Boston Beer Reports Third Quarter Financial Results
Key Highlights
- ➤Q3 net revenue $520.1 million, down 3.2% year over year
- ➤Q3 non-GAAP EPS $4.37; GAAP diluted EPS $4.21
- ➤2026 non-GAAP EPS guidance raised to $9.00-$10.50
- ➤2026 gross margin guidance raised to 49%-50%; tariff costs lowered to $18-$22 million
- ➤Supplier litigation drove $194.5 million year-to-date expense and $14.51 EPS impact
- ➤Boston Beer held $308.1 million cash, no debt, and repurchased $79.5 million shares
Expert Statements
Jim Koch, Chairman, Founder and CEO of The Boston Beer Company
“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 of The Boston Beer Company
“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.”
BOSTON, Oct. 22, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the third quarter ended September 26, 2026. Key results were:
Third Quarter 2026 Summary: * Depletions decreased 5% and shipments decreased 4.9% * Net revenue of $520.1 million decreased 3.2% * Gross margin of 51.7% up 90 basis points year over year * GAAP diluted income per share of $4.21, which includes non-recurring litigation expenses of $0.16 per share * Non-GAAP diluted earnings per share of $4.37 Year-to-date 2026 Summary: * Depletions decreased 5% and shipments decreased 5.4% * Net revenue of $1.522 billion decreased 3.6% * Gross margin of 50.5% up 80 basis points year over year * GAAP diluted loss per share of $4.87, which includes non-recurring litigation expenses of $14.51 per share * Non-GAAP diluted earnings per share of $9.64 Capital Structure * Ended the third quarter with $308.1 million in cash and no debt * Repurchased $79.5 million in shares from December 28, 2025 to October 16, 2026 “The demand environment remains challenging, and we are prioritizing actions within our control to strengthen our business and improve market share trends,” said Chairman, Founder and CEO Jim Koch. “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.”
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