On Thursday, Anheuser-Busch Inbev SA or AB InBev (NYSE:BUD) posted a mixed third-quarter, earnings beat, sales missed, while lifting profitability and unveiling a $6 billion buyback and interim dividend.
AB InBev’s portfolio includes Budweiser, Bud Light, Michelob, Natural Light, and Busch, plus global brands like Stella Artois and Corona, craft labels like Goose Island, and beverages such as hard seltzers and canned cocktails.
The company reported third-quarter adjusted earnings per share of 99 cents, beating the analyst consensus estimate of 96 cents.
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Quarterly sales of $15.133 billion missed the Street view of $15.270 billion. Revenue rose 0.9% in the third quarter of 2025, with revenue per hectoliter up 4.8%.
“Driven by the momentum of our megabrands and our innovation in balanced choices and Beyond Beer, our business delivered continued top- and bottom-line growth, even as we navigated a dynamic consumer environment,” said Michel Doukeris, CEO, AB InBev.
Megabrands’ combined revenue rose 3% in the third quarter, led by Corona, which grew 6.3% outside its home market. No-alcohol beer revenue jumped 27% in the quarter.
Gross merchandise value from third-party sales on BEES Marketplace climbed 66% to $935 million in the quarter.
Volumes fell 3.7% in the third quarter, impacted primarily by performance in China and unseasonable weather in Brazil, with beer volumes down 3.9% and non-beer volumes down 2.2%.
Normalized EBITDA rose 3.3% to $5.594 billion in the third quarter, with the margin expanding 85 basis points to 37%.
Dividend
The firm has approved an interim dividend of 0.15 euros per share for the fiscal year 2025.
The company’s board approved a $6 billion share buyback to be completed over the next 24 months, and the company also announced a bond redemption of roughly $2 billion in outstanding debt.
Outlook
The company said 2025 EBITDA is expected to grow within its medium-term 4%–8% range, reflecting current views on inflation and the macro backdrop.
It indicated net finance costs—pension interest and accretion—are projected at $190 million to $220 million per quarter with an average gross debt coupon near 4%, and it forecast a normalized effective tax rate of 26% to 28%, excluding potential legislative changes.
Management also guided to $3.5 billion to $4.0 billion in net capital expenditures for the year.
Price Action: BUD shares were trading lower by 1.03% to $60.81 at last check Thursday.
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