What is Boston Beer's operating income?

Boston Beer's total operating income in 2025 was $144.88 million, based on the following breakdown: Total Gross Profit: $952.58 million Total Operating Expenses: $807.70 million

Boston Beer (SAM) Financials

$200.61 +2.14 (+1.08%)

Closing price 10/30/2026 03:59 PM Eastern

Extended Trading

$201.50 +0.89 (+0.44%)

As of 10/30/2026 07:56 PM Eastern

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Annual Income Statements for Boston Beer

This table shows Boston Beer's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Net Income / (Loss) Attributable to Common Shareholders	98	87	99	-	110	192	15	67	76	60	108
Consolidated Net Income / (Loss)	98	87	99	-	110	192	15	67	76	60	108
Net Income / (Loss) Continuing Operations	98	87	99	-	110	192	15	67	76	60	108
Total Pre-Tax Income	155	137	116	-	144	244	6.91	91	110	88	153
Total Operating Income	156	138	116	-	145	244	8.00	91	100	76	145
Total Gross Profit	502	460	450	-	614	814	798	862	852	894	953
Total Revenue	960	906	863	-	1,250	1,736	2,058	2,090	2,009	2,013	1,965
Operating Revenue	960	906	863	-	1,250	1,736	2,058	2,090	2,009	2,013	1,965
Total Cost of Revenue	458	447	413	-	636	922	1,260	1,228	1,156	1,119	1,012
Operating Cost of Revenue	458	447	413	-	636	922	1,260	1,228	1,156	1,119	1,012
Total Operating Expenses	345	322	334	-	469	570	790	771	752	818	808
Selling, General & Admin Expense	72	78	73	-	113	118	134	158	175	190	191
Marketing Expense	274	244	259	-	356	448	607	578	556	552	610
Other Operating Expenses / (Income)	-	-	-	-	0.00	0.00	31	5.38	0.00	26	0.00
Impairment Charge	0.26	-0.24	2.45	-	0.91	4.47	18	30	22	50	6.96
Total Other Income / (Expense), net	-1.16	-0.54	0.47	-	-0.54	0.02	-1.09	0.65	9.59	12	8.58
Interest & Investment Income	0.06	0.17	0.55	-	0.65	-0.20	-0.11	2.56	11	13	9.94
Other Income / (Expense), net	-1.22	-0.71	-0.08	-	-1.19	0.22	-0.98	-1.92	-1.41	-1.62	-1.36
Income Tax Expense	57	50	17	-	34	52	-7.64	24	33	28	45
Basic Earnings per Share	$7.46	$6.93	$24.54	-	$9.26	$15.73	$1.19	$5.46	$6.23	$5.07	$9.90
Weighted Average Basic Shares Outstanding	13.20M	12.66M	24.20M	11.73M	11.89M	12.20M	12.28M	12.32M	12.24M	11.77M	10.96M
Diluted Earnings per Share	$7.25	$6.79	$16.18	-	$9.16	$15.53	$1.17	$5.44	$6.21	$5.06	$9.89
Weighted Average Diluted Shares Outstanding	13.52M	12.80M	12.18M	11.73M	11.91M	12.28M	12.44M	12.35M	12.26M	11.77M	10.94M
Weighted Average Basic & Diluted Shares Outstanding	13.20M	12.60M	12.10M	11.73M	12.15M	12.27M	12.29M	12.28M	12.02M	11.24M	10.45M

This table shows Boston Beer's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026	6/27/2026	9/26/2026
Net Income / (Loss) Attributable to Common Shareholders	13	52	34	-39	24	60	46	-23	-145	52	43
Consolidated Net Income / (Loss)	13	52	34	-39	24	60	46	-23	-145	52	43
Net Income / (Loss) Continuing Operations	13	52	34	-39	24	60	46	-23	-145	52	43
Total Pre-Tax Income	19	73	49	-54	36	84	64	-31	-189	72	59
Total Operating Income	15	71	46	-56	34	82	62	-33	-190	71	56
Total Gross Profit	186	266	280	161	219	293	273	168	214	286	269
Total Revenue	426	579	605	402	454	588	537	386	434	568	520
Operating Revenue	426	579	605	402	454	588	537	386	434	568	520
Total Cost of Revenue	240	313	325	242	235	295	264	218	220	282	251
Operating Cost of Revenue	240	313	325	242	235	295	264	218	220	282	251
Total Operating Expenses	171	196	234	217	185	210	211	201	404	216	213
Selling, General & Admin Expense	50	48	44	48	48	46	45	52	52	49	43
Marketing Expense	120	144	148	140	138	160	165	148	140	186	165
Other Operating Expenses / (Income)	0.00	0.00	0.00	26	-	-	0.00	-	-	-19	0.00
Impairment Charge	0.34	3.40	43	3.43	0.00	4.99	1.42	0.55	0.00	0.23	2.89
Other Special Charges / (Income)	-	-	-	-	0.00	-	0.00	-	212	-	1.82
Total Other Income / (Expense), net	3.46	2.51	3.27	2.40	2.07	1.99	2.10	2.43	1.53	1.55	2.58
Interest & Investment Income	3.49	2.95	3.58	3.23	2.33	2.29	2.70	2.62	1.89	2.00	2.71
Other Income / (Expense), net	-0.04	-0.44	-0.32	-0.83	-0.26	-0.31	-0.60	-0.19	-0.36	-0.45	-0.14
Income Tax Expense	6.21	21	16	-15	11	24	18	-8.06	-44	21	16
Basic Earnings per Share	$1.05	$4.40	$2.87	($3.25)	$2.16	$5.45	$4.25	($1.96)	($13.88)	$4.96	$4.21
Weighted Average Basic Shares Outstanding	12.05M	11.90M	11.68M	11.77M	11.28M	11.09M	10.86M	10.96M	10.47M	10.39M	10.25M
Diluted Earnings per Share	$1.04	$4.39	$2.86	($3.23)	$2.16	$5.45	$4.25	($1.97)	($13.88)	$4.96	$4.21
Weighted Average Diluted Shares Outstanding	12.06M	11.89M	11.67M	11.77M	11.26M	11.07M	10.83M	10.94M	10.47M	10.36M	10.22M
Weighted Average Basic & Diluted Shares Outstanding	11.95M	11.72M	11.48M	11.24M	11.15M	10.89M	10.66M	10.45M	10.41M	10.29M	10.15M

