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The Boston Beer Company, Inc. (SAM) Q2 2026 Earnings Call July 23, 2026 5:00 PM EDT

Company Participants

Michael Andrews - Associate General Counsel & Corporate Secretary
C. Koch - Founder, Chairman, President & CEO
Diego Reynoso - CFO & Treasurer

Conference Call Participants

Filippo Falorni - Citigroup Inc., Research Division
Peter Grom - UBS Investment Bank, Research Division
Eric Serotta - Morgan Stanley, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
William Kirk - ROTH Capital Partners, LLC, Research Division

Presentation

Operator

Greetings, and welcome to the Boston Beer Company's Second Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to introduce Mike Andrews, Associate General Counsel and Corporate Secretary. Please go ahead.

Michael Andrews
Associate General Counsel & Corporate Secretary

Thank you. Good afternoon, and welcome. This is Mike Andrews, Associate General Counsel and Corporate Secretary of the Boston Beer Company. I'm pleased to kick off our 2026 second quarter earnings call. Joining the call from Boston Beer are Jim Koch, Founder, CEO and Chairman; and Diego Reynoso, our CFO.

Before we discuss our business, I'll start with our disclaimer. As we stated in our earnings release, some of the information we discuss and that may come up on this call reflects the company's or management's expectations or predictions of the future. Such predictions are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's most recent 10-Q and 10-K. The company does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

I'll now pass over

Buy, Hold, or Wait: 3 Small-Cap Stocks Telling Different StoriesBoston Beer NYSE: SAM said second-quarter demand remained challenging as declines in Twisted Tea and Truly continued to weigh on volume, even as Sun Cruiser and Angry Orchard posted growth and gross margin improved.

On the company’s 2026 second-quarter earnings call, Founder, CEO and Chairman Jim Koch said the broader beer market improved modestly in the first half of the year but remained uneven. Boston Beer estimates the combined beer and “beyond beer” market declined 2% in volume in the first half, compared with a 4% decline for full-year 2025. Koch said the category was nearly flat in the first quarter, softened in the second quarter and saw May as “particularly challenging,” before improving in June on drinking occasions tied to the World Cup and America’s 250th anniversary celebrations.

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Tap Into Molson Coors Stock: A Top Beverage Value Play“We anticipate industry volume headwinds for the remainder of 2026 as consumers remain under pressure from the cumulative effects of inflation and a significant increase in gas prices,” Koch said.

Volume declines continue, but margins improve Chief Financial Officer Diego Reynoso said second-quarter depletions declined 6% from the prior year, while shipments decreased 4.5%. The declines were driven primarily by lower volume in Twisted Tea, Truly, Samuel Adams, Hard MTN DEW and Dogfish Head, partially offset by increases in Sun Cruiser and Angry Orchard.

Constellation Brands Stock Q1 2025: Crushing Anheuser-Busch?Revenue for the quarter fell 3.3%, reflecting lower volume, partially offset by price increases and favorable product mix. Reynoso said positive mix was driven by strong growth in Sun Cruiser.

Gross margin improved to 50.4%, up 60 basis points year over year. Reynoso attributed the improvement to brewery efficiencies, favorable product mix, procurement savings and price increases, partly offset by higher commodity, tariff and energy-related costs.

Advertising, promotional and selling expenses rose $26.2 million, or 16.4%, from the prior year. That included $17.5 million of increased local brand marketing and point-of-sale investments, along with an $8.6 million freight cost increase. General and administrative expenses rose $3.1 million, primarily from higher legal fees and salary and benefit costs.

Excluding litigation-related expenses, Boston Beer reported second-quarter non-GAAP earnings per share of $3.65. Reynoso said year-to-date pre-tax litigation expenses plus related fees totaled $198.1 million, tied to previously discussed supplier dispute litigation. He said the company intends to pursue available post-trial motions and appellate remedies and does not expect the matter to have a material impact on operating plans.

Sun Cruiser offsets some pressure from Twisted Tea Koch said Boston Beer’s portfolio continues to lag the pace of improvement in the broader category, with continued market share challenges in Twisted Tea and Truly. However, Sun Cruiser delivered triple-digit depletion growth in the quarter, and Angry Orchard continued to grow.

For hard tea, Koch said a key priority is improving share trends and growing volume through both Twisted Tea and Sun Cruiser. On a combined basis, Twisted Tea and Sun Cruiser volume was “very slightly positive” year to date through 29 weeks, while revenue was growing.

Twisted Tea remains dominant in malt-based hard tea, with more than 85% share and no single competitor above 5%, according to Koch. Still, the brand is under pressure from broader flavored malt beverage headwinds, reduced feature and display activity and competition from spirits-based hard teas. Koch said 12-packs remain the largest volume headwind, affected by lower display activity and consumer movement away from larger pack sizes.

Boston Beer is using advertising, partnerships, new pack sizes, expanded Twisted Tea Extreme distribution and targeted pricing adjustments to address the pressure. Koch said Twisted Tea Singles, Twisted Tea Light and Twisted Tea Extreme all gained share within the FMB category.

Sun Cruiser, meanwhile, has become a top-five spirits ready-to-drink brand and is among the fastest-growing brands by volume in combined measured on- and off-premise channels, Koch said. He described the brand as revenue- and margin-accretive, with strong distribution opportunities still ahead. In response to an analyst question, Koch said Sun Cruiser is much larger than syndicated data indicates because of its strength in on-premise and independent accounts.

Truly remains challenged, Angry Orchard grows Truly retained its No. 2 share position in hard seltzer, but Koch said volume and share trends remain challenged. Within the portfolio, high-ABV Truly Unruly and the Wild Berry flavor are outperforming other styles. Koch said soccer-related promotions and new brand creative improved marketplace presence, particularly displays, but consumer demand has not met expectations.

“We are adjusting the level and timing of our investments in Truly as we reassess the most effective approach to accelerating brand performance,” Koch said.

Angry Orchard grew for the fifth consecutive quarter, led by Angry Orchard Crisp and Crisp Imperial. Koch said Crisp Imperial volume rose more than 60% in the second quarter in measured off-premise channels.

Samuel Adams launched limited-edition retro packaging and “Drink Like It’s 1776” programming tied to America’s 250th anniversary. Koch said Boston Beer’s taprooms in Boston saw record summer sales as soccer fans visited during World Cup-related activity. Dogfish Head slightly lost share and declined after four quarters of growth, though the company is continuing to support its Grateful Dead Beer collaboration and Minute series IPAs.

Guidance maintained as ad spending plans are reduced Boston Beer maintained its full-year volume guidance for shipments and depletions to be down low single digits to down mid-single digits. Reynoso said depletions declined 5% year over year through the first 29 weeks, and current company trends would point to the lower end of the full-year range unless category and share trends improve.

The company raised the low end of its gross margin outlook and now expects full-year gross margin of 48.5% to 50%. Boston Beer continues to expect price increases of 1% to 2%, with additional benefit from mix. Its non-GAAP EPS guidance remains $8.50 to $10.50, with an expected non-GAAP effective tax rate of about 29% to 30%.

Boston Beer lowered its planned incremental advertising, promotional and selling expense range by $20 million. The company now expects those expenses, excluding freight changes, to be flat to up $20 million versus the prior year, compared with a previous expectation of up $20 million to $40 million. Koch said the reduction came from lower-performing advertising, primarily in Truly.

Reynoso said the company expects third-quarter shipments to decline low to mid-single digits, followed by modest shipment growth in the fourth quarter, partly reflecting prior-year comparisons related to supply chain improvements and automated replenishment changes.

Cash flow supports buybacks and investment Boston Beer ended the quarter with $266 million in cash and $150 million available under its credit line. Reynoso said those balances, along with projected operating cash flow, support operating investments, shareholder returns and potential litigation-related payments.

The company reduced its 2026 capital expenditure outlook to $60 million to $80 million from $70 million to $90 million, with investments focused on brewery capabilities, efficiencies and innovation support. Boston Beer repurchased $48.5 million of shares during the 26 weeks ended June 27 and another $5.6 million through July 17. As of July 18, it had approximately $174 million remaining under its $1.6 billion share repurchase authorization.

About Boston Beer (NYSE:SAM)The Boston Beer Company, Inc NYSE: SAM is a leading craft brewer headquartered in Boston, Massachusetts. Since its founding in 1984 by Jim Koch, the company has focused on producing high-quality, distinctive beers and beverages for retail, on-premise, and distribution partners across the United States. Its operations include brewing, packaging, marketing and distribution, supported by a network of wholly owned brewing facilities and strategic partnerships with regional breweries.

Boston Beer's flagship brand, Samuel Adams Boston Lager, helped establish the modern U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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BOSTON, July 23, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the second quarter ended June 27, 2026. Key results were:

Second Quarter 2026 Summary:

Depletions decreased 6% and shipments decreased 4.5%Net revenue of $568.3 million decreased 3.3%Gross margin of 50.4% up 60 basis points year over yearGAAP diluted income per share of $4.96, which includes a previously disclosed favorable adjustment to non-recurring litigation expenses of $1.31 per shareNon-GAAP diluted earnings per share of $3.65 Year-to-date 2026 Summary:

Depletions decreased 5% and shipments decreased 5.6%Net revenue of $1.002 billion decreased 3.8%Gross margin of 49.9% up 80 basis points year over yearGAAP diluted loss per share of $8.99, which includes non-recurring litigation expenses of $14.27 per shareNon-GAAP diluted earnings per share of $5.28 Capital Structure

Ended the second quarter with $265.5 million in cash and no debtRepurchased $54 million in shares from December 29, 2025 to July 17, 2026 “As we continue to navigate a challenging operating environment, we are managing the business with discipline while investing behind our category-leading brands and bringing innovation to market” said Chairman, Founder and CEO Jim Koch. “We are highly focused on marketplace execution for the remainder of the summer selling season and improving market share trends. Our strong cash flow generation and healthy balance sheet provide flexibility to support our strategic priorities and drive long-term value.”

