the-ledger
collection · 3 published
the-ledger
AB InBev grew by selling less beer for more money
Volumes shrink a little every year, but a halved dividend, roughly $47 billion of debt repaid and relentless price and mix have turned a low-growth giant into a cash-return machine that now rides on pricing power.
the-ledger
ASML earns more from the leading edge while shipping fewer machines into it
The sole maker of EUV lithography booked €32.7 billion in 2025 on 91 fewer systems than the year before, as the average price per machine jumped more than 40%, its China share turned down, and the clearest demand tell of all, the order book, went dark.
the-ledger
Google's ad auction ran hotter in 2026, not colder
The auction that funds two-thirds of Alphabet monetized better than ever in early 2026, which is exactly why the exposures worth pricing sit one step downstream of the reported line.