Abstract

Anheuser-Busch Inbev SA will report results on February 12, 2026 Pre-Market. This preview summarizes last quarter’s performance and consensus expectations for revenue, gross margin, net profit margin, and adjusted EPS, highlights the company’s main businesses and growth segments, and compiles the prevailing analyst stance for the upcoming print.

Market Forecast

Consensus for the current quarter points to revenue of $14.84 billion, implying a year-over-year increase of 5.11%, EBIT of $4.45 billion with an implied year-over-year increase of 4.09%, and adjusted EPS of $0.89 with a year-over-year increase of 23.33%. Margin commentary implies stable to modestly improving profitability trends, though explicit gross margin and net margin guidance for the quarter have not been published. The company’s portfolio breadth across global brands is expected to support steady top-line growth, with a focus on price and mix to sustain gross profitability. Premium and super-premium offerings are positioned as the most promising area, expected to outpace the core portfolio on a percentage basis, though specific segment revenue and year-over-year data for the quarter are not disclosed.

Last Quarter Review

In the previous quarter, Anheuser-Busch Inbev SA reported revenue of $15.13 billion, a gross profit margin of 56.41%, net profit attributable to the parent company of $1.05 billion, a net profit margin of 6.96%, and adjusted EPS of $0.99, with a year-over-year EPS increase of 1.02%. Quarter-on-quarter, net profit declined by 37.11%, reflecting typical seasonality and cost phasing, but revenue exceeded market expectations by $1.15 billion. The company’s main businesses delivered stable revenue performance overall; however, a detailed revenue breakdown by segment was not available for the quarter.

Current Quarter Outlook

Core Beer Franchise and Global Brands

The flagship beer portfolio remains the key revenue and earnings driver this quarter, with market expectations centering on continued volume normalization and a supportive price/mix. Given the $14.84 billion revenue estimate and a recent gross margin print of 56.41%, the market is watching whether input cost tailwinds in commodities and disciplined channel mix can help preserve gross profitability near prior-quarter levels. The $4.45 billion EBIT estimate suggests the operating line should benefit from revenue growth and selective reinvestment, while adjusted EPS of $0.89 implies a typical seasonal step-down versus peak quarters but shows a healthy year-over-year run-rate. Price/mix remains the central lever for sustaining margins as volumes stabilize.

Premiumization and High-Growth Categories

Premium and super-premium segments are expected to grow faster than the company average, underpinned by trade-up trends in key regions and the company’s ability to innovate around brand extensions and pack configurations. The EPS forecast of $0.89 and revenue of $14.84 billion implicitly assume premium-led mix benefits that can cushion input cost variability. Execution will be judged on the breadth of gains across geographies and whether the premium tier can maintain positive mix despite potential volatility in discretionary spending. Success in premiumization tends to correlate with resilient gross margins, a relevant factor given the recent 56.41% gross profit margin baseline.

Key Stock Price Drivers This Quarter

Three factors appear most consequential for the share price reaction. The first is revenue growth quality—investors will parse underlying volume trends versus price/mix to assess sustainability of the $14.84 billion top-line forecast. The second is profitability resilience—holding gross margin near the recent 56.41% and defending operating margin consistent with the $4.45 billion EBIT estimate would support the case for earnings durability. The third is capital allocation signals—while adjusted EPS is forecast at $0.89, any updates on deleveraging or shareholder returns could influence valuation sensitivity around the print. Clarity on these drivers may determine whether the stock responds to beats or misses on headline figures.

Analyst Opinions

Across recent commentary, the majority stance appears cautiously positive, emphasizing solid revenue growth expectations and improving earnings quality against manageable cost headwinds. Analysts focusing on price/mix durability and premium segment expansion anticipate that the $14.84 billion revenue and $4.45 billion EBIT projections are achievable, with a slight upside bias if input costs continue to ease and operating discipline remains intact. Conversely, the minority of more guarded views flag potential variability in consumer demand and regional promotional intensity, which could temper margins from the 56.41% gross margin reference point. The prevailing view expects adjusted EPS of $0.89 to be attainable given stable operating trends and prior-quarter execution. Institutions highlighting consistent cash generation and brand equity argue that the risk-reward skews favorable into the report, provided the company maintains focus on mix and expense control. Overall, bullish perspectives outweigh bearish ones, driven by confidence in premiumization and operational efficiency supporting the revenue and earnings trajectory.