Boston Beer Company, Inc. Class A Common Stock (SAM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.83	$3.65	-24.4%	—	—	—
Q4 26	$1.97	$1.64	-16.8%	—	—	—
Q3 26	-$2.51	-$2.12	+15.5%	—	—	—
Q2 26	$3.34	$4.25	+27.2%	—	—	—
Q1 26	$3.96	$5.45	+37.6%	—	—	—
Q4 25	$0.69	$2.16	+213.0%	—	—	—
Q3 25	-$1.33	-$1.68	-26.3%	—	—	—
Q2 25	$4.95	$5.36	+8.3%	—	—	—
Q1 25	$5.02	$4.61	-8.2%	—	—	—
Q4 24	-$0.08	$1.06	+1425.0%	—	—	—
Q3 24	-$0.28	-$1.49	-432.1%	—	—	—
Q2 24	$4.08	$3.7	-9.3%	—	—	—
Q1 24	$3.43	$4.72	+37.6%	—	—	—
Q4 23	-$0.31	-$0.73	-135.5%	—	—	—
Q3 23	$0.7	-$0.93	-232.9%	—	—	—
Q2 23	$3.07	$2.21	-28.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.9	—	—	$2B	—
FY24	—	$5.07	—	—	$2B	—
FY23	—	$6.23	—	—	$2B	—
FY22	—	$5.46	—	—	$2.1B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$906.4M	$863M	$995.6M	$1.2B	$1.7B	$2.1B	$2.1B	$2B	$2B	$2B
YoY change	-5.57%	-4.79%	+15.4%	+25.5%	+38.9%	+18.5%	+1.59%	-3.91%	+0.21%	-2.38%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	906.4M	863M	995.6M	1.2B	1.7B	2.1B	2.1B	2B	2B	2B
Cost of revenue	446.8M	413.1M	483.4M	635.7M	922M	1.3B	1.2B	1.2B	1.1B	1B
Gross profit	459.7M	449.9M	512.2M	614.2M	814.5M	797.8M	862M	852.4M	893.7M	952.6M
Gross margin	50.7%	52.1%	51.4%	49.1%	46.9%	38.8%	41.2%	42.4%	44.4%	48.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	322.2M	331.8M	395.7M	468.3M	565.8M	740.6M	735.9M	730.5M	741.9M	800.7M
Operating expenses	322.2M	331.8M	395.7M	468.3M	565.8M	740.6M	735.9M	730.5M	741.9M	800.7M
Operating income	137.4M	118.1M	116.5M	145.8M	248.7M	57.2M	126.1M	121.8M	151.8M	151.8M
Operating margin	15.2%	13.7%	11.7%	11.7%	14.3%	2.78%	6.03%	6.06%	7.54%	7.73%
Non-operating income, net	-471K	-2.5M	-1.5M	-2.1M	-4.2M	-50.2M	-37.2M	-23.2M	-77.4M	-8.3M
Pretax income	137.1M	116.1M	116.3M	144.4M	244.2M	6.9M	91.4M	109.6M	87.6M	153.5M
Income tax	49.8M	17.1M	23.6M	34.3M	52.3M	-7.6M	24.2M	33.3M	27.9M	45M
Net income	87.3M	99M	92.7M	110M	192M	14.6M	67.3M	76.3M	59.7M	108.5M
Net margin	9.64%	11.5%	9.31%	8.8%	11.1%	0.71%	3.22%	3.8%	2.97%	5.52%
EBITDA	186.7M	171.8M	169.2M	203M	318.8M	178.4M	242.7M	231.8M	321.6M	249.2M
EPS	6.93	8.18	7.9	9.26	15.7	1.19	5.46	6.23	5.07	9.9
Diluted EPS	6.79	8.09	7.82	9.16	15.5	1.17	5.44	6.21	5.06	9.89

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	601.6M	393.7M	426.1M	579.1M	605.5M	402.3M	453.9M	587.9M	537.5M	385.7M	433.9M	568.3M
Cost of revenue	327M	245.8M	239.7M	312.6M	325.2M	241.6M	234.6M	295.4M	264.4M	218M	220M	282M
Gross profit	274.6M	147.9M	186.3M	266.5M	280.2M	160.7M	219.3M	292.5M	273.1M	167.7M	214M	286.4M
Gross margin	45.7%	37.6%	43.7%	46%	46.3%	39.9%	48.3%	49.8%	50.8%	43.5%	49.3%	50.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	194.8M	172.3M	170.7M	192.2M	191.8M	187.2M	185.5M	205.5M	209.7M	200.1M	192.4M	234.8M
Operating expenses	194.8M	172.3M	170.7M	192.2M	191.8M	187.2M	185.5M	205.5M	209.7M	200.1M	192.4M	234.8M
