# BOSTON BEER CO INC (SAM)

Informational only - not investment advice.

CIK: 0000949870
SIC: 2082 Malt Beverages
SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2082 Malt Beverages](/industry/2082/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=949870
Filing source: https://www.sec.gov/Archives/edgar/data/949870/000119312526067467/sam-20251227.htm

## At a glance

FY2025 · period end 2025-12-27 · filed 2026-02-24 · accession 0001193125-26-067467 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000949870.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,964,994,000 USD | 2025 | verified |
| Net income | 108,469,000 USD | 2025 | verified |
| Assets | 1,193,595,000 USD | 2025 | verified |
| Free cash flow | 215,595,000 USD | 2025 | computed |
| Net margin | 5.52% | 2025 | computed |
| Operating margin | 7.37% | 2025 | computed |
| Revenue YoY | -2.38% | 2025 | computed |
| ROE | 12.82% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SAM | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.5% | 5.3% | 52 | 51 |
| Operating margin | 7.4% | 7.6% | 48 | 49 |
| Revenue growth | -2.4% | 3.0% | 22 | 51 |
| FCF margin | 11.0% | 7.6% | 73 | 50 |
| ROE | 12.8% | 9.1% | 60 | 49 |
| ROA | 9.1% | 4.0% | 74 | 51 |
| Liabilities / equity | 0.41 | 1.19 | 17 | 49 |
| Current ratio | 1.65 | 1.65 | 50 | 51 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 20 Food And Kindred Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1964994000 | USD | 2025 | 2026-02-24 |
| Net income | 108469000 | USD | 2025 | 2026-02-24 |
| Assets | 1193595000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000949870.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 906,446,000 | 862,992,000 | 995,649,000 | 1,249,824,000 | 1,736,432,000 | 2,057,622,000 | 2,090,334,000 | 2,008,625,000 | 2,012,926,000 | 1,964,994,000 |
| Net income |  |  |  |  | 87,349,000 | 99,049,000 | 92,663,000 | 110,041,000 | 191,960,000 | 14,553,000 | 67,263,000 | 76,250,000 | 59,695,000 | 108,469,000 |
| Operating income |  |  |  |  | 137,659,000 | 115,675,000 | 115,881,000 | 144,912,000 | 244,207,000 | 7,997,000 | 90,791,000 | 100,001,000 | 75,973,000 | 144,882,000 |
| Gross profit |  |  |  |  | 459,670,000 | 449,901,000 | 512,243,000 | 614,166,000 | 814,452,000 | 797,792,000 | 861,986,000 | 852,369,000 | 893,732,000 | 952,580,000 |
| Diluted EPS |  |  |  |  | 6.79 | 8.09 | 7.82 | 9.16 | 15.53 | 1.17 | 5.44 | 6.21 | 5.06 | 9.89 |
| Operating cash flow |  |  |  |  | 154,189,000 | 135,982,000 | 163,447,000 | 178,242,000 | 253,407,000 | 56,297,000 | 199,945,000 | 265,151,000 | 248,892,000 | 270,158,000 |
| Capital expenditures |  |  |  |  | 49,913,000 | 32,987,000 | 55,460,000 | 93,233,000 | 139,996,000 | 147,919,000 | 90,582,000 | 64,087,000 | 76,277,000 | 54,563,000 |
| Share buybacks | 18,046,000 | 29,585,000 | 7,859,000 | 135,705,000 | 164,658,000 | 144,602,000 | 88,312,000 |  |  |  |  | 92,877,000 | 238,614,000 | 202,424,000 |
| Assets |  |  |  |  | 615,946,000 | 569,624,000 | 639,851,000 | 1,054,057,000 | 1,378,825,000 | 1,386,784,000 | 1,420,773,000 | 1,429,993,000 | 1,250,018,000 | 1,193,595,000 |
| Liabilities |  |  |  |  | 169,364,000 | 146,101,000 | 179,534,000 | 318,421,000 | 421,858,000 | 403,375,000 | 352,224,000 | 352,064,000 | 333,831,000 | 347,315,000 |
| Stockholders' equity |  |  |  |  | 446,582,000 | 423,523,000 | 460,317,000 | 735,636,000 | 956,967,000 | 983,409,000 | 1,068,549,000 | 1,077,929,000 | 916,187,000 | 846,280,000 |
| Cash and cash equivalents |  |  |  |  | 91,035,000 | 65,637,000 | 108,399,000 | 36,670,000 | 163,282,000 | 26,853,000 | 180,560,000 | 298,491,000 | 211,819,000 | 223,378,000 |
| Free cash flow |  |  |  |  | 104,276,000 | 102,995,000 | 107,987,000 | 85,009,000 | 113,411,000 | -91,622,000 | 109,363,000 | 201,064,000 | 172,615,000 | 215,595,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 9.64% | 11.48% | 9.31% | 8.80% | 11.05% | 0.71% | 3.22% | 3.80% | 2.97% | 5.52% |
| Operating margin |  |  |  |  | 15.19% | 13.40% | 11.64% | 11.59% | 14.06% | 0.39% | 4.34% | 4.98% | 3.77% | 7.37% |
| Return on equity |  |  |  |  | 19.56% | 23.39% | 20.13% | 14.96% | 20.06% | 1.48% | 6.29% | 7.07% | 6.52% | 12.82% |
| Return on assets |  |  |  |  | 14.18% | 17.39% | 14.48% | 10.44% | 13.92% | 1.05% | 4.73% | 5.33% | 4.78% | 9.09% |
| Liabilities / equity |  |  |  |  | 0.38 | 0.34 | 0.39 | 0.43 | 0.44 | 0.41 | 0.33 | 0.33 | 0.36 | 0.41 |
| Current ratio |  |  |  |  | 1.91 | 1.65 | 1.92 | 1.21 | 1.59 | 1.35 | 2.07 | 2.25 | 1.80 | 1.65 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SAM/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000949870.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-24 |  |  | 2.21 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | -0.73 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 4.72 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 601,599,000 | 45,295,000 | 3.70 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 393,722,000 | -18,124,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 426,052,000 | 12,597,000 | 1.04 | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 579,098,000 | 52,339,000 | 4.39 | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 605,477,000 | 33,514,000 | 2.86 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 402,299,000 | -38,755,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 453,867,000 | 24,412,000 | 2.16 | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 587,949,000 | 60,433,000 | 5.45 | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 537,494,000 | 46,155,000 | 4.25 | reported discrete quarter |
| 2025-Q4 | 2025-12-27 | 385,684,000 | -22,531,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-28 | 433,930,000 | -145,261,000 | -13.88 | reported discrete quarter |
| 2026-Q2 | 2026-06-27 | 568,338,000 | 51,567,000 | 4.96 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SAM's latest 10-K: [/company/SAM/business/](/company/SAM/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SAM's latest 10-K: [/company/SAM/risk-factors/](/company/SAM/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/949870/000119312526314203/sam-20260627.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-27

