Boston Beer (SAM) Q2 2026: Big Earnings Miss as Marketing Costs Bite
As seen on the 24/7 Wall St. homepage on July 23, 2026.
Boston Beer missed earnings by 24% as a 16% surge in marketing and promotional spending for brands like Twisted Tea and Samuel Adams ate into profits, though the company narrowly beat revenue and held its full-year outlook steady.
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Boston Beer reported Q2 2026 earnings per share of $3.65, falling 24% short of the $4.83 analysts had expected. The culprit was a 16% surge in marketing and promotional spending behind brands including Twisted Tea and Samuel Adams, which weighed heavily on the bottom line.
The revenue picture was more encouraging. The company narrowly beat its top-line estimate, reporting $568.3 million against a consensus of $567.5 million, a margin of less than a quarter of a percent but a beat nonetheless. Management also chose to hold its full-year outlook steady, signaling confidence that the elevated spending is an investment rather than a sign of structural trouble.
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The Q2 miss is a notable shift from recent form. Boston Beer beat expectations in each of the four quarters from Q3 2024 through Q3 2025, including a particularly strong Q2 2025 when it earned $5.45 against a $3.96 estimate. The back-to-back misses in Q1 and Q2 2026, both driven by cost pressure, will put the full-year guidance under scrutiny as the year progresses.
Mentioned: SAM