Operating income	79.8M	-24.4M	15.7M	74.2M	88.4M	-26.5M	33.8M	87.1M	63.5M	-32.5M	21.6M	51.6M
Operating margin	13.3%	-6.21%	3.68%	12.8%	14.6%	-6.6%	7.44%	14.8%	11.8%	-8.42%	4.97%	9.08%
Non-operating income, net	-19.2M	-1.8M	-373K	-3.8M	-42.9M	-30.3M	-264K	-5.3M	-2M	-747K	-212.4M	18.7M
Pretax income	64.1M	-22.2M	18.8M	73.3M	49.1M	-53.6M	35.8M	84.1M	64.2M	-30.6M	-188.9M	72.3M
Income tax	18.8M	-4.1M	6.2M	21M	15.6M	-14.9M	11.4M	23.6M	18M	-8.1M	-43.7M	20.8M
Net income	45.3M	-18.1M	12.6M	52.3M	33.5M	-38.8M	24.4M	60.4M	46.2M	-22.5M	-145.3M	51.6M
Net margin	7.53%	-4.6%	2.96%	9.04%	5.54%	-9.63%	5.38%	10.3%	8.59%	-5.84%	-33.5%	9.07%
EBITDA	121.2M	-1.4M	39.4M	101.2M	155M	26M	56.6M	114.4M	87.4M	-9.2M	255.2M	53.4M
EPS	3.7	—	1.05	4.4	2.87	-3.38	2.16	5.45	4.25	-2.12	-13.9	4.96
Diluted EPS	3.7	—	1.04	4.39	2.86	-3.38	2.16	5.45	4.25	-2.12	-13.9	4.96

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.1B	2.3B	2.8B	4.5B	12.1B	6.2B	4.1B	4.2B	3.5B	2.1B	1.7B
Enterprise value	2B	2.2B	2.7B	4.5B	12B	6.2B	3.9B	4B	3.4B	2B	1.4B
Shares outstanding	12.5M	12M	11.6M	11.8M	12.1M	12.3M	12.3M	12.2M	11.8M	11M	11M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	24.4	23.2	30.2	40.5	62.8	426.2	60.3	55.5	59.2	19.7	23.9
P/S	2.35	2.67	2.81	3.56	6.95	3.01	1.94	2.11	1.75	1.09	0.88
P/B	4.77	5.43	6.08	6.05	12.6	6.31	3.8	3.93	3.86	2.53	2.3
EV/EBITDA	10.9	13	15.9	22	37.5	35	16.2	17.2	10.4	7.84	7.18
EV/Sales	2.25	2.59	2.7	3.58	6.89	3.03	1.88	1.98	1.67	0.99	0.74
Earnings yield	4.1%	4.31%	3.31%	2.47%	1.59%	0.23%	1.66%	1.8%	1.69%	5.07%	4.18%
FCF yield	4.9%	4.48%	3.86%	1.91%	0.94%	-1.48%	2.69%	4.75%	4.89%	10.1%	21.6%
PEG	—	—	—	—	—	—	—	—	—	—	-2.66

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	50.7%	52.1%	51.4%	49.1%	46.9%	38.8%	41.2%	42.4%	44.4%	48.5%	50.4%
Operating margin	15.2%	13.7%	11.7%	11.7%	14.3%	2.78%	6.03%	6.06%	7.54%	7.73%	9.33%
Net margin	9.64%	11.5%	9.31%	8.8%	11.1%	0.71%	3.22%	3.8%	2.97%	5.52%	-3.64%
ROE	19.6%	23.4%	20.1%	15%	20.1%	1.48%	6.29%	7.07%	6.52%	12.8%	-8.61%
ROA	14.2%	17.4%	14.5%	10.4%	13.9%	1.05%	4.73%	5.33%	4.78%	9.09%	5.43%
ROIC	24.6%	28.1%	26.4%	14.7%	22.7%	5.62%	9.84%	10.3%	14%	16.2%	21.7%
Return on tangible assets	14.4%	17.6%	14.7%	17.7%	20.3%	1.52%	6.45%	7.02%	6.02%	11.6%	-6.99%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.91	1.65	1.92	1.21	1.59	1.35	2.07	2.25	1.8	1.65	1.04
Quick ratio	1.39	1.16	1.34	0.62	1.09	0.77	1.35	1.74	1.3	1.29	0.81
Debt / equity	0	—	0	0.08	0.07	0.06	0.05	0.04	0.04	0.04	0.04
Debt / assets	0	—	0	0.06	0.05	0.04	0.04	0.03	0.03	0.03	0.03
Net debt / EBITDA	-0.48	—	-0.64	0.11	-0.3	0.19	-0.52	-1.09	-0.55	-0.74	-0.6
Effective tax rate	36.3%	14.7%	20.3%	23.8%	21.4%	0%	26.4%	30.4%	31.9%	29.3%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	72.3	71.7	85.7	106.1	143.2	167.6	169.7	164.1	171	179.3	182.5