This table details how cash moves in and out of Boston Beer's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Net Change in Cash & Equivalents	18	-3.16	-25	43	-72	127	-97	114	118	-87	12
Net Cash From Operating Activities	169	154	136	163	178	253	56	200	265	249	270
Net Cash From Continuing Operating Activities	169	154	136	163	185	253	56	200	265	249	270
Net Income / (Loss) Continuing Operations	98	87	99	93	110	192	15	67	76	60	108
Consolidated Net Income / (Loss)	98	87	99	93	110	192	15	67	76	60	108
Depreciation Expense	43	50	51	52	56	66	72	81	88	94	90
Non-Cash Adjustments To Reconcile Net Income	-7.75	-6.24	9.53	11	18	27	45	72	47	76	25
Changes in Operating Assets and Liabilities, net	35	24	-24	8.06	0.19	-31	-75	-21	54	19	46
Net Cash From Investing Activities	-74	-46	-33	-55	-259	-139	-147	-89	-62	-96	-55
Net Cash From Continuing Investing Activities	-74	-46	-33	-55	-259	-139	-147	-89	-62	-96	-55
Purchase of Property, Plant & Equipment	-74	-50	-33	-55	-93	-140	-148	-91	-64	-76	-55
Sale of Property, Plant & Equipment	-	3.86	0.03	0.03	0.17	0.49	1.16	2.08	1.71	0.02	0.05
Other Investing Activities, net	0.06	0.04	0.03	0.14	-0.24	0.39	0.15	0.00	0.00	-20	0.00
Net Cash From Financing Activities	-77	-111	-128	-65	8.86	12	-6.64	2.80	-85	-239	-204
Net Cash From Continuing Financing Activities	-77	-111	-128	-65	8.86	12	-6.64	2.80	-85	-239	-204
Repayment of Debt	-0.05	-0.06	-0.06	-0.08	-97	-101	-1.57	-32	-1.58	-1.89	-1.73
Repurchase of Common Equity	-136	-165	-145	-88	-	-	0.00	0.00	-93	-239	-202
Other Financing Activities, net	59	53	16	23	9.24	14	-5.07	4.47	9.61	1.19	0.07
Cash Income Taxes Paid	45	31	43	16	31	36	-41	28	-36	-52	-63

This table details how cash moves in and out of Boston Beer's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026	6/27/2026	9/26/2026
Net Change in Cash & Equivalents	-93	14	36	-44	-59	60	38	-27	-59	93	41
Net Cash From Operating Activities	-4.88	96	116	42	1.94	126	102	40	-20	138	77
Net Cash From Continuing Operating Activities	-4.88	96	116	42	1.94	126	102	40	-20	130	75
Net Income / (Loss) Continuing Operations	13	52	34	-39	24	60	46	-23	-145	52	43
Consolidated Net Income / (Loss)	13	52	34	-39	24	60	46	-23	-145	52	43
Depreciation Expense	23	24	24	23	23	22	23	23	22	21	21
Non-Cash Adjustments To Reconcile Net Income	10	14	52	0.68	8.27	13	19	-0.85	222	-23	8.62
Changes in Operating Assets and Liabilities, net	-51	6.15	6.29	57	-54	31	14	41	-119	80	2.02
Net Cash From Investing Activities	-36	-20	-17	-24	-9.88	-14	-13	-18	-12	-10	-8.36
Net Cash From Continuing Investing Activities	-36	-20	-17	-24	-9.88	-14	-13	-18	-12	-10	-8.36
Purchase of Property, Plant & Equipment	-16	-20	-17	-24	-9.92	-14	-13	-18	-12	-11	-8.37
Sale of Property, Plant & Equipment	0.02	-	-	-	0.04	-	0.01	-	0.00	0.08	0.01
Net Cash From Financing Activities	-52	-62	-63	-62	-51	-52	-51	-49	-26	-26	-26
Net Cash From Continuing Financing Activities	-52	-62	-63	-62	-51	-52	-51	-49	-26	-26	-26
Repayment of Debt	-0.56	-0.51	-0.41	-0.41	-0.42	-0.43	-0.44	-0.44	-0.58	-0.27	-0.25
Repurchase of Common Equity	-50	-63	-63	-63	-49	-52	-51	-50	-23	-27	-25
Other Financing Activities, net	-1.93	1.70	0.52	0.90	-1.61	0.38	0.03	1.27	-2.57	0.76	-0.12
Cash Income Taxes Paid	0.02	12	-48	-17	0.02	23	-77	-9.21	-0.00	-0.77	-8.38

This table presents Boston Beer's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Total Assets	645	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194
Total Current Assets	224	194	168	232	219	413	345	423	504	417	418
Cash & Equivalents	94	91	66	108	37	163	27	181	298	212	223
Accounts Receivable	39	37	34	34	54	78	55	57	67	61	57
Inventories, net	56	52	51	70	106	131	149	148	116	117	93
Prepaid Expenses	12	8.73	11	13	12	30	21	27	21	20	20
Current Deferred & Refundable Income Taxes	22	4.93	7.62	5.71	9.46	10	53	10	1.71	6.68	24
Plant, Property, & Equipment, net	410	408	384	390	541	623	665	668	643	616	578
Total Noncurrent Assets	12	14	17	18	294	343	377	330	284	216	198
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	0.00	17	11
Goodwill	3.68	3.68	3.68	3.68	113	113	113	113	113	113	113
Intangible Assets	-	-	-	2.10	104	104	104	76	60	16	15
Other Noncurrent Operating Assets	8.19	9.97	13	13	78	126	160	141	112	71	59
Total Liabilities & Shareholders' Equity	645	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194
Total Liabilities	184	169	146	180	318	422	403	352	352	334	347
Total Current Liabilities	111	102	102	121	181	259	255	204	223	232	253
Accounts Payable	43	41	38	47	76	122	86	84	87	87	95
Accrued Expenses	68	61	64	73	99	130	162	111	127	139	145
Other Current Liabilities	-	-	-	-	5.17	8.23	7.63	8.87	9.11	5.74	13
Total Noncurrent Liabilities	73	68	44	59	138	162	148	148	129	102	95
Noncurrent Deferred & Payable Income Tax Liabilities	56	57	35	49	75	93	87	97	86	66	65
Other Noncurrent Operating Liabilities	17	11	9.52	9.85	63	70	61	51	43	36	30
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	461	447	424	460	736	957	983	1,069	1,078	916	846
Total Preferred & Common Equity	461	447	424	460	736	957	983	1,069	1,078	916	846
Total Common Equity	461	446	423	460	736	957	983	1,069	1,078	916	846
Common Stock	290	350	373	406	572	600	612	630	656	677	699
Retained Earnings	172	98	52	56	165	357	372	439	422	240	148
Accumulated Other Comprehensive Income / (Loss)	-0.95	-1.10	-1.29	-1.20	-1.67	-0.25	-0.19	-0.21	-0.06	-0.70	-0.38

