Boston Beer (NYSE:SAM) Announces Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Boston Beer (NYSE:SAM) issued its quarterly earnings data on Tuesday. The company reported ($2.12) earnings per share for the quarter, beating the consensus estimate of ($2.33) by $0.21, FiscalAI reports. The business had revenue of $385.68 million for the quarter, compared to analysts’ expectations of $381.75 million. Boston Beer had a return on equity of 12.29% and a net margin of 4.38%.The business’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the business earned ($1.68) EPS. Boston Beer updated its FY 2026 guidance to 8.500-11.000 EPS.

Here are the key takeaways from Boston Beer’s conference call:

• The company reported a major margin gain, citing 410 basis points of gross margin expansion in 2025 (48.5% reported; ~50% excluding certain items) driven by brewery efficiencies, procurement savings, and lower obsolescence.
• Management highlighted the fast national scale of Sun Cruiser (volumes grew >300% YoY), calling it revenue- and margin-accretive and a key innovation to be further scaled in 2026.
• Boston Beer expects continued industry pressure and guides 2026 depletions to be flat to down mid-single digits, while increasing brand spend by $20M–$40M and targeting FY EPS of $8.50–$11, which could weigh on near-term volume-driven performance.
• Legacy brand headwinds persist — notably Twisted Tea (declines tied to lower-income/Hispanic drinkers and competition from vodka-RTDs), prompting price, pack and local activation fixes but signaling ongoing category displacement risks.
• The business remains highly cash-generative with free cash flow of $216M in 2025, no debt, and ~$214M repurchased since Jan 2025 (about $250M left on the authorization), supporting shareholder returns and financial flexibility.

Boston Beer Stock Performance

SAM stock traded down $5.05 during midday trading on Wednesday, reaching $222.40. 23,624 shares of the company’s stock traded hands, compared to its average volume of 161,635. The firm has a market capitalization of $2.37 billion, a PE ratio of 25.57, a price-to-earnings-growth ratio of 1.63 and a beta of 1.03. The company has a 50-day moving average price of $216.59 and a two-hundred day moving average price of $213.88. Boston Beer has a 52 week low of $185.34 and a 52 week high of $260.00.

Wall Street Analysts Forecast Growth

Several research firms have commented on SAM. Citigroup dropped their target price on shares of Boston Beer from $250.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $245.00 target price on shares of Boston Beer in a research note on Friday. Piper Sandler decreased their price objective on shares of Boston Beer from $230.00 to $220.00 and set a “neutral” rating for the company in a report on Friday, November 21st. Weiss Ratings raised shares of Boston Beer from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, February 6th. Finally, UBS Group restated a “neutral” rating on shares of Boston Beer in a research note on Monday. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $244.19.

Boston Beer News Roundup

Here are the key news stories impacting Boston Beer this week:

• Positive Sentiment: Q4 EPS and revenue topped estimates — Boston Beer reported adjusted EPS of ($2.12) vs. consensus ($2.33) and revenue of $385.7M vs. ~$381.8M, a beat that partially cushioned the reaction. Boston Beer (SAM) Reports Q4 Loss, Tops Revenue Estimates
• Positive Sentiment: Gross-margin gains and brand expansion drive FY-2026 EPS target — Management cited margin improvements and the expansion of its Sun Cruiser brand as drivers behind a FY-2026 EPS target of $8.50–$11. These operational positives support medium-term profitability expectations. Boston Beer outlines 2026 EPS target of $8.50–$11 amid margin gains and Sun Cruiser expansion
• Neutral Sentiment: Earnings call context — Management discussed industry headwinds, cost actions and the route to margin recovery in the Q4 call; the full transcript provides color on inventory, pricing and promotional cadence but offered no decisive near-term reversal. The Boston Beer Company, Inc. (SAM) Q4 2025 Earnings Call Transcript
• Negative Sentiment: Volume and revenue trends remain weak — Depletions fell ~6%, shipments ~7.5%, and net revenue declined 4.1% year-over-year, signaling continued demand pressure that could limit near-term upside. Boston Beer Reports Fourth Quarter Financial Results
• Negative Sentiment: Net loss and guidance short of Street — The company reported a Q4 net loss (~$22.5M) and set FY-2026 EPS guidance of $8.50–$11, which comes in below the consensus (~$10.96), leaving uncertainty around near-term upside to estimates. Boston Beer Co Inc (SAM) Q4 2025 Earnings Call Highlights
• Negative Sentiment: Macroeconomic / policy risk — Management warned that shifting tariff policies could materially affect the year’s outlook, adding an external risk that could force guidance revisions. Boston Beer Posts Lower Fourth-Quarter Revenue

Institutional Trading of Boston Beer

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Boston Beer by 154.9% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 232 shares of the company’s stock worth $49,000 after purchasing an additional 141 shares during the period. Group One Trading LLC bought a new position in shares of Boston Beer in the fourth quarter valued at approximately $52,000. CIBC Private Wealth Group LLC grew its stake in Boston Beer by 4,780.0% during the third quarter. CIBC Private Wealth Group LLC now owns 244 shares of the company’s stock valued at $52,000 after acquiring an additional 239 shares in the last quarter. US Bancorp DE increased its holdings in Boston Beer by 28.2% during the 3rd quarter. US Bancorp DE now owns 386 shares of the company’s stock worth $82,000 after acquiring an additional 85 shares during the period. Finally, Quarry LP lifted its stake in Boston Beer by 447.9% in the 3rd quarter. Quarry LP now owns 515 shares of the company’s stock worth $109,000 after purchasing an additional 421 shares in the last quarter. 81.13% of the stock is currently owned by institutional investors.

Boston Beer Company Profile

The Boston Beer Company, Inc (NYSE: SAM) is a leading craft brewer headquartered in Boston, Massachusetts. Since its founding in 1984 by Jim Koch, the company has focused on producing high-quality, distinctive beers and beverages for retail, on-premise, and distribution partners across the United States. Its operations include brewing, packaging, marketing and distribution, supported by a network of wholly owned brewing facilities and strategic partnerships with regional breweries.

Boston Beer’s flagship brand, Samuel Adams Boston Lager, helped establish the modern U.S.