Michelob Ultra overtakes Modelo Especial as best-selling beer in the U.S.

Michelob Ultra has overtaken Constellation Brands' Modelo Especial as the best-selling beer in the United States.

Michelob Ultra claimed the top spot as the best-selling beer in retail channels in the 52 weeks ended Sept. 14, parent company Anheuser-Busch announced Monday, citing data from Circana. The light lager is also the top seller in bars and restaurants, according to Nielsen IQ data for the 52 weeks ended July 12.

For brewer AB InBev, Michelob Ultra's triumph reverses the company's struggles from two years ago. Modelo Especial unseated Bud Light in the wake of conservative backlash over the flagship beer's partnership with transgender social media influencer Dylan Mulvaney. Bud Light had previously held the title as the top-selling beer in the U.S. for more than two decades.

Modelo's declining popularity comes as Constellation faces key challenges to its business, including tariffs on aluminum and Mexican imports and weaker demand from Hispanic consumers.

Historically, Hispanic beer drinkers have accounted for roughly half of Constellation's customer base, although growing demand from non-Hispanic consumers helped fuel Modelo's rise. Executives have said that President Donald Trump's immigration policies and related job losses have weighed on Hispanic consumers' spending.

Earlier this month, Constellation cut its forecast for the fiscal year, citing a "challenging" economy. The company expects net beer sales will fall 2% to 4% due to lower volumes and additional tariff impacts. It previously anticipated sales would range from flat to up 3%.

So far this year, AB InBev's stock has climbed more than 16%, while shares of Constellation have tumbled 39%.