This table presents Boston Beer's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026	6/27/2026	9/26/2026
Total Assets	1,493	1,517	1,384	1,435	1,382	1,240	1,268	1,247	1,171	1,255	1,239
Total Current Assets	517	579	453	526	536	414	467	462	417	516	516
Cash & Equivalents	208	311	205	219	256	152	212	250	164	266	308
Accounts Receivable	117	88	73	125	94	88	93	84	87	100	83
Inventories, net	156	148	147	152	160	145	134	102	119	118	98
Prepaid Expenses	35	32	27	28	26	29	27	24	31	27	25
Current Deferred & Refundable Income Taxes	1.75	0.00	0.24	1.16	0.00	0.10	0.04	1.76	16	4.47	2.10
Plant, Property, & Equipment, net	656	647	635	627	619	604	591	580	564	555	543
Total Noncurrent Assets	319	290	296	282	227	222	211	205	190	184	181
Noncurrent Note & Lease Receivables	-	-	19	19	17	17	11	11	7.74	7.78	7.83
Goodwill	113	113	113	113	113	113	113	113	113	113	113
Intangible Assets	76	60	60	60	17	16	16	15	14	14	13
Other Noncurrent Operating Assets	130	118	105	91	81	77	72	67	55	50	47
Total Liabilities & Shareholders' Equity	1,493	1,517	1,384	1,435	1,382	1,240	1,268	1,247	1,171	1,255	1,239
Total Liabilities	405	396	337	395	368	343	356	336	488	541	504
Total Current Liabilities	263	265	211	270	264	241	265	253	449	494	456
Accounts Payable	121	115	98	115	103	110	113	102	100	125	108
Accrued Expenses	133	141	105	147	154	119	140	138	337	359	341
Other Current Liabilities	8.97	9.03	8.35	7.48	6.60	12	12	13	12	9.69	7.87
Total Noncurrent Liabilities	143	131	126	125	104	102	91	83	40	47	47
Noncurrent Deferred & Payable Income Tax Liabilities	95	86	86	86	66	63	55	50	13	21	22
Other Noncurrent Operating Liabilities	47	45	40	39	38	39	36	33	27	26	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,087	1,121	1,047	1,041	1,014	897	912	911	683	715	736
Total Preferred & Common Equity	1,087	1,121	1,047	1,041	1,014	897	912	911	683	715	736
Total Common Equity	1,087	1,121	1,047	1,041	1,014	897	912	911	683	715	736
Common Stock	646	651	663	668	672	682	688	691	704	710	713
Retained Earnings	441	470	384	373	342	215	225	221	-21	5.22	23
Accumulated Other Comprehensive Income / (Loss)	-0.07	-0.21	-0.22	-0.28	-0.24	-0.55	-0.30	-0.46	-0.49	-0.61	-0.59

