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The Boston Beer Company
The Boston Beer Company (SAM) investor relations material
The Boston Beer Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Operational discipline enabled delivery on financial commitments despite a challenging industry volume environment, with 2025 depletions down 4% and shipments down 4.7%, matching the overall beer industry decline.
Successful national launch of Sun Cruiser, which is both revenue and margin accretive, and strong progress in margin enhancement initiatives.
Free cash flow reached $216 million in 2025, supporting $200 million in share repurchases.
Net income for 2025 was $108.5 million, up $48.8 million year-over-year, largely due to prior year impairment and contract settlement charges.
Continued focus on brand investment, innovation, and productivity to drive future growth, especially in the beyond beer category, which now represents 85% of total company volume.
Financial highlights
2025 revenue declined 2.4% year-over-year to $1.965 billion, driven by a 4.7% decrease in shipments, partially offset by 2.3 percentage points of positive price and mix.
Gross margin expanded by 410 basis points to 48.5% for the year, or 50% excluding certain costs, the highest since 2019.
EPS of $9.89, up 4.7% year-over-year, excluding prior year impairment and one-time charges.
Operating cash flow was $270.2 million, with year-end cash of $223.4 million and no debt.
Q4 revenue decreased 4.1% year-over-year to $385.7 million, with gross margin up 360 basis points to 43.5%.
Outlook and guidance
2026 depletions and shipments expected to be flat to down mid-single digits, reflecting ongoing macroeconomic headwinds.
Price increases of 1%-2% anticipated, with full-year gross margins projected between 48%-50%.
EPS guidance for 2026 is $8.50 to $11 per diluted share; effective tax rate estimated at 29%-30%.
Capital expenditures for 2026 expected to be $70-$90 million, focused on brewery capabilities and efficiency.
Advertising, promotional, and selling expenses to increase by $20-$40 million in 2026; tariff costs expected between $20–$30 million.
Innovation pipeline for 2026 growth?
Mitigation plan for rising 2026 tariff costs?
Capital allocation strategy: buybacks vs. brand investment?
Twisted Tea pricing and display strategy impact
Long-term gross margin sustainability drivers
Pipeline innovation potential beyond Sinless
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Next The Boston Beer Company earnings date
Q1 202623 Apr, 2026
The Boston Beer Company
Next The Boston Beer Company earnings date
Q1 202623 Apr, 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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