On its third-quarter 2026 earnings call, held on Oct. 29, 2026, Anheuser-Busch InBev (NYSE:BUD) announced a 22% increase in underlying earnings per share (profit per share of stock) to $1.21 alongside an interim dividend raise to 0.40 euros per share. A brewer's long-term compounding depends on expanding into higher-margin categories while returning excess cash to shareholders. Management is doing both by scaling non-alcoholic products and repurchasing stock while navigating volume declines in China. Three things management said stand out. Non-alcoholic beer carries higher price points and profit margins than traditional lagers. By attracting consumers who normally bypass beer entirely, these products generate entirely new sales rather than cannibalizing existing core volumes.
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