Anheuser-Busch InBev reported stronger-than-expected results for the fourth quarter of 2025, with underlying earnings per share rising 7.5% to $0.95, surpassing analyst forecasts of $0.92.
According to Reuters, the world’s largest brewer achieved revenue growth of 2.5% organically in the quarter, with reported revenue up 4.8% to $15.56 billion, though slightly below some expectations of $15.58 billion. Volumes declined 1.5%, with beer volumes down 1.9% and non-beer volumes up 0.6%, a milder drop than anticipated.
Normalised EBITDA increased 2.3% to $5.47 billion, while full-year normalised EBITDA grew 4.9% to $21.22 billion, accompanied by a 101 basis point margin expansion to 35.8%. Underlying profit for the year rose 6.0% to $7.41 billion, and underlying EPS increased 6.0% to $3.73 (9.4% in constant currency).
The company invested $7.4 billion in sales and marketing during 2025, gaining or holding market share in two-thirds of its markets. It highlighted improved momentum exiting the year, positioning it well for 2026 despite ongoing consumer pressures, adverse weather in some regions, and foreign exchange impacts.
Major sporting events, including the Super Bowl, Winter Olympics, and the FIFA World Cup hosted in North America, are expected to drive category activation and consumer engagement. The brewer anticipates these activations will support outperformance relative to rivals.
AB InBev maintained its guidance for organic EBITDA growth of 4% to 8% in 2026, aligning with medium-term targets. This compares with Heineken and Carlsberg projecting 2% to 6% growth, as reported in industry updates.
The global beer market, valued at around $882 billion to $987 billion in 2025 according to various estimates from Fortune Business Insights and Mordor Intelligence, faces headwinds from strained consumer finances and moderation trends but benefits from premiumisation and emerging market expansion.
In China, a key market, quarterly profit fell 38.7% due to declining sales and revival investments focused on at-home consumption. The company continued to trail local competitors there.
Overall, AB InBev offset western market softness with growth in Africa, South America, and premium segments, underscoring resilience in a challenging environment for the sector. Shares rose around 2% following the announcement.