Track market-moving stories before they get noisy

Key Takeaways Boston Beer's Q3 adjusted EPS rose 2.8% to $4.37, while revenues fell 3.2% to $520.1 million.SAM's shipments declined 4.9%, but pricing, product mix and brewery efficiencies lifted gross margin.SAM raised its 2026 adjusted EPS outlook to $9-$10.50 despite expectations of weak shipment volumes. The Boston Beer Company, Inc. (SAM - Free Report) reported mixed third-quarter 2026 results, with earnings surpassing the Zacks Consensus Estimate but revenues falling short. Adjusted earnings per share (EPS) of $4.37 beat the consensus estimate of $4.30. The figure increased 2.8% from $4.25 in the year-ago quarter.

Net revenues declined 3.2% year over year to $520.1 million, missing the consensus estimate of $523 million. Lower shipment volumes weighed on sales, while favorable pricing, product mix and improved brewery efficiencies supported profitability.

This Zacks Rank #3 (Hold) company’s shares have gained 8.7% over the past three months compared with the industry’s 4.1% growth.

Image Source: Zacks Investment Research

SAM Faces Volume Pressure Amid Mixed Brand TrendsBoston Beer's depletions declined 5% year over year. Shipment volumes decreased 4.9% to approximately 1.8 million barrels, reflecting continued weakness across several established brands.

Declines in Twisted Tea, Truly and Samuel Adams were partially offset by growth in Sun Cruiser and Angry Orchard. Sun Cruiser delivered approximately 60% growth in tracked channels during the quarter, while Angry Orchard recorded its sixth consecutive quarter of growth.

Distributor inventories averaged approximately four weeks on hand at quarter-end compared with four and a half weeks in the prior-year period. Management considered inventory levels appropriate.

Boston Beer's Margin Gains Offset Cost PressuresGross margin expanded 90 basis points (bps) year over year to 51.7% compared with 50.8% in the third quarter of 2025. Favorable product mix, pricing actions, procurement savings and improved brewery efficiencies supported the increase.

These benefits were partially offset by higher commodity and tariff costs. Shortfall fees and noncash expenses associated with third-party production prepayments totaled $1.6 million, reducing gross margin by approximately 31 bps.

Management highlighted continued progress in its supply-chain transformation. The company produced 98% of domestic volumes internally during the quarter compared with 89% a year earlier.

SAM's Advertising Expenses Remain SteadyAdvertising, promotional and selling expenses remained nearly flat year over year at $165.2 million. Freight expenses increased $9.5 million as higher transportation rates outweighed benefits from lower shipment volumes.

General and administrative expenses decreased $2.1 million to $42.9 million, primarily due to lower salary and benefit costs.

Boston Beer Maintains Strong Cash PositionBoston Beer ended the quarter with cash and cash equivalents of $308.1 million and no debt. The company also had $150 million available under its revolving credit facility.

Net cash provided by operating activities totaled $194.2 million during the first 39 weeks of 2026 compared with $230.2 million in the year-ago period. Capital expenditures amounted to $31.2 million, down from $36.7 million.

The company repurchased $79.5 million of Class A common shares from Dec. 28, 2025, through Oct. 16, 2026. Approximately $149 million remained under its board-authorized $1.6 billion share repurchase limit.

SAM Targets Innovation and Market Share RecoveryManagement remains focused on improving market share trends and expanding higher-margin product offerings. Sun Cruiser continues to benefit from distribution gains and strong consumer demand, while Angry Orchard maintains positive momentum.

Boston Beer is also expanding its innovation portfolio. Rally Dog Vodka Ade and Lytt Electric Coolers are scheduled for national availability in 2027, creating additional opportunities in emerging ready-to-drink beverage categories.

Meanwhile, management expects modest shipment growth in the fourth quarter, aided by prior-year inventory adjustments and shipment timing. The company anticipates its most pronounced year-over-year gross margin improvement in the final quarter, supported by lower shortfall fees.

