Boston Beer (SAM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 23, 2026

After Close (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

4.96

Last Year’s EPS

5.45

Same Quarter Last Year

Analyst Consensus

Hold

Based on 12 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 30, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call highlighted clear operational and margin progress (49.3% gross margin, procurement savings, higher in-house production, reduced obsolete inventory, brand-level wins and continued share repurchases) which positions the company to partially offset external cost pressures. However, material headwinds remain: volume and shipment declines (-4% depletions, -6.9% shipments), a significant $216M pretax litigation charge, revenue decline (-4.4%), ongoing commodity and tariff inflation (Q1 aluminum tariff $4.3M; FY tariff estimate $20M–$30M) and continued brand share challenges (notably Truly and some softness in Samuel Adams and Hard Mountain Dew). Management is taking actions—advertising reallocation, innovation, and productivity initiatives—and has narrowed guidance to reflect these risks. Balancing the notable margin/operational gains and strong brand/innovation momentum against meaningful volume weakness and a large, uncertain litigation expense yields a mixed but managed outlook.

Company Guidance

Management narrowed 2026 volume guidance to down low-single digits to down mid-single digits (from prior flat to down mid-single digits) and tightened non-GAAP EPS to $8.50–$10.50 (from $8.50–$11); fiscal-week depletions for the first 17 weeks are down 4% (improving from down 6% in Q4), Q1 depletions fell 4% and shipments declined 6.9%, with distributor inventory at 4.5 weeks vs. 5 weeks a year ago. Q1 revenue was down 4.4%, gross margin was 49.3% (up 100 bps) with full-year reported gross margin expected at 48%–50% (but with shortfall fees and third‑party prepayments expected to subtract ~40–60 bps); procurement and brewery efficiencies (Q1 domestic internal production 95% vs. 85% LY; full year >90% vs. 86% LY) and mix are expected to offset inflationary impacts (Q1 inflationary impacts ≈$12.5M, including ~$4.3M aluminum tariffs) and a full‑year tariff estimate of $20M–$30M. Other guidance and cash priorities: price increases of 1%–2%, incremental A&P up $20M–$40M (flexible to spend at the low end), capex $70M–$90M, non‑GAAP tax rate ~29%–30%, cash of $164M with $150M available on the line, share repurchases >$30M YTD (including $23.8M and $7.4M) and ~$197M remaining on a $1.6B authorization; note Q1 non‑GAAP EPS was $1.64, GAAP EPS took a $15.52 hit from $216M pretax litigation expense.

Gross Margin Expansion

Reported first quarter gross margin of 49.3%, up 100 basis points year-over-year; company expects full-year 2026 reported gross margins of 48%–50% and continues to deliver productivity and procurement savings contributing to margin improvements.

Strong Operational Productivity & Internal Production

Domestic internal production increased to 95% of domestic volume in Q1 versus 85% in prior year; company expects >90% internal production for full year 2026 (vs 86% last year), driven by OEE and brewery efficiencies.

Procurement & Inventory Improvements

Procurement savings and negotiated pricing on packaging/ingredients contributed to margin gains; obsolete inventories reduced 36% in Q1 and distributor inventory declined to 4.5 weeks on hand from 5.0 weeks a year ago.

Brand & Innovation Momentum (Sun Cruiser, Angry Orchard, Dogfish Head)

Sun Cruiser is now a Top 5 spirits RTD and the fastest-growing brand in the category by volume (measured + off-premise); Angry Orchard and Dogfish Head achieved four consecutive quarters of growth; Angry Orchard Crisp Imperial single-serve volume increased >40% in Q1.

Twisted Tea & Hard Tea Category Progress

Combined Twisted Tea and Sun Cruiser delivered depletion volume growth in Q1; Twisted Tea saw sequential improvement with Twisted Tea Extreme and Twisted Tea Light growing (Extreme noted as triple-digit growth) and shelf space gains from pack innovations.

Innovation Pipeline & Early Wins (Sinless, Sun Cruiser Partnerships)

Sinless Vodka Cocktails expanded to >30 states in March with positive early feedback; Sun Cruiser secured multiyear USGA partnership and broad media/sports/music activations to drive distribution and trial.

Share Repurchases and Cash Position

Repurchased >$30 million in shares year-to-date (reported $23.8M in the 13 weeks ended March 28 and $7.4M through April 24); ended quarter with $164M cash and $150M available on line of credit; ~$197M remaining on $1.6B repurchase authorization.

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
Jul 23, 2026	2026 (Q2)	4.96 / -	5.45	―	―	―
Apr 30, 2026	2026 (Q1)	1.97 / 1.64	2.16	-24.07% (-0.52)	―
Feb 24, 2026	2025 (Q4)	-2.51 / -2.12	-1.68	-26.19% (-0.44)	―
Oct 23, 2025	2025 (Q3)	3.33 / 4.25	5.35	-20.56% (-1.10)	―
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)	―

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
Apr 30, 2026	$237.04	$214.30	-9.59%
Feb 24, 2026	$227.45	$217.76	-4.26%
Oct 23, 2025	$219.63	$231.60	+5.45%
Jul 24, 2025	$201.81	$215.00	+6.54%

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.