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Boston Beer Company Inc
F:BBEA

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Boston Beer Company Inc
F:BBEA
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Price: 146.2 EUR 0.14% Market Closed
Market Cap: €1.7B

Boston Beer Company Inc
Investor Relations

Boston Beer Company makes and sells alcoholic beverages, best known for Samuel Adams beer, Twisted Tea, Dogfish Head, and Angry Orchard cider. It also sells hard seltzers and other ready-to-drink beverages. The company earns money mainly by selling finished drinks to beer wholesalers, distributors, bars, restaurants, and retailers, who then sell them to consumers. Its business is different from a large brewery that focuses on one core beer. Boston Beer builds and manages a portfolio of brands that cover different tastes and occasions, from craft beer to flavored malt beverages, cider, and tea-based drinks. That gives it a broader reach in adult beverage aisles and on tap handles than a single-brand brewer. For beginner investors, the key idea is that Boston Beer sits in the middle of the beverage supply chain: it creates branded drinks, markets them to trade partners, and relies on distribution and consumer demand to move product. Its success depends on brand strength, shelf space, tap placements, and keeping its labels relevant as drinking preferences shift.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Jul 23, 2026
AI Summary
Q2 2026

Top line: Boston Beer said second quarter depletions fell 6% and shipments fell 4.5%, with weakness in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head only partly offset by Sun Cruiser and Angry Orchard.

Margins: Gross margin improved to 50.4%, up 60 basis points year over year, helped by brewery efficiencies, mix, procurement savings and pricing, even as aluminum, energy, tariffs and freight remained headwinds.

Outlook: Management kept full-year volume guidance at down low single digits to down mid-single digits, raised the low end of gross margin guidance to 48.5% to 50%, and maintained non-GAAP EPS guidance of $8.50 to $10.50.

Advertising: The company cut planned incremental advertising by $20 million after pulling back on lower-performing media, mainly in Truly, while saying brand support remains well above historical levels.

Brand mix: Sun Cruiser remained a major bright spot with triple-digit depletion growth, while Twisted Tea and Truly continued to face share pressure; Angry Orchard kept growing for a fifth straight quarter.

Industry view: Management described a still-pressured beer market, with some improvement versus 2025 but continued consumer pressure from inflation, higher gas prices and weaker discretionary income.

Key Financials
Depletions
down 6%
Shipments
down 4.5%
First-half shipments
down 5.6%
Distributor inventories
4.5 weeks on hand
Revenue
down 3.3%
Gross margin
50.4%
Advertising, promotional and selling expenses
up $26.2 million
General and administrative expenses
up $3.1 million
Freight cost increase
$8.6 million
Legal fees
$1.4 million
Supplier dispute litigation expense adjustment
$19.3 million
Year-to-date pretax litigation expenses plus related fees
$198.1 million
Second quarter EPS impact from litigation
$1.31 favorable impact
Year-to-date EPS impact from litigation
$14.27 unfavorable impact
Non-GAAP EPS
$3.65
Internal production
84%
Cash balance
$266 million
Credit line availability
$150 million
Capital expenditures
$60 million to $80 million
Share repurchases
$48.5 million and $5.6 million
Remaining share repurchase authorization
about $174 million
Tariff cost estimate
$20 million to $30 million
Tax rate
29% to 30%
Earnings Call Recording
Other Earnings Calls

Management

Mr. C. James Koch
Founder & Chairman of the Board
No Bio Available
Mr. Michael Spillane
President, CEO & Director
No Bio Available
Mr. Samuel A. Calagione III
Founder, Brewer of Dogfish Head & Director
No Bio Available
Mr. Diego Reynoso
CFO & Treasurer
No Bio Available
Mr. Matthew Donal Murphy
Chief Accounting Officer & VP of Finance
No Bio Available
Ms. Lesya Lysyj
Chief Marketing Officer
No Bio Available
Mr. David A. Burwick
Advisor
No Bio Available
Mr. Philip A. Hodges
Chief Supply Chain Officer
No Bio Available
Ms. Tara L. Heath
Chief Legal Officer & General Counsel
No Bio Available
Mr. Michael R. Crowley
Chief Sales Officer
No Bio Available

Contacts

Address
MASSACHUSETTS
Boston
One Design Center Place, Suite 850 C/O The Boston Beer Company
Contacts