Business Description
The Boston Beer Company, Inc. is an American alcoholic beverage company that produces and sells craft beer, hard cider, hard seltzer, and flavored malt beverages. Headquartered in Boston, Massachusetts, the company is best known for its flagship Samuel Adams brand. It operates primarily in the United States, distributing its products through a network of wholesalers to retail and hospitality outlets.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,964,994 | 2,012,926 | 2,008,625 | 2,090,334 |
| Cost of Sales | 1,012,414 | 1,119,194 | 1,156,256 | 1,228,348 |
| Gross Profit | 952,580 | 893,732 | 852,369 | 861,986 |
| Advertising, Promotional & Selling Expenses | 609,953 | 552,033 | 555,998 | 578,400 |
| General & Administrative Expenses | 190,790 | 189,906 | 174,548 | 157,534 |
| Impairment of Intangible Assets | — | 42,584 | 16,426 | 27,100 |
| Impairment of Brewery Assets | 6,955 | 7,184 | 5,396 | 2,782 |
| Contract Settlement & Termination Costs | — | 26,052 | — | 5,379 |
| Operating Profit | 144,882 | 75,973 | 100,001 | 90,791 |
| Interest Income, net | 9,939 | 13,249 | 10,995 | 2,561 |
| Other Expense, net | (1,361) | (1,620) | (1,408) | (1,916) |
| Total Other Income, net | 8,578 | 11,629 | 9,587 | 645 |
| Income Before Provision for Income Taxes | 153,460 | 87,602 | 109,588 | 91,436 |
| Provision for Income Taxes | 44,991 | 27,907 | 33,338 | 24,173 |
| Consolidated Net Income | 108,469 | 59,695 | 76,250 | 67,263 |
| Basic EPS | 9.90 | 5.07 | 6.23 | 5.46 |
| Diluted EPS | 9.89 | 5.06 | 6.21 | 5.44 |
| Basic Weighted Average Shares Outstanding | 10,960 | 11,774 | 12,243 | 12,317 |
| Diluted Weighted Average Shares Outstanding | 10,937 | 11,766 | 12,258 | 12,345 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 223,378 | 211,819 | 298,491 | 180,560 |
| Total Cash and Cash Equivalents | 223,378 | 211,819 | 298,491 | 180,560 |
| Accounts Receivable | 57,094 | 61,423 | 66,997 | 56,672 |
| Other Receivables | 24,259 | 6,681 | 1,711 | 10,126 |
| Total Trade Receivables | 81,353 | 68,104 | 68,708 | 66,798 |
| Inventories | 92,532 | 117,159 | 115,773 | 148,450 |
| Other Current Assets | 20,316 | 20,209 | 20,538 | 27,461 |
| Total Current Assets | 417,579 | 417,291 | 503,510 | 423,269 |
| Net Property, Plant & Equipment | 608,354 | 644,079 | 678,068 | 711,677 |
| Net Intangible Assets | 14,753 | 16,446 | 59,644 | 76,324 |
| Goodwill | 112,529 | 112,529 | 112,529 | 112,529 |
| Long-Term Investments | 11,218 | 16,738 | — | — |
| Other Long-Term Assets | 29,162 | 42,935 | 76,242 | 96,974 |
| Total Assets | 1,193,595 | 1,250,018 | 1,429,993 | 1,420,773 |
| Accounts Payable | 94,975 | 87,276 | 87,245 | 84,248 |
| Accrued Expenses | 144,797 | 138,618 | 126,930 | 111,153 |
| Current Portion of Leases | 12,762 | 5,735 | 9,113 | 8,866 |
| Total Current Liabilities | 252,534 | 231,629 | 223,288 | 204,267 |
| Leases | 25,111 | 30,205 | 36,161 | 45,274 |
| Other Long-Term Liabilities | 69,670 | 71,997 | 92,615 | 102,683 |
| Total Long-Term Liabilities | 94,781 | 102,202 | 128,776 | 147,957 |
| Total Liabilities | 347,315 | 333,831 | 352,064 | 352,224 |
