Anheuser-Busch InBev (NYSE:BUD) Stock Analysis: RBC Capital Reiterates Outperform Amid Strong Q2 Earnings

• RBC Capital has reiterated an "Outperform" rating for Anheuser-Busch InBev (NYSE:BUD), raising its price target to EUR 93, signaling confidence in the brewing giant's future performance.
• The company reported robust second-quarter financial results, including a 5.6% increase in total revenue and a 23.4% rise in underlying earnings per share to $1.21, alongside substantial free cash flow growth.
• Despite strong volume growth in key markets and significant revenue from mega brands, challenges in the Chinese market and "clustered" historical returns present potential headwinds for the global beverage leader.

Anheuser-Busch InBev (NYSE:BUD) is the world's largest brewing company, managing a vast portfolio of well-known beer brands. The company operates globally and holds a significant market position with a market capitalization of approximately $165.53 billion. Its activities focus on brewing, marketing, and distributing alcoholic and non-alcoholic beverages.

On August 4, 2026, analyst firm RBC Capital reiterated its "Outperform" rating for Anheuser-Busch InBev. This rating suggests the firm expects the stock to perform better than the overall market. RBC Capital also raised its price target on the stock to EUR 93 from a previous target of EUR 85.

This positive outlook is supported by the company's strong second-quarter financial performance. Anheuser-Busch InBev reported a 5.6% increase in total revenue and a 23.4% rise in underlying earnings per share to $1.21. Free cash flow, which is the cash a company generates after covering its operating expenses and capital expenditures, also saw a substantial increase.

The company's growth was driven by a 0.9% rise in total volumes, with beer volumes specifically increasing by 1.1%. As highlighted by the WSJ, CEO Michel Doukeris credited this to record volumes in markets like Mexico and Colombia. Revenue from the company's mega brands also grew by a strong 6.2%.

Despite these gains, an analysis from Seeking Alpha notes that the stock's historical returns are "clustered," which could indicate an unfavorable risk-reward outlook. Management also stated that market conditions in China remain challenging, which could impact future performance in that region.