Beer giant Anheuser-Busch InBev (NYSE:BUD) can once again claim the title of making the bestselling beer in America, but this time it’s not Bud Light that came out on top. Here's a look at the company's latest milestone.

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What Happened: Bud Light reigned supreme as the bestselling beer in America for more than 20 years before being topped by Modelo Especial, a beer from Constellation Brands Inc. (NYSE:STZ).

The leaderboard change happened in 2023 after Bud Light collaborated with trans activist Dylan Mulvaney, which led to consumer pushback, calls for boycotts and labeled the beer brand as going "woke."

Now after years of watching Constellation top the leaderboard, Anheuser-Busch InBev announced its Michelob ULTRA beer brand is America's top-selling beer. Launched in 2002, Michelob ULTRA has targeted the light beer sector and also attached itself to being aimed at active and social drinkers.

The beer brand has also partnered with sports like the NBA, WNBA, PGA Tour and soccer leagues and tournaments. Michelob ULTRA is an official sponsor of Team USA at the 2024, 2026 and 2028 Olympics and the upcoming 2026 FIFA World Cup.

"This approach has turned Michelob ULTRA into an absolute rocket ship, and we've got tremendous opportunity ahead of us," Anheuser-Busch Chief Commercial Officer Kyle Norrington said.

According to the company, Michelob ULTRA is the number one beer over the past 52 weeks in the retail sector, according to data from Circana and is also the number one beer in bars and restaurants, according to data from Nielsen.

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Why It's Important: Over the last five years, Michelob ULTRA has grown 15% and has gained over 2% of the beer market, according to the company's report.

The company's Michelob ULTRA Zero is also one of the fastest-growing non-alcoholic beers in the U.S.

With future partnerships at Olympic Games, the 2026 World Cup and other sports leagues, Michelob ULTRA is likely to see more attention from consumers. The beer brand has also become a staple of Super Bowl commercials, which may bring more attention to the company.

Commercials with actors and athletes like Dan Marino and Lionel Messi have put Michelob ULTRA further into the spotlight.

Anheuser-Busch InBev also signed a recent multi-year partnership with streaming giant Netflix Inc (NASDAQ:NFLX) that will see some of the company’s beer brands having co-branded deals with Netflix shows, movies and live events.

Anheuser-Busch InBev's gain comes from Constellation seeing weaker demand for Modelo Especial in recent months. The company's CEO Bill Newlands said that Hispanic buyers are buying less beer due to higher prices, a weak job market and immigration concerns. Hispanic buyers represent around half of Constellation's beer business, according to the New York Post.

Higher costs for aluminum and tariffs on imports of Mexican beers, including Constellation's Modelo Especial and Corona, have also been felt by the beer company, which has passed some costs onto consumers by raising prices.

Constellation lowered its full-year guidance earlier this year, with net beer sales expected to decline 2% to 4% versus a previous range of flat to a gain of 3% year-over-year.

BUD, STZ Price Action: Just like the change at the top of the list, the stock prices of Anheuser-Busch InBev and Constellation have reversed course.

Constellation shares are down 40.8% year-to-date in 2025, giving up gains from the past two years.

Anheuser-Busch shares are up 18.4% year-to-date in 2025, reversing losses from the Bud Light fiasco.

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