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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
The Boston Beer Company (SAM) investor relations material
The Boston Beer Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Focus remains on innovation, brand investment, and margin improvement, with leadership changes supporting operational execution.
Net revenue for Q3 2025 decreased 11.2% year-over-year to $537.5 million, driven by a 13.7% decline in shipment volume, partially offset by higher pricing and favorable product mix.
Net income for Q3 2025 rose 37.7% to $46.2 million, with EPS up to $4.25 from $2.87 in Q3 2024.
Gross margin improved to 50.8% in Q3, the highest since 2018, due to cost savings, recipe optimization, and brewery efficiencies.
Advertising and promotional expenses increased significantly, reflecting higher brand media and local marketing investments.
Financial highlights
Q3 2025 net revenue: $537.5M (down 11.2% YoY); 9M 2025 net revenue: $1.58B (down 1.9% YoY).
Q3 2025 net income: $46.2M (up 37.7% YoY); 9M 2025 net income: $131.0M (up 33.1% YoY).
Gross margin for Q3 2025: 50.8% (up from 46.3% YoY); 9M 2025: 49.7% (up from 45.5% YoY).
Operating cash flow for the first nine months: $230.2 million.
Cash and cash equivalents at quarter-end: $250.5M, with $161M in share repurchases year-to-date.
Outlook and guidance
Full-year volume expected to be down mid- to high-single digits; price increases of 1%-2% anticipated.
Gross margin guidance raised to 47%-48% due to strong performance and lower-than-expected tariffs.
Full-year EPS guidance increased to $7.80-$9.80, with tariffs expected to negatively impact EPS by $0.60-$0.80.
Advertising, promotional, and selling expenses for the year now expected to increase by $50-$60 million.
Capital expenditure guidance lowered to $50-$70 million for the year.
Clarify 2025 gross margin and EPS guidance.
Sun Cruiser and Angry Orchard growth strategy.
Detail multi-year supply chain initiatives.
How will macro trends shape 2026 strategy?
What is the path to 50%+ gross margin?
Why is Q4 now a negative EPS quarter?
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Next The Boston Beer Company earnings date
Q4 202510 Feb, 2026
Next The Boston Beer Company earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
The Boston Beer Company, Inc. produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, and hard seltzers under the Sam Adams, Twisted Tea, Angry Orchard, Truly Hard Seltzer, Dogfish Head, Angel City Brewery, Coney Island Brewing Company brands.
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