“We delivered meaningful gross margin expansion and are maintaining our earnings outlook while navigating a dynamic consumer demand environment and input cost headwinds,” said CFO Diego Reynoso. “These results demonstrate the progress we continue to make through our multi-year supply chain transformation efforts, combined with a disciplined approach to investment.”

Details of the results were as follows:

Second Quarter 2026 (13 weeks ended June 27, 2026) Summary of Results

Depletions for the second quarter decreased 6% compared to the second quarter of the prior year. Shipment volume for the quarter was approximately 2.0 million barrels, a 4.5% decrease compared to the second quarter of the prior year due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.

The Company believes distributor inventories as of June 27, 2026 were at appropriate levels and averaged approximately four and one half weeks on hand which was consistent with the weeks on hand at the end of June 2025.

Revenue for the quarter decreased 3.3% due to decreases in volume partially offset by favorable product mix and pricing.

Gross margin of 50.4% increased from the 49.8% margin realized in the second quarter of 2025, or an increase of 60 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, favorable product mix, procurement savings and price increases, and were partially offset by inflationary, commodity and tariff costs.

The second quarter gross margin of 50.4% includes $1.6 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 28 basis points on an absolute basis.

Advertising, promotional and selling expenses for the second quarter of 2026 increased $26.2 million or 16.4% from the second quarter of 2025, resulting from increased brand local marketing and point of sale investments of $17.5 million and higher freight costs of $8.6 million due to higher rates partially offset by lower volumes.

General and administrative expenses increased $3.1 million compared to the second quarter of 2025 primarily due to increased legal fees and salaries and benefit costs. This increase included $1.4 million of legal fees related to the previously disclosed supplier dispute litigation.

Litigation reduction of $19.4 million, related to the supplier dispute, consists of a favorable adjustment to pre-judgement interest of $21.1 million and post-judgement interest expense of $1.7 million. Post-judgement interest expense through the appeals process will be applied to the combined pre-tax total of the judgement and pre-judgement interest amounts of $191.0 million at the statutory rate, which is estimated to be 3.79%. The Company continues to deny that it breached the terms of the contract with the supplier and intends to pursue all available post-trial motions and appellate remedies. The Company cannot estimate when or if damages or interest will ultimately be paid or when this matter will ultimately be resolved.

In the second quarter of 2026, the combined pre-tax income related to the supplier dispute litigation of $18.0 million consists of legal expenses of $1.4 million, recorded in general and administrative expenses, and litigation reduction of $19.4 million. The after-tax impact on earnings per share is a benefit of $1.31 per share.

The Company’s effective tax rate for the second quarter was a provision of 28.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 30.1% compared to a provision of 28.1% in the prior year.  This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.

Year-to-date 2026 (26 weeks ended June 27, 2026) Summary of Results

Depletions year-to-date decreased 5% from the prior year. Shipment volume year-to-date was approximately 3.6 million barrels, a 5.6% decrease from the prior year, primarily due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.

Revenue year-to-date decreased 3.8% due to decreases in volume partially offset by favorable product mix and pricing.

Gross margin year-to-date of 49.9% increased from the 49.1% margin realized in year-to-date 2025, or an increase of 80 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, product mix, price increases and procurement savings, which were partially offset by increased inflationary, commodity and tariff costs.

The year-to-date gross margin of 49.9% includes $3.2 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 32 basis points on an absolute basis.

Advertising, promotional and selling expenses year-to-date increased $28.7 million or 9.7% from year-to-date 2025, resulting from increased brand local marketing investments of $17.6 million and higher freight costs of $11.1 million due to higher rates partially offset by lower volumes.

General and administrative expenses year-to-date increased $7.5 million or 8.0% from year-to-date 2025, primarily due to increased legal fees and salaries and benefit costs. This increase included $5.4 million of legal fees related to the previously disclosed supplier dispute litigation.

Litigation expense of $192.6 million, related to the supplier dispute, consists of the judgement of $175.5 million, pre-judgement interest expense of $15.5 million and post-judgement interest expense of $1.7 million.

The litigation expense of $192.6 million combined with related legal expenses of $5.4 million, recorded in general and administrative expenses, have an after-tax negative impact on earnings per share of $14.27 per share.

Impairment of brewery assets of $0.2 million decreased by $4.7 million from year-to-date 2025, due to decreased write-offs of equipment at third party and Company-owned breweries.

The Company’s effective tax rate year-to-date was a benefit of 19.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 32.3% compared to a provision of 29.2% in the prior year.  This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.

The Company expects that its June 27, 2026 cash balance of $266 million, together with its projected future operating cash flows and the unused balance on its $150.0 million line of credit, will be sufficient to fund future cash requirements, including the potential litigation-related payments.

During the 26-week period ended June 27, 2026 and the period from June 29, 2026 through July 17, 2026, the Company repurchased shares of its Class A Common Stock in the amounts of $48.5 million and $5.6 million, respectively, for a total of $54.1 million year to date. As of July 17, 2026, the Company had approximately $174 million remaining on the $1.6 billion share buyback expenditure limit set by the Board of Directors.

Depletions Estimate

Year-to-date depletions through the 29-week period ended July 18, 2026 are estimated by the Company to have decreased approximately 5% from the comparable period in 2026.

Full-Year 2026 Projections

The Company has updated its financial guidance for the full year 2026. The Company’s actual 2026 results could vary significantly from the current projection and are highly sensitive to changes in volume projections, supply chain performance, inflationary and commodity impacts and tariff policy. Tariff cost projections below are consistent with tariffs currently being charged by the Company’s suppliers and that the Company currently expects to continue for the remainder of 2026.

Full Year 2026Current  GuidancePrevious  GuidanceDepletions and Shipments Percentage ChangeDown low-single digits to mid-single digitsDown low-single digits to mid-single digitsPrice Increases1% to 2%1% to 2%Gross Margin (including Tariffs)48.5% to 50%48% to 50%Tariff Costs($ million)$20 to $30$20 to $30Advertising, Promotion, and Selling ExpenseYear Over Year Change($ million)$0 to $20$20 to $40GAAP Tax Rate (Benefit)/ Provision(11.0%) to (12.0%)(9.5%) to (10.5%)Non GAAP Tax Rate Provision29% to 30%29% to 30%GAAP EPS (Income/ (Loss))($6.23) to ($4.23)($7.02) to ($5.02)Non-recurring Litigation Expenses impact per share($14.73) ($15.52) Non GAAP EPS$8.50 to $10.50$8.50 to $10.50Capital Spending($ million)$60 to $80$70 to $90    Underlying the Company's current 2026 projections are the following full-year estimates and targets:

The Company is monitoring changes in commodity costs driven by macroeconomic factors, particularly energy, which impacts freight expense as well as aluminum expense given the energy intensive nature of aluminum production. The Company’s current estimates of these cost increases are reflected in its guidance.Supply chain improvements implemented during 2025 resulted in more consistent levels of distributor inventory in terms of weeks on hand. The impact of these initiatives on prior year shipment timing, together with expected timing of shipments to meet demand in 2026, is expected to affect second half 2026 shipment phasing. The Company expects shipments to decline low to mid-single digits year over year in the third quarter followed by modest shipment growth in the fourth quarter.The Company’s business is seasonal, with the fourth quarter typically a lower volume quarter and the lowest gross margin rate of the year. The Company expects year over year gross margin rate improvement to be the most meaningful in the fourth quarter as shortfall fees are expected to be lower in 2026 versus 2025 and the Company typically expenses the majority of its shortfall fees in the fourth quarter. During full year 2026, the Company estimates shortfall fees and non-cash expense of third-party production pre-payments in total will negatively impact gross margins by 40 to 60 basis points.The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors. Advertising investment levels are expected to decline year over year in the fourth quarter as a result of lower full year investment levels and comparisons against high levels of investment in the fourth quarter of 2025 that included production costs associated with preparation for 2026 programming. Use of Non-GAAP Measures

Non-GAAP EPS and Non-GAAP Tax Rate are not defined terms under U.S. generally accepted accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings per diluted share, excludes from projected GAAP EPS the impact of the non-recurring litigation relating to a supplier dispute of $1.31 per diluted share in income in the second quarter of 2026 and $14.27 per diluted share in expense in the first half of 2026. Non-GAAP Tax Rate excludes from the projected GAAP Tax Rate the tax impact of the non-recurring litigation expense.  These non-GAAP measures should not be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management uses these non-GAAP financial measures to make operating and strategic decisions and to evaluate the Company’s underlying business performance. Management believes these forward-looking non-GAAP measures provide meaningful and useful information to investors and analysts regarding the Company’s outlook for its ongoing financial and business performance or trends and facilitates period to period comparisons of its forecasted financial performance.

Forward-Looking Statements

Statements made in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements.  It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements.  Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s report on Form 10-K for the year ended December 27, 2025 and subsequent reports filed by the Company with the SEC on Forms 10-Q and 8-K.  Copies of these documents are available from the SEC and may be found on the Company’s website, www.bostonbeer.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

About the Company

The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Sun Cruiser, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have taprooms and hospitality locations in Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.