RESULTS OF OPERATIONS

Thirteen Weeks Ended June 27, 2026 compared to Thirteen Weeks Ended June 28, 2025

[[GREPCENT_TABLE]]
[["","","Thirteen Weeks Ended (in thousands, except per barrel)"],["","","June 27, 2026","","","June 28, 2025","","","Amount change","","","% change","","","Per barrel change","","","Per barrel % change"],["Barrels sold","","","","","","2,047","","","","","","","","","","2,144","","","","","","","(97",")","","","(4.5",")%"],["","","","","","Per barrel","","","% of net revenue","","","","","","Per barrel","","","% of net revenue"],["Net revenue","","$","568,338","","","$","277.64","","","","100.0","%","","$","587,949","","","$","274.23","","","","100.0","%","","$","(19,611",")","","","(3.3",")%","","$","3.41","","","","1.2","%"],["Cost of goods","","","281,968","","","","137.75","","","","49.6","%","","","295,431","","","","137.79","","","","50.2","%","","","(13,463",")","","","(4.6",")%","","","(0.04",")","","","(0.0",")%"],["Gross profit","","","286,370","","","","139.89","","","","50.4","%","","","292,518","","","","136.44","","","","49.8","%","","","(6,148",")","","","(2.1",")%","","","3.45","","","","2.5","%"],["Advertising, promotional, and selling expenses","","","185,881","","","","90.81","","","","32.7","%","","","159,713","","","","74.49","","","","27.2","%","","","26,168","","","","16.4","%","","","16.32","","","","21.9","%"],["General and administrative expenses","","","48,878","","","","23.88","","","","8.6","%","","","45,751","","","","21.34","","","","7.8","%","","","3,127","","","","6.8","%","","","2.54","","","","11.9","%"],["Impairment of brewery assets","","","234","","","","0.11","","","","0.0","%","","","4,985","","","","2.33","","","","0.8","%","","","(4,751",")","","","(95.3",")%","","","(2.22",")","","","(95.3",")%"],["Litigation reduction","","","(19,389",")","","","(9.47",")","","","(3.4",")%","","","\u2014","","","","\u2014","","","","0.0","%","","","(19,389",")","","100%","","","","(9.47",")","","100%"],["Total operating expenses","","","215,604","","","","105.33","","","","37.9","%","","","210,449","","","","98.16","","","","35.8","%","","","5,155","","","","2.4","%","","","7.17","","","","7.3","%"],["Operating income","","","70,766","","","","34.56","","","","12.5","%","","","82,069","","","","38.28","","","","14.0","%","","","(11,303",")","","","(13.8",")%","","","(3.72",")","","","(9.7",")%"],["Other income, net","","","1,552","","","","0.76","","","","0.3","%","","","1,985","","","","0.93","","","","0.3","%","","","(433",")","","","(21.8",")%","","","(0.17",")","","","(18.3",")%"],["Income before income tax provision","","","72,318","","","","35.32","","","","12.7","%","","","84,054","","","","39.21","","","","14.3","%","","","(11,736",")","","","(14.0",")%","","","(3.89",")","","","(9.9",")%"],["Income tax provision","","","20,751","","","","10.14","","","","3.7","%","","","23,621","","","","11.02","","","","4.0","%","","","(2,870",")","","","(12.2",")%","","","(0.88",")","","","(8.0",")%"],["Net income","","$","51,567","","","$","25.18","","","","9.1","%","","$","60,433","","","$","28.19","","","","10.3","%","","$","(8,866",")","","","(14.7",")%","","$","(3.01",")","","","(10.7",")%"]]
[[/GREPCENT_TABLE]]

