Q1 26 EPS
$1.64
MISS 16.76%
Est. $1.97
Q1 26 Revenue
$433.9M
MISS 0.46%
Est. $436.0M
vs S&P Since Q1 26
-28.2%
TRAILING MARKET
SAM -20.9% vs S&P +7.3%
Market Reaction
Did SAM Beat Earnings? Q1 2026 Results
Boston Beer Company delivered a disappointing first quarter of fiscal 2026, with non-GAAP earnings per share of $1.64 missing the $1.97 consensus estimate by 16.76%, while revenue slipped 4.4% year over year to $433.93 million, falling just short of … Read more Boston Beer Company delivered a disappointing first quarter of fiscal 2026, with non-GAAP earnings per share of $1.64 missing the $1.97 consensus estimate by 16.76%, while revenue slipped 4.4% year over year to $433.93 million, falling just short of the $435.95 million Wall Street expected. The primary drag on volume was a 6.9% decline in shipments, which outpaced a 4% drop in depletions as the company faced difficult year-ago comparisons when distributors stocked up for the Sun Cruiser and Truly Unruly launches. Overshadowing the operational results entirely was a $216.00 million pre-tax litigation charge, stemming from a $175.50 million damages verdict plus $36.50 million in pre-judgment interest and $4.00 million in legal fees, which swung the GAAP result to a net loss of $145.26 million. Looking ahead, management narrowed full-year volume guidance to a low-single to mid-single digit decline and set non-GAAP EPS guidance at $8.50 to $10.50, while cautioning that tariff and commodity costs, particularly energy, remain meaningful headwinds.
Key Takeaways
- • Gross margin expanded 100 bps to 49.3% driven by price increases, favorable product mix, procurement savings, and improved brewery efficiencies
- • Revenue decline of 4.4% driven by lower shipment volumes partially offset by pricing and favorable mix
- • Depletions declined 4% with Twisted Tea, Truly, Samuel Adams, and Hard Mountain Dew decreasing, partially offset by Sun Cruiser, Angry Orchard, and Dogfish Head increases
- • Shipments declined 6.9% due to difficult comparisons from Q1 2025 distributor inventory builds and improved supply chain responsiveness enabling lower distributor inventory levels
SAM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We were encouraged by early signs of improvement in the total beer category in the first quarter. While our depletions improved and it remains early in the year, our portfolio has not yet fully matched the improvement in category trends. The operating environment is dynamic, and we are executing with focus against our summer plans, including meaningful advertising support. Our strong balance sheet and highly cash generative business position us to invest in our brands and return cash to shareholders, with the previously announced potential legal payment well within our capacity.”
— Jim Koch, Q1 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $4.83 | $3.65 | -24.36% | $568.3M | +0.16% |
| 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% |