Anheuser-Busch Reports 11% Revenue Growth Despite Lower U.S. Beer Shipments

Support staff load cases of Budweiser beer onto the delivery wagon that will be pulled by a team of eight Clydesdale horses on June 27, 2025, in Toledo, Ohio. (Photo: Scott W. Grau/Icon Sportswire) (Icon Sportswire via AP Images)

Anheuser-Busch InBev posted double-digit revenue growth in the second quarter, with higher prices and strong performances from brands like Michelob Ultra and Cutwater helping offset declining beer shipments in the U.S.

The brewing giant reported revenue of $16.66 billion for the quarter ended June 30, up 11% from $15 billion during the same period last year. On an organic basis, which excludes currency fluctuations and acquisitions, revenue increased 5.6%.

Profit attributable to shareholders more than doubled to $3.75 billion from $1.68 billion a year earlier, while underlying profit rose 23% to $2.39 billion. Adjusted EBITDA increased 5.8% to $5.94 billion.

In the U.S., revenue climbed 2.7%, driven by pricing and consumers purchasing a more premium mix of brands.

Beer shipments, however, continued to soften. Sales to retailers declined 1.9%, while shipments to wholesalers fell 0.6%, though Anheuser-Busch said it continued to outperform the broader U.S. beer industry.

The company said Michelob Ultra, Busch Light and Busch Light Apple were the three largest volume-share gainers in the U.S. beer market during the quarter, citing Circana data.

Beyond traditional beer, the brewer’s diversification efforts continued to gain momentum.

Revenue from its U.S. spirits and ready-to-drink portfolio more than doubled, led by Cutwater, while sales of products outside traditional beer increased by a percentage in the mid-70s. The company’s U.S. nonalcoholic beer business also expanded, with revenue rising by a percentage in the mid-30s, driven by Michelob Ultra Zero.

Globally, beer volumes increased 1.1%, while total beverage volumes rose 0.9%, with growth in Latin America and Europe offsetting weaker performance in China and a slight decline in North America.

The brewer also highlighted its FIFA World Cup marketing campaign, saying the sponsorship boosted Michelob Ultra’s momentum in the U.S. while helping expand the brand’s presence across Latin America.

Meanwhile, the company’s global premium brands continued to perform well outside their home markets. Revenue from Corona increased 17%, Stella Artois climbed 19%, and Michelob Ultra rose 21%.

Nonalcoholic beer revenue grew 27% worldwide, while revenue from Anheuser-Busch’s “Beyond Beer” portfolio increased 44%.

Looking ahead, the brewer maintained its full-year guidance, forecasting EBITDA growth of between 4% and 8%.

Anheuser-Busch ended the quarter with $64.2 billion in net debt, up from $60.9 billion at the end of 2025, although its leverage ratio improved compared with the same period last year.