The top-line miss and guidance downgrade on shipments outweigh the EPS beat from cost actions and buybacks. Monitor Q4 depletions trends and the supplier dispute appeals outcome, as the $194.5M liability could pressure cash if upheld.
Price Chart
Executive Summary
Boston Beer reported Q3 2026 non-GAAP EPS of $4.37, beating consensus of $4.21 by 3.8%, but net revenue of $520.1M missed the $522.9M estimate and declined 3.2% YoY. Depletions fell 5% and the company lowered its full-year shipment guidance from 'down low-single digits to mid-single digits' to 'down mid-single digits,' signaling ongoing demand weakness. The beat was driven by cost controls and share buybacks, not organic top-line improvement.
Key Financial Metrics
Key Facts
- Q3 2026 non-GAAP EPS $4.37 vs consensus $4.21 (3.8% beat)
- Q3 2026 net revenue $520.1M vs consensus $522.9M (miss) and down 3.2% YoY
- Depletions decreased 5% in Q3 and year-to-date
- Full-year 2026 shipment guidance lowered to 'down mid-single digits' from 'down low-single digits to mid-single digits'
- Full-year non-GAAP EPS guidance raised to $9.00-$10.50 from $8.50-$10.50, driven by cost savings and buybacks
- Gross margin improved 90 bps YoY to 51.7% in Q3
- Repurchased $79.5M in shares year-to-date through Oct 16, 2026
- Carries $308.1M cash and no debt; $149M remaining on buyback authorization
- Supplier dispute litigation liability of $194.5M recorded year-to-date
Financial Impact
Q3 revenue miss of ~$2.8M vs consensus; full-year shipment guidance lowered; non-GAAP EPS guidance raised $0.50 at midpoint
Risk Factors
- Ongoing demand weakness with depletions down 5% for three consecutive quarters
- Supplier dispute litigation with $194.5M accrued liability and ongoing post-judgment interest
- Elevated freight and commodity costs pressuring margins despite productivity gains
- Heavy reliance on buybacks to support EPS rather than organic growth
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3386919 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $202.28 $201.48 | ▼ −0.40% | ▼ −1.11% | $201.48 (−0.40%) |
Oct 22, 2026 4d ago | Press Release | $202.28 $201.48 | ▲ +0.40% | ▲ +1.11% | $201.48 (+0.40%) |
Oct 19, 2026 7d ago | Press Release | $181.82 $184.20 | ▲ +1.31% | ▲ +0.97% | $201.48 (+10.81%) |
Oct 13, 2026 13d ago | 3 | $177.23 $178.14 | ▲ +0.51% | ▲ +1.59% | $201.48 (+13.68%) |
Sep 28, 2026 28d ago | Press Release | $165.36 $162.49 | ▼ −1.74% | ▼ −1.55% | $201.48 (+21.84%) |
Sep 17, 2026 5w ago | Press Release | $172.00 $171.57 | ▼ −0.25% | ▼ −0.38% | $201.48 (+17.14%) |
Aug 27, 2026 8w ago | Press Release | $182.94 $183.13 | ▲ +0.10% | ▲ +0.33% | $201.48 (+10.13%) |
Aug 20, 2026 9w ago | 8-K | $185.95 $189.44 | ▲ +1.88% | ▲ +2.17% | $201.48 (+8.35%) |
Aug 11, 2026 10w ago | Press Release | $179.96 $183.78 | ▲ +2.12% | ▲ +1.87% | $201.48 (+11.96%) |
Aug 6, 2026 11w ago | Press Release | $183.05 $186.61 | ▲ +1.94% | ▲ +1.33% | $201.48 (+10.07%) |
US Market Status
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