This table displays calculated financial ratios and metrics derived from Boston Beer's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024	12/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.30%	-5.57%	-4.79%	0.00%	0.00%	38.93%	18.50%	1.59%	-3.91%	0.21%	-2.38%
EBITDA Growth	9.48%	-5.73%	-10.54%	-68.85%	284.84%	55.05%	-74.49%	115.17%	9.69%	-9.85%	38.98%
EBIT Growth	6.44%	-11.62%	-15.60%	-100.00%	0.00%	70.07%	-97.13%	1,166.21%	10.93%	-24.59%	93.03%
NOPAT Growth	8.54%	-11.56%	12.50%	-100.00%	0.00%	73.78%	-91.22%	296.49%	4.18%	-25.60%	97.81%
Net Income Growth	8.45%	-11.24%	13.39%	0.00%	0.00%	74.44%	-92.42%	362.19%	13.36%	-21.71%	81.71%
EPS Growth	8.37%	-6.34%	138.29%	0.00%	0.00%	69.54%	-92.47%	364.96%	14.15%	-18.52%	95.45%
Operating Cash Flow Growth	19.45%	-8.59%	-11.81%	20.20%	9.05%	42.17%	-77.78%	255.16%	32.61%	-6.13%	8.54%
Free Cash Flow Firm Growth	682.73%	8.47%	-3.40%	-93.80%	-4,064.37%	141.09%	-209.60%	189.99%	85.77%	-28.79%	44.96%
Invested Capital Growth	2.01%	-3.27%	0.66%	-1.67%	98.62%	13.55%	15.55%	-3.17%	-12.22%	-9.63%	-11.57%
Revenue Q/Q Growth	-0.28%	0.47%	-1.49%	0.00%	0.00%	10.12%	-5.20%	4.99%	-2.61%	0.43%	-0.84%
EBITDA Q/Q Growth	-2.11%	5.21%	-10.25%	-65.98%	263.96%	9.74%	-58.90%	51.11%	-4.17%	-14.74%	11.05%
EBIT Q/Q Growth	-3.39%	6.45%	-14.55%	-100.00%	0.00%	11.51%	-94.29%	171.38%	-8.42%	-29.19%	19.73%
NOPAT Q/Q Growth	-3.08%	7.11%	9.29%	-100.00%	0.00%	10.71%	-83.06%	140.23%	-10.54%	-27.67%	18.81%
Net Income Q/Q Growth	-2.92%	7.44%	9.22%	0.00%	0.00%	11.02%	-85.32%	150.10%	-8.08%	-25.68%	17.59%
EPS Q/Q Growth	-2.42%	7.95%	121.64%	0.00%	0.00%	86.21%	-85.19%	138.60%	-8.27%	-25.70%	14.60%
Operating Cash Flow Q/Q Growth	-6.87%	14.58%	-11.74%	20.36%	-10.01%	3.65%	-41.02%	-13.18%	27.85%	3.82%	-0.72%
Free Cash Flow Firm Q/Q Growth	-5.67%	44.33%	-19.39%	-92.53%	27.47%	-6.35%	-29.86%	-19.25%	48.80%	3.11%	-0.19%
Invested Capital Q/Q Growth	1.91%	-4.79%	3.96%	-3.76%	1.03%	4.24%	-2.73%	4.23%	-3.77%	-7.14%	-5.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.26%	50.71%	52.13%	0.00%	49.14%	46.90%	38.77%	41.24%	42.44%	44.40%	48.48%
EBITDA Margin	20.61%	20.58%	19.33%	0.00%	16.00%	17.86%	3.85%	8.14%	9.30%	8.36%	11.91%
Operating Margin	16.27%	15.19%	13.40%	0.00%	11.59%	14.06%	0.39%	4.34%	4.98%	3.77%	7.37%
EBIT Margin	16.14%	15.11%	13.39%	0.00%	11.50%	14.08%	0.34%	4.25%	4.91%	3.69%	7.30%
Profit (Net Income) Margin	10.25%	9.64%	11.48%	0.00%	8.80%	11.05%	0.71%	3.22%	3.80%	2.97%	5.52%
Tax Burden Percent	63.49%	63.70%	85.28%	0.00%	76.22%	78.60%	210.64%	73.56%	69.58%	68.14%	70.68%
Interest Burden Percent	100.04%	100.12%	100.47%	0.00%	100.45%	99.92%	98.43%	102.88%	111.15%	117.82%	106.93%
Effective Tax Rate	36.51%	36.30%	14.72%	0.00%	23.78%	21.40%	-110.64%	26.44%	30.42%	31.86%	29.32%
Return on Invested Capital (ROIC)	27.24%	24.25%	27.66%	0.00%	21.02%	25.72%	1.97%	7.40%	8.35%	6.98%	15.43%
ROIC Less NNEP Spread (ROIC-NNEP)	28.12%	24.63%	27.15%	0.00%	21.59%	25.70%	3.97%	7.02%	5.56%	3.87%	12.64%
Return on Net Nonoperating Assets (RNNOA)	-5.31%	-5.01%	-4.89%	0.00%	-2.62%	-3.04%	-0.47%	-0.84%	-1.24%	-0.99%	-3.12%
Return on Equity (ROE)	21.93%	19.24%	22.77%	0.00%	18.40%	22.68%	1.50%	6.56%	7.10%	5.99%	12.31%
Cash Return on Invested Capital (CROIC)	25.26%	27.58%	27.00%	1.68%	-45.03%	13.03%	-12.46%	10.62%	21.37%	17.10%	27.71%
Operating Return on Assets (OROA)	24.78%	21.72%	19.50%	0.00%	16.97%	20.09%	0.51%	6.33%	6.92%	5.55%	11.75%
Return on Assets (ROA)	15.74%	13.85%	16.71%	0.00%	12.99%	15.78%	1.05%	4.79%	5.35%	4.45%	8.88%
Return on Common Equity (ROCE)	21.93%	19.24%	22.76%	0.00%	18.40%	22.68%	1.50%	6.56%	7.10%	5.99%	12.31%
Return on Equity Simple (ROE_SIMPLE)	21.34%	19.56%	23.39%	0.00%	14.96%	20.06%	1.48%	6.29%	7.07%	6.52%	0.00%
Net Operating Profit after Tax (NOPAT)	99	88	99	0.00	110	192	17	67	70	52	102
NOPAT Margin	10.33%	9.67%	11.43%	0.00%	8.84%	11.05%	0.82%	3.20%	3.46%	2.57%	5.21%
Net Nonoperating Expense Percent (NNEP)	-0.87%	-0.37%	0.51%	0.00%	-0.57%	0.02%	-2.00%	0.38%	2.78%	3.11%	2.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.25%	6.45%	5.65%	12.10%
Cost of Revenue to Revenue	47.74%	49.29%	47.87%	0.00%	50.86%	53.10%	61.23%	58.76%	57.56%	55.60%	51.52%
SG&A Expenses to Revenue	7.45%	8.61%	8.47%	0.00%	9.02%	6.81%	6.49%	7.54%	8.69%	9.43%	9.71%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.99%	35.52%	38.73%	0.00%	37.55%	32.84%	38.38%	36.89%	37.46%	40.63%	41.10%
Earnings before Interest and Taxes (EBIT)	155	137	116	0.00	144	244	7.02	89	99	74	144
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	198	187	167	52	200	310	79	170	187	168	234
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.75	4.78	5.31	6.03	6.20	12.98	6.56	3.79	3.91	3.77	2.48
Price to Tangible Book Value (P/TBV)	5.80	4.82	5.35	6.11	8.78	16.78	8.40	4.61	4.65	4.39	2.92
Price to Revenue (P/Rev)	2.76	2.35	2.60	0.00	3.65	7.16	3.13	1.94	2.10	1.72	1.07
Price to Earnings (P/E)	26.96	24.41	22.69	0.00	41.42	64.73	442.95	60.23	55.25	57.93	19.36
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.71%	4.10%	4.41%	0.00%	2.41%	1.54%	0.23%	1.66%	1.81%	1.73%	5.16%
Enterprise Value to Invested Capital (EV/IC)	6.96	5.74	6.10	7.58	6.47	15.45	6.96	4.36	5.02	4.61	3.01
