Boston Beer Co. reported fourth‑quarter 2025 revenue of $385.7 million, a 4.1% decline from the $402.3 million earned in the same period a year earlier. The figure surpassed the consensus estimate of $381.8 million, giving the company a revenue beat of $3.9 million.
The company posted a GAAP loss per share of $2.12, beating the consensus estimate of $2.33 by $0.21. Gross margin rose to 43.5%, an increase of 360 basis points from 39.9% a year earlier. The margin expansion was driven by improved brewery efficiencies, procurement savings, and a favorable product mix that included higher‑margin brands.
Segment performance was mixed: legacy brands such as Twisted Tea, Truly Hard Seltzer and Samuel Adams experienced declines, while newer brands—Sun Cruiser, Angry Orchard and Dogfish Head—showed growth. The launch of Sun Cruiser contributed to the margin expansion and helped offset volume headwinds in the legacy portfolio.
Compared with the prior quarter, Boston Beer’s Q4 2025 results reflected a sharper revenue decline but a stronger margin profile. In Q4 2024 the company reported a GAAP diluted loss per share of $3.38 and net revenue of $402.3 million, underscoring the improvement in profitability despite lower sales.
For the full year 2026, Boston Beer guided EPS of $8.50 to $11.00, a range that falls below the consensus estimate of $10.96. The guidance signals a cautious outlook, with management expecting depletions and shipments to be flat to down mid‑single‑digit in 2026, depending on consumer demand and competitive dynamics.
Management highlighted several key themes. Chairman, Founder and CEO Jim Koch emphasized operational excellence, investment in the brand portfolio, and the national launch of Sun Cruiser, which he described as both revenue‑ and margin‑accretive. Chief Financial Officer Diego Reynoso noted that margin upside has enabled increased advertising spend, a strong cash position of $223 million, and $200 million in share repurchases. He also outlined ongoing savings projects across brewery performance, procurement, and network optimization, and indicated that the company expects these initiatives to contribute more significantly in 2027.
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