AB InBev reports 22.4% growth in third-quarter EPS to $1.21
Key Facts
AB InBev reported third-quarter results on October 29, 2026, with underlying earnings per share up 22.4% to $1.21, compared with $0.99 a year earlier. On a constant-currency basis, EPS growth was 13.9%, showing that the increase calculated in dollars included a currency effect. The company listed the results announcement date in its investor events center. The official pages reviewed do not support comparing these figures with analyst forecasts, so the result cannot be described as beating market estimates. The available information also does not support linking performance to exceeding net profit or sales targets, contrary to the initial draft.
At the operating level, total volumes increased 0.4% in the third quarter, but the two product categories performed differently. Beer volumes fell 0.1%, while non-beer volumes rose 4.0%. This means the modest increase in total volumes coincided with stronger growth in the non-beer category, against a slight contraction in beer. The available information did not detail the sources of non-beer category growth or its financial impact. These indicators put sales volume in a more mixed context than the headline figure alone suggests.
In the United States, revenue fell 1.2% during the quarter, while earnings before interest, taxes, depreciation and amortization declined 4.0%. The company said the earnings decline reflected increased investment in sales and marketing, alongside higher commodity and transportation costs. That explanation indicates that pressures in the U.S. market included commercial spending and costs, alongside lower revenue. The available information did not include a figure comparing these changes with the previous period or market expectations. Nor did it provide a separate breakdown measuring the impact of marketing investment and commodity and transportation costs on earnings.
Results in China were weaker, with volumes down 16.8% and revenue down 16.8%, while earnings before interest, taxes, depreciation and amortization fell 30.5%. AB InBev said the volume decline came as it managed inventory levels in a sector facing unseasonable weather and continued weak demand in on-premise consumption channels. The company added that revenue per hectoliter remained stable, so total revenue declined with volumes. The steeper fall in earnings than in revenue shows the extent of pressure on operating performance in the Chinese market during the quarter. The company did not specify in the information provided a later date or a specific target for addressing these pressures.
The company is scheduled to hold its results call at 9:00 a.m. New York time on October 29, according to its investor events calendar. The call is taking place on the same day as the results announcement and will allow the company to present more detail on the figures and discuss performance across different markets. The main published performance points are growth in underlying EPS, a modest increase in total volumes and diverging trends between beer and other products. U.S. and China data also show declines in revenue and operating earnings, with the company citing different reasons in each market. The evidence published here did not include annual forecasts or forward guidance that could be added to the results picture.