The earnings call presented a mixed picture, with significant achievements in margin expansion and brand investment but challenges from decreased depletions, macroeconomic pressures, and tariff impacts. The highlight was the success of Sun Cruiser, yet the struggles of larger brands like Twisted Tea and Truly were concerning.

Company Guidance

During the Boston Beer Company's second quarter 2025 earnings call, the company provided updated guidance reflecting the challenging macroeconomic environment and its impact on performance. Jim Koch, the Founder and Chairman, noted that the company's depletions were down 3% in the first half and 5% in the second quarter, while shipments were down only 1% due to the timing of wholesaler demand. Despite these declines, Boston Beer delivered strong margin expansion, achieving a gross margin of 49.8%, up 380 basis points year-over-year, and increased its full-year gross margin guidance to 46%-47.3% despite new tariff costs. The company generated over $125 million in operating cash flow in the first half and returned $111 million to shareholders. Boston Beer adjusted its volume guidance to down high single digits to low single digits for the year, reflecting a dynamic industry environment, with expected declines in shipments in the second half as inventory levels rebalance. The company remains optimistic about long-term growth opportunities, particularly in its Beyond Beer category, with brands like Sun Cruiser showing strong consumer reception. However, near-term challenges, including economic uncertainty and reduced consumer spending, are expected to continue impacting larger brands like Twisted Tea and Truly.

Strong Margin Expansion and EPS Growth

Despite a weaker-than-expected volume environment, Boston Beer delivered strong margin expansion and EPS growth in the quarter, driven by productivity initiatives and a focus on cost control.

Sun Cruiser Success

Sun Cruiser grew to a 4 share of the RTD spirits category and tripled its points of distribution, becoming a significant growth contributor for the Beyond Beer category.

Record High Customer Service Levels

The company achieved record high customer service levels and reached nearly 50% in gross margin.

Increased Brand Investments

Over $125 million in operating cash flow generated in the first half, enabling $111 million in cash returns to shareholders and increased investment in brand support.

Boston Beer (SAM) Earnings, Revenues Date & History

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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.