Anheuser-Busch InBev (NYSE: BUD) reported fourth-quarter underlying earnings per share of $0.95, surpassing analyst estimates of $0.88, as all three Americas regions delivered stronger-than-expected volume and revenue growth despite a subdued consumer backdrop. Shares rose more than 4% intra-day Thursday.

The world's largest brewer said total volumes declined 1.5% during the quarter, outperforming analyst expectations of a 2.7% decrease. Organic revenue increased 2.5%, ahead of forecasts for 1.5% growth.

Performance was supported by strength across North, Middle, and South America, where premiumization trends and market share gains helped offset broader industry softness.

For 2026, AB InBev guided to EBITDA growth of 4% to 8%, consistent with its medium-term targets and above the 2% to 6% growth outlook issued by peers Carlsberg and Heineken.

In North America, revenue declined 1%, better than the anticipated 2.3% drop, while volumes fell 3.5% versus expectations for a 5.5% decline. Michelob Ultra maintained its position as the leading volume share gainer in the U.S. beer market and is now the top brand by volume.

Middle Americas revenue increased 5.9%, exceeding forecasts of 4% growth, driven by mid-single-digit expansion in Mexico and market share gains. South America revenue rose 5%, ahead of expectations of 3.2%, with Brazil benefiting from sequential volume improvements as weather conditions normalized in December.

In China, volumes declined 3.9% in the fourth quarter, a marked improvement from the 11.4% drop recorded in the third quarter. The company said its market share trend improved to flat year over year in the quarter following inventory adjustments aligned with evolving channel and geographic demand dynamics.