Anheuser-Busch InBev just posted Q3 2026 numbers that look cleaner than the share price suggests. The stock has slipped about 4.6% over the past week and sits near €71.96, while underlying earnings per share increased 22% to US$1.21 and revenue reached about US$16.5b.
For a brewer often viewed as a slow compounder with a heavy debt load, that profit acceleration is the surprise. Markets reacted cautiously on the day, but the reported margin strength and ongoing US$6b buyback indicate a far more confident story beneath the one-day move.
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Q3 2026 Earnings Summary
- Revenue (Q3 2026 vs. Q3 2025): US$16,512m vs. US$15,133m (up 9.1%)
- Net Income (Excl. Extra Items, Q3 2026 vs. Q3 2025): US$1,597m vs. US$1,054m (up 51.5%)
- Basic EPS (Q3 2026 vs. Q3 2025): US$0.81 vs. US$0.53 (up 52.7%)
- Trailing 12-Month Net Profit Margin (Q3 2026 vs. Q3 2025): 15.4% vs. 10.4% (margin higher year on year)
Volumes are up globally, but China is still dragging. Ask Charlie what AB InBev isn’t saying about China.
Evaluating AB InBev’s Growth-Pillar Ambitions
The bullish view depends on AB InBev turning newer platforms into durable profit engines.
"The main condition is that Anheuser-Busch InBev continues to convert its premium brands, BEES marketplace, Beyond Beer portfolio and emerging market positions into sustained EBIT growth within the 5% to 9% medium term outlook, while managing weaker spots such as China and regulatory changes around products like BeatBox."
Q3 moves this thesis forward. EBIT and EBITDA both grew, BEES marketplace GMV advanced 45% to about US$1.4b, and non alcohol revenue increased 35%. Middle Americas delivered strong volume and profit growth, while premium brands and Beyond Beer in North America added share. Together, these developments show early evidence that these pillars are supporting that 5% to 9% EBIT ambition despite China weakness.
Not everyone reads the same price the same way. → See the higher figure this Narrative lands on, and how it gets there.
AB InBev: Bear Fears Meet Mixed Evidence
Bearish investors argue that China and governance issues will steadily erode the benefit of premium mix and digital tools for Anheuser-Busch InBev.
"While premium beer, non alcohol beer and Beyond Beer are positioned to support higher revenue per hectoliter, persistent underperformance in China with an 8.8% revenue decline in Q2 2026 and acknowledged execution gaps in portfolio, geography and channel mix suggests future mix gains may be offset by weaker regional revenue and EBIT than current expectations assume."
Q3 results keep that concern alive. China revenue and volumes fell about 16.8%, moving from a single quarter setback toward a pattern. Global revenue per hectoliter and non alcohol growth offset this at group level, so the drag is contained but not resolved.
Hunt Quiet Dislocations In Plain Sight
Anheuser-Busch InBev shows how earnings momentum and share price can tell different stories. The real opportunity is spotting stocks that could be undervalued before sentiment catches up.
- Company 1 - 44% below our estimate - uses fresh rolling capacity and efficiency programs to shift aluminum customers into higher margin, sustainability focused products and contracts.
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