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Dec 27, 2025
Boston Beer Q4 2025 Earnings Report
Boston Beer Q4 2025 Earnings Report
Key Takeaways
Boston Beer reported a challenging fourth quarter with a net loss of $22.5 million and a 4.1% decline in net revenue, primarily driven by lower shipment volumes in core brands like Twisted Tea and Truly. Despite the volume headwinds, the company achieved significant gross margin expansion of 360 basis points through improved brewery efficiencies and pricing, while continuing to invest heavily in brand marketing and innovation.
Net revenue decreased 4.1% to $385.7 million due to lower volumes, partially offset by price increases.
Gross margin improved significantly to 43.5%, up 360 basis points from the prior year.
The company reported a net loss of $22.5 million, or $2.12 per diluted share.
Full year 2025 operating cash flow was strong at $270.2 million, ending the year with no debt.
Forward Guidance
For the full year 2026, Boston Beer expects a return to stability with EPS projected between $8.50 and $11.00 and continued gross margin improvement.
Positive Outlook
- Projected full year 2026 gross margin between 48% and 50%.
- Anticipated price increases of 1% to 2%.
- Meaningful gross margin rate improvement expected in the fourth quarter of 2026.
- Continued progress on multi-year supply chain productivity initiatives.
- Strong innovation pipeline including brands like Sun Cruiser.
Challenges Ahead
- Depletions and shipments projected to be flat to down mid-single digits.
- Estimated tariff costs of $20 million to $30 million.
- Shortfall fees and non-cash prepayments to impact gross margins by 40 to 60 basis points.
- First half shipments expected to decline toward the lower end of guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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