Boston Beer Company, Inc. (The): Beat — EPS $4.37, Revenue $555.46M
Earnings BeatQ3 2026 · After-market
Did Boston Beer Company, Inc. (The) (SAM) beat earnings today?
Yes, Boston Beer Company, Inc. (The) (SAM) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+3.80% surprise
$4.37Actual
Expected: $4.21
Total Revenue+6.22% surprise
$555.46MActual
Expected: $522.93M
vs. year ago -2.8%
Released Oct 22 · 4:17 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Net revenue | $520.10M | $537.49M | -3.2% |
| GAAP Basic EPS | $4.21 | $4.25 | -0.9% |
| GAAP Diluted EPS | $4.21 | $4.25 | -0.9% |
| Non-GAAP Diluted EPS | $4.37 | - | - |
| Net income | $43.17M | $46.16M | -6.5% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | FY 2026 Outlook |
|---|---|---|
| Depletions and Shipments Percentage Change | — | Down mid-single digits (prev. Down low-single digits to mid-single digits) |
| Price Increases | — | 1%-2% (prev. 1%-2%) |
| Gross Margin (including Tariffs) | — | 49%-50% (prev. 48.5%-50%) |
| Tariff Costs | — | $18M-$22M (prev. $20M-$30M) |
| Advertising, Promotion, and Selling Expense Year Over Year Change | — | Approximately Flat (prev. $0M-$20M) |
| GAAP EPS (Income/ (Loss)) | — | ($5.76)-($4.26) (prev. ($6.23)-($4.23)) |
| Non-recurring Litigation Expenses impact per share | — | ($14.76) (prev. ($14.73)) |
| Non GAAP EPS | — | $9.00-$10.50 (prev. $8.50-$10.50) |
| Capital Spending | — | $55M-$70M (prev. $60M-$80M) |
Business Highlights
- ➤Sun Cruiser and Angry Orchard brand growth partially offset declines in other brands.
- ➤Distributor inventories averaged approximately four weeks on hand at September 26, 2026.
- ➤The company considers distributor inventory levels appropriate.
- ➤Management continues a multi-year supply chain transformation.
- ➤Supply-chain improvements implemented during 2025 produced more consistent distributor-inventory levels.
- ➤The company expects modest shipment growth in the fourth quarter.
- ➤Repurchased $79.5M of Class A common stock through October 16, 2026.
- ➤Approximately $149M remained under the Board-authorized share buyback limit.
- ➤The company intends to pursue available post-trial motions and appellate remedies in the supplier dispute.
- ➤Boston Beer operates taprooms and hospitality locations in Delaware, Massachusetts, New York and Ohio.
Management Commentary
Jim Koch, Chairman, Founder and CEO
“The demand environment remains challenging, and we are prioritizing actions within our control to strengthen our business and improve market share trends. We are encouraged by the strong performance of Sun Cruiser and remain focused on marketplace execution, while our continued emphasis on productivity and strong cash generation provide a solid foundation to invest behind our brands and drive long-term value.”
Matt Murphy, Interim CFO and Chief Accounting Officer
“We delivered strong gross margin expansion and are raising the low end of our gross margin and earnings guidance, while managing through a dynamic consumer demand and input cost environment. Our results reflect continued progress from our multi-year supply chain transformation, disciplined investment, and an ongoing focus on productivity across the organization.”