In the first quarter of 2026, AB InBev reported revenue growth of 5.8% organically, beer volumes up 1.2%, and underlying earnings per share of $0.97 – a record high for the first quarter and a 20.8% increase on the prior year. The numbers are strong. They are also being read in the wrong context by most of the drinks industry.
The context that matters is not AB InBev versus its own prior year performance. It is AB InBev versus the category landscape surrounding it. IWSR confirmed in April 2026 that spirits was the worst performing major alcohol category globally in 2025, declining 9% by value. Super-premium-plus spirits fell 15%. Diageo guided organic net sales down 2-3% for fiscal 2026. Pernod Ricard guided down 3-4% for the full year. Brown-Forman reported organic declines across its portfolio. The global spirits correction is the deepest in a generation – and in that environment, AB InBev grew beer volumes, gained market share in 75% of its markets, and delivered a record quarterly EPS. The comparison is the story.
“Cheers to beer – the strength of the category and the consistent execution of our consumer-centric strategy drove continued momentum across our footprint. We are investing behind our megabrands and innovations to lead and grow the category. With strong execution by our teams and major moments of celebration ahead, we are well positioned for 2026.”
Michel Doukeris, CEO, AB InBev – Q1 2026 Results, 5 May 2026
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