Analyst Consensus ?
ConsensusBuy45 ratings
Bullish2657.8%
Neutral1737.8%
Bearish24.4%
Anheuser-Busch InBev SA/NV · BUD · FY2026 Q2 · Calendar Q3 2026
AB InBev reaffirms 2026 outlook as premium and digital growth builds
AB InBev's Q2 supports a constructive operating trajectory: volume growth, premiumization, Beyond Beer, digital platforms, and stronger free cash flow were accompanied by maintained guidance. The main test is whether these gains persist as management absorbs FX, cost, weather, capacity, and competitive pressures.
Reported Before market openNYSEConsumer Defensive
$158.71B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.21
Consensus $1.09
EPS surprise
+11.0%
Reported versus consensus
Reported revenue
$31.93B
Consensus $16.23B
Revenue surprise
+96.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.5%
Event window
SPY move
+1.7%
Same window
Abnormal move
-0.2%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-8.2%
Up to 20 sessions
BUDSPY benchmark
Ask FN2 about BUD FY2026 Q2
Transcript, numbers and history already loaded
Why did BUD rise 1.5% after beating EPS estimates in FY2026 Q2?What changed in BUD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for BUD after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current quarter showed faster underlying EPS growth, continued volume and revenue-per-hectoliter gains, stronger digital-platform contribution, and a new focus on the BeatBox and MCC acquisitions. Management maintained its 2026 EBITDA outlook and stable capex plan.
Guidance delta
Management reaffirmed 2026 EBITDA growth guidance of 4–8% on an organic basis and plans to keep capex stable at $3.5–4 billion.
Key takeaways
- Global beer volumes grew 1.1% and revenue per hectoliter rose 4.2%, while underlying EPS increased 23.4% year over year.
- Middle Americas growth, megabrands, premiumization, non-alcoholic products, and Beyond Beer supported the quarter.
- BEES and D2C platforms scaled, with the digital ecosystem generating $165 million of revenue and strong EBITDA contribution.
Management priorities
- Expand Michelob Ultra across the Americas and support FIFA World Cup activation.
- Scale Cutwater, BeatBox, non-alcoholic products, and other Beyond Beer innovations.
- Continue investment in brands, digital platforms, sales, marketing, and innovation while maintaining capex.
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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 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 |
|---|---|---|---|---|
| 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 |
|---|---|---|---|---|
| CL Colgate-Palmolive Company | FY2026 Q3 · Calendar Q4 2026 | — | +3.6% | Colgate-Palmolive: Broad Growth and Margin Expansion Continue |
| 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
- WYFY2026 Q3 · October 29, 2026+128.3% EPS+3.0% move
- LNTFY2026 Q3 · October 29, 2026+16.0% EPS+1.4% move
- MTZFY2026 Q3 · October 29, 2026+0.3% EPS+0.8% move
- ERIEFY2026 Q3 · October 29, 2026+2.1% EPS+5.3% move
- IRFY2026 Q3 · October 29, 2026+18.5% EPS+0.2% move
- VLTOFY2026 Q3 · October 29, 2026+8.3% EPS+9.8% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T11:05:30.684736+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-10-31T00:50:42.621890+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T00:50:42.619103+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.