Boston Beer (NYSE:SAM) Releases Quarterly Earnings Results, Misses Estimates By $1.18 EPS

Boston Beer (NYSE:SAM) released its quarterly earnings results on Thursday. The company reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.83 by ($1.18), Zacks reports. The business had revenue of $568.34 million for the quarter, compared to analysts’ expectations of $566.68 million. Boston Beer had a positive return on equity of 9.69% and a negative net margin of 3.42%.The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.45 earnings per share. Boston Beer updated its FY 2026 guidance to 8.500-10.500 EPS.

Here are the key takeaways from Boston Beer’s conference call:

• Boston Beer said second-quarter depletions fell 6% and shipments fell 4.5%, with Twisted Tea and Truly continuing to face volume and share pressure. Management said full-year volume trends still point to a decline in the low- to mid-single digits.
• Sun Cruiser remained a bright spot, with triple-digit depletion growth and strong distribution gains, and management said the brand is revenue- and margin-accretive. The company expects continued strong growth in the second half and sees further long-term runway.
• The company reported a 50.4% gross margin in the quarter, up 60 basis points year over year, helped by brewery efficiencies, mix, procurement savings, and pricing. Boston Beer raised the low end of its full-year gross margin guidance while keeping non-GAAP EPS guidance unchanged.
• Management reduced planned incremental advertising investment by $20 million after cutting lower-performing media, mostly in Truly. Even with the reduction, ad spending is still expected to remain above historical levels and year-over-year AP&S is still projected to rise.
• Boston Beer reaffirmed its focus on Twisted Tea, Truly, and innovation, including early-stage launches Sinless Vodka Cocktails and Lit Electric Coolers. The company said these products are not expected to materially affect 2026 volume, but could become more meaningful later as distribution and consumer response develop.

Boston Beer Stock Performance

NYSE SAM opened at $180.07 on Friday. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of -26.52, a PEG ratio of 3.28 and a beta of 0.78. The firm has a 50 day simple moving average of $177.61 and a 200-day simple moving average of $209.26. Boston Beer has a one year low of $158.68 and a one year high of $264.46.

Key Headlines Impacting Boston Beer

Here are the key news stories impacting Boston Beer this week:

• Positive Sentiment: Boston Beer’s revenue came in slightly ahead of some expectations and operating cash flow improved year over year, showing the business is still generating cash even as results soften.
• Positive Sentiment: Several analysts still see upside from current levels, with recent targets from Citigroup and RBC above the stock’s price, suggesting the long-term outlook is not being fully abandoned.
• Neutral Sentiment: Management highlighted product mix shifts, including strength in SunCruiser, which may help offset pressure from weaker Twisted Tea trends.
• Negative Sentiment: Second-quarter EPS of $3.65 missed estimates by a wide margin, signaling that profitability fell short of Wall Street’s expectations.
• Negative Sentiment: Revenue declined 3.3% year over year and shipment volume fell 4.5%, pointing to weaker demand.
• Negative Sentiment: Marketing costs rose 16.4%, adding margin pressure and contributing to the earnings miss.
• Negative Sentiment: Boston Beer also lowered its FY2026 guidance to 8.5–10.5 EPS, below the consensus estimate, which can weigh on sentiment around the stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SAM. Royal Bank Of Canada dropped their price target on shares of Boston Beer from $234.00 to $210.00 and set a “sector perform” rating for the company in a research report on Friday. Morgan Stanley set a $190.00 price objective on shares of Boston Beer in a report on Friday. Evercore set a $240.00 target price on shares of Boston Beer in a report on Friday, May 1st. Zacks Research raised Boston Beer from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft set a $176.00 price target on Boston Beer in a research note on Friday. One research analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $207.27.

Hedge Funds Weigh In On Boston Beer

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in Boston Beer during the 4th quarter worth $390,000. Invesco Ltd. boosted its stake in shares of Boston Beer by 1.9% in the 4th quarter. Invesco Ltd. now owns 117,112 shares of the company’s stock valued at $22,852,000 after buying an additional 2,223 shares during the period. Corient Private Wealth LLC grew its position in shares of Boston Beer by 1,191.4% during the fourth quarter. Corient Private Wealth LLC now owns 26,978 shares of the company’s stock worth $5,264,000 after buying an additional 24,889 shares in the last quarter. Vident Advisory LLC increased its stake in shares of Boston Beer by 5.2% during the fourth quarter. Vident Advisory LLC now owns 3,076 shares of the company’s stock worth $600,000 after buying an additional 153 shares during the period. Finally, State of Tennessee Department of Treasury lifted its stake in Boston Beer by 399.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 3,094 shares of the company’s stock worth $661,000 after acquiring an additional 2,475 shares during the last quarter. Hedge funds and other institutional investors own 81.13% of the company’s stock.

Boston Beer Company Profile

The Boston Beer Company, Inc (NYSE: SAM) is a leading craft brewer headquartered in Boston, Massachusetts. Since its founding in 1984 by Jim Koch, the company has focused on producing high-quality, distinctive beers and beverages for retail, on-premise, and distribution partners across the United States. Its operations include brewing, packaging, marketing and distribution, supported by a network of wholly owned brewing facilities and strategic partnerships with regional breweries.

Boston Beer’s flagship brand, Samuel Adams Boston Lager, helped establish the modern U.S.