EPS (basic)	6.93	8.18	7.9	9.26	15.7	1.19	5.46	6.23	5.07	9.9	9.9
EPS (diluted)	6.79	8.09	7.82	9.16	15.5	1.17	5.44	6.21	5.06	9.89	-6.68
Book value per share	35.6	35.2	39.6	62.4	78.9	80.1	86.8	88	77.8	77.2	70.9
FCF per share	8.32	8.56	9.29	7.22	9.35	-7.46	8.88	16.4	14.7	19.7	19.8
Cash per share	7.26	5.45	9.33	3.11	13.5	2.19	14.7	24.4	18	20.4	26.3
Capex per share	3.67	2.74	4.77	7.9	11.5	12	7.19	5.09	6.48	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.08%	3.82%	5.57%	7.45%	8.03%	7.13%	4.23%	3.11%	3.79%	—	—
Capex / operating cash flow	32.9%	24.7%	36%	58.1%	56.8%	215.1%	57.1%	33.2%	44.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$601.6M	$393.7M	$426.1M	$579.1M	$605.5M	$402.3M	$453.9M	$587.9M	$537.5M	$385.7M	$433.9M	$568.3M
YoY change	+0.86%	-12%	+3.92%	-4.01%	+0.64%	+2.18%	+6.53%	+1.53%	-11.2%	-4.13%	-4.39%	-3.34%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	91M	65.6M	108.4M	36.7M	163.3M	26.9M	180.6M	298.5M	211.8M	223.4M
Receivables	36.7M	33.7M	34.1M	54.4M	78.4M	55M	56.7M	67M	61.4M	57.1M
Inventory	52.5M	50.7M	70.2M	106M	130.9M	149.1M	148.4M	115.8M	117.2M	92.5M
Total current assets	193.9M	168.3M	231.6M	218.6M	413.2M	345.3M	423.3M	503.5M	417.3M	417.6M
Property, plant & equipment	295.9M	271.4M	274M	464.5M	507.2M	510M	474.1M	430.7M	387.3M	331.9M
Goodwill & intangibles	7.4M	7.4M	11.6M	433.6M	432.9M	432.4M	377.7M	344.3M	257.9M	254.6M
Total assets	615.9M	569.6M	639.9M	1.1B	1.4B	1.4B	1.4B	1.4B	1.3B	1.2B
Accounts payable	40.6M	38.1M	47.1M	76.4M	121.6M	85.9M	84.2M	87.2M	87.3M	95M
Short-term debt	60K	—	—	5.2M	8.2M	7.6M	8.9M	9.1M	5.7M	12.8M
Total current liabilities	101.5M	101.8M	120.5M	180.6M	259.4M	255.1M	204.3M	223.3M	231.6M	252.5M
Long-term debt	411K	—	0	53.9M	59.2M	53.8M	45.3M	36.2M	30.2M	25.1M
Total liabilities	169.4M	146.1M	179.5M	318.4M	421.9M	403.4M	352.2M	352.1M	333.8M	347.3M
Shareholders' equity	446.6M	423.5M	460.3M	735.6M	957M	983.4M	1.1B	1.1B	916.2M	846.3M
Total debt	471K	—	0	59.1M	67.4M	61.5M	54.1M	45.3M	35.9M	37.9M
Net debt	-90.6M	—	-108.4M	22.4M	-95.9M	34.6M	-126.4M	-253.2M	-175.9M	-185.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	310.8M	298.5M	205.4M	219.3M	255.6M	211.8M	152.5M	212.4M	250.5M	223.4M	164.1M	265.5M
Receivables	88M	67M	73M	125.5M	94.1M	61.4M	87.7M	92.8M	84.3M	57.1M	86.9M	100.5M
Inventory	148.4M	115.8M	146.8M	152.3M	160.3M	117.2M	145.3M	134.4M	101.7M	92.5M	119M	118.1M
Total current assets	579.4M	503.5M	452.9M	526.2M	535.7M	417.3M	414.3M	466.5M	461.8M	417.6M	417.3M	515.8M
Property, plant & equipment	684.8M	430.7M	668.8M	658.6M	648.8M	387.3M	642.6M	627.3M	612.5M	331.9M	591.2M	579.6M
Goodwill & intangibles	344.5M	344.3M	344.2M	344.1M	258.8M	257.9M	257.1M	256.3M	255.4M	254.6M	253.7M	252.9M
Total assets	1.5B	1.4B	1.4B	1.4B	1.4B	1.3B	1.2B	1.3B	1.2B	1.2B	1.2B	1.3B
Accounts payable	114.7M	87.2M	98.1M	115M	102.9M	87.3M	110.1M	112.7M	102.2M	95M	100.2M	125M