Thursday, July 23, 2026

THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data)   (unaudited)   Thirteen weeks ended  Twenty-six weeks ended   June 27, 2026  June 28,
2025  June 27, 2026  June 28,
2025 Revenue $607,757  $625,425  $1,069,333  $1,106,782 Less excise taxes  39,419   37,476   67,065   64,966 Net revenue  568,338   587,949   1,002,268   1,041,816 Cost of goods sold  281,968   295,431   501,937   530,035 Gross profit  286,370   292,518   500,331   511,781 Operating expenses:            Advertising, promotional, and selling expenses  185,881   159,713   325,957   297,249 General and administrative expenses  48,878   45,751   101,180   93,702 Impairment of brewery assets  234   4,985   236   4,985 Litigation (reduction) expense  (19,389)  —   192,646   — Total operating expenses  215,604   210,449   620,019   395,936 Operating income (loss)  70,766   82,069   (119,688)  115,845 Other income (expense), net:            Interest income, net  2,001   2,294   3,890   4,625 Other expense, net  (449)  (309)  (812)  (574)Total other income (expense), net  1,552   1,985   3,078   4,051 Income (loss) before income tax provision (benefit)  72,318   84,054   (116,610)  119,896 Income tax provision (benefit)  20,751   23,621   (22,916)  35,051 Net income (loss) $51,567  $60,433  $(93,694) $84,845 Net income (loss) per common share – basic $4.96  $5.45  $(8.99) $7.59 Net income (loss) per common share – diluted $4.96  $5.45  $(8.99) $7.58 Weighted-average number of common shares – basic  10,387   11,090   10,427   11,183 Weighted-average number of common shares – diluted  10,358   11,067   10,427   11,163 Net income (loss) $51,567  $60,433  $(93,694) $84,845 Other comprehensive (loss) income:            Foreign currency translation adjustment  (127)  245   (235)  394 Total other comprehensive (loss) income  (127)  245   (235)  394 Comprehensive income (loss) $51,440  $60,678  $(93,929) $85,239                   THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)   (unaudited)      June 27,
2026  December 27,
2025 Assets      Current Assets:      Cash and cash equivalents $265,549  $223,378 Accounts receivable, net  100,495   57,094 Inventories, net  118,118   92,532 Prepaid expenses and other current assets  27,184   20,316 Income tax receivable  4,466   24,259 Total current assets  515,812   417,579 Property, plant, and equipment, net  554,911   578,125 Operating right-of-use assets  24,716   30,229 Goodwill  112,529   112,529 Intangible assets, net  13,907   14,753 Third-party production prepayments  5,916   7,099 Note receivable  7,783   11,218 Other assets  19,520   22,063 Total assets $1,255,094  $1,193,595 Liabilities and Stockholders' Equity      Current Liabilities:      Accounts payable $125,029  $94,975 Accrued expenses and other current liabilities  166,201   144,797 Accrued litigation expenses  192,646   - Current operating lease liabilities  9,687   12,762 Total current liabilities  493,563   252,534 Deferred income taxes, net  21,347   64,785 Non-current operating lease liabilities  21,863   25,111 Other liabilities  3,749   4,885 Total liabilities  540,522   347,315 Commitments and Contingencies      Stockholders' Equity:      Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 8,224,038 and 8,408,458 issued and outstanding as of June 27, 2026 and December 27, 2025, respectively  82   84 Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000
issued and outstanding as of June 27, 2026 and December 27, 2025  21   21 Additional paid-in capital  709,867   698,811 Accumulated other comprehensive loss  (614)  (380)Retained earnings  5,216   147,744 Total stockholders' equity  714,572   846,280 Total liabilities and stockholders' equity $1,255,094  $1,193,595  THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)   (unaudited)   Twenty-six weeks ended   June 27,
2026  June 28,
2025 Cash flows provided by operating activities:      Net (loss) income $(93,694) $84,845 Adjustments to reconcile net (loss) income to net cash provided by operating activities:      Depreciation and amortization  42,563   45,178 Impairment of brewery assets  236   4,985 Gain on sale of property, plant, and equipment  (78)  (42)Litigation expense  192,646   — Change in right-of-use assets  5,513   (8,405)Stock-based compensation expense  11,470   10,924 Deferred income taxes  (43,439)  (10,517)Other non-cash income  (282)  (20)Changes in operating assets and liabilities:      Accounts receivable  (43,399)  (31,388)Inventories  (25,801)  (17,404)Prepaid expenses and other current assets  (7,091)  (6,625)Income tax receivable  19,793   6,643 Third-party production prepayments  1,183   5,151 Brewery-related assets and cloud computing  3,000   2,673 Other non-current assets  (242)  (1,042)Accounts payable  34,452   25,449 Accrued expenses and other current liabilities  27,322   9,668 Operating lease liabilities  (6,323)  7,923 Other non-current liabilities  (254)  423 Net cash provided by operating activities  117,575   128,419 Cash flows used in investing activities:      Purchases of property, plant, and equipment  (22,865)  (24,156)Proceeds from disposal of property, plant, and equipment  78   42 Net cash used in investing activities  (22,787)  (24,114)Cash flows used in financing activities:      Repurchases and retirement of Class A common stock  (49,957)  (101,617)Proceeds from exercise of stock options and sale of investment shares  1,158   833 Cash paid on finance leases  (847)  (848)Payment of tax withholding on stock-based payment awards and investment shares  (2,971)  (2,060)Net cash used in financing activities  (52,617)  (103,692)Change in cash and cash equivalents  42,171   613 Cash and cash equivalents at beginning of period  223,378   211,819 Cash and cash equivalents at end of period $265,549  $212,432        Copies of The Boston Beer Company's press releases, including quarterly financial results, are available at www.bostonbeer.com         Investor Relations Contact:  Media Contact:Nora Doherty  Dave DeCecco(617) 368-5390  (914) [email protected]  [email protected]

HomeEarnings AnalysisConsumer Staples Analysis

SummaryBoston Beer Company is rated “Hold” due to fair valuation and weak technicals ahead of Q2 earnings.SAM faces demographic headwinds, negative FY26 EPS growth, and a challenging operating environment despite a strong balance sheet.Gross margin improved to 49.3% amid volume declines, but litigation expenses and high short interest add risk.Valuation is justified by a mid-teens P/E and $10 normalized EPS, with resistance at $185–$190 and bearish technical trends. vicm/iStock Unreleased via Getty Images

Shares of The Boston Beer Company, Inc. (SAM) skyrocketed from 2017 to April 2021, rising from $129 nine years ago to $1350 during the final wave of the COVID-19 pandemic. But the stock is back down to earth, trading in its 2010s range amid

9.48K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Editor’s note: “Follow the Smoothie, Not the Beer” was previously published in June 2026 with the title “The Best Trade Nobody’s Making Because It Doesn’t Involve a GPU.” It has since been updated to include the most relevant information available.

The old night out used to have a predictable rhythm.

Meet for dinner. Order drinks. Stay out late. Spend too much money and call it a good time.

That rhythm is changing.

For a growing share of young consumers, the social calendar now looks different. Saturday mornings start at the gym. Friend groups form around run clubs. Recovery sessions get booked like brunch reservations. A functional drink can carry the same social signal that a cocktail once did.

And the data is catching up to the lifestyle shift. Bank of America’s (BAC) latest payment data shows Gen Z has the highest share of households with a fitness-related payment. Life Time (LTH) is expanding hybrid fitness competitions. Dave & Buster’s (PLAY) reported falling comparable sales. Alcohol moderation is spreading beyond the youngest consumers. 

The classic nightlife is losing wallet share to the new morning routine. 

From Barstools to Barbells: The Data Behind Gen Z’s Wellness Shift According to a February 2026 Bank of America report, gym-related spending among Gen Z and millennials is rising sharply as alcohol consumption continues to decline. 

A separate survey from Mintel found that 77% of U.S. Gen Z consumers say they are more focused on wellness than they were a year ago, with 30% spending more on gym memberships and classes in that time.

With over 3.4 million posts under #Pilates on Instagram alone and TikTok overflowing with gym routines, “what I eat in a day” videos, and run club recaps, fitness isn’t something Gen Z does. It’s something Gen Z is. 

When identity changes, spending follows. And when spending follows, stocks eventually do, too.

Why Fitness Is Becoming Gen Z’s New Social Infrastructure Health is only part of the story. These premium gyms and boutique studios are functioning as social infrastructure – filling the community void once occupied by bars, restaurants, and even offices.

The data bears this out. According to Bank of America, Gen Z households spend 2.8 times more than baby boomers on fitness. Fitness club foot traffic has surpassed bars and pubs by 22 percentage points since 2021. Non-alcoholic beverage spending has outpaced alcoholic alternatives by 28 points over the same period.

And the data keeps moving in the same direction. On June 16, Bank of America reported that roughly 21% of Gen Z households now have a fitness-related payment, the highest share of any generation. It also cited McKinsey data showing that 56% of Gen Z says fitness is a “very high priority,” versus 40% of U.S. consumers overall. 

This is identity showing up in household payment data. 

Spending on premium fitness carries a social ROI that a traditional gym membership never had. You don’t build your professional network at a $30/month big-box gym. But at a $300/month Equinox or a $40-per-class boutique studio? 

The switching costs and community lock-in are real. And for the consumers most committed to this lifestyle, the willingness to pay has been remarkably sticky, even with rent, student debt, and a brutal job market applying pressure. Some are spending $500-plus per month on fitness and recovery because the category has become part of who they are.

The Long Side: Three Wellness Stocks Built for Gen Z Spending Against this backdrop, three names stand out as the highest-conviction expressions of this trend in public markets.

Life Time: The Premium Fitness Social Hub Life Time (LTH) is the cleanest public-market expression of this shift. The company has spent years building what it calls the “athletic country club”: large, high-end facilities where fitness, recovery, work, and social life overlap.

Its LT Games expansion makes the model even more interesting. Life Time is bringing its hybrid fitness competition to Dallas, anchored by a dedicated HYBRID XT studio in Frisco. That turns the gym from a place to work out into a recurring social-and-competition platform. Planet Fitness (PLNT) owns the budget lane. Life Time owns the high ground.

