Beer powerhouse Anheuser-Busch InBev (NYSE: BUD) fell short of the markets revenue expectations in Q3 CY2025, with sales flat year on year at $15.13 billion. Its GAAP profit of $0.99 per share was 29.1% above analysts’ consensus estimates.

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Company Overview

Born out of a complicated web of mergers and acquisitions, Anheuser-Busch InBev (NYSE: BUD) boasts a powerhouse beer portfolio of Budweiser, Stella Artois, Corona, and local favorites around the world.

Revenue Growth

Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years.

With $58.61 billion in revenue over the past 12 months, Anheuser-Busch is one of the most widely recognized consumer staples companies. Its influence over consumers gives it negotiating leverage with distributors, enabling it to pick and choose where it sells its products (a luxury many don’t have). However, its scale is a double-edged sword because there are only so many big store chains to sell into, making it harder to find incremental growth. For Anheuser-Busch to boost its sales, it likely needs to adjust its prices, launch new offerings, or lean into foreign markets.

As you can see below, Anheuser-Busch struggled to increase demand as its $58.61 billion of sales for the trailing 12 months was close to its revenue three years ago. This is mainly because consumers bought less of its products - we’ll explore what this means in the "Volume Growth" section.

This quarter, Anheuser-Busch’s $15.13 billion of revenue was flat year on year, falling short of Wall Street’s estimates.

Looking ahead, sell-side analysts expect revenue to grow 6.8% over the next 12 months, an acceleration versus the last three years. This projection is above the sector average and implies its newer products will spur better top-line performance.

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Volume Growth

Revenue growth can be broken down into changes in price and volume (the number of units sold). While both are important, volume is the lifeblood of a successful staples business as there’s a ceiling to what consumers will pay for everyday goods; they can always trade down to non-branded products if the branded versions are too expensive.

Anheuser-Busch’s average quarterly sales volumes have shrunk by 2% over the last two years. This decrease isn’t ideal because the quantity demanded for consumer staples products is typically stable.

In Anheuser-Busch’s Q3 2025, sales volumes dropped 3.7% year on year. This result represents a further deceleration from its historical levels, showing the business is struggling to move its products.

Key Takeaways from Anheuser-Busch’s Q3 Results

It was good to see Anheuser-Busch beat analysts’ EPS expectations this quarter. We were also happy its EBITDA outperformed Wall Street’s estimates. On the other hand, its revenue slightly missed on declining sales volumes. Overall, this print was mixed. The market seemed to be hoping for more, and the stock traded down 1.9% to $60.28 immediately after reporting.

So should you invest in Anheuser-Busch right now? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it’s free for active Edge members.