The world’s largest brewer champions the might of its 20 billion dollar beer brands. And it pumped $7.4bn into sales and marketing of its top brews in 2025: saying that it’s these brands that will lead the long-term growth of the industry.
AB InBev holds 20 billion dollar beer brands. Among them: eight out of 10 of the most valuable beer brands in the world, according to Kantar BrandZ rankings.
That includes Corona and Budweiser (#1 and #2 in BrandZ’s rankings); as well as Stella Artois and Michelob Ultra. Meanwhile, local megabrands include Brahma and Skol in Brazil and Jupiler in Belgium.
These power brands have given the world’s largest brewer a bullish outlook even though it saw its 2025 beer volumes drop 2.6%, mirroring industry trends (Heineken’s overall volumes were down 1.2%; and Carlsberg’s beer portfolio was down 2.9%).
And in 2026 some of these power brands will get an extra boost on a world stage in events such as the World Cup, Winter Olympics and Super Bowl.
AB InBev 2026
- Revenue up 2%, with growth reported in 65% of its markets.
- Revenue per hectolitre growth of 4.4%
- Volumes down 2.3%
- Underlying EPS increased 6% in USD and 9.4% in constant currency
'Our ability to deliver consitent results across varying operating conditions is testament to the durability of our strategy and the resilience of our business,' says the brewer.
Furthermore, CEO Michel Doukeris believes the beer category can regather momentum in the coming months.
“In terms of the tone for 2026: I think that 2025 was definitely a very complicated year, with many dynamics impacting different markets, industry and consumer goods in general, right?,” he told investors. “And beer was not insulated from what happened last year.
“As we got towards the end of the year, we saw momentum re-accelerate, particularly in December. This momentum is carrying on, now, early in January, in the majority of the markets.”
Crucially, sports (including the Winter Olympics, Super Bowl and World Cup) are a big moment for AB InBev’s brands.
“We have a very good year in terms of opportunities to activate and land our innovations. If you look forward to the summer, the World Cup always presents a unique opportunity for us. The fact that it’s going to be in the Americas, 104 games, fans across the world - that’s going to be great.”
In 2025, the mainstream beer portfolio delivered ‘flattish revenue growth’: with growth in Africa, Middle Americas and South America offset by a soft industry in Europe and North America. This portfolio accounts for around 50% of revenue.
But the sweet spot is premium and super premium beer: with this portfolio accounting for around 35% of FY25 revenue and growing low single digits. Corona grew revenue 8.3% outside of Mexico with double-digit growth in 30 markets. In the US, Michelob Ultra was the #1 volume share gainer and is now the leading brand by volume in the industry.
Although small parts of the overall portfolio, alcohol-free beer and beyond beer saw strong growth.
Alcohol-free beer grew revenues 34%, led by Corona Cero which grew volumes double digits.
Drinks beyond beer grew 23%: led by Cutwater in the US (triple digit revenue growth) and expansion of Brutal Fruit and Flying Fish.
The key, says Doukeris, is to continue investing strategically and play the long term game: and the company maintains its mid-term outlook.
Case study: the US
In the US, AB InBev saw revenue decline 1.3% in 2025 but revenue per hl rose 2%.
The company has been ‘on a long journey’ in the US for over a decade: moving away from underperforming segments and rebalancing the portfolio for growth.
That’s included considerable investment in brewing and manufacturing: with nearly $2bn invested in its 100 facilities across the country over the last five years.
“The biggest learning, I think, for everybody in the US, including myself, is the power of consistency,” he said. “The US is a market that moves on the long horizon. It doesn’t move overnight. That’s why we continue to heavy up our investments in the US.
“I’m very glad to see the team working very hard to execute this strategy and start harvesting some of the efforts that they have made over the last three, five years in this market.”