Xponential Fitness: The Boutique Studio Platform Xponential Fitness (XPOF) is the franchisor behind the entire boutique studio ecosystem – Club Pilates, CycleBar, Pure Barre, Row House, Rumble Boxing, and more. The asset-light franchise model captures the brand and community value without the real estate risk. XPOF has been beaten up, and it is not the cleanest operator in the group. But in a secular growth story, a damaged stock can still become interesting if the underlying category keeps expanding. 

Dutch Bros: The Morning-Routine Beverage Play Dutch Bros (BROS) is the least obvious pick but arguably the most interesting. The wellness trend isn’t just about where Gen Z works out – it’s about the entire morning ritual that replaces the hangover recovery of previous generations. Up at 5 a.m. for the gym, strong coffee or functional energy drink before the session, no bar the night before. With its customizable, high-energy beverages and protein coffee, Dutch Bros is built precisely for this demographic. When the macro headwinds eventually clear, BROS is positioned to be a significant beneficiary.

The Short Side: Stocks Losing the Old Night Out Wellness isn’t just gaining dollars. It is taking them from somewhere else.

And the places losing that cash flow are increasingly clear: alcohol, casual dining, and bar-centered entertainment.

In fact, rather than one narrow cohort going sober, we’re seeing a broader cultural move away from alcohol as the default. Recent IWSR data reported by the Financial Times suggests baby boomers are now cutting back most sharply, while new Attest research frames Gen Z’s shift as moderation, home consumption, and more flexible low-alcohol behavior. That actually strengthens the short-side thesis. 

Boston Beer: Craft Beer’s Replacement Cohort Problem Boston Beer (SAM) is the cleanest short in the alcohol space. Craft beer was supposed to be the cool, premium alternative to mass-market beer – precisely the type of product that captures younger consumers. It isn’t working. Its hard seltzer brand Truly was supposed to be the Gen Z entry point. But there is no pivot available when the replacement cohort simply doesn’t drink.

Dave & Buster’s: The Old Friday-Night Formula Dave & Buster’s (PLAY) is the cleanest short against the old night out. The company sells the exact Friday-night formula this thesis says is losing share: arcade games, food, and a heavy alcohol attachment inside large venues that are hard to reinvent.

The pressure is already showing up in the numbers. Q1 revenue fell 1.5% year over year, while comparable-store sales dropped 5.4%. Management is trying new games, food-and-beverage upgrades, and World Cup activations. But those are tactical fixes against a structural problem: the social occasion Dave & Buster’s was built around is losing share. 

Bloomin’ Brands: Casual Dining Under Pressure Bloomin’ Brands (BLMN) – owner of Outback Steakhouse – represents the casual dining category losing to boutique fitness social events. It carries the weakest balance sheet among major casual dining operators, making it most vulnerable to sustained structural headwinds.

Three Long/Short Wellness Trades to Watch If you want clean expression of this thesis:

Long LTH/Short SAM – premium fitness social hub directly cannibalizing craft beer’s Friday night occasion Long XPOF/Short PLAY – boutique studio franchisor vs. bar entertainment venue, competing for the same Gen Z “where do I go tonight” budget Long BROS/Short Molson Coors (TAP) – morning fitness culture functional beverage vs. traditional beer whose core demographic is literally aging into retirement Why Gen Z Wellness May Be the Cleanest Non-AI Trade Almost every macro conversation in 2025 and ’26 has circled back to AI infrastructure. And rightly so – the ‘Pax Silica’ buildout remains the dominant investment theme of this era. But AI infrastructure investing is crowded, expensive, and requires navigating geopolitical risk, tariff exposure, and supply chain complexity.

The wellness trade is different. It’s a consumer behavioral shift playing out in plain sight, being documented in real time by Bloomberg, Bank of America, and Mintel. It requires no technology adoption curve, regulatory approval, or transformer architecture expertise. The tailwinds – Gen Z’s identity-level commitment to wellness, structural alcohol decline, and the social collapse that made boutique gyms the new “third place” – are durable across multiple years.

That same cultural force that is minting new revenue at Life Time and Xponential is quietly bleeding out Boston Beer and Dave & Buster’s. Long/short, the thesis is self-hedging and structurally clean.

Gen Z replaced the entire nightlife scene with something better – and built a $300-a-month subscription around it. 

For investors willing to follow the smoothie instead of the beer, the setup has rarely been cleaner.

That is the broader lesson here.

The best trades often start as behavior most investors dismiss.

A gym becomes a social network. A run club becomes a spending category. A functional drink starts replacing a cocktail. By the time Wall Street gives the shift a name, the early money has usually already moved.

We’re seeing a similar setup inside the AI trade.

While most investors are still focused on the obvious headline stocks, private capital has been moving toward the physical layer underneath the boom: energy, nuclear power, chip fabrication, natural resources, and the hard assets required to keep persistent AI compute running.

Most of those positions are locked away in private markets.

But seven public-market backdoors exist.

And they may be some of the most compelling AI plays hiding in plain sight.

See for yourself.

Key Takeaways SAM is leveraging pricing, procurement savings and brewery optimization to support margins.Boston Beer is expanding Sun Cruiser, Truly Unruly and Sinless Vodka Cocktails to drive growth. SAM is investing in core brands, Beyond Beer innovation and targeted marketing to strengthen long-term growth. The Boston Beer Company, Inc. (SAM - Free Report) has been making strategic initiatives to aid growth. SAM’s consistent focus on pricing, product innovation and growth of non-beer categories, alongside brand development, bodes well. Boston Beer continues to benefit from strategic pricing actions, procurement savings, brewery optimization and revenue-management initiatives that help offset inflationary and tariff-related cost pressures.

Ongoing efficiency improvements across brewing operations, procurement, waste reduction and network optimization are enhancing operating leverage, while modest pricing and a favorable product mix are expected to further support margin expansion.

Product innovation remains a key pillar of Boston Beer’s growth strategy. The company is broadening its offerings with new flavors, pack sizes and premium products across its major brands. The strong momentum of Sun Cruiser, expansion of Truly Unruly, continued innovation in Twisted Tea and the wider rollout of Sinless Vodka Cocktails position the company to capture evolving consumer preferences and benefit from growth in the ready-to-drink beverage market.

Boston Beer is executing a strategy focused on strengthening its core brands, expanding the Beyond Beer portfolio and driving profitable growth. The company continues to invest in brand equity, introduce new product formats, expand Truly Unruly, support Samuel Adams through targeted marketing and capitalize on major events to increase brand visibility. These initiatives are expected to reinforce its long-term growth prospects.

Boston Beer is focused on the revival of its Samuel Adams and Angry Orchard brands, cost-saving initiatives and long-term innovation. The company believes that there is an opportunity for Hard Mountain Dew, within the expanded pack sizes and channels, with convenience stores. Such efforts are likely to bolster SAM’s profitability.

SAM’s Price Performance, Valuation and EstimatesShares of Boston Beer have lost 11.9% year to date compared with the industry’s growth of 8.9%.

Image Source: Zacks Investment Research

From a valuation standpoint, SAM trades at a forward price-to-earnings ratio of 17.32X compared with the industry’s average of 14.99X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for SAM’s 2026 earnings per share (EPS) indicates a drop of 1.2% year over year while that of 2027 indicates year-over-year growth of 15.9%. The company’s EPS estimates for 2026 and 2027 have been stable in the past 30 days.

Boston Beer stock currently carries a Zacks Rank #3 (Hold).

Stocks to Consider in the Consumer Staples SpaceThe Chefs' Warehouse, Inc. (CHEF - Free Report) , which is a distributor of specialty food products in the United States, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Chefs' Warehouse's current financial-year sales indicates growth of 8.3% from the prior-year level. CHEF delivered a trailing four-quarter earnings surprise of 28.9%, on average.

Nomad Foods Limited (NOMD - Free Report) , which manufactures and distributes frozen foods, currently carries a Zacks Rank #2 (Buy).

The consensus estimate for Nomad Foods’ current financial-year sales is expected to rise 0.5% from the year-ago reported figure. NOMD delivered a trailing four-quarter earnings surprise of 8.6%, on average.

Medifast, Inc. (MED - Free Report) , which is a leading manufacturer and distributor of clinically-proven healthy living products and programs, currently carries a Zacks Rank of 2. MED delivered an average earnings surprise of 65.5% in the last reported quarter.

The Zacks Consensus Estimate for Medifast’s current financial-year sales indicates a decline of 26% from the year-ago number.

Key Takeaways Boston Beer narrowed its 2026 volume outlook after weaker-than-expected Q1 results.SAM cited a 4% drop in depletions and a 6.9% shipment decline after inventory reductions.Sun Cruiser, Twisted Tea, Angry Orchard and Dogfish Head are key to summer execution. The Boston Beer Company (SAM - Free Report) narrowed its 2026 volume outlook after reporting weaker-than-expected first-quarter results, reflecting persistent softness across parts of its brand portfolio and an uncertain consumer environment. While management highlighted encouraging signs of stabilization in the broader beer and ready-to-drink (RTD) categories, the company acknowledged that demand recovery has been slower than anticipated for some of its largest brands. The revised guidance underscores Boston Beer’s cautious stance as it heads into the critical summer selling season.

Boston Beer now expects 2026 shipment and depletion volumes to decline in the low-single-digit to mid-single-digit range compared with its earlier forecast of flat to down mid-single digits. The revision follows a 4% decline in first-quarter depletions and a 6.9% drop in shipments, as the company continued to reduce distributor inventory levels and cycled last year's innovation-driven inventory build. Management noted that although industry trends have improved modestly, SAM's own portfolio has yet to fully participate in that recovery, primarily because Truly continues to lose market share and Samuel Adams and Hard Mountain Dew remain under pressure.

