middle Americas | 7,382 | 6,809 | 6,201 | 5,219 | 4,888 |
| North America | 3,747 | 4,350 | 3,607 | 5,220 | 5,110 |
| South America | 2,909 | 3,012 | 2,838 | 2,620 | 2,305 |
| EMEA | 2,022 | 1,765 | 1,461 | 1,478 | 1,472 |
| Asia Pacific | 1,011 | 1,222 | 1,451 | 1,431 | 1,569 |
| Global Export and Holding companies | -1,666 | -1,671 | -1,592 | -1,451 | -1,520 |
| Total | 15,405 | 15,487 | 13,966 | 14,517 | 13,824 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Middle Americas | 74,160 | 66,262 | 67,516 | 72,331 | 76,168 |
| North America | 62,931 | 63,379 | 63,722 | 63,765 | 63,725 |
| EMEA | 29,302 | 30,918 | 34,098 | 35,578 | 39,442 |
| South America | 14,791 | 14,297 | 12,917 | 12,348 | 13,452 |
| Asia Pacific | 11,980 | 12,397 | 13,453 | 13,845 | 13,450 |
| Global Export and Holding companies | 2,808 | 2,505 | 1,973 | 2,024 | 1,597 |
| Assets classified as held for sale | 74 | 10,013 | |||
| Cash and cash equivalents | 15,252 | 7,238 | |||
| Derivatives | 827 | 230 | |||
| Income tax receivables | 655 | 627 | |||
| Inventories | 4,482 | 4,427 | |||
| Investment securities | 396 | 92 | |||
| Trade and other receivables | 4,833 | 6,187 | |||
| Total | 195,972 | 189,758 | 193,679 | 226,410 | 236,648 |
Price Behavior
| Market Price | $82.29 | |
| Market Cap ($ Bil) | 162.6 | |
| First Trading Date | 07/01/2009 | |
| Distance from 52W High | -4.8% | |
| 50 Days | 200 Days | |
| DMA Price | $78.40 | $76.78 |
| DMA Trend | down | up |
| Distance from DMA | 5.0% | 7.2% |
| 3M | 1YR | |
| Volatility | 23.0% | 24.0% |
| Downside Capture | 51.14 | 19.48 |
| Upside Capture | 55.97 | 52.89 |
| Correlation (S&P 500) | 7.4% | 16.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.54 | 0.39 | 0.35 | 0.36 | 0.26 | 0.32 |
| Up Beta | -0.26 | -0.17 | -0.19 | 0.44 | 0.44 | 0.35 |
| Down Beta | -0.16 | -0.05 | -0.02 | -0.23 | 0.06 | 0.18 |
| Up Capture | 30% | 6% | 29% | 43% | 28% | 13% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 19 | 34 | 74 | 138 | 402 |
| Down Capture | 159% | 167% | 105% | 55% | 19% | 60% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 23 | 30 | 52 | 114 | 346 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BUD | |
|---|---|---|---|---|
| BUD | 35.2% | 24.0% | 1.19 | - |
| Sector ETF (XLP) | 11.7% | 14.8% | 0.52 | 56.8% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 15.2% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | 12.0% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | -19.3% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 42.8% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | -4.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BUD | |
|---|---|---|---|---|
| BUD | 9.7% | 24.9% | 0.34 | - |
| Sector ETF (XLP) | 7.1% | 13.8% | 0.29 | 48.5% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 36.0% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 12.3% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 0.1% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 43.7% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 11.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BUD | |
|---|---|---|---|---|
| BUD | -2.4% | 27.7% | -0.05 | - |
| Sector ETF (XLP) | 8.1% | 14.9% | 0.40 | 45.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.2% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 9.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 16.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 47.3% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 10.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/05/2026 | 6-K |
| 12/31/2025 | 03/03/2026 | 20-F |
| 09/30/2025 | 10/30/2025 | 6-K |
| 06/30/2025 | 07/31/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 03/12/2025 | 20-F |
| 09/30/2024 | 10/31/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 03/11/2024 | 20-F |
| 09/30/2023 | 10/31/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 20-F |
| 09/30/2022 | 10/27/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 6-K |
| 03/31/2026 | 05/05/2026 | 6-K |
| 12/31/2025 | 03/03/2026 | 20-F |
| 09/30/2025 | 10/30/2025 | 6-K |
| 06/30/2025 | 07/31/2025 | 6-K |
| 03/31/2025 | 05/08/2025 | 6-K |
| 12/31/2024 | 03/12/2025 | 20-F |
| 09/30/2024 | 10/31/2024 | 6-K |
| 06/30/2024 | 08/01/2024 | 6-K |
| 03/31/2024 | 05/08/2024 | 6-K |
| 12/31/2023 | 03/11/2024 | 20-F |
| 09/30/2023 | 10/31/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/04/2023 | 6-K |
| 12/31/2022 | 03/17/2023 | 20-F |
| 09/30/2022 | 10/27/2022 | 6-K |
| 06/30/2022 | 07/29/2022 | 6-K |
| 03/31/2022 | 05/05/2022 | 6-K |
| 12/31/2021 | 03/18/2022 | 20-F |
| 09/30/2021 | 10/28/2021 | 6-K |
| 06/30/2021 | 07/30/2021 | 6-K |
| 03/31/2021 | 05/06/2021 | 6-K |
| 12/31/2020 | 03/19/2021 | 20-F |
| 09/30/2020 | 10/29/2020 | 6-K |
| 06/30/2020 | 08/04/2020 | 6-K |
| 03/31/2020 | 05/07/2020 | 6-K |
| 12/31/2019 | 03/24/2020 | 20-F |
| 09/30/2019 | 10/25/2019 | 6-K |
Investor Activity (13F)
Updated Oct 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Brewers Resources |
| Brewers Association |
| Master Brewers Association (MBAA) |
| Craft Beer & Brewing - Industry Guide |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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