AB InBev raised U.S. revenue 0.8% despite lower beer volumes

AB InBev said Monday, November 2, that its U.S. business produced slightly higher revenue in the first nine months of 2026 even as volumes declined, a result that points to the growing role of pricing and product mix in a softer beer market.

According to company figures cited by Shanken News Daily, AB InBev’s U.S. revenue rose 0.8% from January through September. Revenue per hectoliter increased 3%, helping offset weaker sales to retailers and wholesalers. Sales to retailers fell 1.7% during the period, while sales to wholesalers slipped 2.1%. EBITDA in the U.S. business declined 1.3%.

The figures suggest that AB InBev was able to protect top-line revenue through higher revenue per unit, even as shipments and store-level demand came under pressure. For beverage companies, the pattern is important because it reflects a broader strain on volumes and margins across alcohol categories, while also showing how price increases, premium brands and fast-growing adjacent products can help support sales.

AB InBev said its Beyond Beer portfolio, which includes Cutwater and Nutrl, posted revenue growth in the low teens in the U.S. The company also said Michelob Ultra and Busch Light have been gaining share within the beer category. In nonalcoholic beer, Michelob Ultra Zero was driving revenue growth in the high thirties, according to the brewer.

Those trends matter beyond the core beer business. AB InBev’s performance shows how large alcohol companies are leaning more heavily on ready-to-drink products, flavored malt beverages and nonalcoholic offerings as traditional beer volumes face pressure. That shift could have wider implications for brewers, wine suppliers and spirits groups competing for the same consumer occasions.

AB InBev remains the largest beer and flavored malt beverage marketer in the U.S., with annual volume of 874 million 2.25-gallon cases, according to Impact Databank. The company is also moving up among spirits and wine marketers because of strong growth in RTD brands such as Cutwater and BeatBox, the data service said.

The U.S. update adds to the picture of a market where major suppliers are still generating revenue growth, but often with less help from physical volume. In that environment, gains in revenue per hectoliter and the expansion of higher-growth segments may remain central to how large beverage companies manage slower consumer demand and pressure on profitability.