Anheuser-Busch InBev SA ( BUD ) shares rose Tuesday after the brewer reported first-quarter results that exceeded Wall Street expectations, supported by steady demand, premiumization, and pricing gains across key markets.

AB InBev’s portfolio includes Budweiser, Bud Light, Michelob, Natural Light, and Busch, plus global brands like Stella Artois and Corona, craft labels like Goose Island, and beverages such as hard seltzers and canned cocktails.

Details

The company posted adjusted earnings of 97 cents per share, topping the analyst consensus estimate of 89 cents.

Quarterly revenue increased 5.8% year over year to $15.267 billion, ahead of the Street estimate of $14.764 billion.

Reported revenue rose 12%, aided by favorable currency translation. Growth was driven by revenue management and a positive product mix, including strength in premium brands and Beyond Beer offerings.

Combined revenues from megabrands rose 8.2%, led by Corona, which grew 16% outside its home market. Total beer volumes increased 1.2%, with record first-quarter volumes in Mexico, Colombia, Brazil, South Africa and Peru.

Underlying profit rose to $1.923 billion in the first quarter of 2026, from $1.606 billion a year earlier. Reported profit attributable to equity holders increased to $2.563 billion from $2.148 billion.

EBITDA rose 5.3%, with margins roughly flat as disciplined overhead management and higher sales and marketing investments offset foreign exchange headwinds.

Outlook

Looking ahead, the company said it expects EBITDA to grow in line with its medium-term outlook of 4% to 8%, based on current inflation and macroeconomic conditions.

Management said net finance costs, including pension interest and accretion expenses, are expected to range between $190 million and $220 million per quarter. The average gross debt coupon is projected at about 4%.

The company expects a normalized effective tax rate between 26% and 28%, excluding potential legislative changes. Net capital expenditures for the full year are projected between $3.5 billion and $4.0 billion.

BUD Price Action: Anheuser-Busch InBev ( BUD ) shares were up 10.24% at $81.48 at the time of publication on Tuesday. The stock is trading near its 52-week high of $81.56, according to Benzinga Pro data.