Anheuser-Busch InBev reports revenue increased 4.8% in the fourth quarter to $15.555 billion. Revenue per hectoliter grew 4%. Fourth quarter volume declined 1.5% with beer volume down 1.5% and non-beer volume growing. Reported profit rose to $$1.959 billion from $1.220 billion a year earlier.

In what shouldn't be a surprise, A-B InBev reported that "Growth in FY25 was driven by our no-alcohol beer portfolio which delivered a 34% revenue increase. No-alcohol beer performance was led by Corona Cero which grew volumes by strong double-digits. We are the leader in no-alcohol beer in many of our key markets, including the U.S., Canada, Brazil, Mexico, Colombia and Belgium, and see significant headroom for future growth. Our overall balanced choices portfolio of low carb, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 8.9%.

ABI's Beyond Beer portfolio now represents 3% of the company's total revenue. In fiscal 2025, Beyond Beer saw revenue increase 23%. led by Cutwater which grew revenue by trip digits, ABI said, and was the No. 1 share gaining brand in Total Spirits in the fourth quarter.

Turning specifically to the United State, ABI saqid revenue declined 1.4% with revenue per hl increasing by 2.6% driven by revenue management and premiumization. Sales-to-retailers (STRs) declined by 3.5%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 3.9%. EBITDA decreased by 6.2%, impacted by phasing of sales and marketing investments.

"Our beer performance was led by Michelob Ultra, the leading brand by volume in the industry and the #1 volume share gainer, and Busch Light, which continued to be the #2 volume share gainer in the industry," the company said, adding:

"In Beyond Beer, our portfolio momentum accelerated, with revenue growth in the high-thirties, led by Cutwater which grew revenue in the triple digits and was the #1 share gaining brand in the total spirits industry in 4Q25. We strengthened our leadership position in no-alcohol beer, with our portfolio gaining share and growing revenue by high-twenties.

"We are leading the industry in innovation, with Michelob Ultra Zero and Busch Light Apple the top 2 innovations in beer in FY25. Consistent execution, market share gains, and productivity initiatives enabled us to offset a soft industry and increase our sales and marketing investments to fuel momentum."

In the earnings report, ABI also noted that it reacquired of the 49.99% minority in U.S.-based Metal Container plants for about $2.9 billion.

Looking to 2026, A-B said it expect EBITDA to grow a-8%