Boston Beer reports lower fourth-quarter 2025 revenue as shipments and distributor depletions decline

Quarterly sales fell as volumes weakened across key brands

The Boston Beer Company reported lower revenue for its fourth quarter of fiscal 2025, as the brewer faced declining shipments and reduced distributor depletions across several of its largest brands. The company’s fourth quarter ended Dec. 27, 2025.

Net revenue for the quarter totaled $385.7 million, a 4.1% decrease from the same period a year earlier. Distributor depletions, a key measure of demand that tracks sales from distributors to retailers, fell 6% in the quarter. Shipment volume declined 7.5% to about 1.4 million barrels.

Margin improved, but the quarter still produced a loss

Despite lower revenue, Boston Beer posted a higher gross margin for the quarter, reporting gross margin of 43.5%, up 360 basis points year over year. The company attributed the improvement primarily to procurement savings, brewery efficiencies, price increases and product mix.

The company reported a net loss of $22.5 million for the quarter, compared with a larger loss in the prior year’s fourth quarter. Diluted loss per share was $2.12.

Brand performance: declines in Twisted Tea, Truly and Samuel Adams; growth elsewhere

Boston Beer said the decline in quarterly shipments was driven primarily by volume decreases in Twisted Tea, Truly Hard Seltzer and Samuel Adams. Those declines were partially offset by growth in Sun Cruiser, Angry Orchard and Dogfish Head.

The company also said distributor inventories at quarter-end were within its targeted range, averaging about four weeks on hand.

• Q4 net revenue: $385.7 million (down 4.1%)
• Q4 depletions: down 6%
• Q4 shipments: down 7.5% (about 1.4 million barrels)
• Q4 gross margin: 43.5% (up 360 basis points)
• Q4 net loss: $22.5 million; diluted loss per share: $2.12

Full-year results: revenue down, gross margin up, net income higher than last year

For the full fiscal year 2025, Boston Beer reported net revenue of $1.965 billion, down 2.4% from fiscal 2024, alongside a gross margin of 48.5%, up 410 basis points. Full-year depletions declined 4% and shipments fell 4.7% to approximately 7.1 million barrels. The company reported net income of $108.5 million and diluted earnings per share of $9.89, reflecting year-over-year improvement influenced by charges recorded in the prior year.

Balance sheet and shareholder returns

Boston Beer ended fiscal 2025 with $223.4 million in cash and no debt, and reported $270.2 million in operating cash flow for the year. The company repurchased $199.2 million of stock during 2025 and an additional $13.7 million through Feb. 20, 2026.

2026 outlook includes flat-to-lower volumes and higher selling investment

Looking ahead, the company projected that 2026 depletions and shipments could range from flat to down mid-single digits, with price increases of 1% to 2%. It forecast gross margin of 48% to 50%, and projected advertising, promotion and selling expenses to rise $20 million to $40 million year over year. The company also provided an earnings-per-share outlook of $8.50 to $11.00.

Boston Beer said its 2026 results are expected to remain sensitive to changes in volume, supply-chain performance, inflationary impacts and tariff policy.