Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Q3 25 EPS
$4.25
BEAT +27.38%
Est. $3.34
Q3 25 Revenue
$537.5M
MISS 0.83%
Est. $542.0M
vs S&P Since Q3 25
-26.8%
TRAILING MARKET
SAM -18.6% vs S&P +8.2%
Market Reaction
Did SAM Beat Earnings? Q3 2025 Results
Boston Beer delivered a sharply split Q3 2025, posting earnings per share of $4.25 that beat the $3.37 consensus estimate by 27.38%, even as revenue of $537.49 million fell 11.2% year over year and narrowly missed the $541.97 million Wall Street expe… Read more Boston Beer delivered a sharply split Q3 2025, posting earnings per share of $4.25 that beat the $3.37 consensus estimate by 27.38%, even as revenue of $537.49 million fell 11.2% year over year and narrowly missed the $541.97 million Wall Street expected. The standout driver behind the earnings beat was a 450 basis point expansion in gross margin to 50.8%, fueled by multi-year supply chain improvements including procurement savings and brewery efficiencies, gains that more than offset the volume pressures weighing on the top line. Shipments dropped 13.7%, though management attributed the bulk of that decline to an intentional drawdown of distributor inventories rather than purely soft demand, with depletions falling a more modest 3%. Volume weakness was concentrated in Twisted Tea, Truly, and Samuel Adams, only partially countered by growth in Sun Cruiser and Angry Orchard. Looking ahead, Boston Beer raised its full-year EPS guidance to $7.80-$9.80 and lifted gross margin expectations to 47%-48%, signaling confidence in its margin trajectory even as year-to-date depletions through mid-October deteriorated to approximately -4%.
Key Takeaways
- • Gross margin expansion of 450 basis points driven by procurement savings, improved brewery efficiencies, price increases, and favorable product mix
- • Shipment volume decline of 13.7% primarily due to distributor inventory rebalancing from 5.5 weeks to 4.5 weeks on hand
- • Depletions decline of 3% driven by broad beer industry volume pressure
- • Volume declines in Twisted Tea, Truly Hard Seltzer, and Samuel Adams brands
- • Growth in Sun Cruiser and Angry Orchard brands partially offset declines
- • Favorable comparison against prior-year $42.6 million non-cash Dogfish Head brand impairment charge
SAM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Our depletions declined by 3% in the third quarter as volumes were pressured across the beer industry. While the macroeconomic environment remains dynamic, we are encouraged by the positive consumer reaction to our Sun Cruiser brand innovation and a second consecutive quarter of growth in Angry Orchard. We are continuing to invest in advertising and innovation across our portfolio of brands to grow market share and position ourselves well for when the consumer environment improves. Our strong balance sheet allows us to make this investment while also returning $161 million in cash to shareholders year to date.”
— Jim Koch, Q3 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% |