SAM Raises Lower End of 2026 Earnings OutlookBoston Beer revised its 2026 guidance, reflecting continued volume softness alongside improving operational productivity. The company now expects depletions and shipments to decline by mid-single-digit percentages compared with its previous projection of low-to-mid-single-digit declines.

Price increases are likely to be 1-2%. The gross margin outlook was raised to 49-50% from 48.5-50%, supported by productivity savings, improved product mix and lower anticipated tariff costs. Expected tariff expenses were reduced to $18-$22 million from $20-$30 million. Advertising, promotion and selling expenses are likely to remain nearly flat year over year.

Adjusted EPS is now projected at $9-$10.50 compared with the prior range of $8.50-$10.50. The company also lowered its capital spending outlook to $55-$70 million from $60-$80 million.

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 10.8% from the prior-year level. CHEF delivered a trailing four-quarter earnings surprise of 30.4%, on average.

Utz Brands, Inc. (UTZ - Free Report) , which is a leading manufacturer of a diverse portfolio of salty snacks, currently carries a Zacks Rank #2 (Buy). UTZ delivered a trailing four-quarter earnings surprise of 1.8%, on average.

 The Zacks Consensus Estimate for UTZ’s current financial-year sales indicates a rise of 3.7% from the year-ago number.

Darling Ingredients Inc. (DAR - Free Report) , which produces sustainable natural ingredients derived from edible and inedible bio-nutrients, currently carries a Zacks Rank of 2.

The consensus estimate for Darling Ingredients’ current financial-year sales is expected to rise 12.2% from the year-ago reported figure. DAR delivered a trailing four-quarter earnings surprise of 38.9%, on average.

The Boston Beer Company, Inc. (SAM) Q3 2026 Earnings Call October 22, 2026 5:00 PM EDT

Company Participants

Michael Andrews - Associate General Counsel & Corporate Secretary
C. Koch - Founder, Chairman, President & CEO
Matthew Murphy - Interim Treasurer & CFO and Chief Accounting Officer

Conference Call Participants

Filippo Falorni - Citigroup Inc., Research Division
Peter Grom - UBS Investment Bank, Research Division
Eric Serotta - Morgan Stanley, Research Division
Kaumil Gajrawala - Jefferies LLC, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Robert Ottenstein - Evercore ISI Institutional Equities, Research Division
Nadine Sarwat - Bernstein Institutional Services LLC, Research Division
Michael Lavery - Piper Sandler & Co., Research Division

Presentation

Operator

Greetings, and welcome to The Boston Beer Company Third 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 third quarter earnings call. Joining the call from Boston Beer are Jim Koch, CEO, Brewer and Founder, and Matt Murphy, our Interim 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 reflect the company's or management's expectations or predictions of the future. Such predictions are forward-looking statements.

It's 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

The brewer posted a third-quarter profit of $43.2 million, down from $46.2 million a year earlier, as demand for beer continues to fall.

BOSTON, Oct. 22, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the third quarter ended September 26, 2026. Key results were:

Third Quarter 2026 Summary:

Depletions decreased 5% and shipments decreased 4.9%Net revenue of $520.1 million decreased 3.2%Gross margin of 51.7% up 90 basis points year over yearGAAP diluted income per share of $4.21, which includes non-recurring litigation expenses of $0.16 per shareNon-GAAP diluted earnings per share of $4.37 Year-to-date 2026 Summary:

Depletions decreased 5% and shipments decreased 5.4%Net revenue of $1.522 billion decreased 3.6%Gross margin of 50.5% up 80 basis points year over yearGAAP diluted loss per share of $4.87, which includes non-recurring litigation expenses of $14.51 per shareNon-GAAP diluted earnings per share of $9.64 Capital Structure

Ended the third quarter with $308.1 million in cash and no debtRepurchased $79.5 million in shares from December 28, 2025 to October 16, 2026 “The demand environment remains challenging, and we are prioritizing actions within our control to strengthen our business and improve market share trends,” said Chairman, Founder and CEO Jim Koch. “We are encouraged by the strong performance of Sun Cruiser and remain focused on marketplace execution, while our continued emphasis on productivity and strong cash generation provide a solid foundation to invest behind our brands and drive long-term value.”

