Analyst Consensus ?
ConsensusBuy45 ratings
Bullish2657.8%
Neutral1737.8%
Bearish24.4%
Anheuser-Busch InBev SA/NV · BUD · FY2025 Q4 · Calendar Q2 2026
AB InBev posts EPS growth as premium and digital bets advance
The call provides evidence for a growth-and-resilience case through premiumization, non-alcohol expansion, digital commerce and margin improvement. The thesis remains conditional on volume recovery, China channel execution, FX, and the profitability of newer growth initiatives.
Reported Before market openNYSEConsumer Defensive
$159.55B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.97
Consensus $0.90
EPS surprise
+7.8%
Reported versus consensus
Reported revenue
$30.61B
Consensus $14.69B
Revenue surprise
+108.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.7%
Event window
SPY move
+0.8%
Same window
Abnormal move
+7.9%
Stock minus SPY
Volume
3.3×
Versus trailing sessions
Subsequent drift
-1.7%
Up to 20 sessions
BUDSPY benchmark
Ask FN2 about BUD FY2025 Q4
Transcript, numbers and history already loaded
Why did BUD rise 8.7% after beating EPS estimates in FY2025 Q4?What changed in BUD's guidance and outlook in FY2025 Q4?Give me the bull and bear case for BUD after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management highlighted stronger digital and portfolio growth: BEES Marketplace GMV reached $3.5 billion, Beyond Beer revenue grew 23%, and non-alcohol beer revenue grew 34% in 2025. The company also expanded its share-buyback program and increased its dividend, while keeping 2026 guidance unchanged.
Guidance delta
Management maintained its 2026 outlook: organic EBITDA growth of 4–8% and capex of $3.5–4 billion.
Key takeaways
- Dollar-based EPS rose 6% year over year while EBITDA margin expanded 101 basis points.
- Premium and mega brands outperformed, with revenue per hectoliter up 4.4%.
- BEES Marketplace GMV reached $3.5 billion, up 61% year over year, while Beyond Beer revenue grew 23% and non-alcohol beer revenue grew 34%.
Management priorities
- Scale BEES Marketplace and expand third-party participation.
- Launch non-alcohol products globally and accelerate Beyond Beer innovation.
- Continue premium brand investment and marketing around the FIFA World Cup and Olympics.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$80.38Current
$63Low
$79.81Average
$100High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 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 |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Oct 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 5, 2026 |
| Barclays | Equal Weight | Overweight | Downgrade | Jul 27, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 7, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Feb 13, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | May 12, 2025 |
| Citigroup | Buy | Neutral | Upgrade | Oct 1, 2024 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Jan 12, 2024 |
| Jefferies | Buy | Hold | Upgrade | Jan 10, 2024 |
| B of A Securities | Buy | Neutral | Upgrade | Sep 29, 2023 |
| Deutsche Bank | Buy | Hold | Upgrade | Jun 22, 2023 |
| Redburn Partners | Buy | Neutral | Upgrade | Nov 19, 2021 |
| Argus Research | Hold | Buy | Downgrade | Sep 30, 2021 |
| CFRA | Hold | Hold | Maintain | May 26, 2020 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Mar 12, 2020 |
| Credit Suisse | Neutral | Outperform | Downgrade | Mar 9, 2020 |
| Bryan Garnier | Neutral | Buy | Downgrade | Feb 28, 2020 |
| Redburn | Neutral | Sell | Upgrade | Nov 18, 2019 |
| UBS | Neutral | Buy | Downgrade | Aug 6, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Jul 29, 2019 |
| Macquarie | Neutral | Neutral | Maintain | Mar 1, 2019 |
| Argus | Hold | Buy | Downgrade | Nov 12, 2018 |
| HSBC | Buy | Hold | Upgrade | Jun 4, 2018 |
| Bernstein | Outperform | Market Perform | Upgrade | Mar 12, 2018 |
