Anheuser-Busch InBev SA/NV

Belgian-Brazilian multinational brewing company and the world's largest brewer by revenue and volume, with more than 500 beer brands sold globally.

The origins of AB InBev trace back to three distinct brewing traditions that were consolidated through a series of landmark mergers over roughly two decades.

Interbrew, the Belgian predecessor, was itself the product of a 1988 merger between two historic Belgian breweries: Artois, founded in Leuven in 1366 and known for Stella Artois, and Piedboeuf, brewer of Jupiler. Interbrew expanded aggressively through acquisitions during the 1990s, acquiring Labatt Brewing in Canada in 1995 for approximately $2.7 billion and Bass Brewers in the United Kingdom in 2000 for approximately $3 billion, among numerous other deals. By the early 2000s, Interbrew was one of the world's three largest brewers.

AmBev, the Brazilian predecessor, was formed in 1999 through the merger of Brahma and Antarctica, the two dominant Brazilian brewers. The combined entity became the largest beverage company in Latin America and the fifth-largest brewer globally. AmBev's management team, backed by the Brazilian private equity firm 3G Capital and its predecessors, became known for aggressive cost management and operational efficiency.

In 2004, Interbrew and AmBev merged to form InBev, creating the world's largest brewer at the time. The deal was structured so that AmBev's shareholders received InBev shares, giving the Brazilian management group and 3G Capital significant influence over the combined entity. Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira, the founders of 3G Capital, became major shareholders and board members of InBev.

In 2008, InBev made its most consequential move: the $52 billion acquisition of Anheuser-Busch, the American brewer founded in St. Louis, Missouri in 1852 by Eberhard Anheuser and Adolphus Busch. Anheuser-Busch was the maker of Budweiser, Bud Light, and Busch, and was the dominant brewer in the United States. The deal, which was initially resisted by Anheuser-Busch's board, created AB InBev and established the company as the clear global leader in brewing. The combined entity controlled approximately 25% of global beer volume at the time of closing.

The 2016 acquisition of SABMiller for approximately $107 billion was the largest transaction in the history of the brewing industry and one of the largest corporate acquisitions ever completed. SABMiller brought major brands including Peroni, Grolsch, and Pilsner Urquell into the AB InBev portfolio, along with dominant market positions in Africa and parts of Asia. To satisfy antitrust regulators in the United States and China, AB InBev was required to divest several brands, including the U.S. rights to Miller brands, which were sold to Molson Coors, and the Chinese Snow brand, which was sold to China Resources Beer. The SABMiller acquisition left AB InBev with substantial debt, driving a multi-year deleveraging program that continued through 2025.

In October 2025, AB InBev announced a $6 billion share buyback program, reflecting confidence in the company's cash generation and balance sheet strength as net debt fell to 2.87 times EBITDA. CEO Michel Doukeris, who took over from Carlos Brito in 2021, has focused the company's strategy on premiumization, digital commerce, and beyond beer categories including non-alcoholic beverages and hard seltzers.

For full-year 2025, AB InBev reported revenue of $59.32 billion, normalized EBITDA of $21.22 billion, and underlying EPS of $3.73, up 6% year over year. Volume declined 2.3% for the full year, reflecting challenging consumer environments in several key markets, while revenue per hectoliter grew 4.4%, demonstrating the effectiveness of the premiumization strategy.

AB InBev has implemented comprehensive sustainability initiatives focused on environmental stewardship, responsible brewing, and social impact across its global operations. The company is a signatory to the Science Based Targets initiative and has committed to ambitious sustainability goals across its value chain.

The company's sustainability strategy centers on four key pillars: climate action, water stewardship, circular packaging, and responsible sourcing. AB InBev has committed to achieving 100% renewable electricity across its operations and reducing Scope 1 and 2 greenhouse gas emissions by 25% by 2025 against a 2017 baseline. The company has made significant progress, with approximately 70% of its electricity now sourced from renewable energy.

In water stewardship, AB InBev has committed to improving water efficiency in water-stressed areas and achieving water balance in high-risk watersheds. The company has implemented advanced water recycling technologies at its breweries and works with local communities on water access and conservation projects. In 2024, AB InBev achieved an average water use ratio of 3.2 hectoliters of water per hectoliter of beer, among the most efficient in the industry.

For circular packaging, AB InBev has committed to ensuring that 100% of its products are in packaging that is either recyclable or reusable by 2025. The company has invested in lightweight bottle designs, increased recycled content in packaging, and developed partnerships to improve recycling infrastructure in key markets.

AB InBev maintains responsible sourcing programs for agricultural ingredients, working with farmers to promote sustainable agricultural practices and improve livelihoods. The company has established SmartBarley programs that provide farmers with data and insights to improve crop yields while reducing environmental impact.

AB InBev has received consistent recognition for its operational excellence, sustainability leadership, and corporate governance practices across its global operations.

• Dow Jones Sustainability Index (DJSI): AB InBev has been consistently named to the DJSI World and DJSI North America indices, recognizing the company's performance among the top 10% of sustainable companies in the beverage sector.
• CDP Climate Leadership: AB InBev has achieved A-list ratings from CDP for climate change disclosure and action, reflecting the company's comprehensive climate strategy and emissions reduction progress.
• FTSE4Good Index: Consistent inclusion in the FTSE4Good Index series for meeting global ESG standards and corporate responsibility practices.
• World's Most Ethical Companies: Recognition from Ethisphere Institute for ethical business practices, corporate governance, and compliance programs.
• Global Water Awards: Multiple awards for water stewardship and community water projects in water-stressed regions.
• Packaging Innovation Awards: Recognition for sustainable packaging initiatives and circular economy approaches in beverage packaging.

The company's performance has been noted by industry analysts for its ability to maintain profitability while pursuing ambitious sustainability goals and managing a complex global portfolio of brands and operations.

In April 2023, Bud Light partnered with transgender influencer Dylan Mulvaney for a promotional campaign, which triggered a significant consumer backlash in the United States. Sales of Bud Light declined sharply in the months following the controversy, with the brand losing its position as the top-selling beer in the United States to Modelo Especial, a Constellation Brands product. AB InBev's U.S. revenue was materially affected through 2023 and into 2024. The company replaced its U.S. marketing leadership and increased promotional spending to stabilize volumes, though Bud Light had not fully recovered its pre-controversy market position as of early 2026.

AB InBev has faced antitrust scrutiny in multiple jurisdictions related to its dominant market positions. The 2016 SABMiller acquisition required significant divestitures in the United States, China, and several other markets to satisfy regulatory conditions. The company continues to operate under consent decrees in certain markets that restrict specific commercial practices.

In various markets, AB InBev has faced criticism related to alcohol marketing practices, particularly regarding advertising directed at younger consumers. The company has adopted responsible marketing commitments globally, including pledges not to advertise to consumers below the legal drinking age.