Monitor whether margin improvements and cost initiatives can offset continued volume declines in 2026. The wide EPS guidance range suggests significant uncertainty around volume recovery and tariff impacts.
Price Chart
Executive Summary
Boston Beer reported mixed full-year 2025 results with declining revenue and volumes but improved gross margins and strong cash flow. Full-year net income rose to $108.5 million due to prior-year impairment charges, but underlying profitability declined. The company issued 2026 guidance projecting flat to down mid-single-digit depletions and EPS between $8.50 and $11.00.
Key Financial Metrics
Key Facts
- Full-year 2025 net revenue decreased 2.4% to $1.965 billion
- Full-year depletions decreased 4%, shipments down 4.7%
- Gross margin improved 410 bps to 48.5% despite $10.1M tariff costs
- Net income increased to $108.5M but declined $2.8M excluding prior-year impairment and contract charges
- 2026 guidance: flat to down mid-single-digit depletions, EPS $8.50-$11.00
- Generated $270.2M in operating cash flow and maintained $223.4M cash with no debt
Financial Impact
Revenue down 2.4%, EPS guidance for 2026 of $8.50-$11.00 implies potential decline from 2025's $9.89
Segment Breakdown
| Segment |
|---|
| Twisted Tea |
| Truly Hard Seltzer |
| Samuel Adams |
| Sun Cruiser |
| Angry Orchard |
| Dogfish Head |
Risk Factors
- Continued volume declines in core brands (Twisted Tea, Truly, Samuel Adams)
- Tariff costs projected at $20-30M in 2026, up from $10.1M in 2025
- Increased advertising spend ($20-40M YoY increase projected) may pressure margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-067142 |
| Document: sam-20260224.htm | 0001193125-26-067142 |
| Document: 0001193125-26-067142-index-headers.html | 0001193125-26-067142 |
| Document: 0001193125-26-067142-index.html | 0001193125-26-067142 |
| Document: 0001193125-26-067142.txt | 0001193125-26-067142 |
| CONTEXT: Previous Earnings (2026-02-24) | 0001193125-26-067142 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Press Release | $182.94 $166.25 | ▼ −9.12% | ▼ −8.61% | $167.50 (−8.44%) |
Aug 20, 2026 6w ago | 8-K | $185.95 $171.40 | ▼ −7.82% | ▼ −7.30% | $167.50 (−9.92%) |
Aug 11, 2026 7w ago | Press Release | $179.96 $162.33 | ▼ −9.80% | ▼ −8.74% | $167.50 (−6.92%) |
Aug 6, 2026 8w ago | Press Release | $183.05 $171.79 | ▼ −6.15% | ▼ −6.75% | $167.50 (−8.49%) |
Aug 3, 2026 8w ago | Press Release | $186.52 $177.81 | ▼ −4.67% | ▼ −5.91% | $167.50 (−10.20%) |
Jul 23, 2026 10w ago | Press Release | $180.15 $185.95 | ▼ −3.22% | ▲ +0.41% | $167.50 (+7.02%) |
Jun 15, 2026 15w ago | Press Release | $182.66 $172.39 | ▼ −5.62% | ▼ −4.87% | $167.50 (−8.30%) |
Jun 11, 2026 16w ago | Institutional Cluster | $179.62 $174.86 | ▼ −2.65% | ▼ −4.54% | $167.50 (−6.75%) |
Jun 4, 2026 17w ago | Press Release | $161.08 $183.62 | ▲ +13.99% | ▲ +15.37% | $167.50 (+3.99%) |
Jun 1, 2026 17w ago | 8-K | $162.44 $177.63 | ▲ +9.35% | ▲ +10.92% | $167.50 (+3.11%) |
US Market Status
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