Net revenue. Net revenue decreased by $19.6 million, or 3.3%, to $568.3 million for the thirteen weeks ended June 27, 2026, as compared to $587.9 million for the thirteen weeks ended June 28, 2025 primarily due to decreased sales volume impacts of $26.6 million and increased sales incentives of $6.3 million, partially offset by favorable product mix of $8.4 million, and increased pricing of $5.4 million.

Volume. Total shipment volume decreased by 4.5% to 2,047,000 barrels for the thirteen weeks ended June 27, 2026, as compared to 2,144,000 barrels for the thirteen weeks ended June 28, 2025. The decrease was primarily driven by decreases in Twisted Tea, Truly, Samuel Adams and Hard Mountain Dew brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.

The Company believes distributor inventory as of June 27, 2026 was at an appropriate level for each of its brands and averaged approximately four and a half weeks which was consistent with the weeks on hand at the end of June 2025.

Net revenue per barrel. Net revenue per barrel increased by 1.2% to $277.64 per barrel for the thirteen weeks ended June 27, 2026, as compared to $274.23 per barrel for the comparable period in 2025, primarily due to increased pricing and favorable product mix.

20

Table of Content

Cost of goods sold. Cost of goods sold was $137.75 per barrel for the thirteen weeks ended June 27, 2026, as compared to $137.79 per barrel for the thirteen weeks ended June 28, 2025. The 2026 cost of goods sold per barrel was flat to 2025 primarily due to inflationary impacts of $19.2 million, or $9.38 per barrel, offset by brewery efficiencies of $10.9 million, or $5.33 per barrel, contract renegotiations and recipe optimization savings of $5.2 million, or $2.54 per barrel, and decreases in inventory obsolescence of $3.9 million, or $1.91 per barrel.

Inflationary impacts of $19.2 million consist primarily of increased material costs, mainly from aluminum, of $18.2 million, inclusive of $2.9 million impact from tariffs, and increased internal brewery costs of $1.0 million.

Gross profit. Gross profit was $139.89 per barrel for the thirteen weeks ended June 27, 2026, as compared to $136.44 per barrel for the thirteen weeks ended June 28, 2025.

The Company includes freight charges related to the movement of finished goods from its manufacturing locations to distributor locations in its advertising, promotional and selling expense line item. As such, the Company’s gross margins may not be comparable to those of other entities that classify costs related to distribution differently.

Advertising, promotional, and selling expenses. Advertising, promotional and selling expenses increased by $26.2 million, or 16.4%, to $185.9 million for the thirteen weeks ended June 27, 2026, as compared to $159.7 million for the thirteen weeks ended June 28, 2025 resulting from higher increased brand local marketing and point of sale investments of $17.5 million and higher freight costs of $8.6 million due to higher rates.

