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The Boston Beer Company SAM
$ 180.83 0.38%
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Quarterly report 2026-Q2
added 07-23-2026

The Boston Beer Company Income Statement 2025-2008 | SAM

Brief overview of financial results at The Boston Beer Company

The conclusions below are based on five years of reported results. Revenue at The Boston Beer Company moved from 1.7 billion dollars in 2020 to 2 billion dollars in 2025. Overall revenue changed by +13.2%, equal to an annualized rate of about 2.5%. Sales changed only slightly and remained broadly flat.

At the gross-profit level, the result moved from 814 million dollars to 953 million dollars, a change of +17%. The relationship between revenue and direct costs remained stable. At the margin level, the figure shifted from 46.9% to 48.5%. Gross profitability remained broadly stable.

EBITDA was 310 million dollars at the beginning and 235 million dollars at the end of the period (−24.1%). The operating result developed less favorably than sales. At the operating-margin level, the figure shifted from 17.8% to 12%. The business retained less EBITDA from each unit of revenue.

Over the period, net income shifted from 192 million dollars to 108 million dollars (−43.5%). The final result developed less favorably than the core business.

Market value was $11.2 billion at the start and $2.5 billion at the end. The decline in value indicates softer investor confidence.

Financial takeaway

The results contain several connected negative signals. Key strengths include better sales economics. The overall view is constrained by declining capitalization, weaker operating efficiency and weak sales momentum. Further direction will depend on top-line growth, operating profitability, and net income.

Annual Income Statement The Boston Beer Company

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Market Cap

 2.48 B 2.79 B 4.53 B 4.07 B 5.17 B 11.2 B 3.36 B 2.13 B 1.71 B 1.92 B 1.57 B 2.94 B 1.85 B 1.23 B 1.3 B 903 M 420 M -

Shares

 11 M 11.8 M 12.2 M 12.3 M 12.3 M 12.2 M 8.91 M 8.62 M 8.93 M 12.5 M 9.62 M 9.2 M 8.74 M 8.69 M 13 M 13.7 M 14.1 M -

Historical Prices

 226 237 370 331 421 917 356 249 190 154 179 315 208 140 100 66.1 29.9 39.5

Net Income

 109 M 59.7 M 76.2 M 67.3 M 14.6 M 192 M 110 M 92.7 M 99 M 87.3 M 98.4 M 90.7 M 70.4 M 59.5 M 66.1 M 50.1 M 31.1 M -

Revenue

 1.96 B 2.01 B 2.01 B 2.09 B 2.06 B 1.74 B 1.25 B 996 M 863 M 906 M 960 M 903 M 739 M 580 M 513 M 464 M 415 M -

Cost of Revenue

 1.01 B 1.12 B 1.16 B 1.23 B 1.26 B 922 M 636 M 483 M 413 M 447 M - - - - - - - -

Gross Profit

 953 M 894 M 852 M 862 M 798 M 814 M 614 M 512 M 450 M 460 M 502 M 465 M 385 M 315 M 285 M 256 M 214 M -

Operating Income

 145 M 76 M 100 M 90.8 M 8 M 244 M 145 M 116 M 116 M 138 M 156 M 147 M 113 M 95.6 M 104 M 81.2 M 54.3 M -

Interest Expense

 -1.36 M -1.62 M -1.41 M -1.92 M -978 K 222 K -1.19 M -887 K -82 K -706 K -1.22 M -994 K -583 K -98 K -209 K -149 K -16 K -

EBITDA

 235 M 170 M 188 M 172 M 80.1 M 310 M 201 M 168 M 167 M 187 M 199 M 182 M 139 M 116 M 103 M 98.6 M 71.2 M -

Operating Expenses

 808 M 818 M 752 M 771 M 790 M 570 M 469 M 396 M 334 M 322 M 345 M 318 M 272 M 220 M 201 M 175 M 160 M -

General and Administrative Expenses

 191 M 190 M 175 M 158 M 134 M 118 M 113 M 90.9 M 73.1 M 78 M 71.6 M 66 M 62.4 M 50.2 M 43.5 M 39.1 M 36.9 M -

All numbers in USD currency

Quarterly Income Statement The Boston Beer Company

2026-Q2 2026-Q1 2025-Q3 2025-Q2 2025-Q1 2024-Q3 2024-Q2 2024-Q1 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Shares

 10.4 M 10.5 M 10.9 M 11.1 M 11.3 M 11.7 M 11.9 M 12.1 M 12.2 M 12.3 M 12.3 M - 12.3 M 12.3 M 12.3 M - 12.3 M 12.3 M 12.3 M - 12.2 M 12.2 M 12.2 M - 12.1 M 11.7 M 11.6 M - 11.7 M 11.8 M 11.8 M - 12 M 12.3 M 12.5 M - - - - - - - - - - - - - - - - - - 12.8 M 12.8 M - 12.9 M 13.2 M 13.3 M

Net Income

 51.6 M -145 M 46.2 M 60.4 M 24.4 M 33.5 M 52.3 M 12.6 M 45.3 M 58 M -8.96 M - 27.3 M 53.3 M -1.96 M - -58.4 M 59.2 M 65.6 M 32.8 M 80.8 M 60.1 M 18.2 M 13.8 M 44.7 M 27.9 M 23.7 M 21.8 M 38 M 23.5 M 9.31 M 30.5 M 33.7 M 29.1 M 5.71 M 22.2 M 31.5 M 26.6 M 7.03 M 16.1 M 38.6 M 29.9 M 13.7 M 19.1 M 37.9 M 25.4 M 8.32 M 18.1 M 25.7 M 19.7 M 6.91 M 16.9 M 20.8 M 14.4 M 7.49 M 17.8 M 16.3 M 28 M 3.96 M

