Anheuser-Busch InBev SA (BUD) shares climbed Tuesday after the brewer served up first-quarter results that beat Wall Street expectations, thanks to steady demand, a shift toward premium drinks, and smart pricing moves across key markets.

AB InBev's portfolio is a who's who of beer: Budweiser, Bud Light, Michelob, Natural Light, Busch, plus global stars like Stella Artois and Corona, craft labels like Goose Island, and a growing lineup of hard seltzers and canned cocktails.

The Numbers

The company posted adjusted earnings of $0.97 per share, topping the analyst consensus estimate of $0.89. Quarterly revenue rose 5.8% year over year to $15.267 billion, ahead of the Street estimate of $14.764 billion. On a reported basis, revenue jumped 12%, helped by favorable currency translation. Growth came from revenue management and a positive product mix, including strength in premium brands and Beyond Beer offerings.

Combined revenues from megabrands increased 8.2%, led by Corona, which grew 16% outside its home market. Total beer volumes rose 1.2%, with record first-quarter volumes in Mexico, Colombia, Brazil, South Africa, and Peru.

Underlying profit climbed to $1.923 billion in the first quarter of 2026, from $1.606 billion a year earlier. Reported profit attributable to equity holders rose to $2.563 billion from $2.148 billion. EBITDA increased 5.3%, with margins roughly flat as disciplined overhead management and higher sales and marketing investments offset foreign exchange headwinds.

What's Ahead

Looking forward, AB InBev said it expects EBITDA to grow in line with its medium-term outlook of 4% to 8%, based on current inflation and macroeconomic conditions. Management sees net finance costs, including pension interest and accretion expenses, ranging between $190 million and $220 million per quarter. The average gross debt coupon is projected at about 4%.

The company expects a normalized effective tax rate between 26% and 28%, excluding potential legislative changes. Net capital expenditures for the full year are projected between $3.5 billion and $4.0 billion.

BUD Price Action: Shares were up 10.24% at $81.48 at the time of publication on Tuesday, trading near their 52-week high of $81.56.