Advertising, promotional and selling expenses were 32.7% of net revenue, or $90.81 per barrel, for the thirteen weeks ended June 27, 2026, as compared to 27.2% of net revenue, or $74.49 per barrel, for the thirteen weeks ended June 28, 2025. This increase per barrel is primarily due to increased spend in local marketing and freight rates. The Company invests in advertising and promotional campaigns that it believes will be effective, but there is no guarantee that such investments will generate sales growth.

The Company conducts certain advertising and promotional activities in its distributors’ markets, and the distributors make contributions to the Company for such efforts. These amounts are included in the Company’s condensed consolidated statements of comprehensive operations as reductions to advertising, promotional and selling expenses. Historically, contributions from distributors for advertising and promotional activities have amounted to between 2% and 3% of net sales. The Company may adjust its promotional efforts in the distributors’ markets, if changes occur in these promotional contribution arrangements, depending on industry and market conditions.

General and administrative expenses. General and administrative expenses increased by $3.1 million, or 6.8%, to $48.9 million for the thirteen weeks ended June 27, 2026, as compared to $45.8 million for the thirteen weeks ended June 28, 2025, primarily due to increases in salaries and benefits costs of $1.2 million, and increases in legal fees of $1.1 million.

Impairment of brewery assets. Impairment of brewery assets of $0.2 million decreased by $4.8 million from 2025, due to decreased write-offs of equipment at third-party and Company-owned breweries.

Litigation reduction. For the thirteen weeks ended June 27, 2026, the Company recorded non-recurring pre-tax litigation reduction of $19.4 million, related to the supplier dispute, consisting of a favorable adjustment to pre-judgement interest of $21.0 million and post-judgement interest expense of $1.7 million.

For the thirteen weeks ended June 27, 2026, the combined pre-tax income related to the supplier dispute litigation of $18.0 million consists of legal expenses of $1.4 million, recorded in general and administrative expenses, and litigation reduction of $19.4 million.

Income tax provision. The Company's effective tax rate was a provision of 28.7%, an increase from 28.1% in the prior year. This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.

21

Table of Content

Twenty-six Weeks Ended June 27, 2026 compared to Twenty-six Weeks Ended June 28, 2025

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/949870/000119312526067467/sam-20251227.htm
Complete FY 2025 MD&A: /company/SAM/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-27

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Our Annual Report on Form 10-K for the year ended December 27, 2025 includes a discussion and analysis of our financial condition and results of operations for the years ended December 28, 2024 and December 30, 2023 in Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

In this Form 10-K and in other documents incorporated herein, as well as in oral statements made by the Company, statements that are prefaced with the words “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “designed,” and similar expressions, are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect the Company’s future plans of operations, business strategy, results of operations, and financial position. These statements are based on the Company’s current expectations and estimates as to prospective events and circumstances about which the Company can give no firm assurance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events or circumstances. Forward-looking statements should not be relied upon as a prediction of actual future financial condition or results. These forward-looking statements, like any forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include the factors set forth above and the other information set forth in this Form 10-K.

Introduction

The Boston Beer Company is engaged in the business of producing and selling alcohol beverages primarily in the domestic market and, to a lesser extent, in selected international markets. The Company’s revenues are primarily derived by selling its beverages to Distributors, who in turn sell the products to retailers and drinkers.

The Company competes primarily in the combined Beyond beer and Traditional beer market ("US Beer Market"). Beyond beer includes flavored malt beverages, hard seltzer, hard cider, spirits based ready to drink beverages (“spirits RTDs”) and other emerging beverages. Traditional beer generally includes mass domestics, imports, domestic specialties and craft beer.

Results of Operations

Year Ended December 27, 2025 (52 weeks) Compared to Year Ended December 28, 2024 (52 weeks)

