10:42 AM EST, 02/12/2026 (MT Newswires) -- Anheuser-Busch InBev's ( BUD ) fourth-quarter earnings unexpectedly increased year over year even as the brewing giant's revenue fell short of market estimates amid lower volume.

The Budweiser parent on Thursday posted underlying earnings of $0.95 per share for the December quarter, up from the year-ago period's $0.88, which was the consensus on FactSet. Revenue improved to $15.56 billion from $14.84 billion, but was shy of the Street's view for $15.59 billion.

US-listed shares of the company gained 4.6% in Thursday trade, taking its year-to-date increase to 26%.

Organic volume decreased 1.5%, with the beer category down 1.9% and non-beer up 0.6%. Volume dropped across all regions, except for the Middle Americas, where it rose 2.8%.

In the US, revenue declined 1.4% in the fourth quarter. Sales-to-retailers retreated 3.5%, but the company estimates the metric to have outperformed what it described as "a soft industry." Revenue slipped by a high-single digit in Europe, while sales rose by a low-single digit in Canada.

The company continues to project its 2026 earnings before interest, taxes, depreciation and amortization to grow in line with its medium-term outlook of between 4% and 8%. Normalized EBITDA rose 4.9% in 2025 on an organic basis.

"In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment," Chief Executive Michel Doukeris said in a statement. "We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands."

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