Michelob Ultra leads U.S. beer by volume, and Bud Light has fallen behind both it and Modelo Especial since the 2023 boycott. The dollar ranking depends on the source: Constellation says Modelo Especial remained No. 1, while Fox Business reported that Circana had Michelob Ultra first. This hub links the PR and marketing stories behind each major beer company.
Updated October 2026.
What is happening in U.S. beer in 2026?
U.S. beer is a shrinking category with a changing leaderboard. Constellation Brands reported that its beer net sales fell 3% in fiscal 2026 and its beer depletions fell 2.1%, according to its fiscal 2026 results. Craft brewers' production volume fell 5.1% in 2025, according to the Brewers Association's annual production report, as reported by Brewbound.
Anheuser-Busch InBev: Bud Light and Michelob Ultra
Anheuser-Busch has moved its marketing money from Bud Light to Michelob Ultra. The Financial Times figures reported by Vinetur show Michelob Ultra's media spending rose 38% to about $114 million from January through July 2026, while Bud Light's fell 14% to about $44 million. EPR's full account of the boycott, the sales data and the PR lessons is in Has Bud Light Recovered? 2026 Sales Data and PR Lessons.
Constellation Brands: Modelo, Corona and Pacifico
Constellation's growth now comes from its newer brands as well as Modelo. Its fiscal 2026 results report Modelo Especial depletions down about 3% and Corona Extra down about 7%, against growth of more than 15% for Pacifico and 16% for Victoria, and say Modelo Especial maintained its position as the No. 1 brand by dollar sales. The challenge to that position is covered in Modelo Three Years Later: Who's Challenging It.
Heineken: campaigns that became stories
Heineken's PR work has produced two much-cited case studies, Worlds Apart and Starring Bars, and a 2026 revival of the Dos Equis character. EPR compares them in Heineken PR and Marketing: Worlds Apart to Starring Bars.
Molson Coors
Molson Coors, maker of Coors Light, Miller Lite and Blue Moon, benefited from the Bud Light boycott. Fortune reported in August 2023 that Coors Light and Miller Lite on-premise consumption was rising, according to the company's CEO (Fortune).
Michelob Ultra is the best-selling beer by volume, having passed Bud Light in September 2025 according to Beer Marketer's Insights. Dollar sales depend on the source, because Constellation reports Modelo Especial as No. 1 while Fox Business reported Circana had Michelob Ultra first for a 52-week window.
Did Bud Light recover from the 2023 boycott?
No. An Evercore ISI estimate reported by the Financial Times has Bud Light selling 12.7 million U.S. barrels in 2026, down 19.6% from 2024.
Which beer companies does EPR cover?
EPR covers Anheuser-Busch InBev, Constellation Brands, Heineken, Molson Coors and the craft segment, with a dedicated page for the main brands in each.
Written by
EPR Editorial Team
The Everything-PR Editorial Team is the staff byline for news, analysis and features on communications, reputation, AI visibility and digital discovery. Everything-PR has published since 2009. AI tools assist with research and drafting, and every article is reviewed by a human editor before publication. Coverage follows the Editorial Policy, and substantive corrections are noted on the article under the Corrections Policy.