“We delivered strong gross margin expansion and are raising the low end of our gross margin and earnings guidance, while managing through a dynamic consumer demand and input cost environment,” said Interim CFO and Chief Accounting Officer Matt Murphy. “Our results reflect continued progress from our multi-year supply chain transformation, disciplined investment, and an ongoing focus on productivity across the organization.”

Details of the results were as follows:

Third Quarter 2026 (13 weeks ended September 26, 2026) Summary of Results

Depletions for the third quarter decreased 5% compared to the third quarter of the prior year. Shipment volume for the quarter was approximately 1.8 million barrels, a 4.9% decrease compared to the third quarter of the prior year, driven by declines in Twisted Tea, Truly, and Samuel Adams that were partially offset by growth in the Sun Cruiser and Angry Orchard brands.

The Company believes distributor inventories as of September 26, 2026 were at appropriate levels and averaged approximately four weeks on hand which is lower than the four and a half weeks on hand at the end of September 2025.

Revenue for the quarter decreased 3.2% due to decreases in volume that were only partially offset by favorable product mix and pricing.

Gross margin of 51.7% increased from the 50.8% margin realized in the third quarter of 2025, or an increase of 90 basis points year over year. Gross margin primarily benefited from favorable product mix, price increases, procurement savings and improved brewery efficiencies, which were partially offset by inflationary commodity and tariff costs.

The third quarter gross margin of 51.7% 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 31 basis points on an absolute basis.

Advertising, promotional and selling expenses in the third quarter were flat year over year. This reflected $9.5 million in higher freight costs, with higher freight rates more than offsetting the benefit of lower shipment volumes, and a $9.0 million reduction in advertising spend.

General and administrative expenses decreased by $2.1 million compared to the third quarter of 2025, primarily driven by lower salary and benefit costs. Included in the current-quarter expense was $0.4 million of legal fees related to the previously disclosed supplier dispute litigation.

Litigation expenses of $1.8 million, related to the supplier dispute, represents post-judgment interest expense. Post-judgment interest expense through the appeals process will be applied to the combined pre-tax total of the judgment and pre-judgment 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 third quarter of 2026, the combined pre-tax expense related to the supplier dispute litigation of $2.2 million consists of legal expenses of $0.4 million, recorded in general and administrative expenses, and litigation expenses of $1.8 million. The after-tax impact reduced earnings per share by $0.16.

Impairment of brewery assets of $2.9 million increased by $1.5 million compared to the third quarter of 2025, due to increased write-offs of equipment at Company-owned breweries.

The Company’s effective tax rate for the third quarter was 26.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate remained 26.7% compared to 28.1% in the prior year.  This decrease in rate is due primarily to the impact of non-deductible stock compensation.

Year-to-date 2026 (39 weeks ended September 26, 2026) Summary of Results

Depletions year-to-date decreased 5% from the prior year. Shipment volume year-to-date was approximately 5.4 million barrels, a 5.4% decrease from the prior year, driven by declines in Twisted Tea, Truly, and Samuel Adams, partially offset by growth in the Sun Cruiser and Angry Orchard brands.

Revenue year-to-date decreased 3.6% due to decreases in volume, partially offset by favorable product mix and pricing.

Gross margin year-to-date of 50.5% increased from the 49.7% margin realized in year-to-date 2025, or an increase of 80 basis points year over year. Gross margin primarily benefited from price increases, favorable product mix, procurement savings and improved brewery efficiencies, which were partially offset by increased inflationary commodity and tariff costs.

The year-to-date gross margin of 50.5% includes $4.8 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 $29.2 million or 6.3% from year-to-date 2025, resulting from higher freight costs of $20.6 million, as freight rate increases more than offset the benefit of lower shipment volumes and increased brand local marketing investments of $8.5 million.

