10-Q · April 30, 2026
Boston Beer Company (SAM) reported Q1 2026 net revenue of $433.9 million, a decrease of 4.4% from $453.9 million in Q1 2025, missing estimates slightly. The company faced significant challenges including a non-recurring…
Earnings analysis · 10-Q
SAM earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
Boston Beer reported Q3 revenue of $520.1 million and GAAP diluted EPS of $4.21, both slightly below consensus and modestly below the prior-year quarter. Gross margin improved 90 basis points to 51.7%, but depletions…
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Boston Beer reported Q3 revenue of $520.1 million and GAAP diluted EPS of $4.21, both slightly below consensus and modestly below the prior-year quarter. Gross margin improved 90 basis points to 51.7%, but depletions declined 5%, highlighting continued demand pressure. The company maintained strong capital-return activity, repurchasing 140,810 shares during the quarter, while the provided 10-Q text reported no material change in risk factors and effective disclosure controls.
Reported figures
- Earnings per share
- $4.21
- Gross margin
- 51.7%
What stood out
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Revenue declined and missed consensus
Q3 net revenue was $520.1 million, down approximately 3.1% from $537 million in Q3 2025 and below the $523.0 million consensus estimate.
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EPS was broadly stable
GAAP diluted EPS was $4.21, compared with $4.25 in Q3 2025 and the $4.23 consensus estimate; non-GAAP EPS was $4.37.
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Gross margin expanded 90 bps
Gross margin improved to 51.7%, up 90 basis points from 50.8% in Q3 2025, indicating better product mix and/or cost performance despite lower revenue.
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Share repurchases continued
The company repurchased and retired 140,810 Class A shares during the quarter at an average price of $177.86 per share.
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Meaningful buyback capacity remains
As of October 16, 2026, cumulative repurchases totaled approximately 16.2 million shares for $1.45 billion, with $149 million remaining under the $1.6 billion authorization.
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Controls remained effective
Disclosure controls were deemed effective as of September 26, 2026, and management stated that the interim CFO transition did not materially affect internal controls.
What to watch
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Volume declines continued
Depletions fell 5% in Q3, signaling continued volume and demand pressure despite the 51.7% gross margin.
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Tariff costs remain a headwind
The company’s separate earnings outlook cited tariff costs of $18 million to $22 million for 2026, creating ongoing cost and margin risk.
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Leadership transition requires monitoring
The filing states there had been no material change in risk factors from the December 27, 2025 Form 10-K, but it also identifies the August 20, 2026 appointment of the Chief Accounting Officer as Interim CFO as a leadership transition requiring monitoring.
Management's outlook
The provided 10-Q text does not include quantitative guidance. Separate earnings disclosures cited a full-year 2026 GAAP EPS outlook of $(5.76) to $4.26 and non-GAAP EPS outlook of $9.00 to $10.50.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.