Management also pointed to several macroeconomic challenges that influenced its more conservative outlook. Consumers continue to face tighter household budgets, while spending among Hispanic consumers — a key demographic for several of Boston Beer’s brands — remains pressured. In addition, evolving geopolitical developments, commodity inflation and tariff-related costs are creating an uncertain operating backdrop. Although the broader beer and RTD market has shown signs of stabilization, management believes these external factors could continue to weigh on consumer demand throughout the remainder of 2026.

Despite trimming its volume guidance, Boston Beer remains optimistic about improving execution during the peak summer season. The company expects stronger contributions from fast-growing Sun Cruiser, sequential improvement in Twisted Tea, continued growth in Angry Orchard and Dogfish Head, and expanded marketing initiatives tied to the FIFA World Cup and America's 250th anniversary celebrations. Coupled with ongoing productivity initiatives and gross-margin expansion efforts, these strategic investments could help offset volume headwinds. Investors will likely monitor whether stronger seasonal demand and innovation can translate into improved shipment trends and restore confidence in Boston Beer's long-term growth trajectory.

SAM’s Zacks Rank & Share Price PerformanceShares of this Zacks Rank #4 (Sell) company have lost 7.3% in the past six months, underperforming the Zacks Beverages - Alcohol industry’s 5.4% gain and the broader Consumer Staples sector's 17.4% rise.

SAM Stock's Six-Month Performance
Image Source: Zacks Investment Research

Is SAM Stock a Value Play?Boston Beer’s shares are currently trading at a forward 12-month price-to-earnings (P/E) multiple of 17.38X, which represents a meaningful premium to the industry average of 15.74X, reflecting investor confidence in the company’s margin expansion, brand portfolio strength and long-term growth potential despite near-term volume pressures.

SAM P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research

Stocks to ConsiderFomento Economico Mexicano (FMX - Free Report) , alias FEMSA, operates across retail, beverages, digital, health, fuel, logistics and distribution, anchored by OXXO and Coca-Cola FEMSA. FEMSA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for FEMSA’s 2026 sales and earnings indicates growth of 17.5% and 115.3%, respectively. The company has delivered a trailing four-quarter negative earnings surprise of 16.99%, on average.

The Vita Coco Company Inc. (COCO - Free Report) is a beverage company that develops, markets and distributes coconut water, plant-based drinks, protein beverages and private-label products across global retail and foodservice channels. COCO currently flaunts a Zacks Rank #1.

The Zacks Consensus Estimate for Vita Coco's current fiscal-year sales and earnings indicates growth of 21.4% and 47.9%, respectively. The company has delivered a trailing four-quarter earnings surprise of 11.7%, on average.

Ambev S.A. (ABEV - Free Report) engages in the production, distribution and sale of beer, draft beer, soft drinks, malt and food, and other beverages. ABEV currently carries a Zacks Rank #2 (Buy).

The Zacks Consensus Estimate for ABEV’s current fiscal-year sales and earnings indicates growth of 19.2% and 16.7%, respectively.

MILTON, Del., June 22, 2026 (GLOBE NEWSWIRE) -- A duet for the ages, Dogfish Head and Rolling Stone celebrate 250 years of American music with an exclusive whiskey collaboration. Similar to the makings of a great song, the Dogfish Head x Rolling Stone Whiskey is layered with sensory nuances, blending whiskey and brandy matured in 12 different barrel types, including Dogfish Head whiskey and brandy barrels and Samuel Adams Utopias barrels, to create a complex and uniquely American whiskey. At 90 proof (45% ABV), this new, five-year-aged American single malt whiskey delivers layered flavor and character while maintaining a smooth finish.

“Crafting a whiskey in collaboration with a musical entity as iconic as Rolling Stone has been a dream come true for me and my coworkers,” said Sam Calagione, Dogfish Head Founder & Brewer. “It was kismet, really – as fellow music-lovers and defiers of the status quo, Dogfish Head and Rolling Stone share a similar outlook on the world. It’s one of exploration, authenticity and rebellion, and that’s exactly the spirit this unique whiskey embodies.”

Available in Delaware, New York, New Jersey, Maryland, Washington D.C., and Massachusetts, the Dogfish Head x Rolling Stone Whiskey boasts notes of caramel in the upfront, followed by flavors of allspice and fruity sherry in the midpalate, and finishes smoothly, with subtle notes of citrus peel. With only 900 cases produced, this limited-edition release will be available while supplies last. Check Dogfish Head’s Fish Finder to locate availability.

The Dogfish Head X Rolling Stone Whiskey will also be available for music lovers to enjoy at Rolling Stone’s upcoming Stateside Music Festival on July 4, in Kingston, New York. As a proud sponsor of the festival, Dogfish Head will be onsite with a selection of beers, cocktails and spirits. Visit www.statesidefest.com for more information.

 “We’re proud of what we created with Dogfish Head and excited to share it with fans at Stateside Music Festival,” said Julian Holguin, CEO of Rolling Stone. “This collaboration brings together craftsmanship, culture, and experience in a way that feels true to both brands. After spending time with the Dogfish Head team in coastal Delaware and seeing that creative process up close, we’re especially excited to bring festivalgoers a taste of that partnership through cocktails inspired by our collaboration.”

To celebrate the launch of their collaborative whiskey, Dogfish Head and Rolling Stone are also dropping a limited-edition capsule of co-branded, made-in-the-USA merchandise, including a unisex T-shirt, a women’s cut baby tee, a hoodie, a trucker cap and of course, a whiskey glass. All items are available now on Dogfish Head’s e-store, while supplies last.

Since the day Dogfish Head opened as the first brewpub in the first state more than 30 years ago, it has focused on original craft beverages, original food and original music. Throughout its history, Dogfish Head’s live music stage has hosted acts of all sizes and genres, including The Strokes, Black Pumas, The Mountain Goats, Guided by Voices and more. In addition to its weekly calendar of live music shows, Dogfish Head manifests its music heritage through collaborations with industry icons, having created products and compiled vinyl records with folks like The Flaming Lips, the Miles Davis estate, Deltron 3030 and most recently, the Grateful Dead.

The collaboration also reflects Rolling Stone's longstanding role at the intersection of music and culture. For decades, the brand has chronicled influential artists, movements and moments while expanding its presence through live events and experiential programming, including the Stateside Music Festival.

While best known for its off-centered ales, Dogfish Head was also one of America’s first craft distilleries, distilling spirits since 2002. Since then, the craft beverage maker has built an award-winning portfolio of full-proof spirits – from whiskeys and rums to vodkas and gins – and spirits-based, ready-to-drink canned cocktails. Utilizing high-quality culinary ingredients, Dogfish Head approaches distilling as an art form, creating thoughtfully innovative options for the spirited explorer.

For more on Dogfish Head and Rolling Stone, check out www.dogfish.com and www.rollingstone.com, respectively. To learn about Rolling Stone’s Stateside Music Festival, visit www.statesidefest.com.

XXX

About Dogfish Head Craft Brewery:

With quality, creativity and non-conformity at its core, Dogfish Head has been committed to brewing unique beers with high-caliber culinary ingredients outside the Reinheitsgebot since the day it opened more than 30 years ago. Dedicated to exploring goodness of all kinds, Dogfish Head later expanded its beverage artistry beyond just craft beer to produce award-winning portfolios of full-proof spirits – whiskeys, gins, vodkas, rums and more – and spirits-based, ready-to-drink canned cocktails. A Boston Beer Company brand and proud supporter of the Independent Craft Brewing Seal, Dogfish Head is a Delaware-based entity consisting of Dogfish Head Craft Brewery, a production brewery and tasting room; Dogfish Head Distilling Co., a production distillery; Brewings & Eats, a brewpub and live music venue; Chesapeake & Maine, a seafood and cocktail spot; and the Dogfish INN, a beer-themed, canal-front hotel. For more about Dogfish Head, please visit www.dogfish.com or follow the brand on social media.  

About Rolling Stone:

Five decades since its founding, Rolling Stone today has evolved into a multi-platform content brand with unrivaled access and authority, reaching a global audience of over 60 million people per month. Staying true to its mission to tell exceptional stories that illuminate the culture of our times, Rolling Stone is an authority for music reviews, in-depth interviews, hard-hitting political commentary and award-winning journalism across print, digital, mobile, video, social and events. Operated and published by Penske Media Corporation, Rolling Stone provides “all the news that fits.”

Dogfish Head x Rolling Stone American Single Malt Whiskey

Dogfish Head x Rolling Stone American Single Malt Whiskey A duet for the ages, Dogfish Head and Rolling Stone celebrate 250 years of American music with an ex...

Vancouver, British Columbia--(Newsfile Corp. - June 17, 2026) - Starcore International Mines Ltd. (TSX: SAM) ("Starcore" or "the Company") announces that Starcore has qualified to trade on the OTCQX® Best Market and began trading today on OTCQX under the symbol "SHVLF". The announcement was also made in New York by the OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities.

U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange (Starcore is listed on the Toronto Stock Exchange), streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

"We are pleased to qualify for trading on the OTCQX Market, which enhances our visibility and accessibility for U.S. investors. OTCQX provides a recognized platform for international companies that meet high financial and governance standards, and we believe this qualification will support greater communication with our U.S. shareholder base while broadening awareness of our company within the North American investment community," said Robert Eadie, President and CEO of Starcore.

About Starcore

Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. The Company's base of producing assets includes its gold-producing San Martin Mine and the La Tortilla silver mine, both in the state of Querétaro, Mexico. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.

ON BEHALF OF STARCORE INTERNATIONAL MINES LTD

Signed "Robert Eadie"
Robert Eadie, Chief Executive Officer

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The Toronto Stock Exchange has not reviewed nor does it accept responsibility
for the adequacy or accuracy of this press release.