Enterprise Value to Revenue (EV/Rev)	2.67	2.25	2.53	0.00	3.62	7.06	3.10	1.85	1.95	1.61	0.96
Enterprise Value to EBITDA (EV/EBITDA)	12.94	10.95	13.08	51.32	22.61	39.54	80.64	22.74	20.96	19.28	8.02
Enterprise Value to EBIT (EV/EBIT)	16.52	14.91	18.88	0.00	31.46	50.17	908.95	43.55	39.70	43.66	13.08
Enterprise Value to NOPAT (EV/NOPAT)	25.81	23.28	22.12	0.00	40.93	63.88	378.75	57.96	56.26	62.71	18.33
Enterprise Value to Operating Cash Flow (EV/OCF)	15.17	13.24	16.05	16.32	25.37	48.39	113.33	19.36	14.76	13.04	6.95
Enterprise Value to Free Cash Flow (EV/FCFF)	27.84	20.48	22.66	446.85	0.00	126.12	0.00	40.37	21.98	25.59	10.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.19	-0.20	-0.18	-0.20	-0.12	-0.12	-0.12	-0.12	-0.22	-0.26	-0.25
Leverage Ratio	1.39	1.39	1.36	1.37	1.42	1.44	1.43	1.37	1.33	1.34	1.39
Compound Leverage Factor	1.39	1.39	1.37	0.00	1.42	1.44	1.40	1.41	1.48	1.58	1.48
Debt to Total Capital	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.86%	99.97%	99.97%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-0.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-0.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	11.50	10.16	11.68	9.60	10.49	20.01	11.54	9.20	9.46	8.47	6.01
Noncontrolling Interest Sharing Ratio	0.03%	0.03%	0.03%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.01	1.91	1.65	1.92	1.21	1.59	1.35	2.07	2.26	1.80	1.65
Quick Ratio	1.20	1.26	0.98	1.18	0.50	0.93	0.32	1.16	1.64	1.18	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	92	100	96	5.97	-237	97	-107	96	178	127	184
Operating Cash Flow to CapEx	227.38%	334.77%	412.54%	294.86%	191.52%	181.64%	38.36%	225.91%	425.07%	326.40%	495.56%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.54	1.44	1.46	0.00	1.48	1.43	1.49	1.49	1.41	1.50	1.61
Accounts Receivable Turnover	25.31	23.96	24.50	0.00	28.25	26.16	30.85	37.43	32.48	31.35	33.16
Inventory Turnover	8.51	8.20	8.01	0.00	7.21	7.78	9.00	8.26	8.75	9.61	9.66
Fixed Asset Turnover	2.43	2.22	2.18	0.00	2.69	2.98	3.20	3.14	3.07	3.20	3.29
Accounts Payable Turnover	11.71	10.73	10.49	0.00	10.30	9.31	12.14	14.44	13.48	12.83	11.11
Days Sales Outstanding (DSO)	14.42	15.24	14.90	0.00	12.92	13.95	11.83	9.75	11.24	11.64	11.01
Days Inventory Outstanding (DIO)	42.91	44.51	45.57	0.00	50.61	46.90	40.57	44.21	41.70	37.98	37.80
Days Payable Outstanding (DPO)	31.18	34.03	34.78	0.00	35.45	39.20	30.07	25.28	27.07	28.46	32.85
Cash Conversion Cycle (CCC)	26.16	25.72	25.69	0.00	28.08	21.66	22.33	28.68	25.87	21.17	15.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	368	356	358	352	699	794	917	888	779	704	623
Invested Capital Turnover	2.64	2.51	2.42	0.00	2.38	2.33	2.41	2.32	2.41	2.71	2.96
Increase / (Decrease) in Invested Capital	7.24	-12	2.34	-5.97	347	95	123	-29	-109	-75	-81
Enterprise Value (EV)	2,559	2,041	2,182	2,667	4,521	12,262	6,380	3,871	3,915	3,246	1,877
Market Capitalization	2,653	2,132	2,248	2,775	4,558	12,425	6,446	4,051	4,213	3,458	2,100
Book Value per Share	$35.70	$35.56	$36.00	$39.61	$61.13	$78.17	$80.07	$86.91	$88.42	$79.77	$79.40
Tangible Book Value per Share	$35.41	$35.27	$35.69	$39.12	$43.11	$60.49	$62.47	$71.55	$74.30	$68.54	$67.46
Total Capital	462	447	424	460	736	957	983	1,069	1,078	916	846
Total Debt	0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-94	-91	-66	-108	-37	-163	-66	-181	-298	-212	-223
Capital Expenditures (CapEx)	74	46	33	55	93	140	147	89	62	76	55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18	1.33	0.95	2.66	1.33	-9.53	24	38	-18	-26	-58
Debt-free Net Working Capital (DFNWC)	113	92	67	111	38	154	90	219	280	186	165
Net Working Capital (NWC)	112	92	67	111	38	154	90	219	280	186	165
Net Nonoperating Expense (NNE)	0.74	0.34	-0.40	0.00	0.41	-0.02	2.29	-0.47	-6.67	-7.92	-6.06
Net Nonoperating Obligations (NNO)	-94	-91	-66	-108	-37	-163	-66	-181	-298	-212	-223
Total Depreciation and Amortization (D&A)	43	50	51	52	56	66	72	81	88	94	90
Debt-free, Cash-free Net Working Capital to Revenue	1.91%	0.15%	0.11%	0.00%	0.11%	-0.55%	1.16%	1.84%	-0.91%	-1.30%	-2.97%
Debt-free Net Working Capital to Revenue	11.72%	10.19%	7.72%	0.00%	3.04%	8.85%	4.39%	10.48%	13.95%	9.22%	8.40%
Net Working Capital to Revenue	11.71%	10.19%	7.72%	0.00%	3.04%	8.85%	4.39%	10.48%	13.95%	9.22%	8.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.46	$6.93	$8.18	$7.90	$27.78	$47.19	$1.19	$5.46	$6.23	$5.07	$9.90
Adjusted Weighted Average Basic Shares Outstanding	12.83M	12.50M	11.83M	11.84M	23.77M	24.33M	12.28M	12.32M	12.24M	11.77M	10.96M
Adjusted Diluted Earnings per Share	$7.25	$6.79	$8.09	$7.82	$18.32	$15.53	$1.17	$5.44	$6.21	$5.06	$9.89
Adjusted Weighted Average Diluted Shares Outstanding	13.52M	12.80M	12.18M	11.73M	11.91M	12.28M	12.44M	12.35M	12.26M	11.77M	10.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	12.83M	12.50M	11.83M	11.62M	12.15M	12.27M	12.29M	12.28M	12.02M	11.24M	10.45M
Normalized Net Operating Profit after Tax (NOPAT)	99	88	101	0.00	111	195	19	89	85	86	107
Normalized NOPAT Margin	10.35%	9.66%	11.67%	0.00%	8.89%	11.26%	0.90%	4.25%	4.22%	4.26%	5.46%
Pre Tax Income Margin	16.15%	15.13%	13.46%	0.00%	11.55%	14.07%	0.34%	4.37%	5.46%	4.35%	7.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	137.89%	188.51%	145.99%	0.00%	0.00%	0.00%	0.00%	0.00%	121.81%	399.72%	186.62%

