Boston Beer Financials
This page shows Boston Beer (SAM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Boston Beer has an operating margin of 7.4%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 39/100, indicating healthy but not exceptional operating efficiency. This is up from 3.8% the prior year.
Boston Beer's revenue declined 2.4% year-over-year, from $2.0B to $2.0B. This contraction results in a growth score of 29/100.
Boston Beer carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Boston Beer's current ratio of 1.65 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 29/100, which could limit financial flexibility.
Boston Beer has a free cash flow margin of 11.0%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.
Boston Beer's ROE of 12.8% shows moderate profitability relative to equity, earning a score of 40/100. This is up from 6.5% the prior year.
Boston Beer scores 6.73, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.5B) relative to total liabilities ($347.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Boston Beer passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Boston Beer generates $2.49 in operating cash flow ($270.2M OCF vs $108.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Boston Beer generated $2.0B in revenue in fiscal year 2025. This represents a decrease of 2.4% from the prior year.
Boston Beer's EBITDA was $235.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 38.5% from the prior year.
Boston Beer reported $108.5M in net income in fiscal year 2025. This represents an increase of 81.7% from the prior year.
Boston Beer earned $9.89 per diluted share (EPS) in fiscal year 2025. This represents an increase of 95.5% from the prior year.
Cash & Balance Sheet
Boston Beer generated $215.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 24.9% from the prior year.
Boston Beer held $223.4M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Boston Beer's gross margin was 48.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.
Boston Beer's operating margin was 7.4% in fiscal year 2025, reflecting core business profitability. This is up 3.6 percentage points from the prior year.
Boston Beer's net profit margin was 5.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.
Boston Beer's ROE was 12.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.3 percentage points from the prior year.
Capital Allocation
Boston Beer spent $202.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 15.2% from the prior year.
Boston Beer invested $54.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 28.5% from the prior year.
SAM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $385.7M-28.2% | $537.5M-8.6% | $587.9M+29.5% | $453.9M+12.8% | $402.3M-33.6% | $605.5M+4.6% | $579.1M+35.9% | $426.1M |
| Cost of Revenue | $218.0M-17.5% | $264.4M-10.5% | $295.4M+25.9% | $234.6M-2.9% | $241.6M-25.7% | $325.2M+4.0% | $312.6M+30.4% | $239.7M |
| Gross Profit | $167.7M-38.6% | $273.1M-6.6% | $292.5M+33.4% | $219.3M+36.5% | $160.7M-42.7% | $280.2M+5.2% | $266.5M+43.0% | $186.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $52.2M+16.2% | $44.9M-1.8% | $45.8M-4.6% | $48.0M+0.6% | $47.7M+8.8% | $43.8M-8.8% | $48.0M-4.7% | $50.4M |
| Operating Income | -$33.0M-153.2% | $62.0M-24.4% | $82.1M+143.0% | $33.8M+160.3% | -$56.0M-222.2% | $45.8M-35.3% | $70.8M+361.2% | $15.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$8.1M-144.8% | $18.0M-23.8% | $23.6M+106.6% | $11.4M+176.9% | -$14.9M-195.4% | $15.6M-25.7% | $21.0M+237.8% | $6.2M |
| Net Income | -$22.5M-148.8% | $46.2M-23.6% | $60.4M+147.6% | $24.4M+163.0% | -$38.8M-215.6% | $33.5M-36.0% | $52.3M+315.5% | $12.6M |
| EPS (Diluted) | N/A | $4.25-22.0% | $5.45+152.3% | $2.16 | N/A | $2.86-34.9% | $4.39+322.1% | $1.04 |
SAM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B-4.3% | $1.2B-1.7% | $1.3B+2.3% | $1.2B-0.8% | $1.3B-9.5% | $1.4B-3.7% | $1.4B+3.7% | $1.4B |
| Current Assets | $417.6M-9.6% | $461.8M-1.0% | $466.5M+12.6% | $414.3M-0.7% | $417.3M-22.1% | $535.7M+1.8% | $526.2M+16.2% | $452.9M |
| Cash & Equivalents | $223.4M-10.8% | $250.5M+17.9% | $212.4M+39.3% | $152.5M-28.0% | $211.8M-17.1% | $255.6M+16.6% | $219.3M+6.7% | $205.4M |
| Inventory | $92.5M-9.0% | $101.7M-24.3% | $134.4M-7.5% | $145.3M+24.0% | $117.2M-26.9% | $160.3M+5.3% | $152.3M+3.8% | $146.8M |
| Accounts Receivable | $57.1M-32.3% | $84.3M-9.2% | $92.8M+5.8% | $87.7M+42.8% | $61.4M-34.7% | $94.1M-25.0% | $125.5M+71.9% | $73.0M |
| Goodwill | $112.5M0.0% | $112.5M0.0% | $112.5M0.0% | $112.5M0.0% | $112.5M0.0% | $112.5M0.0% | $112.5M0.0% | $112.5M |
| Total Liabilities | $347.3M+3.5% | $335.6M-5.7% | $355.9M+3.7% | $343.2M+2.8% | $333.8M-9.2% | $367.8M-6.9% | $394.9M+17.0% | $337.5M |
