Anheuser-Busch InBev SA (BUD) is having a good day. The world's largest brewer reported fourth-quarter earnings Thursday that beat analyst expectations, sending shares to a fresh 52-week high despite the kind of volume declines that would normally make investors nervous.

Here's the headline story: AB InBev posted adjusted earnings of 95 cents per share for the fourth quarter, comfortably ahead of the 89-cent estimate. Quarterly sales came in at $15.555 billion, edging past expectations of $15.533 billion. The company delivered organic revenue growth of 2.5% in the quarter and 2.0% for the full year of 2025.

Now, before you pop open a celebratory Budweiser, there's some nuance here. Reported revenue actually decreased 0.8% for the full year to $59.32 billion, which the company blamed on unfavorable currency translation. And volumes? They fell 1.5% in the quarter and 2.3% for the year. Beer volumes specifically dropped 2.6% for the year.

So how do you get revenue growth when you're selling less beer? Pricing power. AB InBev has been successfully pushing through price increases across its portfolio, which includes everything from Budweiser and Bud Light to Stella Artois, Corona, Michelob, Natural Light, and craft brands like Goose Island, plus hard seltzers and canned cocktails.

What the CEO Says

"In 2025, we executed our strategy, made disciplined capital allocation choices, and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment," said CEO Michel Doukeris. "We exit 2025 with improved momentum and enter 2026 well-positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms."

The company emphasized that its ability to deliver consistent results across varying conditions demonstrates "the durability of our strategy and the resilience of our business."

Breaking Down the Quarter

GAAP earnings came in at 99 cents per share for the fourth quarter, up from 61 cents a year earlier. Underlying profit climbed to $1.884 billion from $1.77 billion, while profit attributable to equity holders reached $1.959 billion compared with $1.22 billion the previous year.

Total volumes declined to 139,166 thousand hectoliters, with beer down 1.9% but nonbeer volumes actually up 0.6%. Normalized EBITDA increased 2.3% to $5.473 billion, though the margin contracted 10 basis points to 35.2%.

Regional Snapshot

The geographic breakdown shows mixed results. In North America, revenue hit $3.235 billion with normalized EBITDA of $906 million. Middle Americas posted $4.927 billion in revenue with EBITDA of $2.508 billion. South America delivered $3.645 billion in revenue and $1.321 billion in EBITDA. EMEA brought in $2.524 billion in revenue with $815 million in EBITDA, while Asia Pacific generated $1.053 billion in revenue and $192 million in EBITDA.

The United States presented challenges, with revenue down 1.4% despite a 2.6% increase in revenue per hectoliter. Sales-to-retailers dropped 3.5% and sales-to-wholesalers fell 3.9%, while EBITDA decreased 6.2%.

China was even tougher. Volumes declined 3.9% and revenue per hectoliter fell 7.7%, combining for an 11.3% revenue decline. EBITDA plunged 38.7%.

Full-Year Performance

For fiscal 2025, GAAP earnings were $3.45 per share, up from $2.92 in 2024. Underlying EPS rose to $3.73 from $3.53, and underlying profit totaled $7.41 billion versus $7.061 billion. Reported profit attributable to equity holders was $6.837 billion, compared with $5.855 billion.

The standout metric: normalized EBITDA jumped 4.9% to $21.223 billion, and the margin expanded a solid 101 basis points to 35.8%. That margin expansion tells you everything about how effectively the company has been managing pricing.

Cash and Capital Moves

Operating cash flow came in at $14.883 billion for fiscal 2025, compared with $15.055 billion the prior year. Free cash flow totaled $11.331 billion, flat with fiscal 2024, while net capital expenditures were $3.552 billion.

The company reported total liquidity of $22.0 billion, including $11.9 billion of cash, cash equivalents, and short-term investments in debt securities, less bank overdrafts.

The board proposed a final dividend of 1.00 euros per share, which would bring the full-year 2025 dividend to 1.15 euros per share, subject to shareholder approval at the April 29, 2026 annual general meeting. As of February 9, 2026, AB InBev had completed approximately $635 million of a $6 billion share buyback program announced last October.

The company also completed the reacquisition of the 49.9% minority stake in its U.S.-based metal container plants for about $2.9 billion on January 30, 2026.

Looking Ahead

For 2026, management expects EBITDA to grow in line with its medium-term outlook of 4% to 8%. The company anticipates net pension interest and accretion expenses of $190 million to $220 million per quarter, an average gross debt coupon of about 4%, a normalized effective tax rate of 26% to 28%, and net capital expenditures of $3.5 billion to $4.0 billion.

Anheuser-Busch InBev shares were up 3.56% at $80.01 at the time of publication Thursday, trading at a new 52-week high. Investors are clearly buying the narrative that pricing power and operational discipline can offset volume weakness in a challenging consumer environment.