BusinessFeb 26, 2025
AB InBev Is Selling Less Beer, But Making More Money As It Raises Prices, Turns Corner on Protest
Consumer Staples
Noah Weidner
After a years-long protest of Bud Light, AB InBev is proving that not all firms that “go woke” end up broke — especially when they’re unafraid to pull the powerful pricing lever. The beer giant — which owns Budweiser, Stella Artois, and Michelob Ultra — saw its revenue rise, even though it didn’t sell more product.
- AB InBev reported a 3.4% increase in revenue during the quarter, even as global volumes fell 1.9% — meaning almost all its growth came from pricing.
- In the US, the company’s domestic beer revenue rose 0.8%, as its portfolio vastly outstripped analysts’ expectations thanks to momentum.
Forward-looking: AB InBev’s volumes were weaker than expected, which it faulted on budget-conscious consumers in “very abnormal” consumer weakness in China and Argentina. But as America’s economy remains strong in the face of adversity, the company is refocusing on domestic marketing. For 2025, it issued “medium-term guidance of 4-8%” while warning that some markets might be more difficult than others. rose 7.3% on Wednesday.
