The Boston Beer Company, Inc. (SAM) Earnings
The Boston Beer Company, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $4.83. SAM has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +7.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.96 | $1.64 | -16.3% | $434M | -0.5% |
| Feb 24, 2026 | $-2.33 | $-2.12 | +9.0% | $508M | +15.6% |
| Oct 23, 2025 | $3.78 | $4.25 | +12.4% | $537M | +40.5% |
| Jul 24, 2025 | $4.37 | $5.45 | +24.7% | $625M | +7.0% |
| Apr 24, 2025 | $0.78 | $2.16 | +176.9% | $454M | +4.3% |
| Feb 25, 2025 | $-1.21 | $-1.68 | -38.8% | $429M | +10.3% |
| Oct 24, 2024 | $4.96 | $5.35 | +7.9% | $605M | +54.3% |
| Jul 25, 2024 | $5.02 | $4.39 | -12.5% | $579M | -3.1% |
| Apr 25, 2024 | $0.01 | $1.04 | +12135.3% | $426M | +3.1% |
| Feb 27, 2024 | $-0.22 | $-1.49 | -577.3% | $394M | -4.8% |
| Oct 26, 2023 | $4.08 | $3.70 | -9.3% | $602M | +1.3% |
| Jul 27, 2023 | $3.43 | $4.72 | +37.6% | $603M | +1.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Jim Koch began by providing an overview of strategy and operating results. He mentioned signs of improvement in the total beer and RTD category, with Beyond Beer outperforming traditional beer. The Boston Beer portfolio hasn't fully participated in category trends yet. The company is making progress on margin enhancement initiatives, generating strong cash flow, and has repurchased over $30 million in shares year-to-date. Priorities for 2026 include supporting category-leading brands, launching innovation, and expanding gross margins. Diego Reynoso then discussed first quarter financial results, stating depletions and shipments declined, provided details on gross margin, and updated on ongoing productivity initiatives. He also gave an update on the company's 2026 guidance, capital allocation, and other financial aspects.
Guidance
Based on year-to-date depletion trends and the latest outlook for the balance of the year, the 2026 volume range is slightly narrowed to down low single digits to mid-single digits from the prior flat to down mid-single digits. The full year non-GAAP EPS guidance is narrowed to $8.50 to $10.50 from the prior $8.50 to $11. The company expects price increases of between 1% and 2% and full year reported gross margins to be between 48% and 50%.
Segment performance
In the first quarter, Twisted Tea and Sun Cruiser together are driving growth in depletions, with Sun Cruiser performing strongly and Twisted Tea showing some sequential improvement. Angry Orchard and Dogfish Head have achieved 4 consecutive quarters of growth. However, Truly continues to lose share, and there is softness in Samuel Adams and Hard Mountain Dew. First quarter depletions decreased by 4%, while shipments trailed depletions, decreasing by 7%. The first quarter gross margin was 49.3%. Twisted Tea and Sun Cruiser combined contribute to the overall performance, with Sun Cruiser being margin and revenue accretive in the shift from Twisted Tea. Angry Orchard and Dogfish Head's growth is noted, but Truly's share loss and softness in other brands are also highlighted.
Risks & headwinds
There are volume headwinds for 2026 due to the dynamic macroeconomic environment and evolving geopolitical developments that may impact consumer spending. Additionally, there is a $216 million pretax litigation expense related to a supplier contract dispute, although the company does not expect this issue to have a material impact on its operating plans.
Analyst Q&A
Q: Eric Serotta asked about Twisted Tea's outlook.
A: Jim Koch said Twisted Tea is seeing various levers such as resetting pricing, gaining shelf space for Twisted Tea Extreme which is growing triple digits, adding advertising dollars including through partnerships like Pardon My Take, and introducing new packs.
Q: Robert Ottenstein's question was about Sun Cruiser's ACV and penetration across regions.
A: Jim Koch stated Sun Cruiser is strongest in New England, has regional gaps, and there is ACV upside compared to High Noon, with plans to increase shelf space.
Q: Peter Grom inquired about category growth evolution and EPS outlook.
A: Jim Koch discussed factors contributing to category improvement like changed health dialogue, reduced impact of hemp-based beverages, and less pressure on the Hispanic community. Diego Reynoso unpacked inflation assumptions and savings initiatives related to gross margin.
Q: Filippo Falorni asked about summer expectations and capitalizing on events.
A: Jim Koch talked about sponsorships like with Truly for the U.S. men's soccer team and Samuel Adams' America's 250th anniversary initiatives.
Q: Kaumil Gajrawala questioned about drivers of growth for Dogfish Head and Angry Orchard.
A: Jim Koch said Angry Orchard's growth is due to focusing on core, effective advertising, and bridging traditional beer and fourth category; Dogfish Head's growth is from cleaning up the brand, clarifying product lines, and growth in Dogfish Head Spirits.
Q: Michael Lavery asked about shelf resets and Hard Mountain Dew.
A: Jim Koch discussed shelf resets where the company gained space, and issues with Hard Mountain Dew like distribution challenges.
Q: Chris Barnes asked about consolidation in the alcohol beverage industry.
A: Jim Koch talked about the company's position as big enough to innovate and be nimble, with a strong innovation track record and being important to wholesale partners.