General and administrative expenses year-to-date increased $5.4 million or 3.9% from year-to-date 2025, primarily due to increased legal costs. This increase included $5.8 million of legal fees related to the previously disclosed supplier dispute litigation.

Litigation expense of $194.5 million, related to the supplier dispute, consists of the judgment of $175.5 million, pre-judgment interest expense of $15.5 million and post-judgment interest expense of $3.5 million.

The litigation expense of $194.5 million, combined with related legal expenses of $5.8 million, recorded in general and administrative expenses, have an after-tax negative impact on earnings per share of $14.51.

Impairment of brewery assets of $3.1 million decreased by $3.3 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 12.4%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 29.9% compared to a provision of 28.8% 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 September 26, 2026 cash balance of $308.1 million, together with its projected future operating cash flows and the unused balance on its $150 million line of credit, will be sufficient to fund future cash requirements, including the potential litigation-related payments.

During the 39-week period ended September 26, 2026 and the period from September 27, 2026 through October 16, 2026, the Company repurchased shares of its Class A Common Stock in the amounts of $73.5 million and $6.0 million, respectively, for a total of $79.5 million year to date. As of October 16, 2026, the Company had approximately $149 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 42-week period ended October 17, 2026 are estimated by the Company to have decreased approximately 5% from the comparable period in 2025.

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, which are net of a $3 million refund received in the third quarter, 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 mid-single digitsDown low-single digits to mid-single digitsPrice Increases1% to 2%1% to 2%Gross Margin (including Tariffs)49% to 50%48.5% to 50%Tariff Costs ($ million)$18 to $22$20 to $30Advertising, Promotion, and Selling Expense Year Over Year Change ($ million)Approximately Flat$0 to $20GAAP Tax Rate (Benefit)/ Provision(11.0%) to (12.0%)(11.0%) to (12.0%)Non GAAP Tax Rate Provision29% to 30%29% to 30%GAAP EPS (Income/ (Loss))($5.76) to ($4.26)($6.23) to ($4.23)Non-recurring Litigation Expenses impact per share($14.76)($14.73)Non GAAP EPS$9.00 to $10.50$8.50 to $10.50Capital Spending ($ million)$55 to $70$60 to $80    Underlying the Company's current 2026 projections are the following full-year estimates and targets:

The Company is monitoring changes in commodity, fuel and transportation costs driven by macroeconomic factors. Freight costs remain elevated due to higher transportation rates, labor constraints within the transportation industry and higher fuel costs, while energy costs also impact aluminum input costs, 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 changes on prior-year shipment flows, together with the expected timing of shipments to meet customer demand in 2026, continues to influence the quarterly phasing of shipments. Accordingly, we currently expect 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. At the midpoint of the full year guidance range, 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, reflecting lower planned full-year investment and a comparison against high levels of investment in the fourth quarter of 2025 that included production costs associated with preparation for 2026 programming. Full-Year 2027 Projections

The Company is planning to provide full year 2027 financial guidance during its fourth quarter earnings call in February 2027.

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 $0.16 per diluted share in expense in the third quarter of 2026 and $14.51 per diluted share year-to-date 2026 impact. 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, October 22, 2026

  THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data)   (unaudited)   Thirteen weeks ended  Thirty-nine weeks ended   September 26, 2026  September 27, 2025  September 26, 2026  September 27, 2025 Revenue $555,458  $571,476  $1,624,792  $1,678,258 Less excise taxes  35,357   33,982   102,423   98,948 Net revenue  520,101   537,494   1,522,369   1,579,310 Cost of goods sold  251,023   264,377   752,960   794,412 Gross profit  269,078   273,117   769,409   784,898 Operating expenses:            Advertising, promotional, and selling expenses  165,182   164,739   491,138   461,987 General and administrative expenses  42,855   44,913   144,035   138,615 Impairment of brewery assets  2,888   1,416   3,124   6,401 Litigation expense  1,824   —   194,471   — Total operating expenses  212,749   211,068   832,768   607,003 Operating income (loss)  56,329   62,049   (63,359)  177,895 Other income, net:            Interest income, net  2,714   2,696   6,604   7,320 Other expense, net  (138)  (595)  (950)  (1,168)Total other income, net  2,576   2,101   5,654   6,152 Income (loss) before income tax provision (benefit)  58,905   64,150   (57,705)  184,047 Income tax provision (benefit)  15,739   17,995   (7,176)  53,047 Net income (loss) $43,166  $46,155  $(50,529) $131,000 Net income (loss) per common share – basic $4.21  $4.25  $(4.87) $11.83 Net income (loss) per common share – diluted $4.21  $4.25  $(4.87) $11.82 Weighted-average number of common shares – basic  10,254   10,855   10,369   11,073 Weighted-average number of common shares – diluted  10,224   10,830   10,369   11,050 Net income (loss) $43,166  $46,155  $(50,529) $131,000 Other comprehensive income (loss):            Foreign currency translation adjustment  27   (161)  (207)  233 Total other comprehensive income (loss)  27   (161)  (207)  233 Comprehensive income (loss) $43,193  $45,994  $(50,736) $131,233                     THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)   (unaudited)      September 26, 2026  December 27, 2025 Assets      Current Assets:      Cash and cash equivalents $308,072  $223,378 Accounts receivable, net  83,032   57,094 Inventories, net  98,078   92,532 Prepaid expenses and other current assets  24,668   20,316 Income tax receivable  2,096   24,259 Total current assets  515,946   417,579 Property, plant, and equipment, net  542,645   578,125 Operating right-of-use assets  23,000   30,229 Goodwill  112,529   112,529 Intangible assets, net  13,483   14,753 Third-party production prepayments  5,324   7,099 Note receivable  7,826   11,218 Other assets  18,635   22,063 Total assets $1,239,388  $1,193,595 Liabilities and Stockholders' Equity      Current Liabilities:      Accounts payable $107,640  $94,975 Accrued expenses and other current liabilities  146,382   144,797 Accrued litigation expenses  194,471   - Current operating lease liabilities  7,871   12,762 Total current liabilities  456,364   252,534 Deferred income taxes, net  21,524   64,785 Non-current operating lease liabilities  21,667   25,111 Other liabilities  4,103   4,885 Total liabilities  503,658   347,315 Commitments and Contingencies      Stockholders' Equity:      Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 8,086,764 and 8,408,458 issued and outstanding as of September 26, 2026 and December 27, 2025, respectively  81   84 Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000 issued and outstanding as of September 26, 2026 and December 27, 2025  21   21 Additional paid-in capital  713,081   698,811 Accumulated other comprehensive loss  (587)  (380)Retained earnings  23,134   147,744 Total stockholders' equity  735,730   846,280 Total liabilities and stockholders' equity $1,239,388  $1,193,595             THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)   (unaudited)   Thirty-nine weeks ended   September 26,
2026  September 27,
2025 Cash flows provided by operating activities:      Net (loss) income $(50,529) $131,000 Adjustments to reconcile net (loss) income to net cash provided by operating activities:      Depreciation and amortization  63,478   67,726 Impairment of brewery assets  3,124   6,401 Gain on sale of property, plant, and equipment  (88)  (47)Litigation expense  194,471   — Change in right-of-use assets  8,342   (5,654)Stock-based compensation expense  15,126   14,408 Deferred income taxes  (43,261)  (15,496)Other non-cash income  (374)  (32)Changes in operating assets and liabilities:      Accounts receivable  (25,961)  (22,866)Inventories  (6,585)  13,816 Prepaid expenses and other current assets  (4,502)  (3,329)Income tax receivable  22,163   4,925 Third-party production prepayments  1,775   6,058 Brewery-related assets and cloud computing  4,968   4,975 Other non-current assets  (498)  (1,148)Accounts payable  14,320   16,042 Accrued expenses and other current liabilities  7,916   8,205 Operating lease liabilities  (9,450)  4,958 Other non-current liabilities  (233)  276 Net cash provided by operating activities  194,202   230,218 Cash flows used in investing activities:      Purchases of property, plant, and equipment  (31,234)  (36,717)Proceeds from disposal of property, plant, and equipment  88   47 Net cash used in investing activities  (31,146)  (36,670)Cash flows used in financing activities:      Repurchases and retirement of Class A common stock  (75,338)  (152,423)Proceeds from exercise of stock options and sale of investment shares  1,495   1,242 Cash paid on finance leases  (1,092)  (1,288)Payment of tax withholding on stock-based payment awards and investment shares  (3,427)  (2,444)Net cash used in financing activities  (78,362)  (154,913)Change in cash and cash equivalents  84,694   38,635 Cash and cash equivalents at beginning of period  223,378   211,819 Cash and cash equivalents at end of period $308,072  $250,454        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 DohertyDave DeCecco(617) 368-5390(914) 261-6572[email protected][email protected]  

