Boston Beer (SAM) Q4 2025 Earnings
How Did SAM Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.52%.
Did SAM Beat Earnings? Q4 2025 Results
Yes. Boston Beer reported Q4 2025 earnings of $-2.12 a share on Feb 24, 2026, beating the $-2.51 consensus estimate by 15.6%. Revenue was $385.7M against a $381.8M estimate.
Boston Beer delivered a mixed fourth quarter for fiscal 2025, posting a bottom-line miss against a modest revenue beat as ongoing volume declines continued to weigh on the craft brewer's results. The company reported a net loss of $2.12 per diluted share, falling short of the consensus estimate of $1.98 by 7.07%, while revenue of $385.68 million edged fractionally ahead of the $384.44 million consensus despite sliding 4.1% year-over-year. The primary culprit was a 6% drop in depletions and a 7.5% decline in shipments, driven by weakness in Twisted Tea, Truly Hard Seltzer, and Samuel Adams, with $13.90 million in shortfall fees further dragging on profitability. On a brighter note, gross margin expanded 360 basis points to 43.5%, reflecting improved brewery efficiencies and pricing gains. Looking ahead, management guided full-year 2026 EPS to a range of $8.50 to $11.00, but flagged $20 to $30 million in projected tariff headwinds, while an expansion of its Sinless Vodka Cocktails into 34 markets signals the company's push to find new growth vectors.
- Gross margin expanded 360 bps in Q4 to 43.5% driven by improved brewery efficiencies, procurement savings, price increases, and product mix
- Depletions decreased 6% and shipments decreased 7.5% in Q4
- Growth in Sun Cruiser, Angry Orchard, and Dogfish Head brands partially offset declines in Twisted Tea, Truly Hard Seltzer, and Samuel Adams
- Advertising, promotional and selling expenses increased 10.5% for the full year as the company invested $61 million more in brand media and local marketing
- Tariffs negatively impacted Q4 by $3.6 million and full year by $10.1 million
“We were pleased to deliver on our financial commitments in 2025 while maintaining market share in a challenging operating environment. Looking ahead, we are highly focused on operational excellence, including investing in our portfolio of iconic brands, developing a strong innovation pipeline and continuing to execute on our multi-year productivity initiatives. We believe this disciplined focus positions us to improve performance over time and create long-term value for shareholders.”
Boston Beer CEO, on the earnings call
What Was Boston Beer's Outlook in Q4 2025?
For full year 2026, Boston Beer projects depletions and shipments flat to down mid-single digits, price increases of 1% to 2%, gross margin of 48% to 50% including tariffs, tariff costs of $20 to $30 million (based on tariffs in place prior to the February 20, 2026 Supreme Court ruling), advertising/promotional/selling expense increase of $20 to $40 million year-over-year, effective tax rate of 29% to 30%, EPS of $8.50 to $11.00 including tariffs, and capital spending of $70 to $90 million. First quarter and first half shipments are expected to decline toward the lower end of full year guidance due to higher prior year comparisons. Year-over-year gross margin improvement is expected to be most meaningful in Q4 as shortfall fees are expected to decline. Year-to-date depletions through the 8-week period ended February 21, 2026 decreased approximately 3%.
SAM YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $385.7M | $402.3M | −4.1% |
| Gross Profit | $167.7M | $160.7M | +4.4% |
| Operating Income | −$33.0M | −$23.4M | +41.1% |
| Net Income | −$22.5M | −$15.9M | +41.9% |
Figures from SEC filings and company reports. Not investment advice.