Analyst Consensus ?
ConsensusHold15 ratings
Bullish213.3%
Neutral746.7%
Bearish640.0%
Ambev S.A. · ABEV · FY2026 Q2 · Calendar Q3 2026
Ambev maintains guidance as premium and digital growth offset volume pressure
Ambev's first-half performance supports a constructive operating narrative: premium, balanced-choice, no-alcohol and digital marketplace growth contributed to revenue and margin expansion. The main test is whether these gains can offset volume pressure, weather variability and currency effects through the second half.
Reported Before market openNYSEConsumer Defensive
$41.27B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.04
Consensus $0.04
EPS surprise
0.0%
Reported versus consensus
Reported revenue
$3.97B
Consensus $4.05B
Revenue surprise
-1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.6%
Event window
SPY move
+1.7%
Same window
Abnormal move
-1.0%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
-7.7%
Up to 20 sessions
ABEVSPY benchmark
Ask FN2 about ABEV FY2026 Q2
Transcript, numbers and history already loaded
Why did ABEV rise 0.6% after beating EPS estimates in FY2026 Q2?What changed in ABEV's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ABEV after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted Michelob Ultra's expansion, strong growth in the Bees Marketplace and the launch of Spaten Pro. Brazil market share expanded across segments, while the low-return fast-food channel phase-out continued to weigh on Brazil non-alcoholic beverage volume.
Guidance delta
Full-year guidance was maintained with no change announced.
Key takeaways
- First-half net revenue rose 7% year over year and normalized EBITDA rose 10%, according to management's call analysis.
- Premium, balanced-choice and no-alcohol categories were the main growth contributors, while volume growth was modest but positive.
- Digital Marketplace growth added revenue and margin support, and shareholder returns continued through buybacks and IOC dividends.
- Brazil share gains and management confidence support the strategy, but second-half execution remains important.
Management priorities
- Execute the three-pillar strategy: lead and grow categories, digitize, and optimize.
- Expand premium and balanced-choice offerings, including Spaten Pro and Michelob Ultra.
- Develop digital capabilities and marketplace expansion.
- Maintain disciplined capital spending on brewery upgrades, capacity and technology.
- Continue the share buyback and IOC dividend programs.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$2.66Current
$2.1Low
$2.78Average
$3.5High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| B of A Securities | Underperform | Neutral | Downgrade | Oct 7, 2026 |
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Jul 15, 2026 |
| UBS | Sell | Sell | Maintain | May 14, 2026 |
| Bernstein | Market Perform | Outperform | Downgrade | Nov 26, 2025 |
| HSBC | Hold | Buy | Downgrade | Aug 1, 2025 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Apr 7, 2025 |
| Citigroup | Neutral | Buy | Downgrade | Jan 22, 2025 |
| JP Morgan | Overweight | Neutral | Upgrade | Jul 13, 2022 |
| Itau BBA | Market Perform | Outperform | Downgrade | May 20, 2021 |
| Bradesco | Underperform | Neutral | Downgrade | Jan 13, 2021 |
| Bradesco Corretora | Underperform | Neutral | Downgrade | Jan 12, 2021 |
| Bank of America | Underperform | Neutral | Downgrade | Oct 25, 2018 |
| Credit Suisse | Outperform | Neutral | Upgrade | Sep 12, 2017 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $2.66. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $2.85 | $2.92 | +7.1% | Aug 11, 2026 |
| UBS | Analyst unavailable | $2.9 | $3.19 | +9.0% | May 14, 2026 |
| Barclays | Analyst unavailable | $3.5 | $3.37 | +31.6% | May 6, 2026 |
| UBS | Analyst unavailable | $2.65 | $3.13 | -0.4% | Apr 16, 2026 |
| Barclays | Analyst unavailable | $3 | $3.11 | +12.8% | Feb 17, 2026 |
| Bernstein | Analyst unavailable | $2.88 | $2.5 | +8.3% | Nov 26, 2025 |
| Bernstein | Nadine Sarwat | $2.57 | $1.85 | -3.4% | Jan 8, 2025 |
| Goldman Sachs | Thiago Bortoluci | $2.1 | $2.14 | -21.1% | Jul 11, 2024 |
Track every rating change on ABEV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAmbev S.A., operating through its various subsidiaries, is a prominent player in the beverage and food industry across the Americas. The company is engaged in the manufacturing, marketing, and distribution of a diverse portfolio of products, including various types of beer (both packaged and on tap), carbonated soft drinks, other non-alcoholic beverages, malt, and food items. Its extensive operations are structured into four primary geographical divisions: Brazil; Central America and the Caribbean; Latin America South; and Canada. Ambev's vast selection of beer labels features widely recognized names such as Skol, Brahma, Antarctica, Brahva, Brahva Gold, Extra, Bud Light, Beck, Leffe, Hoegaarden, Bucanero, Cristal, Mayabe, Cacique, Presidente, Brahma Light, Presidente Light, Presidente Golden Light, Bohemia, The One, Corona, Modelo Especial, Stella Artois, Budweiser, Quilmes Clásica, Paceña, Taquiña, Huari…
Historical context
All ABEV earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CL Colgate-Palmolive Company | FY2026 Q3 · Calendar Q4 2026 | +4.8% | +2.3% | Colgate-Palmolive: Broad Growth and Margin Expansion in Q3 |
| MDLZ Mondelez International, Inc. | FY2026 Q3 · Calendar Q4 2026 | +10.2% | +3.9% | Mondelez cites volume growth, innovation and productivity as key levers |
Latest beats and misses
Who reports nextBeat on EPS
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
- ABBVFY2026 Q3 · October 30, 2026+2.4% EPS+1.4% move
- GDFY2026 Q3 · October 30, 2026+9.0% EPS+0.5% move
- MGAFY2026 Q3 · October 30, 2026+15.8% EPS-1.4% move
Missed on EPS
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
- AMZNFY2026 Q3 · October 29, 2026-4.1% EPS-1.6% move
Get the ABEV recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-31T01:06:31.278185+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T10:20:44.747198+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T10:20:44.744358+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-31. For educational purposes only; not investment advice.