This news release may contain "forward-looking" statements and information ("forward-looking statements"). All statements, other than statements of historical facts, included herein, including, without limitation, management's expectations and the potential of the Company's projects, are forward-looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company's management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301584

Source: Starcore International Mines Ltd.

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The Official Canned Cocktail of the U.S. Open Brings Ice-Cold Drinks, Exclusive Upgrades, and Good Vibes to Shinnecock Hills June 15, 2026 09:05 ET  | Source: Sun Cruiser Iced Tea & Vodka

BOSTON, June 15, 2026 (GLOBE NEWSWIRE) -- Sun Cruiser, the Official Canned Cocktail of the U.S. Open and U.S. Women's Open Presented by Ally, is bringing its knack for cruising into the 19th hole to Shinnecock Hills this June with the launch of Cruiser Caddies. Just like a great caddie knows when to hand you the right club, Cruiser Caddies know when you need your next drink.

Bringing its deliciously refreshing vodka iced teas and lemonades to the U.S. Open, Cruiser Caddies are keeping the drinks flowing and good times cruising.

All championship long, Cruiser Caddies will roam the course in custom Sun Cruiser jumpsuits alongside a retro-style Sun Cruiser beverage cart. They’ll hand out tokens for complimentary Sun Cruisers for a select number of lucky 21+ fans* – redeemable at concession stands throughout the course – while also giving away golf-viewing essentials like fans, can coolers, sunscreen, hats, and more. They'll be reading the crowd, finding the right moment, and popping up at surprise locations across the course. Think of them as your personal drinking caddie for the day!

In addition to the complimentary Sun Cruisers and swag, each day of the championship, Sun Cruiser Caddies will randomly select two lucky fans for an upgrade to The 1895 Club, the U.S. Open's premier hospitality experience at Shinnecock Hills. Located overlooking the 17th hole, the climate-controlled venue features tiered seating and a covered balcony, placing guests right at the heart of the action with white-glove service throughout the day. Guests also get exclusive access to a reserved viewing area at the driving range to watch the biggest names in golf warm up, plus a photo opportunity with the iconic U.S. Open Championship Trophy. And most importantly, the Club upgrade includes an all-inclusive hospitality package where, of course, Sun Cruisers will be flowing.

“Every golfer knows the value of a great caddie, and Cruiser Caddies are here to take care of golf fans the same way,” said Erica Taylor, senior brand director for Sun Cruiser. “Our caddies are making sure fans are prepared for every moment at Shinnecock – with drinks in hand, gear to keep things cool, and everything they need to cruise through the U.S. Open.”

Sun Cruiser, the fast-growing vodka iced tea and lemonade brand, is the perfect choice for sunny days on and off the course. With real ingredients, premium vodka, and no bubbles, Sun Cruiser is deliciously refreshing and super easy-to-drink. To find Sun Cruiser near you, visit drinksuncruiser.com and follow along on social @DrinkSunCruiser.

About Sun Cruiser Made for those who enjoy the sun on their face and hanging outdoors with friends, Sun Cruiser Iced Tea & Vodka and Sun Cruiser Lemonade & Vodka are made with real ingredients and premium vodka for a perfect choice to sip and share. At just 100 calories, 4.5% ABV per 12 oz serving, 1 gram of sugar, and no bubbles to weigh you down, Sun Cruiser has just a kiss of sweetness and tastes refreshingly smooth in a mix of delicious flavors. Sun Cruiser is the Official Ready-to-Drink Cocktail of the U.S. Open and U.S. Women's Open. For more information, follow along on social @DrinkSunCruiser and visit us at drinksuncruiser.com.

About The Boston Beer Company The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we've learned from making great-tasting craft beer to making great-tasting and innovative "beyond beer" products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer, and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Samuel Adams, Sun Cruiser, Truly Hard Seltzer, and Twisted Tea Hard Iced Tea. For more information, please visit www.bostonbeer.com.

*In accordance with New York State law for bar spend.

SUN CRUISER LAUNCHES CRUISER CADDIES TO SURPRISE-AND-DELIGHT FANS AT THE U.S. OPEN

SUN CRUISER LAUNCHES CRUISER CADDIES TO SURPRISE-AND-DELIGHT FANS AT THE U.S. OPEN The Official Canned Cocktail of the U.S. Open Brings Ice-Cold Drinks, Exclusive Upgrades, and Good V...

Sun Cruiser Contact Data Christina Boyadjian Sun Cruiser [email protected]

A federal court filed a jury verdict earlier this month in favor of Ardagh Metal Packaging on claims that Boston Beer failed to fulfill the terms of a beer-can purchase contract, which the company said it plans to contest.

The Boston Beer Company remains a Strong Buy, with valuation reflecting a significant margin of safety despite a weak Q1 and major litigation expenses recorded. SAM's debt-free balance sheet, strong cash flow, and ongoing buybacks position it well for recovery and potential M&A interest amid industry premiumization trends. Litigation tied to hard seltzer-era supply contracts has resulted in a significant drag on their EPS, yet current price appears to already be priced in alongside other risks.

Key Takeaways Boston Beer posted Q1 EPS of $1.64, missing estimates, with revenues down 4.4% year over year.SAM saw depletions fall 4% and shipments drop 6.9% amid weak demand and inventory shifts.SAM cut 2026 volume outlook, expects low- to mid-single-digit declines and $8.50-$10.50 EPS. The Boston Beer Company, Inc. (SAM - Free Report) reported lower-than-expected revenues and earnings in first-quarter 2026. Both top and bottom lines also fell year over year. It posted first-quarter adjusted earnings per share (EPS) of $1.64, missing the Zacks Consensus Estimate of $1.85 by 11.4%. Also, the reported number decreased from $2.16 seen in the year-earlier quarter.

Net revenues declined 4.4% year over year to $433.9 million and came below the consensus estimate of $437 million by 0.7%. The year-over-year decline was owing to soft volumes that were partly offset by pricing and a favorable mix.

Apparently, shares lost more than 1% in the after-hours trading yesterday. This Zacks Rank #3 (Hold) company’s shares have risen 11.1% in the past three months, outperforming the industry’s 3.8% decline.

SAM Sees Demand Softness & Lower ShipmentsDepletions dipped 4% in the quarter, reflecting continued pressure across a few core brands. Decreases in Twisted Tea, Truly, Samuel Adams and Hard Mountain Dew brands were partly offset by growth in Sun Cruiser, Angry Orchard and Dogfish Head brands.

Year-to-date depletions through the 17-week period ended April 24, 2026, decreased roughly 4% from the comparable period in 2025.

Meanwhile, shipments declined at a higher rate than depletions, reporting a 6.9% decrease versus the year-earlier quarter. Shipment volume for the quarter was about 1.6 million barrels, mainly owing to tough prior-year comparisons as distributors built inventories for Sun Cruiser and Truly Unruly innovation in the first quarter of 2025 and a slightly lower distributor inventory levels led by improvements in the responsiveness of its supply chain to resonate well with demand.

Management believes distributor inventory as of March 28, 2026, was at an appropriate level for each of its brands and averaged nearly four and a half weeks on hand versus the five weeks at the end of the year-earlier quarter.

Analysis of Boston Beer’s Margins & ExpensesSAM reported gross margin of 49.3%, up 100 basis points (bps) from the first quarter of 2025, benefiting from price increases, favorable product mix, procurement savings and enhanced brewery efficiencies. The gain was partly offset by inflationary, commodity and tariff costs. Gross margin also included $1.6 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which hurt the metric by nearly 37 bps on an absolute basis.

Advertising, promotional and selling expenses inched up 1.8% on increased freight costs of $2.5 million stemming from higher rates offset by lower volumes. Boston Beer’s brand investments were flat year over year.

General and administrative expenses jumped 9.1% from the first quarter of 2025, mainly owing to increased legal and consulting costs. Excluding legal costs with respect to the non-recurring litigation expenses, the metric rose $0.4 million on higher consulting costs.

SAM Maintains Liquidity and Returns Cash to HoldersSAM ended the quarter with $164.1 million in cash and no debt and indicated that its cash balance, anticipated operating cash flows and unused $150 million line of credit should be enough to fund future needs, with potential litigation-related payments.

The company repurchased $23.8 million of Class A shares during the quarter and another $7.4 million from March 30, 2026, through April 24, 2026, bringing year-to-date repurchases to $31.2 million. As of April 24, 2026, about $197 million remained under the board-authorized $1.6 billion repurchase limit.

SAM Updates 2026 GuidanceManagement revised financial guidance for 2026. The litigation-related expenses of $15.52 per share will be included in the GAAP earnings per share view. Boston Beer further notified that the actual 2026 results may vary significantly from the current expectations and are highly sensitive to changes in volume expectations, supply-chain performance, inflationary and commodity impacts, and tariffs. Its tariff cost projections assume that the current tariffs being charged by suppliers will remain in place through the rest of the year.

Depletions and shipments percentage are now expected to decline in low-single digits to mid-single digits versus the earlier projection of remaining flat to down mid-single digits for 2026. Price increases are still predicted at 1-2%. Boston Beer’s business is seasonal, with the first and fourth quarters being the lower volume quarters, and the fourth quarter generally being the lowest absolute gross margin rate of the year.

Management still anticipates first-half shipments to decrease toward the lower end of its full-year volume outlook, with improved shipment performance later in the year. This is owing to increased shipment comparisons in the first half of the year, as SAM shipped ahead of depletions in the last year to aid innovation and build distributor inventories, and innovation launches that are weighted in the second half. Additionally, improvements in the supply-chain responsiveness enable modestly lower distributor inventory levels, which are likely to have a significant impact on the first half and start lapping throughout the second half.

