Boston Beer Co. Inc. (SAM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.9B

Revenue growth

-3.7%

Net income, last twelve months

-$73.1M

Earnings per share

-$6.83

Gross margin

49.1%

Operating margin

-5.1%

Net margin

-3.8%

Free cash flow

$185.1M

Return on equity

-9.9%

Market value

$2.0B

Cash

$308.1M

Debt

$0

Debt to equity

0.00

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 22 October 2026.

• Shipments and depletions both fell. Shipments fell 4.9% to about 1.8 million barrels and depletions fell 5% in the quarter. Net revenue was $520.1 million, down 3.2%, as volume declines were only partly offset by mix and pricing.
• Gross margin rose 90 basis points. Gross margin was 51.7% against 50.8% a year earlier, helped by product mix, price increases, procurement savings and brewery efficiencies, partly offset by commodity and tariff costs.
• Litigation cost reduced quarterly EPS. GAAP diluted EPS was $4.21 and non-GAAP diluted EPS was $4.37. The supplier dispute reduced third-quarter EPS by $0.16 after tax.
• Sun Cruiser and Angry Orchard grew. Growth in Sun Cruiser and Angry Orchard partly offset declines in Twisted Tea, Truly and Samuel Adams during the third quarter.
• Management points to Sun Cruiser. The chairman and CEO said the company is encouraged by Sun Cruiser performance and remains focused on marketplace execution.
• Year-to-date shipments down 5.4%. Year-to-date shipments were about 5.4 million barrels, down 5.4%, with declines in the same brands partly offset by Sun Cruiser and Angry Orchard growth.
• Freight costs offset advertising cuts. Advertising, promotional and selling expense was flat year over year: $9.5 million of higher freight costs offset a $9.0 million reduction in advertising spend.
• G&A fell on lower salaries. General and administrative expense fell $2.1 million to $42.9 million, mainly on lower salary and benefit costs. It included $0.4 million of supplier dispute legal fees.
• Brewery equipment write-offs rose. Impairment of brewery assets was $2.9 million, up $1.5 million from the prior-year quarter, from equipment write-offs at company-owned breweries.
• Shortfall fees cut margin 31 basis points. Shortfall fees and pre-payment expense of $1.6 million reduced third-quarter gross margin by about 31 basis points on an absolute basis.
• Tariff cost projection lowered. The revised 2026 tariff cost projection is $18 to $22 million, net of a $3 million refund received in the third quarter.
• Fourth quarter margin gain largest. At the guidance midpoint, the company expects the largest margin improvement in the fourth quarter, because shortfall fees are expected to be lower in 2026 than in 2025.
• Distributor stock about four weeks. Distributor inventory averaged about four weeks on hand at September 26, 2026, versus four and a half weeks at end-September 2025. The company believes levels are appropriate.
• Shipment phasing follows 2025 changes. Supply chain changes made in 2025 affect prior-year shipment flows and the 2026 timing of shipments, which continues to shape quarterly shipment phasing.

Company events

The newest 8-K filings of 302 held.

Every filing

The newest filings with the SEC of 551 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

412 funds held it at 30 Jun 2026: 149 added and 113 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Anheuser-Busch InBev SA/NV (BUD): revenue $59.3B, market value $163.6B
• Molson Coors Beverage Co. (TAP): revenue $12.9B, market value $7.4B

What the company does

The Boston Beer Company sells alcohol beverages throughout the United States and in selected international markets, including Canada and Mexico. It was founded in 1984 as a craft brewery. It now also makes flavored malt beverages, hard seltzer, hard cider, spirits based ready to drink beverages (which it calls "spirits RTDs") and distilled spirits. Its primary brands are Twisted Tea, Truly Hard Seltzer, Samuel Adams, Angry Orchard, Sun Cruiser and Dogfish Head, all available nationally. In 2025 it shipped 7,140,000 barrels, and approximately 86% of its volume was in Beyond beer, with the rest in Traditional beer.

Where it sits in the beer market

The company competes mainly in the combined Beyond beer and Traditional beer market, which it calls the "US Beer Market". Beyond beer covers flavored malt beverages, hard seltzer, hard cider, spirits RTDs and other emerging beverages. Traditional beer covers mass domestics, imports, domestic specialties and craft beer. Beyond beer is 23% of the US Beer Market. The company is the second largest supplier in Beyond beer, with a 20% market share.