| Common Stock | 105 | 114 | 121 | 123 |
| Additional Paid-in Capital | 698,811 | 676,454 | 656,297 | 629,515 |
| Accumulated Other Comprehensive Income | (380) | (696) | (57) | (210) |
| Retained Earnings | 147,744 | 240,315 | 421,568 | 439,121 |
| Total Common Shareholders' Equity | 846,280 | 916,187 | 1,077,929 | 1,068,549 |
| Total Shareholders' Equity | 846,280 | 916,187 | 1,077,929 | 1,068,549 |
| Total Liabilities and Shareholders' Equity | 1,193,595 | 1,250,018 | 1,429,993 | 1,420,773 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 108,469 | 59,695 | 76,250 | 67,263 |
| Depreciation & Amortization | 90,438 | 93,992 | 88,141 | 81,356 |
| Share-Based Compensation Expense | 21,754 | 18,954 | 16,971 | 13,988 |
| Other Adjustments | 2,474 | 37,335 | 18,853 | 47,040 |
| Changes in Trade Receivables | 4,352 | 5,548 | (10,340) | (2,042) |
| Changes in Inventories | 23,405 | 6,907 | 31,500 | 131 |
| Changes in Accounts Payable | 5,227 | 2,602 | 2,763 | (2,219) |
| Changes in Accrued Expenses | 15,607 | 12,320 | 13,884 | (50,632) |
| Changes in Other Operating Activities | (1,568) | 11,539 | 27,129 | 45,060 |
| Cash from Operating Activities | 270,158 | 248,892 | 265,151 | 199,945 |
| Capital Expenditure | (54,563) | (76,277) | (64,087) | (90,582) |
| Proceeds from Sale of Property, Plant & Equipment | 47 | 23 | 1,709 | 2,076 |
| Other Investing Activities | — | (20,000) | — | — |
| Cash from Investing Activities | (54,516) | (96,254) | (62,378) | (88,506) |
| Issuance of Short-Term Debt | — | — | — | 30,000 |
| Repayments of Short-Term Debt | — | — | — | (30,000) |
| Net Issuance / (Repayments) of Short-Term Debt | — | — | — | 0 |
| Repayments of Long-Term Debt | (1,728) | (1,886) | (1,575) | (1,672) |
| Net Issuance / (Repayments) of Long-Term Debt | (1,728) | (1,886) | (1,575) | (1,672) |
| Issuance of Common Shares | 2,513 | 3,597 | 11,723 | 7,946 |
| Repurchases of Common Shares | (202,424) | (238,614) | (92,877) | — |
| Net Issuance / (Repurchases) of Common Shares | (199,911) | (235,017) | (81,154) | 7,946 |
| Other Financing Activities | (2,444) | (2,407) | (2,113) | (3,474) |
| Cash from Financing Activities | (204,083) | (239,310) | (84,842) | 2,800 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 11,559 | (86,672) | 117,931 | 114,239 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $2.06B |
| P/E | 19.92x |
| P/S | 1.05x |
| EV/EBITDA | 7.98x |
| Return on Equity | 12.3% |
| Return on Invested Capital | 12.6% |
| Current Ratio | 1.65x |
| Free Cash Flow Margin | 11.0% |
Margins
Gross margin
48.5%
Operating margin
7.4%
Net margin
5.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $568M | -3.3% | 12.5% | $71M |
| Q1 2026 | $434M | -4.4% | -43.9% | $-190M |
| Q4 2025 | $386M | -4.1% | -8.6% | $-33M |
| Q3 2025 | $537M | -11.2% | 11.5% | $62M |
| Q2 2025 | $588M | — | 14.0% | $82M |
| Q1 2025 | $454M | — | 7.4% | $34M |
| Q4 2024 | $402M | — | -13.9% | $-56M |
| Q3 2024 | $605M | — | 7.6% | $46M |
More on The Boston Beer Company, Inc.
Figures compiled from public company filings.
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