| Current Liabilities | $252.5M0.0% | $252.6M-4.7% | $264.9M+9.8% | $241.2M+4.1% | $231.6M-12.1% | $263.6M-2.3% | $269.9M+27.7% | $211.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $846.3M-7.1% | $911.0M-0.1% | $912.3M+1.7% | $897.0M-2.1% | $916.2M-9.7% | $1.0B-2.5% | $1.0B-0.6% | $1.0B |
| Retained Earnings | $147.7M-33.1% | $220.8M-1.9% | $225.1M+4.7% | $215.1M-10.5% | $240.3M-29.8% | $342.5M-8.1% | $372.6M-2.9% | $383.9M |
SAM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $39.9M-60.8% | $101.8M-19.5% | $126.5M+6422.9% | $1.9M-95.4% | $41.9M-63.8% | $115.9M+20.7% | $96.0M+2065.6% | -$4.9M |
| Capital Expenditures | $17.8M+42.1% | $12.6M-11.8% | $14.2M+43.5% | $9.9M-57.8% | $23.5M+40.9% | $16.7M-18.0% | $20.4M+29.3% | $15.7M |
| Free Cash Flow | $22.1M-75.2% | $89.2M-20.5% | $112.2M+1506.2% | -$8.0M-143.4% | $18.4M-81.5% | $99.2M+31.1% | $75.6M+466.8% | -$20.6M |
| Investing Cash Flow | -$17.8M-42.1% | -$12.6M+11.8% | -$14.2M-44.1% | -$9.9M+58.0% | -$23.5M-40.9% | -$16.7M+18.0% | -$20.4M+43.0% | -$35.7M |
| Financing Cash Flow | -$49.2M+4.0% | -$51.2M+2.0% | -$52.3M-1.6% | -$51.4M+17.3% | -$62.2M+1.1% | -$62.9M-1.8% | -$61.8M-17.8% | -$52.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $50.0M-1.6% | $50.8M-2.7% | $52.2M+5.7% | $49.4M-21.2% | $62.7M-0.5% | $63.0M0.0% | $63.0M+26.1% | $50.0M |
SAM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.5%-7.3pp | 50.8%+1.1pp | 49.8%+1.4pp | 48.3%+8.4pp | 39.9%-6.3pp | 46.3%+0.3pp | 46.0%+2.3pp | 43.7% |
| Operating Margin | -8.6%-20.1pp | 11.5%-2.4pp | 14.0%+6.5pp | 7.4%+21.4pp | -13.9%-21.5pp | 7.6%-4.7pp | 12.2%+8.6pp | 3.6% |
| Net Margin | -5.8%-14.4pp | 8.6%-1.7pp | 10.3%+4.9pp | 5.4%+15.0pp | -9.6%-15.2pp | 5.5%-3.5pp | 9.0%+6.1pp | 3.0% |
| Return on Equity | -2.7%-7.7pp | 5.1%-1.5pp | 6.6%+3.9pp | 2.7%+6.9pp | -4.2%-7.5pp | 3.3%-1.7pp | 5.0%+3.8pp | 1.2% |
| Return on Assets | -1.9%-5.6pp | 3.7%-1.1pp | 4.8%+2.8pp | 2.0%+5.1pp | -3.1%-5.5pp | 2.4%-1.2pp | 3.6%+2.7pp | 0.9% |
| Current Ratio | 1.65-0.2 | 1.83+0.1 | 1.76+0.0 | 1.72-0.1 | 1.80-0.2 | 2.03+0.1 | 1.95-0.2 | 2.14 |
| Debt-to-Equity | 0.41+0.0 | 0.37-0.0 | 0.390.0 | 0.38+0.0 | 0.360.0 | 0.36-0.0 | 0.38+0.1 | 0.32 |
| FCF Margin | 5.7%-10.9pp | 16.6%-2.5pp | 19.1%+20.8pp | -1.8%-6.3pp | 4.6%-11.8pp | 16.4%+3.3pp | 13.1%+17.9pp | -4.8% |
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Frequently Asked Questions
What is Boston Beer's annual revenue?
Boston Beer (SAM) reported $2.0B in total revenue for fiscal year 2025. This represents a -2.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Boston Beer's revenue growing?
Boston Beer (SAM) revenue declined by 2.4% year-over-year, from $2.0B to $2.0B in fiscal year 2025.
Is Boston Beer profitable?
Yes, Boston Beer (SAM) reported a net income of $108.5M in fiscal year 2025, with a net profit margin of 5.5%.
What is Boston Beer's EBITDA?
Boston Beer (SAM) had EBITDA of $235.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Boston Beer's gross margin?
Boston Beer (SAM) had a gross margin of 48.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Boston Beer's operating margin?
Boston Beer (SAM) had an operating margin of 7.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Boston Beer's net profit margin?
Boston Beer (SAM) had a net profit margin of 5.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Boston Beer's return on equity (ROE)?
Boston Beer (SAM) has a return on equity of 12.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Boston Beer's free cash flow?
Boston Beer (SAM) generated $215.6M in free cash flow during fiscal year 2025. This represents a 24.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Boston Beer's operating cash flow?
Boston Beer (SAM) generated $270.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Boston Beer's total assets?
Boston Beer (SAM) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Boston Beer's capital expenditures?
Boston Beer (SAM) invested $54.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Boston Beer's current ratio?
Boston Beer (SAM) had a current ratio of 1.65 as of fiscal year 2025, which is generally considered healthy.
What is Boston Beer's debt-to-equity ratio?
Boston Beer (SAM) had a debt-to-equity ratio of 0.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Boston Beer's return on assets (ROA)?
Boston Beer (SAM) had a return on assets of 9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Boston Beer's Altman Z-Score?
Boston Beer (SAM) has an Altman Z-Score of 6.73, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Boston Beer's Piotroski F-Score?
Boston Beer (SAM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Boston Beer's earnings high quality?
Boston Beer (SAM) has an earnings quality ratio of 2.49x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Boston Beer?
Boston Beer (SAM) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.