[[GREPCENT_TABLE]]
[["","","Year Ended (in thousands, except per barrel)"],["","","Dec. 27 2025","","","Dec. 28 2024","","","Amount change","","","% change","","","Per barrel change","","","Per barrel % change"],["Barrels sold","","","","","","7,140","","","","","","","","","","7,493","","","","","","","(353",")","","","(4.7",")%"],["","","","","","Per barrel","","","% of net revenue","","","","","","Per barrel","","","% of net revenue"],["Net revenue","","$","1,964,994","","","$","275.21","","","","100.0","%","","$","2,012,926","","","$","268.64","","","","100.0","%","","$","(47,932",")","","","(2.4",")%","","$","6.57","","","","2.4","%"],["Cost of goods","","","1,012,414","","","","141.79","","","","51.5","%","","","1,119,194","","","","149.36","","","","55.6","%","","","(106,780",")","","","(9.5",")%","","","(7.57",")","","","(5.1",")%"],["Gross profit","","","952,580","","","","133.41","","","","48.5","%","","","893,732","","","","119.27","","","","44.4","%","","","58,848","","","","6.6","%","","","14.14","","","","11.9","%"],["Advertising, promotional, and selling expenses","","","609,953","","","","85.43","","","","31.0","%","","","552,033","","","","73.67","","","","27.4","%","","","57,920","","","","10.5","%","","","11.76","","","","16.0","%"],["General and administrative expenses","","","190,790","","","","26.72","","","","9.7","%","","","189,906","","","","25.34","","","","9.4","%","","","884","","","","0.5","%","","","1.38","","","","5.4","%"],["Impairment of intangible assets","","","\u2014","","","","\u2014","","","","0.0","%","","","42,584","","","","5.68","","","","2.1","%","","","(42,584",")","","","(100.0",")%","","","(5.68",")","","","(100.0",")%"],["Impairment of brewery assets","","","6,955","","","","0.97","","","","0.4","%","","","7,184","","","","0.96","","","","0.4","%","","","(229",")","","","(3.2",")%","","","0.01","","","","1.0","%"],["Contract settlement costs","","","\u2014","","","","0.00","","","","0.0","%","","","26,052","","","","3.48","","","","1.3","%","","","(26,052",")","","","(100.0",")%","","","(3.48",")","","","(100.0",")%"],["Total operating expenses","","","807,698","","","","113.12","","","","41.1","%","","","817,759","","","","109.14","","","","40.6","%","","","(10,061",")","","","(1.2",")%","","","3.98","","","","3.6","%"],["Operating income","","","144,882","","","","20.29","","","","7.4","%","","","75,973","","","","10.14","","","","3.8","%","","","68,909","","","","90.7","%","","","10.15","","","100%"],["Other income, net","","","8,578","","","","1.20","","","","0.4","%","","","11,629","","","","1.55","","","","0.6","%","","","(3,051",")","","","(26.2",")%","","","(0.35",")","","","(22.6",")%"],["Income before income tax provision","","","153,460","","","","21.49","","","","7.8","%","","","87,602","","","","11.69","","","","4.4","%","","","65,858","","","","75.2","%","","","9.80","","","","83.8","%"],["Income tax provision","","","44,991","","","","6.30","","","","2.3","%","","","27,907","","","","3.72","","","","1.4","%","","","17,084","","","","61.2","%","","","2.58","","","","69.4","%"],["Net income","","$","108,469","","","$","15.19","","","","5.5","%","","$","59,695","","","$","7.97","","","","3.0","%","","$","48,774","","","","81.7","%","","$","7.22","","","","90.6","%"]]
[[/GREPCENT_TABLE]]

29

Net revenue. Net revenue decreased by $47.9 million, or 2.4%, to $1,965.0 million for the year ended December 27, 2025, as compared to $2,012.9 million for the year ended December 28, 2024, primarily due to decreased sales volume impacts of $94.8 million, partially offset by increased pricing of $27.1 million, and favorable product mix of $19.1 million.

Volume. Total shipment volume of 7,140,000 barrels for the year ended December 27, 2025 decreased by 4.7% over 2024 levels of 7,493,000 barrels, primarily due to decreases in Twisted Tea, Truly Hard Seltzer and Samuel Adams brands that were only partially offset by growth in the Company’s Sun Cruiser, Angry Orchard and Dogfish Head brands.

Depletions of the Company’s products for the year ended December 27, 2025 decreased by approximately 4% compared to the prior year.

The Company believes distributor inventory as of December 27, 2025 was at appropriate levels and averaged approximately four weeks on hand which is within the Company’s target wholesaler inventory levels.

Net Revenue per barrel. The net revenue per barrel increased by 2.4% to $275.21 per barrel for the year ended December 27, 2025, as compared to $268.64 per barrel for the year ended December 28, 2024, primarily due to price increases and favorable product mix.

30

Cost of goods sold. Cost of goods sold was $141.79 per barrel for the fifty-two weeks ended December 27, 2025, as compared to $149.36 per barrel for the fifty-two weeks ended December 28, 2024. The 2025 decrease in cost of goods sold of $7.57 per barrel, or 5.1% was primarily due to contract renegotiations and recipe optimization savings of $37.4 million, or $5.24 per barrel, improved brewery efficiencies of $34.1 million, or $4.78 per barrel, decreases in inventory obsolescence of $10.3 million, or $1.44 per barrel and lower third-party production costs of $9.6 million, or $1.34 per barrel, partially offset by inflationary impacts, including tariffs, of $36.8 million, or $5.15 per barrel.

