Strong Q1 beat across top and bottom lines with broad geographic momentum, particularly in Middle/South America and EMEA. Watch for sustainability of organic growth (~5-6%) as currency tailwinds fade and North America/China headwinds persist. The BeatBox acquisition adds RTD exposure in the US. Monitor Q2 for volume recovery in Asia Pacific and North America shipment normalization.
Price Chart
Executive Summary
AB InBev reported strong Q1 2026 results with revenue of $15.3B (+12% YoY), profit from operations of $4.1B (+16.7%), and Normalized EBITDA of $5.4B (+12.0%). Growth was broad-based across Middle Americas, South America, and EMEA, though North America volumes declined 3.6% and Asia Pacific volumes fell 0.5%. The results include a $961M positive currency translation tailwind and $56M in net exceptional gains from a US brewery sale.
Key Facts
- Revenue increased 12.0% YoY to $15,267M from $13,628M
- Profit from operations up 16.7% to $4,129M from $3,538M
- Normalized EBITDA up 12.0% to $5,437M from $4,855M
- Basic EPS rose to $1.30 from $1.08; Underlying EPS to $0.97 from $0.81
- Total volumes essentially flat (+0.1%); organic revenue +5.8% excluding FX, hyperinflation, and M&A
- North America volumes declined 3.6%; US STRs +0.3% but STWs -3.2% on shipment phasing
- Middle Americas revenue surged 19.0% on 2.6% volume growth; Mexico record Q1 volumes
- South America revenue +15.5% despite -0.3% volume decline; Brazil beer volumes +1.2%
- Asia Pacific revenue +1.6% on -0.5% volume decline; China volumes -1.5%, South Korea -low-teens
- Acquired 85% of BeatBox Beverages on Feb 27, 2026
- Exceptional items included $79M net gain on US brewery sale
- Currency translation added $961M to revenue and $295M to operating profit
Financial Impact
Revenue +$1.64B, operating profit +$591M, Normalized EBITDA +$582M YoY; currency tailwind of $961M on revenue
Risk Factors
- North America volume decline of 3.6% driven by US STW shipment phasing and Canada softness
- China volumes -1.5% with sequential improvement but still underperforming industry
- Currency translation tailwind of $961M may not repeat; transactional FX headwinds pressuring cost of sales
- Argentina hyperinflation and peso devaluation (closing rate 1,382.70 ARS/USD vs 1,073.92 a year ago)
- SG&A growing 13.3% (6.5% organic) as marketing investments increase
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-205223 |
| Document: d126875d6k.htm | 0001193125-26-205223 |
| Document: 0001193125-26-205223-index-headers.html | 0001193125-26-205223 |
| Document: 0001193125-26-205223-index.html | 0001193125-26-205223 |
| Document: 0001193125-26-205223.txt | 0001193125-26-205223 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 14, 2026 23w ago | 6-K | $80.55 $84.28 | ▲ +4.62% | ▲ +1.04% | $81.71 (+1.43%) |
May 5, 2026 25w ago | 6-K | $80.96 $82.57 | ▲ +1.99% | ▼ −0.75% | $81.71 (+0.92%) |
Mar 27, 2026 30w ago | 6-K | $67.48 $79.94 | ▲ +18.46% | ▲ +1.97% | $81.71 (+21.08%) |
US Market Status
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