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Boston Beer Company executive Annette N. Fritsch, VP of Product Design and R&D, reported equity compensation activity. She received a grant of 309 March 1, 2023 performance-based stock options for no cash cost, adding to her derivative holdings of 617 options.
On March 1, 2026, 914 restricted stock units vested, and the issuer net withheld 270 Class A Common shares at $226.78 per share to cover her tax obligations, a tax-withholding disposition rather than an open-market sale. Following this, she directly holds 9,445 Class A shares, which include 8,541 shares of restricted stock still subject to vesting conditions.
Boston Beer Company’s CAO & VP of Finance, Matthew Donal Murphy, reported multiple equity transactions dated March 1, 2026. He received grants of a 257-share March 1, 2023 performance-based stock option and a 986-share May 15, 2023 time-based stock option, both at an exercise price of $0.00 under the Employee Equity Incentive Plan.
He also acquired 1,764 shares of Class A Common as an equity award and disposed of 193 shares of Class A Common at $226.78 per share to cover tax or exercise obligations. Footnotes explain that performance-based options tied to revenue growth targets were certified as achieved in February 2025 and will vest in three equal installments from 2025–2027, while separate time-based options vest in four equal installments from 2024–2027, in each case contingent on continued employment.
Boston Beer Company executive reports equity award and tax withholding
Philip E. Savastano, Chief Supply Chain Officer of Boston Beer, reported two Class A Common Stock transactions on March 1, 2026. The issuer net withheld 134 shares at $226.78 per share to cover taxes owed on vesting Restricted Stock Units, a tax-withholding disposition that reduced his directly held shares to 2,003.
On the same date, he received a grant of 1,544 Restricted Stock Units at a stated price of $0.00 per share under the company’s employee equity incentive plan, increasing his directly held position to 3,547 shares. The reported holdings include 3,183 shares of restricted stock that remain subject to vesting conditions, meaning the executive’s ability to sell those shares depends on meeting specified service or performance requirements.
Boston Beer’s Chief People Officer Laura J. Boynton reported routine equity compensation activity in company stock. On March 1, she had 88 Class A Common Stock shares disposed of at $226.78 per share to cover taxes from restricted stock unit vesting. The same day, she acquired 1,324 Class A Common shares as a grant of restricted stock units with a stated price of $0.00 per share under the company’s equity incentive plan. Following these transactions, she directly held 2,522 shares, including 2,322 restricted shares that are still subject to vesting conditions.
Boston Beer’s Chief Legal Officer Tara L. Heath reported equity awards and related tax withholding on March 1, 2026. She received grants of 2,206 shares of Class A Common Stock as restricted stock units and 360 performance-based stock options under the company’s Employee Equity Incentive Plan.
To cover tax obligations from the vesting of 1,006 restricted stock units, 297 Class A shares were disposed of through share withholding at a price of $226.78 per share. After these transactions, she directly owned 13,999 Class A shares, including 11,012 shares of restricted stock subject to vesting conditions, and 720 stock options.
Boston Beer Company’s Chief Sales Officer Michael R. Crowley reported routine equity compensation activity involving the company’s Class A Common Stock. On March 1, 2026, 944 restricted stock units (RSUs) vested, and the issuer net withheld 341 shares at a price of $226.78 per share to cover tax obligations.
On the same date, Crowley received a grant of 2,206 RSUs under the company’s Restated Employee Equity Incentive Plan at no cash cost. Following these transactions, he directly owned 12,812 shares, including 11,019 shares of restricted stock that remain subject to vesting conditions.
Boston Beer executive Diego Reynoso, the company’s CFO and Treasurer, reported equity compensation and related tax withholding transactions. On March 1, 2026, he acquired 2,429 shares through vesting of an October 31, 2023 stock option and received 5,734 Class A Common shares as grants of Restricted Stock Units under the company’s equity incentive plan. To cover tax obligations from the vesting of 2,116 RSUs on the same date, 622 Class A Common shares were disposed of by share withholding at a price of 226.78 per share. After these transactions, Reynoso directly owned 26,376 Class A Common shares, including 23,097 shares of restricted stock subject to vesting conditions, and held 7,287 stock options in total.
The Boston Beer Company files its annual report describing a diversified alcohol portfolio and a challenging beer landscape. The US beer market in 2025 was $47.0 billion, with Beyond beer at $10.7 billion and still gaining share as Traditional beer declines.
About 86% of Boston Beer’s 2025 volume came from Beyond beer, and it is the second-largest supplier in that segment with roughly 20% share. Key national brands include Twisted Tea, Truly Hard Seltzer, Samuel Adams, Angry Orchard, Dogfish Head and the newer Sun Cruiser spirits RTDs.
The company is shifting production in-house, brewing about 86% of 2025 domestic volume at its own breweries and targeting over 90% in 2026, but remains tied to contracts with City Brewing and Rauch that generated $21.4 million of shortfall fees in 2025 and about $19 million more expected in future years.
Management highlights risks from intense competition, the hard seltzer slowdown, rising packaging and ingredient costs, and tariffs that cost $11 million in 2025 and are projected at $20–30 million in 2026 if current policies persist. Founder C. James Koch controls all voting Class B shares, giving him effective voting control over the company.
The Boston Beer Company reported mixed fourth-quarter and full-year 2025 results, showing weaker volumes but stronger profitability. For the fourth quarter, depletions fell 6% and shipments declined 7.5%, with net revenue down 4.1% to $385.7 million. The company posted a net loss of $22.5 million, with a diluted loss per share of $2.12, while gross margin improved to 43.5%, up 360 basis points, helped by brewery efficiencies, procurement savings, and pricing.
For full year 2025, net revenue declined 2.4% to $1.965 billion, and depletions and shipments fell 4% and 4.7%, respectively. However, gross margin expanded to 48.5%, up 410 basis points from 2024. Net income rose to $108.5 million with diluted earnings of $9.89 per share, largely reflecting the absence of prior-year impairment and contract settlement charges; excluding those items, net income dipped modestly. The company generated $270.2 million in operating cash flow, ended the year with $223.4 million in cash and no debt, and repurchased $199.2 million of shares in 2025.
For 2026, Boston Beer projects depletions and shipments to be flat to down mid-single digits, gross margin between 48% and 50%, and diluted EPS in a range of $8.50 to $11.00, while planning higher advertising and selling investment and absorbing tariff costs of $20 to $30 million.
The Boston Beer Company detailed 2025 bonuses and 2026 compensation plans for its Named Executive Officers. For 2025, the Board approved cash bonuses of $874,281 for Michael Spillane, $455,373 for Diego Reynoso, $461,246 for Philip Hodges, $252,663 for Michael Crowley, and $238,112 for Tara Heath, to be paid around March 4, 2026. James Koch waived 2025 cash bonuses and will also forgo a 2026 base salary and long-term equity awards.
For 2026, base salaries were set at $662,002 for Reynoso, $824,000 for Hodges, $463,500 for Crowley, and $437,750 for Heath, each a 3% increase effective March 2, 2026. The Board also approved 2026 RSU awards for Reynoso, Crowley, and Heath, split between time-based and performance-based units with grant-date values of $650,000 each of time- and performance-based RSUs for Reynoso, and $250,000 of each type for Crowley and Heath, with vesting tied partly to revenue growth through fiscal 2028 and employment continuity. 2026 cash bonus targets and company performance goals were also set using depletions, EBIT, and cost savings metrics.