The Boston Beer Company (SAM) Goldman Sachs Global Staples Forum 2026 summary

Market landscape and category trends

• Growth is shifting from traditional beer to the 'beyond beer' segment, including RTDs, which are now considered part of the addressable market due to similar distribution and consumption patterns.

• Traditional beer is no longer expected to grow, with all recent growth coming from craft, imports, and innovative segments.

• Premiumization remains a key opportunity, especially in new product formats and higher-margin offerings.

• The category saw improved trends, with a smaller year-over-year decline and some share gains, but recent months have shown renewed softness.

Brand performance and portfolio strategy

• Truly continues to decline, down 14%-16%, and efforts to stabilize it have not yet succeeded, though it remains important to wholesalers and retailers.

• Twisted Tea is the largest brand, with declines partly due to internal cannibalization from Sun Cruiser and consumer confusion over ingredients.

• Sun Cruiser is growing triple digits and is now the #4 RTD in two years, affirming innovation capabilities.

• New innovations like LYTT and Sinless Vodka Cocktails have been launched, with upside potential not yet factored into guidance.

• Shelf space is increasing for Sun Cruiser and Twisted Tea Extreme, while Truly is losing space, but total company shelf space is up.

Marketing, innovation, and investment approach

• Advertising spend is allocated based on creative effectiveness and data-driven ROI, not strictly by brand size.

• Recent advances in data integration and AI allow for more precise measurement of advertising impact on purchase behavior.

• Advertising has shifted from Truly to Twisted Tea and Sun Cruiser, where it has proven more effective.

• On-premise channel is growing low to mid-single digits, with Sun Cruiser seeing strong on-premise adoption due to convenience and labor savings.

• Innovation is prioritized over M&A, with a focus on organic growth and leveraging internal capabilities.