| Investec | Hold | Buy | Downgrade | Nov 17, 2016 |
| Societe Generale | Hold | Buy | Downgrade | Oct 20, 2016 |
| Kepler Cheuvreux | Buy | Hold | Upgrade | Aug 22, 2016 |
| Susquehanna | Neutral | Positive | Downgrade | Aug 1, 2016 |
| Berenberg | Buy | Hold | Upgrade | Nov 13, 2015 |
| CLSA | Outperform | Underperform | Upgrade | Nov 2, 2015 |
| Ingalls & Snyder, LLC | Buy | Hold | Upgrade | Aug 26, 2015 |
| ING | Buy | Hold | Upgrade | Aug 26, 2015 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 31, 2015 |
| Stifel | Buy | Buy | Maintain | Jul 31, 2015 |
| Nomura | Neutral | Buy | Downgrade | Jul 21, 2015 |
| Tigress Financial | Underperform | Neutral | Downgrade | Mar 17, 2015 |
| BTIG Research | Neutral | Buy | Downgrade | Sep 9, 2014 |
| BTIG | Neutral | Buy | Downgrade | Sep 9, 2014 |
| Rabobank | Buy | Hold | Upgrade | Jul 31, 2013 |
| Mirabaud Securities | Accumulate | Neutral | Upgrade | Jul 31, 2013 |
| Mirabaud | Accumulate | Neutral | Upgrade | Jul 31, 2013 |
| KBC Partners | Accumulate | Hold | Upgrade | Jul 31, 2013 |
| Canaccord Genuity | Buy | Hold | Upgrade | Jul 31, 2013 |
| Banco Sabadell | Sell | Buy | Downgrade | Apr 30, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $80.38. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Chris Carey | $97 | $86.14 | +20.7% | Jul 31, 2026 |
| Morgan Stanley | Analyst unavailable | $84.5 | $80.25 | +5.1% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $82 | $74.39 | +2.0% | Apr 8, 2026 |
| Evercore ISI | Analyst unavailable | $100 | $79.4 | +24.4% | Feb 13, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $75.81 | +5.7% | Feb 9, 2026 |
| Wells Fargo | Analyst unavailable | $75 | $61.16 | -6.7% | Nov 19, 2025 |
| Jefferies | Edward Mundy | $74 | $59.85 | -7.9% | Sep 29, 2025 |
| Argus Research | Analyst unavailable | $70 | $62.14 | -12.9% | Mar 27, 2025 |
| Morgan Stanley | Sarah Simon | $63 | $49.22 | -21.6% | Jan 9, 2025 |
| Morgan Stanley | Sarah Simon | $73 | $63.66 | -9.2% | Sep 10, 2024 |
| Morgan Stanley | Sarah Simon | $68.5 | $59.96 | -14.8% | Apr 8, 2024 |
| Barclays | Eddie Kim | $65 | $60.2 | -19.1% | Mar 5, 2024 |
| Jefferies | Edward Mundy | $76 | $66.15 | -5.4% | Jan 10, 2024 |
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Start freeCompany context
Snapshot as of publicationAnheuser-Busch InBev SA/NV (AB InBev) is a global beverage giant involved in the manufacturing, marketing, and retailing of a wide variety of beers, other alcoholic drinks, and soft drinks across the world. The company manages an expansive collection of around 500 beer labels. Its most prominent and globally recognized brands include Budweiser, Corona, and Stella Artois. Additionally, its portfolio features well-known names such as Beck's, Hoegaarden, Leffe, and Michelob Ultra, alongside a host of other popular brands like Aguila, Antarctica, Bud Light, Brahma, Cass, Castle, Castle Lite, Cristal, Harbin, Jupiler, Modelo Especial, Quilmes, Victoria, Sedrin, and Skol. Established in 1366, AB InBev's corporate headquarters are situated in Leuven, Belgium.
Historical context
All BUD earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CHD Church & Dwight Co., Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +1.2% | Church & Dwight raises sales outlook after strong Q3 organic growth |
| 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
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- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- 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
Get the BUD recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-01T13:40:41.927765+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T13:40:41.924822+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 2026-11-01. For educational purposes only; not investment advice.