Shares of both companies were up around 7 percent in early trading.
The world's largest brewer, Anheuser-Busch reported revenue growth of 5 percent in the quarter ending in June, with total volume up 1 percent.
The gain was driven by sales in foreign markets, with strong results from Mexico, South Africa, Western Europe, and Argentina, according to a Thursday report by Stifel. Volume in Brazil and portions of Asia Pacific continued to lag.
Anheuser-Busch's brands include Budweiser, Rolling Rock, Busch, and Shock Top.
"While the second half of the year looks promising, our focus remains on growing the global beer category as well as generating top-line growth," Anheuser-Busch said in Thursday's press release.
Diageo, the world's largest spirits maker, reported a 4 percent revenue gain in its half-year report.
Stifel notes that trends outside the U.S. are also stronger for Diageo. The firm's Latin America net sales increased 9 percent in fiscal year 2017 in the second half, African net sales were up 5.4 percent, and Asian Pacific net sales were up 3.4 percent.
Diageo's brands include Smirnoff, Johnnie Walker, and Captain Morgan.
Diageo announced its plans to buy up to £1.5 billion ($1.97 billion) of its shares this fiscal year.
"While I am pleased with the strong fiscal 2017 results, I am even more pleased that Diageo is now delivering consistent efficient growth and value creation," said Diageo CEO Ivan Menezes during Thursday's earnings call. "We have created a stronger and more agile business that's now delivering sustainable top line performance."