Boston Beer (NYSE:SAM) Releases Quarterly Earnings Results

Boston Beer (NYSE:SAM) issued its quarterly earnings results on Tuesday. The company reported ($2.12) EPS for the quarter, topping analysts’ consensus estimates of ($2.33) by $0.21, FiscalAI reports. The business had revenue of $385.68 million during the quarter, compared to the consensus estimate of $381.75 million. Boston Beer had a net margin of 4.38% and a return on equity of 12.29%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.68) earnings per share. Boston Beer updated its FY 2026 guidance to 8.500-11.000 EPS.

Here are the key takeaways from Boston Beer’s conference call:

• The company reported a major margin gain, citing 410 basis points of gross margin expansion in 2025 (48.5% reported; ~50% excluding certain items) driven by brewery efficiencies, procurement savings, and lower obsolescence.
• Management highlighted the fast national scale of Sun Cruiser (volumes grew >300% YoY), calling it revenue- and margin-accretive and a key innovation to be further scaled in 2026.
• Boston Beer expects continued industry pressure and guides 2026 depletions to be flat to down mid-single digits, while increasing brand spend by $20M–$40M and targeting FY EPS of $8.50–$11, which could weigh on near-term volume-driven performance.
• Legacy brand headwinds persist — notably Twisted Tea (declines tied to lower-income/Hispanic drinkers and competition from vodka-RTDs), prompting price, pack and local activation fixes but signaling ongoing category displacement risks.
• The business remains highly cash-generative with free cash flow of $216M in 2025, no debt, and ~$214M repurchased since Jan 2025 (about $250M left on the authorization), supporting shareholder returns and financial flexibility.

Boston Beer Trading Up 1.6%

Shares of SAM opened at $227.69 on Wednesday. Boston Beer has a 52 week low of $185.34 and a 52 week high of $260.00. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 1.63 and a beta of 1.03. The stock has a 50 day moving average of $216.59 and a 200-day moving average of $213.88.

Key Boston Beer News

Here are the key news stories impacting Boston Beer this week:

• Positive Sentiment: Q4 results beat expectations — Boston Beer reported EPS of ($2.12) versus consensus ($2.32) and revenue of $385.7M versus $381.8M, with net loss narrowing and depletions/shipments disclosed. Boston Beer Reports Fourth Quarter Financial Results
• Positive Sentiment: Profitability indicators showed improvement: gross margin expanded ~360 bps to 43.5% and the company reported a smaller net loss and a positive return on equity, which supports longer-term earnings power. Boston Beer Reports Fourth Quarter Financial Results
• Neutral Sentiment: Several outlets note the results were broadly in line with expectations — the beats were modest and some metrics mixed, so the print wasn’t a clear catalyst one way or the other. Boston Beer (NYSE:SAM) Reports Q4 CY2025 In Line With Expectations
• Negative Sentiment: Top-line weakness and volume trends: net revenue fell 4.1% year-over-year, depletions declined 6% and shipments fell 7.5%, signaling softer consumer demand that could pressure near-term growth. Boston Beer Reports Fourth Quarter Financial Results
• Negative Sentiment: FY‑2026 EPS guidance came in at a range of 8.50–11.00 versus consensus ~10.96 — the midpoint is below street expectations, which may temper sentiment despite the EPS beat. Boston Beer posts narrower-than-feared Q4 loss, revenue beat; Stock dips lower
• Negative Sentiment: Macro/operational risk flagged — management warned that shifting tariff policies could materially affect the year’s guidance, introducing execution and cost risk for investors to watch. Boston Beer Posts Lower Fourth-Quarter Revenue

Institutional Investors Weigh In On Boston Beer

Several institutional investors and hedge funds have recently bought and sold shares of SAM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Boston Beer by 154.9% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 232 shares of the company’s stock valued at $49,000 after acquiring an additional 141 shares in the last quarter. Group One Trading LLC acquired a new stake in shares of Boston Beer during the fourth quarter worth approximately $52,000. CIBC Private Wealth Group LLC grew its position in Boston Beer by 4,780.0% during the third quarter. CIBC Private Wealth Group LLC now owns 244 shares of the company’s stock valued at $52,000 after purchasing an additional 239 shares in the last quarter. US Bancorp DE increased its stake in Boston Beer by 28.2% in the 3rd quarter. US Bancorp DE now owns 386 shares of the company’s stock valued at $82,000 after buying an additional 85 shares during the period. Finally, Quarry LP lifted its position in Boston Beer by 447.9% in the 3rd quarter. Quarry LP now owns 515 shares of the company’s stock worth $109,000 after buying an additional 421 shares in the last quarter. Institutional investors and hedge funds own 81.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SAM shares. Weiss Ratings upgraded Boston Beer from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, February 6th. Piper Sandler lowered their price target on Boston Beer from $230.00 to $220.00 and set a “neutral” rating for the company in a report on Friday, November 21st. UBS Group reiterated a “neutral” rating on shares of Boston Beer in a research note on Monday. Citigroup decreased their price target on Boston Beer from $250.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $245.00 target price on shares of Boston Beer in a research report on Friday. One equities research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Boston Beer presently has a consensus rating of “Hold” and a consensus price target of $244.19.

About Boston Beer

The Boston Beer Company, Inc (NYSE: SAM) is a leading craft brewer headquartered in Boston, Massachusetts. Since its founding in 1984 by Jim Koch, the company has focused on producing high-quality, distinctive beers and beverages for retail, on-premise, and distribution partners across the United States. Its operations include brewing, packaging, marketing and distribution, supported by a network of wholly owned brewing facilities and strategic partnerships with regional breweries.

Boston Beer’s flagship brand, Samuel Adams Boston Lager, helped establish the modern U.S.