What it sells

- Twisted Tea: a flavored malt beverage introduced in 2001, with over ten styles. The filing says it has been the largest selling flavored malt beverage brand in the United States since 2022. - Truly Hard Seltzer: introduced in 2016, with over thirty styles, mostly in sleek cans. - Samuel Adams: the brand began in 1984 with Samuel Adams Boston Lager. It has over twenty styles, including a seasonal program and two non-alcoholic beers. - Dogfish Head: the brand began in 1995, with over twenty-five beer styles, over 15 styles of distilled spirits sold in limited markets, and over 7 styles of spirits RTDs. - Angry Orchard: a hard cider launched in 2011, with over ten styles. The filing says it has been the largest selling hard cider in the United States since 2013. - Sun Cruiser: a vodka spirits RTD brand launched in 2024, with seven styles of vodka iced tea and lemonade.

The company also sells Hard Mountain Dew under a licensing agreement with PepsiCo, which represented approximately 2% of net revenue in 2024 and 2025. In Canada it sells non-alcoholic cannabis beverages under the TeaPot brand and a newer brand named Emerald Hour. In 2025, approximately 82% of its total volume was packaged in cans.

Who it sells to

As the legal and regulatory environment dictates, most of its sales go to a network of over 300 wholesalers in the United States and to foreign wholesalers, importers or other agencies, which the filing calls Distributors. Distributors sell to retailers such as grocery stores, club stores, convenience stores, liquor stores, bars, restaurants and stadiums. Sleek cans, standard cans and bottles go mainly to off-premise retailers, and kegs go mainly to on-premise retailers. In 2025 the largest single Distributor accounted for approximately 3% of gross sales, and the top three together for approximately 7%.

The company keeps Distributor inventories at between three and five weeks of sales on hand. Its sales force numbers over 550 people. It also runs media campaigns and sponsorships, including the United States Soccer Federation, the Boston Red Sox and the Boston Marathon.

Where it makes its beverages

Four primary company-owned breweries handle production and research: the Boston Brewery, the Cincinnati Brewery, the Milton Brewery in Delaware and the Pennsylvania Brewery, which is the largest. The company also runs smaller local breweries and tap rooms, an orchard and cidery in Walden, New York, a restaurant and a boutique inn in Delaware. The company has announced it will close its Angel City Brewery in Los Angeles effective 30 April 2026.

In 2025 the company produced approximately 86% of its domestic volume at its own breweries. Subsidiaries of City Brewing Company, LLC supplied approximately 14%, under production services agreements that carry minimum volume commitments and shortfall fees. The company says it expects third-party production to be less than 10% of domestic production in 2026. International supply comes mainly from third-party production and packaging agreements and production under license.

Its main inputs are cans, flavorings, cardboard, glass, malt, hops, yeast and apples. Most flavorings are single sourced. Most malt came from four suppliers in 2025, and the company has purchase commitments with seven primary hop dealers.

How it competes

The company names AB InBev and Molson Coors as the two largest brewers in the United States. It also names imports such as Modelo Especial and Corona, and non-alcoholic beverage companies that have entered alcohol categories. It estimates there are approximately 10,000 breweries in operation. Rivals named by category include White Claw in hard seltzer, High Noon in spirits RTDs and Mike's Hard Lemonade in flavored malt beverages. At retail it competes for shelf, cold box and tap space, and for e-commerce placement. It lists product quality and taste, advertising, promotions, pricing, packaging and new products as the main factors of competition.

The company says its advantages over imports include lower transportation costs, a lack of import charges and fresher product. It has registrations for over 400 trademarks. The industry is regulated by federal, state and local governments, including the Alcohol and Tobacco Tax and Trade Bureau (the "TTB").

Its people

As of 27 December 2025 the company had 2,736 coworkers, of whom 168 were represented by unions or similar organizations. Its Executive Leadership Team is the CEO and eight leaders. A quality assurance team and brewmasters monitor production, and each company-owned brewery has an on-site quality control lab. Most products carry a freshness date, and the company says it was the first American brewer to use this practice.

*From Boston Beer's annual report on Form 10-K for the year ended 27 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/949870/000119312526067467/sam-20251227.htm)*

From the company's 10-K.