Revenue

 568 M 434 M 537 M 588 M 454 M 605 M 579 M 426 M 602 M 603 M 410 M - 596 M 616 M 430 M - 562 M 603 M 545 M 461 M 493 M 452 M 331 M 301 M 378 M 318 M 252 M 225 M 307 M 273 M 190 M 206 M 247 M 248 M 162 M - 253 M 245 M 189 M - 293 M 252 M 200 M - 270 M 232 M 184 M - 216 M 181 M 136 M - 166 M 148 M 113 M - 135 M 134 M 102 M

Cost of Revenue

 282 M 220 M 264 M 295 M 235 M 325 M 313 M 240 M 327 M 329 M 254 M - 339 M 350 M 257 M - 389 M 327 M 295 M - 252 M 243 M 183 M - 191 M 159 M 127 M - 150 M 131 M 94.4 M - 116 M - - - - - - - - - - - - - - - - - - - - - - - - - -

Gross Profit

 286 M 214 M 273 M 293 M 219 M 280 M 266 M 186 M 275 M 274 M 156 M - 258 M 266 M 173 M - 173 M 276 M 250 M 216 M 241 M 210 M 148 M 143 M 188 M 159 M 125 M 117 M 157 M 142 M 96.1 M 108 M 132 M 134 M 76.3 M 108 M 134 M 127 M 91.5 M 109 M 157 M 136 M 99.6 M 108 M 143 M 123 M 90.5 M 105 M 115 M 97.1 M 67.8 M 79.8 M 93.2 M 80.4 M 61.8 M 80.1 M 76 M 76.1 M 52.4 M

Operating Income

 70.8 M -190 M 62 M 82.1 M 33.8 M 45.8 M 70.8 M 15.4 M 61.5 M 78.4 M -13.9 M - 38.4 M 71.4 M -2.15 M - -75.8 M 80.1 M 76.6 M 42.1 M 102 M 78.8 M 21.5 M 17.7 M 59.8 M 37.9 M 29.4 M 28.9 M 46.7 M 31.1 M 9.24 M 14.9 M 51.5 M 45.3 M 4.03 M 34.3 M 50.3 M 41.8 M 11.2 M 26.3 M 60.9 M 46.8 M 22.1 M 32 M 60.6 M 40.5 M 13.4 M 29.1 M 42.2 M 32 M 9.69 M 27 M 33.3 M 23.4 M 11.8 M 25.7 M 26.4 M 44.9 M 6.59 M

Interest Expense

 -449 K -363 K -595 K -309 K -264 K -317 K -440 K -38 K -913 K -122 K -102 K - -891 K -601 K -100 K - -657 K 8 K -6 K - 190 K -52 K -360 K - -764 K 197 K -252 K - -51 K -203 K -285 K - 196 K 129 K -72 K - -169 K -206 K -219 K - -527 K 54 K -325 K - -371 K 201 K -136 K - -57 K -220 K -122 K - 20 K -19 K -3 K - 15 K 21 K 8 K

EBITDA

 113 M -169 M 62.4 M 82.5 M 56.6 M 45.9 M 70.9 M 38.8 M 61.6 M 78.4 M 7.97 M - 99.1 M 71.4 M 17.5 M - -22.8 M 114 M 93.6 M 42.1 M 151 M 111 M 37.5 M 17.7 M 102 M 64 M 42.3 M 28.9 M 85.6 M 57.1 M 22.1 M 14.9 M 89.9 M 70.9 M 16.8 M 34.3 M 87.6 M 66.3 M 23.3 M 26.3 M 92.5 M 67.3 M 32.4 M 32 M 85.6 M 55.9 M 20.6 M 29.1 M 60.7 M 43.5 M 14.8 M 27 M 48.2 M 33.1 M 16.6 M 25.7 M 39.7 M 53.9 M 11 M

Operating Expenses

 216 M 404 M 211 M 210 M 185 M 234 M 196 M 171 M 213 M 196 M 170 M - 219 M 194 M 175 M - 248 M 196 M 173 M - 139 M 131 M 126 M - 128 M 121 M 95.1 M - 110 M 111 M 86.9 M - 80 M 88.7 M 72.3 M - 83.3 M 85.1 M 80.3 M - 96.1 M 89.4 M 77.5 M - 82.3 M 82.6 M 77.1 M - 73.1 M 65.1 M 58.1 M - 59.9 M 56.9 M 50 M - 49.6 M 31.2 M 45.8 M

General and Administrative Expenses

 48.9 M 52.3 M 44.9 M 45.8 M 48 M 43.8 M 48 M 50.4 M 42.2 M 44.9 M 43.7 M - 37.4 M 38.8 M 39.7 M - 32.1 M 33 M 31.9 M - 30.3 M 29.7 M 27 M - 31.4 M 26.7 M 23.4 M - 22.7 M 23.9 M 19.3 M - 16.4 M 19.4 M 18.6 M - 19.5 M 21.8 M 21 M - 17.7 M 18 M 17.2 M - 15.7 M 16.7 M 15.9 M - 15.7 M 14.9 M 14.6 M - 12.3 M 12.8 M 11.5 M - 10.3 M 11.1 M 10.3 M

All numbers in USD currency

The income statement is one of the three key financial reports of a company The Boston Beer Company (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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