Boston Beer
Sells beer, hard tea, cider, hard seltzer, and vodka RTDs through a nationally distributed U.S. portfolio.
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Profile
Sells Samuel Adams beer alongside Twisted Tea, Truly Hard Seltzer, Angry Orchard, Sun Cruiser, and Dogfish Head. Most of its volume comes from beyond-beer categories, creating a portfolio shaped by changing demand across alcoholic-beverage formats.
Builds and sells a nationally distributed portfolio of alcoholic beverages, led by Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard, Sun Cruiser, and Dogfish Head. The mix spans traditional beer, flavored malt beverages, cider, hard seltzer, and vodka ready-to-drink beverages.
The business is concentrated in the United States. Most volume comes from beyond-beer brands, and Twisted Tea is the largest-selling flavored malt beverage brand in the country.
Product demand can shift rapidly across formats. A hard-seltzer slowdown caused excess-inventory write-offs and distributor inventory reductions, illustrating the business's dependence on category demand and product mix.
Company facts
Categories
Key statistics
Year to date −8.4% · Average volume (30d) 235.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 27, 2026 | Bernstein | Reiterate | Market Perform | $210 | $195 |
| Jul 24, 2026 | Roth Capital | Reiterate | Buy | $315 | $295 |
| Jul 24, 2026 | Deutsche Bank | Target | $233 | $176 | |
| Jul 24, 2026 | Jefferies | Reiterate | Hold | $230 | $195 |
| Jul 24, 2026 | RBC Capital | Reiterate | Sector Perform | $245 | $210 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $4.83 | $3.65 | −24.4% | $566.7M | $568.3M | +0.3% | +3.23% |
| Apr 30, 2026Q1 FY26 | $1.96 | $1.64 | −16.3% | $436.1M | $433.9M | −0.5% | −9.59% |
| Feb 24, 2026Q4 FY25 | −$2.33 | −$2.12 | +9.0% | $381.6M | $385.7M | +1.1% | −4.26% |
| Oct 23, 2025Q3 FY25 | $3.78 | $4.25 | +12.4% | $382.6M | $537.5M | +40.5% | +5.45% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $453.9M | $587.9M | $537.5M | $507.9M | $433.9M | $607.8M | |
| Gross profit | $219.3M | $292.5M | $273.1M | $167.7M | $214.0M | $286.4M | |
| Operating income | $33.8M | $82.1M | $63.5M | −$34.4M | $21.6M | $70.8M | |
| Net income | $24.4M | $60.4M | $46.2M | −$22.5M | −$145.3M | $51.6M | |
| Diluted EPS | $2.16 | $5.45 | $4.25 | −$2.12 | −$13.88 | $4.96 | |
| Gross margin | 48.3% | 49.8% | 50.8% | 33.0% | 49.3% | 47.1% | |
| Operating margin | 7.4% | 14.0% | 11.8% | -6.8% | 5.0% | 11.6% |
Fiscal years (4-quarter sums)FY21 $2.06B · FY22 $2.09B · FY23 $2.01B · FY24 $2.01B · FY25 $2.09B
Balance sheet, Jun 27, 2026Cash & short-term investments $265.5M · Total debt $31.6M · Total assets $1.26B · Shareholders' equity $714.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 10.41M · Float 7.45M · 71.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| C. James Koch | 2.27M | 21.62% | 13G | Feb 11, 2026 |
| BlackRock, Inc. | 1.02M | 9.75% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 609.4K | 5.85% | 13F | Aug 13, 2026 |
| AQR Capital Management LLC | 540.0K | 5.19% | 13F | Aug 14, 2026 |
| UBS Group AG | 434.7K | 4.17% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 4, 2025 | Michael Spillane | director | −3,120 | $205.78 |
Peers
- Anheuser-Busch InBev (ADR)
Broad U.S. beer, hard-seltzer, and canned-cocktail overlap
- Molson Coors Class B
Beer, hard-seltzer, and flavored-beverage portfolio overlap
- Constellation Brands
Leading U.S. beer and flavored-malt-beverage portfolio overlap
- Diageo (ADR)
Smirnoff and Casamigos ready-to-drink overlap in the U.S.
- Monster Beverage
Craft-beer, hard-seltzer, and hard-tea lines overlap in Beyond beer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Boston Beer | $183.13 | +0.05% | $1.91B | — | 18.5 | 0.9 | −9.1% |
| Anheuser-Busch InBev (ADR) | $80.25 | +0.12% | $157.81B | 13.5 | — | 2.0 | — |
| Molson Coors Class B | $41.46 | −0.06% | $7.78B | — | 8.7 | 0.7 | −3.3% |
| Constellation Brands | $130.80 | +0.08% | $22.32B | 12.5 | 11.0 | 2.5 | −3.3% |
| Diageo (ADR) | $92.99 | +0.05% | $51.69B | 29.5 | — | 2.6 | −2.6% |
| Monster Beverage | $46.92 | +0.13% | $91.66B | 43.2 | 38.3 | 9.9 | +20.2% |
| Median | 21.5 | 11.0 | 2.5 | −2.9% |