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For the first time since 2001, Bud Light's not the #1 beer brand by volume in the US. Mich Ultra took Bud Light's place as the king of beers (by volume) as its shipments grew 5% and nearly reached 15 mil bbls in 2025, INSIGHTS estimates. It posted the largest volume gain in the industry by far to get there, up 700K bbls vs yr ago, now holding 8 share of US beer volume on its own. (Editor's note: these numbers exclude exports.) Back in 2001, Bud Light took the mantle from Budweiser, reaching 34 mil bbls as Bud slipped to 32 mil bbls. From there Bud Light would grow thruout most of the rest of the decade, peaking at 41 mil bbls by 2007-2008. Yet its volume declined ever since, and drops accelerated in the last few yrs. Shipments sank more than 40%, over 9 mil bbls in last 3 yrs, including extra steep 25% drop in 2023 followed by low-double-digit dips each of the last two yrs. Bud Light finished last yr below 14 mil bbls in the US; its first time below that mark since 1992. And yet, as the portfolio balance shifted between AB's top two brands (and beyond), AB led the industry in volume share gains last yr, and started 2026 growing sales overall. Busch Light furthered its lead ahead of Budweiser as AB's 3d largest brand by volume and the 7th largest brand overall, approaching #6 Corona Extra, which slipped 8.9%. Now that Bud Light's officially passed the mantle to Mich Ultra and Busch Light further solidified its place ahead of Bud, has the balance shifted positively for AB portfolio?Modelo Firmly #2 by Volume; #1 By $$ in Scans; Likely #1 by $$ All-Channel Meanwhile, Modelo Especial US shipments took a backward step in 2025 after decades of gains. Down 4.6% to ~14.4 mil bbls, INSIGHTS estimates, a bit behind depletions. Yet Modelo Especial is now firmly the #2 brand by volume and still likely #1 by $$ in the US all-channel at its higher price point. In scans, Modelo Especial was over $600 mil ahead of Mich Ultra, selling at nearly $37/case vs Mich Ultra at $29.40/case on avg, per Circana multi-outlet + convenience data.Coors Light and Miller Lite Below 2022 Vol Levels in 2025; Still Higher Share; Banquet Rising MC's top two brands have backtracked below 2022 levels, losing all they gained in 2023 over the last 2 yrs. That includes Coors Light US-only volume down 6% to 12.65 mil bbls and Miller Lite down more than 8% to 11.3 mil bbls last yr, INSIGHTS estimates. They each lost share again in 2025, yet Coors Light was still 0.8 share pts ahead of 2022 and Miller Lite about 0.5 pts ahead. Plus, Coors Banquet kept up strong gains thruout, rising to nearly 2.4 mil bbls last yr, snagging over half a share pt since 2022, we estimate. So MC's core brands' share position remains solidly above 2022 levels with Banquet rising in ranks among top brands, not too far behind Heineken Original all-channel. Yet MC's volume overall continues to slip, including core brands. And its top 2 light lagers are driving the dip.White Claw Family Stabilizing; Twisted Tea Slipping After Big Run Two of the top-tier flavored malt/sugar-based brand families are trending in opposite directions lately. White Claw volume continued to stabilize, gaining share of total US beer while holding ground at nearly 5 mil bbls. While it's well below peak volume in 2021 during the hard seltzer craze, White Claw family volume is now bigger than Natty Light in the US. It posted healthy low-single-digit $$ gains in 2025 scans and accelerated in early 2026. On the other hand, Boston Beer's Twisted Tea saw its remarkable growth run come to an end as sales declined high single digits in 2025 vs yr ago. New Sun Cruiser vodka tea brand made up for a big chunk of that loss last yr as it rolled out nationally. But Twisted sales remain soft into early 2026, and Boston is seeking ways to shore up shop thru dialed-in pricing, high- and low-ABV extensions, and more.

Major Top Brand Shifts: Mich Ultra #1 All-Channel in 2025; Modelo #2 Ahead of Bud Light

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