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Boston Beer

Boston Beer (SAM) Q2 2026 Earnings

Reported Jul 23, 2026 at 4:29 PM ET · SEC Source

Q2 26 EPS

$3.65

MISS 24.36%

Est. $4.83

Q2 26 Revenue

$568.3M

BEAT +0.16%

Est. $567.5M

vs S&P Since Q2 26

+3.6%

BEATING MARKET

SAM +3.6% vs S&P +0.0%

Market Reaction

Did SAM Beat Earnings? Q2 2026 Results

Boston Beer Company delivered a mixed second quarter for fiscal 2026, missing on the bottom line while barely clearing the bar on revenue, as a soft consumer environment and surging brand investment costs weighed heavily on profitability. The maker o… Read more Boston Beer Company delivered a mixed second quarter for fiscal 2026, missing on the bottom line while barely clearing the bar on revenue, as a soft consumer environment and surging brand investment costs weighed heavily on profitability. The maker of Twisted Tea and Samuel Adams posted adjusted EPS of $3.65, falling 24.36% short of the $4.83 consensus estimate, even as revenue of $568.34 million edged 0.16% above expectations, though that top line still represented a 3.3% decline from a year earlier. The primary culprit was a 16.4% surge in advertising, promotional, and selling expenses, totaling $26.20 million more than the prior year, as the company leaned into local brand marketing and absorbed higher freight costs amid declining depletions of 6%. Gross margin expanded 60 basis points to 50.4%, offering some cushion, while a $19.40 million litigation adjustment added complexity to GAAP results. Looking ahead, management maintained its non-GAAP EPS outlook of $8.50 to $10.50 for the full year, with the most meaningful margin recovery expected in the fourth quarter as shortfall fees ease.

Key Takeaways

  • • Gross margin expansion of 60 basis points driven by improved brewery efficiencies, favorable product mix, procurement savings, and price increases
  • • Volume declines in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew, and Dogfish Head brands
  • • Growth in Sun Cruiser and Angry Orchard brands partially offset volume declines
  • • Higher advertising, promotional and selling expenses up 16.4% from increased brand local marketing and higher freight costs
  • • Inflationary, commodity, and tariff cost headwinds partially offset gross margin gains
  • • Favorable non-recurring litigation adjustment of $1.31 per share benefiting GAAP EPS

SAM Forward Guidance & Outlook

Full-year 2026 guidance maintained non-GAAP EPS of $8.50 to $10.50 and narrowed GAAP EPS loss to ($6.23) to ($4.23). Depletions and shipments expected down low-single digits to mid-single digits. Gross margin (including tariffs) guided to 48.5% to 50%, up slightly from prior guidance of 48% to 50%. Price increases of 1% to 2%. Tariff costs estimated at $20 million to $30 million. Advertising, promotion, and selling expense year-over-year change narrowed to $0 to $20 million increase (previously $20 to $40 million increase). Capital spending reduced to $60 to $80 million (from $70 to $90 million). Non-GAAP tax rate of 29% to 30%. Shipments expected to decline low-to-mid single digits in Q3, followed by modest growth in Q4. Most meaningful gross margin improvement expected in Q4 as shortfall fees are anticipated to be lower versus 2025.

24/7 Wall St

SAM YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“As we continue to navigate a challenging operating environment, we are managing the business with discipline while investing behind our category-leading brands and bringing innovation to market. We are highly focused on marketplace execution for the remainder of the summer selling season and improving market share trends. Our strong cash flow generation and healthy balance sheet provide flexibility to support our strategic priorities and drive long-term value.”

— Jim Koch, Q2 2026 Earnings Press Release

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