For 2026, SAM continues to project gross margin (including tariffs) of 48-50% and tariff costs of $20-$30 million. The company expects advertising, promotion and selling expenses to rise $20-$40 million year over year and forecasts adjusted EPS of $8.50-$10.50. It projects GAAP loss in a range of $7.02-$5.02 versus GAAP EPS of $8.50-$11.00 predicted earlier. Management expects the adjusted tax rate to be 29-30%. Capital spending is likely to be $70-$90 million for the year.

Boston Beer is monitoring increases in commodity costs, thanks to macroeconomic factors, particularly energy, which affects freight expense and aluminum expense, given the energy-intensive nature of aluminum production. Such cost increases are reflected in the guidance. It has been executing savings to help offset these pressures, alongside maintaining flexibility to lower planned incremental advertising investment to the lower end of its guidance range as required.

During 2026, the company expects shortfall fees and non-cash expense of third-party production pre-payments in total to hurt gross margins by 40-60 bps. SAM expects year-over-year gross margin rate improvement to be significant in the fourth quarter as shortfall fees are likely to be lower in 2026 than in 2025. The majority of shortfall fees are likely to be in the fourth quarter.

Advertising, selling and promotional expenses view does not include any changes in freight expenses for the shipment of products to the company’s distributors. Incremental advertising investment is forecast to be weighted to the second and third quarters to aid the key summer selling season.

3 Stocks Looking Good Freshpet, Inc. (FRPT - Free Report) , which is a pet food company, currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Freshpet’s current financial-year sales indicates growth of 9.3% from the prior-year level. FRPT delivered a trailing four-quarter earnings surprise of 50%, on average.

United Natural Foods (UNFI - Free Report) , which is the leading distributor of natural, organic and specialty food and non-food products, currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for United Natural Foods’ current financial-year earnings is expected to rise 254.9% from the year-ago reported figure. UNFI delivered a trailing four-quarter earnings surprise of 51.9%, on average.

B&G Foods (BGS - Free Report) , which has a diversified portfolio of brands, including B&G, B&M, Cream of Wheat, Las Palmas and more, currently carries a Zacks Rank of 2. BGS delivered a negative average earnings surprise of 19.5% in the trailing four quarters.

The Zacks Consensus Estimate for BGS’ current financial-year earnings indicates growth of 5.9% from the year-ago number.

The Boston Beer Company, Inc. remains a reasonably priced growth stock despite recent earnings-driven pullback and sector-wide headwinds. SAM stock trades at 21.7x 2026 EPS and 8.9x projected adjusted EBITDA, with a strong balance sheet—zero debt and $164 million in cash. 2026 revenue and EPS are expected to decline slightly, but 2027 forecasts show a return to growth with EPS projected to rise 16%.

The Boston Beer Company, Inc. (SAM) Presents at Goldman Sachs Global Staples Forum 2026 Transcript

Key findings

Real assets remain an important diversification tool in uncertain markets.Improving fundamentals are reshaping opportunities in commercial real estate and land.Rising power demand driven by AI is changing the energy investment landscape., /PRNewswire/ -- Bank of America today released its 2026 Specialty Asset Management Outlook, highlighting investment opportunities across commercial real estate (CRE), farmland, timberland, and energy. As capital markets reopen and short‑term borrowing costs decline, the report reveals a more constructive investment environment for real-asset investors in 2026 and beyond.

"In uncertain markets, real assets can serve as a powerful diversifier for ultra-high-net-worth individuals and institutions," said Ken Shepard, Head of Specialty Asset Management at Bank of America. "Real assets' historically low correlation to traditional assets and potential inflation‑hedging characteristics can dampen the effects of volatility over the long term while helping provide differentiated returns."

CRE turns the corner with improving fundamentals and emerging capital market rebound
After a significant interest-rate driven reset that began in 2022, CRE appears to be turning the corner, with values at or nearing an inflection point. Vacancies have largely peaked, new forward supply is muted, and negative appreciation returns have faded, approaching positive territory as transaction activity picks up and more capital enters in the market. Fundamentals are poised to continue improving, supported by secular demand trends (industrial, apartments, medical) and cyclical trends (retail and apartments). Together, these dynamics position CRE as an increasingly attractive entry point for long‑term investors.

Farmland recalibrates with opportunities in select markets
Farmland markets are entering a recalibration phase following several years of strong appreciation. While excess commodity supply and trade and interest‑rate uncertainty continue to weigh on near‑term conditions, their impact has eased compared with a year ago, reinforcing farmland's durable long‑term role in diversified portfolios. Its inflation‑resistant profile and stable income potential continue to attract investors, with value opportunities emerging in markets such as California, where climate conditions in the Central Valley support permanent crops, and the Northern Plains, driven by strong livestock markets.

Timberland supported by improving housing demand
Elevated construction and borrowing costs weighed on U.S. housing in 2025 and put short‑term pressure on lumber prices. Despite these headwinds, long‑term timberland fundamentals remained stable, and the U.S. South continued to attract significant sawmill and bioenergy investment. Improving housing demand and increased timber consumption are expected to drive long‑term timberland value appreciation. Looking ahead, disciplined market monitoring and proactive asset management, rather than simply a buy‑and‑hold approach, can help investors capture emerging opportunities in the sector.

Energy markets shift as AI drives power demand
In 2026, demand is rising for reliable electricity as artificial intelligence, data centers, and broader electrification accelerate and place increasing strain on aging power grids. Oil markets continue to introduce uncertainty amid geopolitical risks, evolving supply dynamics, and changing energy security priorities. Meanwhile, natural gas will continue to play a growing role in meeting energy needs. The balance between fuel abundance and power scarcity will be a defining theme for investors.

Read Bank of America's full 2026 Specialty Asset Management Outlook.

Frequently asked questions

Question: What is Bank of America's Specialty Asset Management group?
Answer: Bank of America's Specialty Asset Management (SAM) group helps clients integrate real assets into their broader wealth management plans through a disciplined, long‑term approach. Backed by decades of hands-on expertise, the team provides investment guidance, oversight, and stewardship for a range of specialty assets, including commercial real estate, farmland, timberland, energy and mineral interests, and private businesses. The SAM team works with advisors and their clients who already own real assets or are considering acquiring them. Today, the team manages client assets with a total asset value of over $13 billion.

Question: How are specialty assets different from traditional investments?
Answer: Specialty assets often involve operating considerations, unique risk profiles, and longer holding periods than traditional financial assets. They require active oversight and specialized expertise, particularly around liquidity needs, valuation, and operations. Importantly, these assets often behave differently from traditional stocks and bonds, which can make them a non‑correlated option within a broader, diversified portfolio. For many ultra‑high‑net‑worth families and institutions, specialty assets also represent holdings tied to legacy, making thoughtful management and oversight especially important.

Question: How does the Specialty Asset Management group support clients across market cycles?
Answer: For ultra‑high‑net‑worth clients and institutions, specialty assets often carry both significant financial value and long‑term legacy considerations. The SAM group supports clients across market cycles by providing consistent governance and oversight, with a focus on risk management, cash‑flow sustainability, and long‑term asset stewardship. This includes monitoring market developments, overseeing third‑party operators and advisors, and helping ensure specialty assets remain aligned with clients' broader objectives as markets, regulations, and legacy goals evolve over time.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Carolyn Batt, Bank of America
Phone: 1.646.983.1369
[email protected]

MAP #8927124

Important disclosures

Investing involves risk. There is always the potential of losing money when you invest in securities or real assets. Past performance does not guarantee future results. Asset allocation, rebalancing and diversification do not guarantee against risk in broadly declining markets.

Neither Bank of America Private Bank nor any of its affiliates or advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.

Trust, fiduciary and investment management services, including assets managed by the Specialty Asset Management team, are provided by Bank of America, N.A., Member FDIC (Federal Deposit Insurance Corporation) and wholly owned subsidiary of Bank of America Corporation ("BofA Corp."), and its agents.

Bank of America Private Bank is a division of Bank of America, N.A.

U.S. Trust Company of Delaware is a wholly owned subsidiary of Bank of America Corporation.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the "Bank") do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-outlook-sees-renewed-opportunity-across-commercial-real-estate-farmland-timberland-and-energy-302778737.html

SOURCE Bank of America Corporation

Key Takeaways SAM saw Beyond Beer volumes rise 3% in Q1 2026 while traditional beer volumes declined slightly.Boston Beer calls Sun Cruiser the fastest-growing spirits RTD by volume, fueled by marketing and shelf gains.SAM launched Sinless Vodka Cocktails as depletions fell 4% and budget pressure plus commodity costs weighed. The Boston Beer Company Inc. (SAM - Free Report) appears reasonably well-positioned to capitalize on premium beverage trends, thanks to its growing presence in high-growth ready-to-drink (RTD) and “Beyond Beer” categories. Management noted that Beyond Beer outperformed traditional beer in the first quarter of 2026, with volume rising about 3% while traditional beer volumes declined slightly. The company’s expanding premium portfolio, led by Twisted Tea, Sun Cruiser and Truly Unruly, reflects changing consumer preferences toward flavored, spirit-based and convenience-oriented alcoholic beverages.

A major bright spot is Sun Cruiser, which management called the “fastest-growing brand” in the spirits RTD category by volume. The brand has benefited from strong on-premise demand, expanding shelf space and aggressive marketing partnerships tied to sports and entertainment. Boston Beer is also broadening package options and investing heavily in advertising to support further growth. These initiatives align well with premiumization trends, where consumers increasingly seek differentiated, experiential beverages.

The company is also leaning into innovation across categories. New launches such as Sinless Vodka Cocktails, positioned as zero-sugar and zero-carb premium cocktails, target health-conscious consumers seeking flavorful alternatives. Meanwhile, Truly Unruly and Twisted Tea Extreme continue gaining traction in the high-alcohol flavored malt beverage segment.

