Boston Beer (NYSE:SAM) Announces Quarterly Earnings Results, Misses Estimates By $0.32 EPS

Boston Beer (NYSE:SAM) released its earnings results on Thursday. The company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.96 by ($0.32), FiscalAI reports. Boston Beer had a return on equity of 12.16% and a net margin of 5.20%.The company had revenue of $433.93 million for the quarter, compared to analyst estimates of $436.06 million. During the same period in the previous year, the firm earned $2.16 earnings per share. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. Boston Beer updated its FY 2026 guidance to 8.500-10.500 EPS.

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

• Depletions fell 4% and shipments declined 6.9% in Q1, and management narrowed 2026 volume guidance to down low-single to mid-single digits with the first half expected to be weaker.
• Gross margin improved to 49.3% (+100 bps) driven by procurement savings and brewery efficiencies, and the company has repurchased over $30 million year-to-date with roughly $197 million remaining on its authorization.
• The company booked a $216 million pre-tax litigation charge in Q1 (a $15.52 hit to GAAP EPS); management reported non-GAAP EPS of $1.64 excluding the charge and says the dispute won’t materially change operating plans.
• Sun Cruiser is the fastest-growing spirits RTD, contributing to combined Twisted Tea/Sun Cruiser depletion growth, and the company is pushing new pack innovations, partnerships, and increased marketing into the summer selling season.
• Management narrowed non-GAAP EPS guidance to $8.50–$10.50 citing rising energy and aluminum costs, expects tariffs of $20–30 million in 2026, and may trim incremental advertising if commodity inflation worsens.

Boston Beer Stock Performance

NYSE SAM traded down $20.18 during trading on Friday, reaching $216.87. 76,309 shares of the company’s stock were exchanged, compared to its average volume of 182,092. Boston Beer has a 1 year low of $185.34 and a 1 year high of $264.46. The stock has a market cap of $2.27 billion, a P/E ratio of 22.64, a price-to-earnings-growth ratio of 2.26 and a beta of 0.90. The company has a 50 day moving average price of $235.05 and a two-hundred day moving average price of $219.01.

Analyst Ratings Changes

Several research analysts recently commented on the company. Royal Bank Of Canada reissued a “sector perform” rating and set a $245.00 target price on shares of Boston Beer in a research note on Friday, February 20th. Wall Street Zen raised Boston Beer from a “sell” rating to a “hold” rating in a research note on Sunday, April 12th. UBS Group lifted their price target on Boston Beer from $230.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, April 7th. Weiss Ratings downgraded Boston Beer from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 25th. Finally, Zacks Research raised Boston Beer from a “strong sell” rating to a “hold” rating in a report on Thursday, April 23rd. Ten research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $234.50.

Institutional Trading of Boston Beer

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of Boston Beer by 340.4% in the 3rd quarter. AQR Capital Management LLC now owns 647,060 shares of the company’s stock valued at $136,801,000 after purchasing an additional 500,120 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Boston Beer by 5.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 271,516 shares of the company’s stock valued at $52,981,000 after purchasing an additional 13,113 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Boston Beer by 1.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 265,779 shares of the company’s stock valued at $56,191,000 after purchasing an additional 3,336 shares during the last quarter. Invesco Ltd. lifted its holdings 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 purchasing an additional 2,223 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Boston Beer by 278.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 112,507 shares of the company’s stock valued at $21,467,000 after purchasing an additional 82,742 shares during the last quarter. 81.13% of the stock is owned by hedge funds and other institutional investors.

Key Boston Beer News

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

• Positive Sentiment: Balance sheet and capital allocation provide a cushion — SAM is described as debt‑free with strong cash flow and active buybacks, which investors view as supportive for recovery and potential strategic flexibility (including M&A). Boston Beer: Lessons From The Hard Seltzer Bust – Now An Opportunity
• Neutral Sentiment: New product/marketing activity — Dogfish Head launched a limited-time Survivor collaboration (Coconut Etiquette), a brand/marketing positive but unlikely to move near-term results materially. Dogfish Head & Survivor Honor Iconic Show’s 50th Season
• Neutral Sentiment: Mixed top-line signal — some outlets report Q1 sales roughly in line with estimates, suggesting demand wasn’t catastrophically weak even as other metrics disappointed. Boston Beer (NYSE:SAM) Posts Q1 CY2026 Sales In Line With Estimates
• Negative Sentiment: Earnings and revenue missed — Q1 EPS of $1.64 missed consensus and fell from $2.16 a year ago; revenue declined ~4.4% YoY, which pressures near‑term valuation and sentiment. Boston Beer (SAM) Q1 Earnings and Revenues Miss Estimates
• Negative Sentiment: Litigation hit and guidance disappointment — a jury verdict tied to can‑supply contracts produced material litigation expenses that swung the quarter to a loss on some measures; management set FY‑2026 EPS guidance of $8.50–$10.50, below consensus, amplifying concerns. The company says it will contest the Ardagh verdict. Boston Beer Swings to Loss, Cuts Outlook Citing Litigation Expenses

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.