Key Takeaways SAM's Q3 earnings are projected to rise 1.2% to $4.30 per share, despite a 2.6% revenue decline.Weakness in Twisted Tea, Truly and other brands, alongside rising costs, could weigh on SAM's Q3 results.Sun Cruiser's triple-digit depletion growth, pricing and procurement savings may support SAM's profits. The Boston Beer Company, Inc. (SAM - Free Report) is likely to register growth in its bottom line when it reports third-quarter 2026 results on Oct. 22, 2026, after market close. The company’s top line is expected to have declined year over year.

The Zacks Consensus Estimate for revenues is pegged at $523.4 million, implying a 2.6% drop from the prior-year quarter’s reported figure. The consensus mark for earnings has been stable in the past 30 days at $4.30 per share. This implies a rise of 1.2% from the year-ago quarter.

In the last reported quarter, the company delivered a negative earnings surprise of 23.5%. SAM has a trailing four-quarter negative earnings surprise of 3.4%, on average.

Factors Likely to Impact SAM’s Q3 ResultsBoston Beer’s quarterly performance is likely to have been influenced by brand trends, consumer spending, cost pressures and the effectiveness of its growth initiatives. Weakness in Twisted Tea and Truly, along with declines in Samuel Adams and Dogfish Head, is likely to have weighed on volumes and market share. Competitive pressure from spirits-based ready-to-drink (RTD) beverages and softer consumer demand remain key concerns.

Persistent inflation, higher gasoline prices and reduced discretionary spending could further pressure alcoholic beverage demand. Meanwhile, rising aluminum, energy, freight and tariff costs may constrain profitability. Boston Beer expects 2026 tariff expenses of $20-$30 million.

Boston Beer has been witnessing weak depletion, with continued challenges in the hard seltzer category for a while. The hard seltzer segment remains under pressure, which has been weighing on Truly Hard Seltzer as it faces declining volumes and continued loss of shelf space. Intense competition across flavored malt beverages and tea-based drinks is further straining shelf space, as retailers streamline assortments and reduce the number of brands they carry. Such limitations are likely to hurt the company’s top-line results during the quarter under review.

On the flip side, Boston Beer’s focus on strategic pricing, product innovation and brand development to strengthen its market position and drive performance appears encouraging. The company is expanding its presence in the Beyond Beer category, which continues to outpace the traditional beer market. Sun Cruiser remains a major growth driver, benefiting from triple-digit depletion growth, expanding distribution and favorable product mix. Strong price realization and ongoing procurement savings are helping offset the inflationary and tariff pressures. These positives are likely to have contributed to the company’s bottom-line performance in the quarter under review.

What the Zacks Model Unveils for SAM StockOur proven model does not conclusively predict an earnings beat for Boston Beer this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chance of an earnings beat. But that is not the case here.

Boston Beer currently has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

Valuation Picture of SAM StockFrom a valuation perspective, Boston Beer stock is trading at a premium relative to historical and industry benchmarks. SAM has a forward 12-month price-to-earnings of 17.73X, above the Beverages - Alcohol industry’s average of 14.85X.

Boston Beer shares have shown a downward trend, losing 27.1% in the past six months against the industry’s growth of 5.1%.