However, challenges remain. Truly continues to lose market share, and overall company depletions declined 4% in the quarter. Consumer budget pressures, category moderation and rising commodity costs could also limit growth. Nonetheless, Boston Beer’s innovation pipeline, strong distributor relationships and premium-focused portfolio suggest it remains strategically aligned with evolving beverage consumption trends.

SAM’s Zacks Rank & Share Price PerformanceShares of this Zacks Rank #4 (Sell) company have lost 18.6% in the past three months against the industry’s growth of 1.8%.

SAM Stock's Past Three-Month Performance
Image Source: Zacks Investment Research

Is SAM a Value Play Stock?SAM currently trades at a forward 12-month P/E ratio of 17.47X, higher than the industry average of 15.94X and the sector average of 17.01X. This valuation positions the stock at a premium relative to both its sector and industry peers, suggesting that investors may be pricing in stronger growth prospects, brand strength or operational efficiency compared with competitors.

SAM P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research

Stocks to ConsiderFomento Economico Mexicano (FMX - Free Report) participates in the beverage industry through Coca-Cola FEMSA, which is the world’s largest franchise bottler for Coca-Cola products. The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for FMX’s 2026 sales and earnings suggests growth of 16.2% and 81.7%, respectively, from the year-ago reported figures. The company delivered a trailing four-quarter negative earnings surprise of 17%, on average.

Vita Coco Company (COCO - Free Report) is a global beverage company best known for its Vita Coco coconut water brand, with a diversified portfolio spanning coconut-based products, plant-based alternatives, functional drinks and private-label offerings across retail, e-commerce and foodservice channels. The company currently carries a Zacks Rank #1.

The Zacks Consensus Estimate for Vita Coco’s 2026 sales and earnings indicates growth of 21.4% and 47.9%, respectively, from the year-ago reported numbers. The company delivered a trailing four-quarter earnings surprise of 11.7%, on average.

Ambev S.A. (ABEV - Free Report) is a beverage company that produces and distributes beer, draft beer, soft drinks and other beverages across the Americas. The company currently has a Zacks Rank #2 (Buy).

The Zacks Consensus Estimate for Ambev’s 2026 sales and earnings implies a growth of 19.2% and 16.7%, respectively, from the previous year’s reported numbers.

The Boston Beer Company, Inc. (SAM) Presents at 23rd annual dbAccess Global Consumer Conference Transcript

HOBOKEN, June 10, 2026 (GLOBE NEWSWIRE) -- This summer, U.S. Soccer fans have a new place to call home – and it goes by a new name. Truly Hard Seltzer, the Official Hard Seltzer of U.S. Soccer, and U.S. Soccer have awarded the City of Hoboken, New Jersey the title of Believe, USA, following a nationwide search.

In that honor, Hoboken Mayor Emily B. Jabbour has officially signed a proclamation renaming the City “Believe, USA” for the duration of the tournament to celebrate the fans, driving unprecedented excitement for the sport across the country. The designation turns Hoboken into the capital of American soccer fandom during this summer’s tournament – and creates a real-world destination for fans who believe.

It’s also the first time in nearly 250 years that a U.S. city has carried the name “Believe.”

At the center of it all is the Truly Believe Bar, where Mayor Jabbour helped kick off the celebration as U.S. Men’s National Team (USMNT) legend Brian McBride was officially handed the key to “Believe, USA” during the pop-up bar’s opening celebration.

KEY FACTS:

The City of Hoboken, New Jersey has been officially renamed “Believe, USA” for this summer’s tournament in support of U.S. Soccer.The Truly Believe Bar pop-up opened at 76 River Street, Hoboken, NJ as a destination for U.S. Soccer and Truly fans.USMNT legend Brian McBride was named as “Honorary Mayor of Believe, USA” by Hoboken Mayor Emily B. Jabbour.Truly Hard Seltzer has been the Official Hard Seltzer of U.S. Soccer since 2022; Believe, USA is the centerpiece of the brand’s tournament-long “Drink Like a Believer” campaign.Truly Hard Seltzer is donating to the Hoboken Business Alliance in support of the city’s small businesses, restaurants, and bars. The journey to Believe, USA started in April, when fans across the country were asked to nominate the community that best embodies belief in U.S. Soccer. Hoboken quickly rose to the top – a one-square-mile city of about 60,000 residents with a passion for the game that punches well above its size.

Now, that passion has a home base.

"Hoboken has always been a city that shows up — for each other, for our community, and today, for U.S. Soccer," said Mayor Jabbour. "I am excited that we were nominated and thankful that when Truly and U.S. Soccer went looking for a city that believes, they selected us! I'm proud to declare the City of Hoboken the capital of American soccer fandom and to welcome fans from everywhere to see what that looks like in person. I encourage you to come, celebrate U.S. soccer responsibly, and enjoy all that our wonderful business community has to offer."  

The heart of Believe, USA beats inside the Truly Believe Bar. The space has been reborn as the American clubhouse of the tournament featuring wall-to-wall jerseys, flags, signed memorabilia and more provided by U.S. Soccer, with a “Welcome to Believe, USA” photo wall marking the only town in America to carry the name. And for the bold: a working tattoo station offering on-the-spot Believe-inspired ink for fans willing to make their belief permanent. Throughout, Truly Hard Seltzer specials, game day surprises, specialty merch and more brings delicious refreshment and a whole lot of fun to fans who visit.

“Fans like the ones in Hoboken bring a kind of energy you can’t miss,” said Brian McBride, USMNT legend and “Honorary Mayor of Believe, USA.” “Walking into the Truly Believe Bar brought me right back. This isn’t just about renaming a city – it’s about giving fans a place to come together and be part of something bigger.”

“This summer is about more than the matches themselves. It's about the communities, traditions, and fans that make soccer such an important part of people's lives,” said David Wright, Chief Commercial Officer at U.S. Soccer. “As this summer's tournament comes to our doorstep, we're seeing more people connect with the game and with each other. The Truly Believe Bar creates a place for fans to come together and be part of that experience.”

As part of the initiative, Truly Hard Seltzer also announced a donation to the Hoboken Business Alliance in support of the city’s many small businesses, restaurants and bars, ensuring the spirit of Believe, USA leaves a lasting mark on the community long after the final whistle.

Believe, USA anchors Truly’s “Drink Like a Believer” campaign — a tournament-long celebration of U.S. Soccer fandom. Truly has also brought soccer spirit to limited-edition packs, including:

Truly Star Squad Variety Pack: Designed in collaboration with U.S. Soccer, this exclusive 12-pack features four fruity flavors perfect for celebrating, including: Watermelon Wave, Orange Slices, Baller Berry, and Red, White & Tru.Truly 12 Collectible City Cans: Limited-edition 24-oz. Truly Wild Berry cans featuring each of the 11 select cities going all-in on soccer this summer, plus one for the nation. With custom graphics inspired by each city, hunt them down before they’re gone! Running throughout the summer, Truly also released a spirited soccer anthem with one unforgettable rally cry: “Gather up your crewly and cheer for the boys in the red, white and bluely!”

Follow along @Truly on YouTube, X, Instagram and Facebook for updates. To find Truly near you, visit TrulyHardSeltzer.com. 

About Truly Hard Seltzer

An original hard seltzer, Truly has paved the way for an entire category since 2016 as the most innovative “beyond beer” experience. The brand continues to keep its finger on the tab of what drinkers want: a great-tasting, sessionable alcoholic beverage without the fuss. Truly is all about keeping it light in how we show up in our drinkers’ lives. That’s why Truly has something for everyone with lightly flavored styles at our core (Berry, Citrus and Party packs), plus high-ABV flavor mix packs (Unruly), and culturally and seasonally relevant limited releases. To learn more, visit trulyhardseltzer.com and follow Truly on social media.

About The Boston Beer Company

The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Samuel Adams, Sun Cruiser, Truly Hard Seltzer and Twisted Tea Hard Iced Tea. We have taprooms and hospitality locations in Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.

About the U.S. Soccer Federation

Founded in 1913, U.S. Soccer, a 501(c)(3) nonprofit, is the official governing body of the sport in the United States. Our vision is clear; we exist in service to soccer. Our ambition, working across the soccer ecosystem, is to ignite a national passion for the game. We believe soccer is more than a sport; it is a force for good. We are focused in three areas: Soccer Everywhere, ensuring everyone, everywhere experiences the joy of soccer; Soccer Success, our 27 National Teams and pro leagues winning on the world stage; and Soccer Investment, maximizing and diversifying investments to sustainably grow the game at all levels. For more information, visit www.ussoccer.com.

CITY OF HOBOKEN, NEW JERSEY IS NOW “BELIEVE, USA”: MAYOR EMILY B. JABBOUR JOINS TRULY HARD SELTZER AND U.S. SOCCER IN NAMING CITY THE CAPITAL OF AMERICAN SOCCER FANDOM CITY OF HOBOKEN, NEW JERSEY IS NOW “BELIEVE, USA”: MAYOR EMILY B. JABBOUR JOINS TRULY HARD SELTZER AND U.S. SOCCER IN NAMING CITY THE CAPITAL OF AMERICAN SOCCER FANDOM

CITY OF HOBOKEN, NEW JERSEY IS NOW “BELIEVE, USA”: MAYOR EMILY B. JABBOUR JOINS TRULY HARD SELTZER A... USMNT Legend Brian McBride named “Honorary Mayor of Believe, USA” at opening of the Truly Believe Ba... CITY OF HOBOKEN, NEW JERSEY IS NOW “BELIEVE, USA”: MAYOR EMILY B. JABBOUR JOINS TRULY HARD SELTZER A... USMNT Legend Brian McBride named “Honorary Mayor of Believe, USA” at opening of the Truly Believe Ba...