This table displays calculated financial ratios and metrics derived from Boston Beer's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026	6/27/2026	9/26/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	10,446,383.00	10,413,442.00	10,291,681.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	10,446,383.00	10,413,442.00	10,291,681.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-13.91	4.95	4.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.92%	-4.01%	0.64%	2.18%	6.53%	1.53%	-11.23%	-4.13%	-4.39%	-3.34%	-3.24%
EBITDA Growth	392.06%	-5.98%	-16.93%	-624.59%	45.47%	10.82%	20.98%	68.92%	-400.46%	-12.32%	-8.21%
EBIT Growth	209.04%	-10.06%	-24.88%	-117.02%	118.80%	16.18%	35.02%	41.60%	-669.40%	-14.00%	-8.56%
NOPAT Growth	205.35%	-10.97%	-28.05%	-116.10%	123.71%	16.73%	42.70%	41.08%	-679.54%	-14.48%	-7.54%
Net Income Growth	240.65%	-9.81%	-26.01%	-113.83%	93.79%	15.46%	37.72%	41.86%	-695.04%	-14.67%	-6.48%
EPS Growth	242.47%	-6.99%	-22.70%	-118.24%	107.69%	24.15%	48.60%	39.01%	-742.59%	-8.99%	-0.94%
Operating Cash Flow Growth	72.60%	-19.30%	-11.72%	27.95%	139.70%	31.75%	-12.15%	-4.68%	-1,153.89%	9.12%	-24.73%
Free Cash Flow Firm Growth	57.91%	30.11%	-3.15%	-60.34%	36.38%	65.84%	72.46%	62.78%	-22.52%	67.10%	92.16%
Invested Capital Growth	-8.44%	-6.62%	-6.35%	-9.63%	-11.50%	-14.77%	-12.92%	-11.57%	-30.37%	-35.85%	-35.26%
Revenue Q/Q Growth	8.21%	35.92%	4.56%	-33.56%	12.82%	29.54%	-8.58%	-28.24%	12.51%	30.97%	-8.49%
EBITDA Q/Q Growth	930.90%	142.65%	-26.09%	-148.63%	266.81%	84.86%	-19.33%	-112.49%	-1,512.84%	153.95%	-15.54%
EBIT Q/Q Growth	158.46%	359.49%	-35.32%	-224.91%	158.94%	143.97%	-24.84%	-154.03%	-474.67%	136.85%	-20.09%
NOPAT Q/Q Growth	156.66%	391.59%	-38.11%	-225.36%	158.65%	156.50%	-24.34%	-151.76%	-476.93%	137.85%	-18.20%
Net Income Q/Q Growth	169.50%	315.49%	-35.97%	-215.64%	162.99%	147.55%	-23.63%	-148.82%	-544.72%	135.50%	-16.29%
EPS Q/Q Growth	170.27%	322.12%	-34.85%	-212.94%	166.87%	152.31%	-22.02%	-146.35%	-604.57%	135.73%	-15.12%
Operating Cash Flow Q/Q Growth	-114.91%	2,065.60%	20.70%	-63.84%	-95.37%	6,422.95%	-19.51%	-60.77%	-151.16%	775.36%	-44.48%
Free Cash Flow Firm Q/Q Growth	-2.88%	23.86%	-23.92%	-56.67%	233.98%	50.62%	-20.89%	-59.10%	58.96%	224.84%	-9.02%
Invested Capital Q/Q Growth	7.93%	-2.38%	-7.63%	-7.14%	5.71%	-6.00%	-5.63%	-5.70%	-16.77%	-13.39%	-4.76%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.74%	46.01%	46.28%	39.94%	48.31%	49.75%	50.81%	43.48%	49.31%	50.39%	51.74%
EBITDA Margin	9.09%	16.22%	11.47%	-8.39%	12.41%	17.71%	15.63%	-2.72%	-39.00%	16.06%	14.83%
Operating Margin	3.60%	12.23%	7.57%	-13.93%	7.44%	13.96%	11.54%	-8.56%	-43.89%	12.45%	10.83%
EBIT Margin	3.59%	12.15%	7.52%	-14.13%	7.38%	13.91%	11.43%	-8.61%	-43.97%	12.37%	10.80%
Profit (Net Income) Margin	2.96%	9.04%	5.54%	-9.63%	5.38%	10.28%	8.59%	-5.84%	-33.48%	9.07%	8.30%
Tax Burden Percent	66.97%	71.38%	68.26%	72.27%	68.11%	71.90%	71.95%	73.66%	76.89%	71.31%	73.28%
Interest Burden Percent	122.81%	104.19%	107.87%	94.32%	106.96%	102.81%	104.39%	92.12%	99.01%	102.85%	104.83%
Effective Tax Rate	33.03%	28.62%	31.74%	0.00%	31.89%	28.10%	28.05%	0.00%	0.00%	28.69%	26.72%
Return on Invested Capital (ROIC)	5.55%	20.54%	13.21%	-26.45%	13.04%	27.04%	23.20%	-17.74%	-94.63%	29.76%	27.83%
ROIC Less NNEP Spread (ROIC-NNEP)	4.14%	19.70%	12.42%	-26.63%	12.26%	26.38%	22.60%	-18.01%	-87.08%	29.30%	27.16%
Return on Net Nonoperating Assets (RNNOA)	-0.65%	-3.95%	-3.29%	6.82%	-2.26%	-5.83%	-5.94%	4.45%	17.45%	-8.61%	-9.21%
Return on Equity (ROE)	4.90%	16.58%	9.91%	-19.64%	10.79%	21.21%	17.26%	-13.29%	-77.18%	21.15%	18.62%
Cash Return on Invested Capital (CROIC)	19.01%	16.68%	15.69%	17.10%	20.33%	25.54%	25.96%	27.71%	27.01%	32.63%	30.40%
Operating Return on Assets (OROA)	5.24%	16.61%	10.40%	-21.23%	11.48%	21.08%	17.24%	-13.85%	-70.94%	18.88%	16.58%
Return on Assets (ROA)	4.31%	12.35%	7.65%	-14.47%	8.36%	15.58%	12.95%	-9.40%	-54.01%	13.85%	12.74%
Return on Common Equity (ROCE)	4.90%	16.58%	9.91%	-19.64%	10.79%	21.21%	17.26%	-13.29%	-77.18%	21.15%	18.62%
Return on Equity Simple (ROE_SIMPLE)	9.34%	8.85%	7.92%	0.00%	7.97%	8.73%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	10	51	31	-39	23	59	45	-23	-133	50	41
NOPAT Margin	2.41%	8.73%	5.17%	-9.75%	5.07%	10.04%	8.31%	-5.99%	-30.72%	8.88%	7.94%
Net Nonoperating Expense Percent (NNEP)	1.41%	0.84%	0.79%	0.18%	0.79%	0.66%	0.60%	0.27%	-7.54%	0.46%	0.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-4.28%	2.56%	6.47%	4.90%	-2.73%	-19.53%	7.06%	5.61%
Cost of Revenue to Revenue	56.26%	53.99%	53.72%	60.06%	51.69%	50.25%	49.19%	56.52%	50.69%	49.61%	48.26%
SG&A Expenses to Revenue	11.83%	8.29%	7.24%	11.85%	10.57%	7.78%	8.36%	13.53%	12.05%	8.60%	8.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.13%	33.78%	38.71%	53.87%	40.87%	35.79%	39.27%	52.04%	93.20%	37.94%	40.91%
Earnings before Interest and Taxes (EBIT)	15	70	46	-57	34	82	61	-33	-191	70	56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	39	94	69	-34	56	104	84	-10	-169	91	77
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.55	3.50	3.28	3.77	3.00	2.32	2.57	2.48	3.52	2.80	2.29
Price to Tangible Book Value (P/TBV)	4.24	4.20	3.75	4.39	3.50	2.70	2.99	2.92	4.32	3.40	2.76
Price to Revenue (P/Rev)	1.83	1.82	1.66	1.72	1.32	1.03	1.18	1.07	1.23	1.04	0.88
