Anheuser-Busch's third quarter was shaped by challenging weather conditions in the Americas and a weaker consumer environment in China, resulting in flat overall sales and declining volumes. Management pointed to continued momentum in its premium and Beyond Beer brands, and cited disciplined revenue management and productivity gains as reasons for resilient profit margins. CEO Michel Doukeris noted, “Despite the challenging environment, we delivered another quarter of top and bottom-line growth, margin expansion, and U.S. dollar EPS growth.”

Is now the time to buy BUD? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Anheuser-Busch’s Q3 Earnings Call

• Edward Mundy (Jefferies) asked about the rationale for a two-year, $6 billion buyback. CFO Fernando Tennenbaum explained it reflects greater flexibility due to a stronger balance sheet and is part of an ongoing evolution in capital allocation priorities.
• Mitchell Collett (Deutsche Bank) questioned prospects for returning to volume growth in 2026. CEO Michel Doukeris said normalization of inflation and wage growth should aid consumer demand, and the FIFA World Cup could add a temporary boost to volumes.
• Laurence Whyatt (Barclays) inquired about volume trends in Brazil and Colombia. Doukeris noted improvement in Mexico as conditions normalized, but said Brazil remained affected by persistent poor weather, while Colombia showed resilience due to more moderate inflation.
• Robert Ottenstein (Evercore ISI) asked about the value and timing of the new UEFA Champions League sponsorship and Cutwater’s growth. Doukeris described the move as a strategic fit with brand-building goals, and said Cutwater’s success demonstrates potential to scale premium Beyond Beer brands.
• Simon Hales (Citi) probed into China’s inventory destocking and the rollout of new products. Doukeris explained that most inventory adjustments should conclude by Q4, and noted upcoming innovation and distribution expansion in China to support recovery.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will monitor (1) the pace of volume recovery in key markets as consumer sentiment and weather conditions normalize, (2) the impact of major sports sponsorships and the FIFA World Cup on brand activation and sales, and (3) continued growth and profitability expansion in non-alcohol and Beyond Beer segments. Execution on innovation and digital platform scaling will also be important signposts.

Anheuser-Busch currently trades at $62.86, up from $61.47 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free for active Edge members).

Our Favorite Stocks Right Now

Fresh US-China trade tensions just tanked stocks—but strong bank earnings are fueling a sharp rebound. Don’t miss the bounce.

Don’t let fear keep you from great opportunities and take a look at Top 5 Strong Momentum Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.