Image Source: Zacks Investment Research

Stocks With the Favorable CombinationHere are some companies, which according to our model, have the right combination of elements to beat on earnings this reporting cycle.

Keurig Dr Pepper (KDP - Free Report) currently has an Earnings ESP of +0.05% and a Zacks Rank of 2. The company is likely to register growth in the top and bottom lines when it reports third-quarter 2026 numbers. The consensus mark for revenues is pegged at $7.4 billion, which indicates a rise of 70.8% from the figure reported in the year-ago quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Keurig Dr Pepper’s quarterly earnings per share of 64 cents implies a rise of 18.5% from the year-ago quarter. The consensus mark has been stable in the past 30 days. KDP has a trailing four-quarter earnings surprise of 2.7%, on average.

Celsius Holdings, Inc. (CELH - Free Report) currently has an Earnings ESP of +4.00% and a Zacks Rank of 3. The company is likely to register an increase in the top line when it reports third-quarter 2026 numbers. The Zacks Consensus Estimate for CELH’s quarterly EPS is pegged at 34 cents, down 19.1% from the year-ago period. The consensus mark dipped a penny in the past 30 days.

The consensus estimate for Celsius’ quarterly revenues is pegged at $806.2 million, which implies an increase of 11.2% from the prior-year quarter.  CELH has a trailing four-quarter negative earnings surprise of 28.5%, on average.

Anheuser-Busch InBev (BUD - Free Report) currently has an Earnings ESP of +1.01% and a Zacks Rank #3. The Zacks Consensus Estimate for third-quarter 2026 EPS is pegged at $1.14, which implies an increase of 15.2% from the year-ago quarter’s actual. The consensus mark for EPS has dipped a penny in the past 30 days.

The consensus mark for BUD’s quarterly revenues is pegged at $16.3 billion, which indicates growth of 7.3% from the figure reported in the prior-year quarter. BUD delivered a trailing four-quarter earnings surprise of 6.3%, on average.

Boston Beer is expanding beyond traditional beer with Sinless Vodka Cocktails and LYTT Electric Coolers, though meaningful volume contributions may take time.

Key Takeaways SAM's Sun Cruiser posted triple-digit depletion growth in Q2, with further distribution gains expected.Boston Beer is expanding Twisted Tea through new packs, pricing, advertising and product offerings.Brewery optimization, procurement and supply-chain improvements are supporting margin expansion. The Boston Beer Company, Inc. (SAM - Free Report) continues to focus on strengthening its portfolio, expanding beyond traditional beer and improving profitability amid a challenging demand environment. Strategic pricing, productivity initiatives, brand investments and innovation remain key pillars of its growth strategy. The company is also benefiting from brewery efficiencies, procurement savings and revenue-management initiatives that are helping offset inflationary, freight and tariff-related cost pressures.

Product innovation remains an important growth driver. Sun Cruiser continues to deliver strong momentum, with triple-digit depletion growth in the second quarter and further distribution gains expected in 2026. The brand’s expansion in the ready-to-drink spirits category, supported by continued advertising and on and off-premise distribution, provides an avenue for revenue and margin growth. Boston Beer is also investing in Twisted Tea through new pack sizes, pricing adjustments, advertising, partnerships and expanded offerings such as Twisted Tea Extreme and Twisted Tea Light. Meanwhile, Angry Orchard recorded its fifth consecutive quarter of growth, supported by its leading styles and refreshed marketing.

The company is also broadening its innovation pipeline with Sinless Vodka Cocktails, launched in more than 30 states, and LYTT Electric Coolers, a high-ABV malt-based RTD launched in more than five states. Both products are in the early stages of development and are not expected to contribute meaningfully to 2026 volumes, but they provide potential longer-term opportunities in the growing RTD market.

Boston Beer is simultaneously emphasizing margin expansion through brewery optimization, procurement savings, waste reduction, supply-chain improvements and revenue-management capabilities. Domestic internal production is expected to exceed 90% in 2026, while the company remains disciplined on advertising and reducing lower-performing media investments. These initiatives, alongside continued brand building and innovation, are aimed at improving profitability and supporting long-term growth.

