Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q2 25 EPS
$5.45
BEAT +37.63%
Est. $3.96
Q2 25 Revenue
$587.9M
MISS 0.12%
Est. $588.6M
vs S&P Since Q2 25
-30.3%
TRAILING MARKET
SAM -15.2% vs S&P +15.0%
Market Reaction
Did SAM Beat Earnings? Q2 2025 Results
Boston Beer Company delivered a sharply mixed second quarter for 2025, as a dramatic earnings beat masked a near-perfect revenue miss and deepening volume pressure across its portfolio. Diluted EPS of $5.45 cleared the $3.96 consensus estimate by 37.… Read more Boston Beer Company delivered a sharply mixed second quarter for 2025, as a dramatic earnings beat masked a near-perfect revenue miss and deepening volume pressure across its portfolio. Diluted EPS of $5.45 cleared the $3.96 consensus estimate by 37.63%, while revenue of $587.95 million came in just $0.70 million shy of expectations, rising 1.5% year over year on pricing gains and favorable product mix even as depletions fell 5% amid broad beer industry softness. The real story was margin expansion, with gross margin widening 380 basis points to 49.8% as brewery efficiencies and procurement savings more than absorbed inflationary and tariff headwinds. Looking ahead, management trimmed its full-year volume outlook, now guiding depletions and shipments down high single digits to down low single digits, while raising gross margin guidance to 46%-47.3% and setting full-year EPS guidance including tariffs at $6.72-$9.54, a range that embeds an estimated $0.96-$1.28 per share tariff drag, now expected to cost $15-$20 million for the year, down from a prior $20-$30 million estimate.
Key Takeaways
- • Gross margin expansion of 380 basis points driven by brewery efficiencies, procurement savings, price increases and product mix
- • Revenue growth from pricing and favorable product mix offsetting lower volumes
- • Growth in Sun Cruiser and Dogfish Head brands partially offsetting Truly Hard Seltzer and Samuel Adams declines
- • Lower G&A expenses from reduced salaries and incentive compensation
SAM YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We are encouraged by our strong gross margin and earnings performance in the first half of 2025 and the positive consumer response to our Sun Cruiser innovation. While the macroeconomic environment remains challenging and we do expect shipments to rebalance in the second half of the year, our first half performance and strong operating plans for the remainder of the summer give us confidence in our ability to deliver our full year financial guidance.”
— Michael Spillane, Q2 2025 Earnings Press Release
SAM Earnings Trends
SAM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SAM EPS Trend
Earnings per share: estimate vs actual
SAM Revenue Trend
Quarterly revenue: estimate vs actual
SAM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $1.97 | $1.64 | -16.76% | $433.9M | -0.46% |
| Q4 25 BEAT FY | $-2.51 | $-2.12 | +15.58% | $385.7M | +1.03% |
| FY Full Year | $9.35 | $9.89 | +5.73% | $1.96B | +0.06% |
| Q3 25 BEAT | $3.34 | $4.25 | +27.38% | $537.5M | -0.83% |
| Q2 25 BEAT | $3.96 | $5.45 | +37.63% | $587.9M | -0.12% |
| Q1 25 BEAT | $0.69 | $2.16 | +212.77% | $453.9M | +4.28% |