Price to Earnings (P/E)	37.95	39.59	41.35	57.93	37.64	26.63	25.38	19.36	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.64%	2.53%	2.42%	1.73%	2.66%	3.76%	3.94%	5.16%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.17	4.17	4.04	4.61	3.41	2.72	3.17	3.01	4.31	3.86	3.22
Enterprise Value to Revenue (EV/Rev)	1.73	1.71	1.53	1.61	1.24	0.93	1.06	0.96	1.15	0.90	0.72
Enterprise Value to EBITDA (EV/EBITDA)	16.11	16.20	15.53	19.28	13.65	9.72	9.92	8.02	266.26	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	27.40	28.54	29.20	43.66	27.43	18.35	17.44	13.08	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	39.03	40.96	42.83	62.71	39.36	26.16	24.26	18.33	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	12.61	13.43	12.79	13.04	9.93	6.66	7.68	6.95	9.02	6.68	5.88
Enterprise Value to Free Cash Flow (EV/FCFF)	20.95	24.16	24.92	25.59	15.75	9.82	11.35	10.21	13.11	9.24	8.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.16	-0.20	-0.27	-0.26	-0.18	-0.22	-0.26	-0.25	-0.20	-0.29	-0.34
Leverage Ratio	1.33	1.38	1.36	1.34	1.35	1.38	1.37	1.39	1.53	1.55	1.51
Compound Leverage Factor	1.63	1.43	1.46	1.27	1.44	1.42	1.43	1.28	1.51	1.60	1.58
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	8.70	7.67	7.56	8.12	6.85	5.84	6.39	5.52	4.01	3.96	3.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.14	1.95	2.03	1.80	1.72	1.76	1.83	1.65	0.93	1.05	1.13
Quick Ratio	1.32	1.28	1.33	1.18	1.00	1.15	1.33	1.11	0.56	0.74	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	88	109	83	36	120	180	143	58	93	301	274
Operating Cash Flow to CapEx	-31.08%	471.67%	694.69%	178.25%	19.63%	888.51%	810.76%	223.80%	-165.84%	1,318.78%	916.70%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.46	1.37	1.38	1.50	1.56	1.52	1.51	1.61	1.61	1.53	1.54
Accounts Receivable Turnover	26.46	16.50	22.02	31.35	25.40	18.78	22.21	33.16	22.28	19.92	22.80
Inventory Turnover	7.67	7.31	7.28	9.61	7.63	7.65	7.91	9.66	7.55	7.80	9.72
Fixed Asset Turnover	3.12	3.12	3.17	3.20	3.29	3.37	3.31	3.29	3.33	3.36	3.40
Accounts Payable Turnover	11.49	9.54	10.33	12.83	10.70	9.64	10.10	11.11	9.49	8.28	9.25
Days Sales Outstanding (DSO)	13.80	22.12	16.58	11.64	14.37	19.44	16.43	11.01	16.39	18.32	16.01
Days Inventory Outstanding (DIO)	47.57	49.96	50.15	37.98	47.84	47.69	46.16	37.80	48.32	46.81	37.55
Days Payable Outstanding (DPO)	31.78	38.24	35.35	28.46	34.10	37.88	36.13	32.85	38.47	44.07	39.44
Cash Conversion Cycle (CCC)	29.59	33.84	31.38	21.17	28.10	29.25	26.46	15.95	26.25	21.06	14.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	841	821	759	704	745	700	661	623	518	449	428
Invested Capital Turnover	2.30	2.35	2.56	2.71	2.57	2.69	2.79	2.96	3.08	3.35	3.51
Increase / (Decrease) in Invested Capital	-78	-58	-51	-75	-97	-121	-98	-81	-226	-251	-233
Enterprise Value (EV)	3,506	3,427	3,066	3,246	2,539	1,907	2,091	1,877	2,236	1,732	1,377
Market Capitalization	3,711	3,647	3,321	3,458	2,691	2,120	2,341	2,100	2,400	1,998	1,685
Book Value per Share	$86.84	$87.05	$86.56	$79.77	$79.78	$81.85	$83.66	$79.40	$65.34	$68.62	$71.49
Tangible Book Value per Share	$72.56	$72.65	$75.52	$68.54	$68.35	$70.36	$71.94	$67.46	$53.20	$56.48	$59.24
Total Capital	1,047	1,041	1,014	916	897	912	911	846	683	715	736
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-205	-219	-256	-212	-152	-212	-250	-223	-164	-266	-308
Capital Expenditures (CapEx)	16	20	17	24	9.88	14	13	18	12	10	8.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	36	37	16	-26	21	-11	-41	-58	-195	-243	-248
Debt-free Net Working Capital (DFNWC)	242	256	272	186	173	202	209	165	-31	22	60
Net Working Capital (NWC)	242	256	272	186	173	202	209	165	-31	22	60
Net Nonoperating Expense (NNE)	-2.31	-1.79	-2.23	-0.47	-1.41	-1.43	-1.51	-0.58	12	-1.11	-1.89
Net Nonoperating Obligations (NNO)	-205	-219	-256	-212	-152	-212	-250	-223	-164	-266	-308
Total Depreciation and Amortization (D&A)	23	24	24	23	23	22	23	23	22	21	21
Debt-free, Cash-free Net Working Capital to Revenue	1.78%	1.85%	0.82%	-1.30%	1.01%	-0.53%	-2.08%	-2.97%	-10.05%	-12.64%	-13.02%
Debt-free Net Working Capital to Revenue	11.93%	12.81%	13.57%	9.22%	8.48%	9.84%	10.56%	8.40%	-1.61%	1.16%	3.12%
Net Working Capital to Revenue	11.93%	12.81%	13.57%	9.22%	8.48%	9.84%	10.56%	8.40%	-1.61%	1.16%	3.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$4.40	$2.87	($3.25)	$2.16	$5.45	$4.25	($1.96)	($13.88)	$4.96	$4.21
Adjusted Weighted Average Basic Shares Outstanding	12.05M	11.90M	11.68M	11.77M	11.28M	11.09M	10.86M	10.96M	10.47M	10.39M	10.25M
Adjusted Diluted Earnings per Share	$1.04	$4.39	$2.86	($3.23)	$2.16	$5.45	$4.25	($1.97)	($13.88)	$4.96	$4.21
Adjusted Weighted Average Diluted Shares Outstanding	12.06M	11.89M	11.67M	11.77M	11.26M	11.07M	10.83M	10.94M	10.47M	10.36M	10.22M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.95M	11.72M	11.48M	11.24M	11.15M	10.89M	10.66M	10.45M	10.41M	10.29M	10.15M
Normalized Net Operating Profit after Tax (NOPAT)	11	53	60	-37	23	63	46	-23	15	51	45
Normalized NOPAT Margin	2.47%	9.15%	9.97%	-9.15%	5.07%	10.65%	8.50%	-5.89%	3.48%	8.91%	8.60%
Pre Tax Income Margin	4.41%	12.66%	8.11%	-13.33%	7.90%	14.30%	11.94%	-7.93%	-43.54%	12.72%	11.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	124.48%	173.65%	256.89%	399.72%	332.88%	285.50%	233.17%	186.62%	-288.18%	-215.16%	-171.56%