Short-term debt	9M	9.1M	8.4M	7.5M	6.6M	5.7M	12.1M	12.3M	12.6M	12.8M	11.5M	9.7M
Total current liabilities	264.8M	223.3M	211.4M	269.9M	263.6M	231.6M	241.2M	264.9M	252.6M	252.5M	448.6M	493.6M
Long-term debt	38.5M	36.2M	34.3M	33M	31.6M	30.2M	34.7M	31.5M	28.3M	25.1M	23.2M	21.9M
Total liabilities	396.1M	352.1M	337.5M	394.9M	367.8M	333.8M	343.2M	355.9M	335.6M	347.3M	488.5M	540.5M
Shareholders' equity	1.1B	1.1B	1B	1B	1B	916.2M	897M	912.3M	911M	846.3M	682.6M	714.6M
Total debt	47.5M	45.3M	42.6M	40.5M	38.2M	35.9M	46.9M	43.9M	40.9M	37.9M	34.7M	31.6M
Net debt	-263.3M	-253.2M	-162.8M	-178.8M	-217.4M	-175.9M	-105.6M	-168.6M	-209.6M	-185.5M	-129.4M	-234M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	87.3M	99M	92.7M	110M	192M	14.6M	67.3M	76.3M	59.7M	108.5M
Depreciation & amortization	49.6M	51.3M	52M	56.3M	65.7M	72.1M	81.4M	88.1M	94M	90.4M
Stock-based compensation	6.1M	6.3M	10M	12.3M	15.3M	18.6M	14M	17M	19M	21.8M
Change in working capital	-11.4M	-593K	-15.1M	-29.9M	-52.3M	-39.4M	-24.7M	9.3M	12.1M	42.5M
Operating cash flow	139.9M	133.6M	153.9M	160.3M	245.6M	68.2M	155.1M	187.7M	172.4M	270.2M
Capital expenditure	-46.1M	-33M	-55.4M	-93.1M	-139.5M	-146.8M	-88.5M	-62.4M	-76.3M	—
Investing cash flow	-46M	-32.9M	-55.3M	-258.8M	-139.1M	-146.6M	-88.5M	-62.4M	-96.3M	—
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-164.7M	-144.6M	-88.3M	0	0	0	0	-92.9M	-238.6M	-202.4M
Financing cash flow	-151.5M	-143.9M	-87.5M	795K	-3M	-17.1M	-35.1M	-96.6M	-242.9M	-206.6M
Net change in cash	-57.6M	-43.2M	11.1M	-97.7M	103.6M	-95.5M	31.4M	28.8M	-166.8M	63.6M
Free cash flow	104.3M	103M	107.9M	85M	113.4M	-91.6M	109.4M	201.1M	172.6M	215.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	45.3M	-18.1M	12.6M	52.3M	33.5M	-38.8M	24.4M	60.4M	46.2M	-22.5M	-145.3M	51.6M
Depreciation & amortization	23M	21.5M	23.4M	23.6M	23.9M	23.1M	22.8M	22.4M	22.5M	22.7M	21.6M	21M
Stock-based compensation	4M	4.7M	7.1M	3.9M	3.7M	4.3M	5.9M	5.1M	3.5M	7.3M	6.4M	5.1M
Change in working capital	29.1M	21.4M	-26.6M	-36.6M	10.7M	63.4M	-18.4M	4.5M	22.5M	26.8M	-39.9M	21.1M
Operating cash flow	94.3M	31M	18.5M	45.3M	54.5M	52.8M	21M	87M	101.8M	39.9M	-20.4M	138M
Capital expenditure	-12.5M	-15.3M	-15.7M	-20.4M	-16.7M	-23.5M	-9.9M	-14.2M	—	—	—	—
Investing cash flow	-12.5M	-15.3M	-35.7M	-20.4M	-16.7M	-23.5M	-9.9M	-14.2M	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-16.6M	-30.4M	-50M	-63M	-63M	-62.7M	-49.4M	-52.2M	-50.8M	-50M	-23.3M	-26.6M
Financing cash flow	-17M	-30.8M	-52.9M	-63.5M	-63.4M	-63.1M	-51.9M	-52.7M	-51.6M	-50.4M	-26.9M	-26.9M
Net change in cash	64.9M	-15.1M	-70.2M	-38.6M	-25.6M	-33.8M	-40.7M	20.1M	50.2M	-10.5M	-47.3M	111.1M
Free cash flow	117.3M	17.4M	-20.6M	75.6M	99.2M	18.4M	-8M	112.2M	89.2M	22.1M	-32.8M	127.5M

Boston Beer Company, Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement