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Dear Client: Anheuser-Busch InBev’s Q3 call ran heavy on global momentum but a bit light on the U.S., giving BBD readers little fresh detail on the market where trends decelerated in Q3 even as the company again said it “outperformed a soft industry.” Still, that may very well be because it just recently completed its Capital Markets Day in St. Louis [see BBD 09-23-2026]. Recall, in the quarter, A-B’s U.S. depletions fell 3.1%, worsening from a 1.9% decline in Q2,
A-B U.S. Depletions Decelerate in Q3, Though Still Outperform
Dear Client: Anheuser-Busch InBev reported its third quarter results this morning, and in the U.S. — while the supplier continues to tout market share gains across beer and beyond — its underlying trends softened sequentially. A-B’s U.S. depletions declined 3.1% in Q3, worsening from a 1.9% decline in Q2, though the company maintained that it “outperformed a soft industry” in both quarters. Shipments followed a similar trajectory, declining 2.7% in Q3, compared to a 0.6% decline in Q2. And revenue
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