Financials Breakdown Chart

Key Financial Trends

Boston Beer’s Q2 2026 results show a meaningful recovery from the prior quarter, although the broader revenue trend remains challenging. Revenue increased to $568.3 million from $433.9 million in Q1 2026, while the company returned to profitability with net income of $51.6 million, or $4.96 per diluted share, compared with a $145.3 million loss in Q1. However, Q2 revenue declined 3.3% from $587.9 million in the year-ago quarter, and net income fell 14.5% from $60.4 million.

Margins improved compared with earlier periods. Q2 2026 gross profit was $286.4 million, producing a gross margin of approximately 50.4%, up from 49.8% in Q2 2025 and 45.6% in Q2 2023. Still, operating income declined to $70.8 million from $82.1 million a year earlier because marketing expense rose to $185.9 million from $159.7 million. Q1 2026 also included $212.0 million of other special charges, which largely explains the sharp quarterly loss and makes the sequential rebound appear particularly strong.

Cash generation and liquidity were the strongest parts of the latest report. Operating cash flow surged to $138.0 million in Q2 2026 from $126.5 million in Q2 2025 and just $1.9 million in Q1 2026. Cash and equivalents increased to $265.5 million from $164.1 million at the end of Q1. Nevertheless, Boston Beer continues to use substantial cash for share repurchases: buybacks totaled $26.6 million in Q2 and approximately $128.9 million across Q1 2025 through Q2 2026. Investors should also note that shareholders’ equity has declined from $1.12 billion in Q3 2023 to $714.6 million in Q2 2026, reflecting cumulative losses, buybacks, and other capital allocation effects.

Profitability rebounded sharply: Q2 2026 net income was $51.6 million after a $145.3 million loss in Q1, restoring positive earnings per share of $4.96.
Operating cash flow remained strong: The company generated $138.0 million from operations in Q2, more than covering $10.5 million of capital expenditures.
Liquidity improved: Cash rose by $101.4 million during Q2 to $265.5 million, providing flexibility for operations, investment, and shareholder returns.
Gross-margin performance improved: Q2 2026 gross margin of roughly 50.4% was higher than the comparable margins in Q2 2025 and Q2 2023, suggesting better production economics or product mix.
Share count continues to decline: Diluted weighted-average shares fell to 10.4 million in Q2 2026 from 11.1 million in Q2 2025 and 11.9 million in Q2 2024, which can support per-share results when earnings recover.
Seasonality remains significant: Boston Beer has generated much stronger revenue and cash flow in second- and third-quarter periods than in first- and fourth-quarter periods, so quarterly comparisons should be made carefully.
Balance-sheet leverage appears manageable: Total liabilities were $540.5 million versus $714.6 million of equity, while reported debt repayments were relatively small; however, accrued expenses represented a substantial $358.8 million of current liabilities.
Revenue has generally weakened: Q2 revenue declined from $603.3 million in 2023 to $579.1 million in 2024, $587.9 million in 2025, and $568.3 million in 2026. Third-quarter revenue also fell from $601.6 million in 2023 to $537.5 million in 2025.
Marketing costs are absorbing more gross profit: Q2 marketing expense increased 16.4% year over year to $185.9 million, contributing to the decline in operating income despite higher gross margins.
Capital returns are reducing financial cushion: Boston Beer continues to repurchase large amounts of stock even as shareholders’ equity has fallen substantially from 2023 levels and the company reported a major loss in Q1 2026.

10/31/26 11:42 PM ETAI Generated. May Contain Errors.

Boston Beer Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Boston Beer's financial year ends in December. Their financial year 2025 ended on December 27, 2025.

Boston Beer had net income of $108.47 million at the end of 2025, a 81.7% increase from 2024, and a 10.2% increase since 2015. See Boston Beer's forecast for analyst expectations on what's next for the company.

Boston Beer's total operating income in 2025 was $144.88 million, based on the following breakdown:

Total Gross Profit: $952.58 million
Total Operating Expenses: $807.70 million

Over the last 10 years, Boston Beer's total revenue changed from $959.93 million in 2015 to $1.96 billion in 2025, a change of 104.7%.

In the past 13 quarters, Boston Beer's cash and equivalents has ranged from $152.45 million in Q1 2025 to $310.78 million in Q3 2023, and is currently $308.07 million as of their latest financial filing in Q3 2026.

Boston Beer had total debt of $0.00 at the end of 2025, compared with none in 2024, and a 100.0% decrease since 2015.

Over the last 10 years, Boston Beer's book value per share changed from 35.70 in 2015 to 79.40 in 2025, a change of 122.4%.

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Financial statements for NYSE:SAM last updated on 10/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Boston Beer (SAM) Financials

Financials Breakdown Chart

Key Financial Trends

Boston Beer Financials - Frequently Asked Questions

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Boston Beer (SAM) Financials

Annual Income Statements for Boston Beer

Quarterly Income Statements for Boston Beer

Annual Cash Flow Statements for Boston Beer

Quarterly Cash Flow Statements for Boston Beer

Annual Balance Sheets for Boston Beer

Quarterly Balance Sheets for Boston Beer

Annual Metrics And Ratios for Boston Beer

Quarterly Metrics And Ratios for Boston Beer

Financials Breakdown Chart

Key Financial Trends

Boston Beer Financials - Frequently Asked Questions

When does Boston Beer's fiscal year end?

How has Boston Beer's net income changed over the last 10 years?

What is Boston Beer's operating income?

How has Boston Beer's revenue changed over the last 10 years?

How much cash does Boston Beer have?

How much debt does Boston Beer have?

How has Boston Beer's book value per share changed over the last 10 years?

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