Key Moments
- AB InBev exceeded fourth-quarter forecasts for profit, revenue, and volumes, with shares up 2% at 0817 GMT.
- The company reaffirmed its 2026 profit growth outlook of 4% to 8%, aiming to outpace rivals supported by major global sporting events.
- Quarterly profit in China fell 38.7% as AB InBev continued to underperform competitors in that market.
AB InBev Outperforms Q4 Expectations
Brewer Anheuser-Busch InBev reported fourth-quarter results that topped analyst expectations for profit, revenue, and volumes, even as it acknowledged a difficult operating environment. The company said it sees major upcoming sporting events as a catalyst that could allow it to outperform the earnings of key competitors in 2026.
The world’s most valuable beer producer noted that it, along with peers, is dealing with soft demand in important markets, as pressure on consumer finances and adverse weather conditions weigh on sales. On Wednesday, rival Heineken announced plans to cut up to 6,000 jobs over the next two years.
Guidance and Competitive Positioning for 2026
The producer of Budweiser and Stella Artois reiterated its regular annual guidance for profit growth of between 4% and 8% in 2026. By comparison, Heineken and Carlsberg are guiding for profit growth between 2% and 6%.
AB InBev highlighted that it had deployed $7.4 billion in sales and marketing, and that it had either gained or maintained market share in two-thirds of its markets. The company said it is positioned to benefit in 2026 from major events including the Super Bowl, Winter Olympics and soccer World Cup.
“We exit 2025 with improved momentum and enter 2026 well positioned,” CEO Michel Doukeris said.
| Company | Profit Growth Guidance for 2026 |
|---|---|
| AB InBev | 4% to 8% |
| Heineken | 2% to 6% |
| Carlsberg | 2% to 6% |
Market Reaction and 2025 Outlook
AB InBev’s shares were up 2% at 0817 GMT. The company reported that profit and revenue increased more than anticipated in the quarter, while volumes declined by less than expected.
Portfolio manager Steve Minnaar at shareholder Abax Investments commented that AB InBev was “doing all the right things” but continued to confront falling volumes worldwide and an uncertain route back to stronger growth in key geographies such as the United States. “It shows you it’s a tough business,” he said.
Annual profit growth of 4.9% landed at the lower end of AB InBev’s guidance range and represented a deceleration from more than 8% in 2024.
Headwinds: China, FX, and Input Costs
In addition to soft demand, the brewer has been dealing with challenges including weak performance in China, foreign-exchange movements that have raised costs, and U.S. tariffs on important inputs such as aluminum for cans.
The company continued to trail major competitors in China, where quarterly profit dropped 38.7%. The decline was driven by weaker sales and increased spending aimed at turning the business around, including initiatives to stimulate at-home consumption.
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