Inflationary impacts of $36.8 million consist primarily of increased raw material costs of $30.5 million, inclusive of $10.1 million impact from tariffs, and increased internal brewery costs of $6.3 million.

Gross profit. Gross profit was $133.41 per barrel for the year ended December 27, 2025, as compared to $119.27 per barrel for the year ended December 28, 2024. Gross margin was 48.5% for the year ended December 27, 2025, as compared to 44.4% for the year ended December 28, 2024. Gross margin primarily benefited from contract renegotiations and recipe optimization savings, improved brewery efficiencies, price increases and favorable product mix. These benefits were partially offset by increased inflationary and tariff costs.

The Company includes freight charges related to the movement of finished goods from manufacturing locations to Distributor locations in its advertising, promotional and selling expense line item. As such, the Company’s gross margins may not be comparable to other entities that classify costs related to distribution differently.

Advertising, promotional, and selling expenses. Advertising, promotional and selling expenses, increased $57.9 million, or 10.5%, to $610.0 million for the year ended December 27, 2025, as compared to $552.0 million for the year ended December 28, 2024. The increase was primarily driven by higher media spend of $27.0 million, increased local marketing of $10.7 million, higher production and other non‑media costs of $7.6 million, increased point‑of‑sale investments of $5.9 million, increased national promotions of $4.3 million, and higher salaries and benefits of $4.3 million. These increases were partially offset by a $3.0 million reduction in freight costs due to lower volumes.

Advertising, promotional and selling expenses were 31.0% of net revenue, or $85.43 per barrel, for the year ended December 27, 2025, as compared to 27.4% of net revenue, or $73.67 per barrel, for the year ended December 28, 2024. The Company will invest in advertising and promotional campaigns that it believes are effective, but there is no guarantee that such investment will generate sales growth.

The Company conducts certain advertising and promotional activities in its Distributors’ markets, and the Distributors make contributions to the Company for such efforts. These amounts are included in the Company’s statement of operations as reductions to advertising, promotional and selling expenses. Historically, contributions from Distributors for advertising and promotional activities have amounted to approximately 2% of net sales. The Company may adjust its promotional efforts in the Distributors’ markets, if changes occur in these promotional contribution arrangements, depending on the industry and market conditions.

General and administrative expenses. General and administrative expenses increased by $0.9 million, or 0.5%, to $190.8 million for the year ended December 27, 2025, as compared to $189.9 million for the comparable period in 2024. The increase was primarily due to higher salaries and benefits costs.

Impairment of intangible assets. In fiscal 2025, the Company recorded no impairment charges related to intangible assets. In fiscal 2024, the Company recorded a $42.6 million non‑cash impairment charge ($29.1 million net of tax) primarily related to the Dogfish Head brand, based on the Company’s annual impairment assessment performed as of September 1, 2024. Beginning in the fourth quarter of fiscal 2024, the Company commenced amortization of the remaining Dogfish Head intangible asset over an estimated useful life of 10 years.

Impairment of brewery assets. Impairment of brewery assets of $7.0 million decreased by $0.2 million from the prior fiscal year, due to lower write-offs of equipment at third party and Company-owned production facilities.

31

Contract settlement costs. The Company did not record any contract settlement costs in fiscal 2025. In fiscal 2024, the Company recorded contract settlement costs of $26 million due to an amendment and restatement in i

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SAM/mda/fy2025/
All MD&A years: /company/SAM/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SAM/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026756 (https://www.sec.gov/Archives/edgar/data/949870/000095017025026756/sam-20241228.htm)
- [FY 2023 MD&A](/company/SAM/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021189 (https://www.sec.gov/Archives/edgar/data/949870/000095017024021189/sam-20231230.htm)
- [FY 2022 MD&A](/company/SAM/mda/fy2022/): filed 2023-02-22; accession 0000950170-23-003802 (https://www.sec.gov/Archives/edgar/data/949870/000095017023003802/sam-20221231.htm)
- [FY 2021 MD&A](/company/SAM/mda/fy2021/): filed 2022-02-22; accession 0000950170-22-001616 (https://www.sec.gov/Archives/edgar/data/949870/000095017022001616/sam-20211225.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2082 Malt Beverages) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SAM.md · JSON record: /company/SAM.json · verified financials: /company/SAM/financials.json / /company/SAM/financials.csv · machine TOC for the whole site: /llms.txt