The earnings call reflects a mixed sentiment with strong financial performance in terms of gross margin and EPS growth, as well as the success of the Sun Cruiser brand. However, these positives are balanced by challenges in depletion trends, economic and weather-related pressures, and the decline of key brands like Twisted Tea. The outlook is cautious with a wide range in volume guidance due to uncertainty in the macroeconomic environment.

Company Guidance -

Q3 2025

During The Boston Beer Company's second-quarter 2025 earnings call, guidance for the fiscal year was updated to reflect a challenging macroeconomic environment. The company reported a 5% decrease in depletions for the second quarter, while shipments were down only 1%. Year-to-date depletions were down 3%, and the company expects volumes to decrease between high single digits to low single digits for the year. The gross margin guidance was raised to 46% to 47.3%, despite anticipated tariff costs impacting margins by 70 to 100 basis points. The company generated over $125 million in operating cash flow in the first half of the year, with $111 million returned to shareholders. Earnings per share (EPS) for the second quarter increased by 24.1% to $5.45, driven by improved margins and lower share count. However, full-year EPS guidance was adjusted to $6.72 to $9.54, factoring in the tariff impacts. The call also highlighted strong consumer reception for the Sun Cruiser brand, which has quickly captured a 4% share of the ready-to-drink spirits category, contributing positively to the company's mix and margin profile.

Gross Margin Expansion

The company delivered a gross margin of 49.8% in Q2, an increase of 380 basis points year-over-year, driven by improved brewery efficiencies, procurement savings, price increases, and product mix.

Sun Cruiser Success

Sun Cruiser has quickly grown to a 4 share of the RTD spirits category and continues to expand its distribution, expected to be an important growth contributor for the Beyond Beer category.

EPS Growth

Boston Beer reported EPS of $5.45 per diluted share, an increase of 24.1% compared to the prior year, driven by higher gross margins and lower share count.

Cash Flow and Shareholder Returns

The company generated over $125 million in operating cash flow in the first half, enabling $111 million in cash returns to shareholders year-to-date.

Boston Beer (SAM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SAM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	3.33 / -	5.35	―	―	―
Jul 24, 2025	2025 (Q2)	3.86 / 5.45	4.39	24.15% (+1.06)	―
Apr 24, 2025	2025 (Q1)	0.56 / 2.16	1.04	107.69% (+1.12)	―
Feb 25, 2025	2024 (Q4)	-1.31 / -1.68	-1.49	-12.75% (-0.19)	―
Oct 24, 2024	2024 (Q3)	5.00 / 5.35	3.7	44.59% (+1.65)	―
Jul 25, 2024	2024 (Q2)	5.00 / 4.39	4.72	-6.99% (-0.33)	―
Apr 25, 2024	2024 (Q1)	-0.03 / 1.04	-0.73	242.47% (+1.77)	―
Feb 27, 2024	2023 (Q4)	-0.29 / -1.49	-0.93	-60.22% (-0.56)	―
Oct 26, 2023	2023 (Q3)	4.08 / 3.70	2.21	67.42% (+1.49)	―
Jul 27, 2023	2023 (Q2)	3.38 / 4.72	4.31	9.51% (+0.41)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SAM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 24, 2025	$201.81	$215.00	+6.54%
Apr 24, 2025	$242.40	$247.89	+2.26%
Feb 25, 2025	$234.29	$241.36	+3.02%
Oct 24, 2024	$301.88	$295.96	-1.96%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.