SAM’s Price Performance, Valuation and EstimatesShares of Boston Beer have lost 7% in the past three months against the industry’s drop of 5.4%.

Image Source: Zacks Investment Research

From a valuation standpoint, SAM trades at a forward price-to-earnings ratio of 16.89X compared with the industry’s average of 14.28X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for SAM’s 2026 earnings per share (EPS) indicates a drop of 9.1% year over year while that of 2027 indicates year-over-year growth of 14.2%. The company’s EPS estimates for 2026 and 2027 have been stable in the past 30 days.

Image Source: Zacks Investment Research

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 10.6% from the prior-year level. CHEF delivered a trailing four-quarter earnings surprise of 30.4%, on average.

Utz Brands, Inc. (UTZ - Free Report) , which manufactures a diverse portfolio of salty snacks, currently carries a Zacks Rank #2 (Buy).

The consensus estimate for Utz Brands’ current financial-year sales is expected to rise 3.7% from the year-ago reported figure. UTZ delivered a trailing four-quarter earnings surprise of 1.8%, 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 58.2% in the last reported quarter.

The Zacks Consensus Estimate for Medifast’s current financial-year sales indicates a decline of 27.3% from the year-ago number.

Engineers Gate Manager LP increased its position in The Boston Beer Company, Inc. (NYSE:SAM – Free Report) by 367.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,610 shares of the company’s stock after purchasing an additional 7,553 shares during the quarter. Engineers Gate Manager LP owned approximately 0.09% of Boston Beer worth $1,701,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. IFP Advisors Inc increased its stake in shares of Boston Beer by 333.3% during the second quarter. IFP Advisors Inc now owns 156 shares of the company’s stock valued at $28,000 after buying an additional 120 shares during the period. Nykredit A S purchased a new position in Boston Beer during the 2nd quarter valued at about $115,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Boston Beer in the 2nd quarter valued at about $901,000. AlphaGrep UK Ltd bought a new stake in shares of Boston Beer in the 2nd quarter valued at about $436,000. Finally, Odyssean LLC lifted its position in shares of Boston Beer by 152.3% in the 2nd quarter. Odyssean LLC now owns 16,344 shares of the company’s stock worth $2,893,000 after purchasing an additional 9,867 shares during the period. 81.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets SAM has been the subject of a number of recent research reports. Jefferies Financial Group reduced their price objective on shares of Boston Beer from $230.00 to $195.00 and set a “hold” rating for the company in a research note on Friday, July 24th. Roth Capital reiterated a “buy” rating and issued a $295.00 price target (down from $315.00) on shares of Boston Beer in a report on Friday, July 24th. Citigroup decreased their price objective on Boston Beer from $195.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft set a $176.00 price objective on Boston Beer in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded shares of Boston Beer from a “sell” rating to a “hold” rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Boston Beer has an average rating of “Reduce” and a consensus target price of $206.91.

Get Our Latest Report on Boston Beer Boston Beer Price Performance Shares of SAM stock opened at $170.67 on Thursday. The Boston Beer Company, Inc. has a 1-year low of $158.68 and a 1-year high of $264.46. The stock’s fifty day moving average price is $178.77 and its 200 day moving average price is $197.53. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -25.14 and a beta of 0.83.

Boston Beer (NYSE:SAM – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $3.65 EPS for the quarter, missing analysts’ consensus estimates of $4.83 by ($1.18). The business had revenue of $568.34 million during the quarter, compared to analysts’ expectations of $566.68 million. Boston Beer had a negative net margin of 3.42% and a positive return on equity of 9.99%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $5.45 earnings per share. Boston Beer has set its FY 2026 guidance at 8.500-10.500 EPS. As a group, equities research analysts anticipate that The Boston Beer Company, Inc. will post 8.99 earnings per share for the current year.

About Boston Beer (Free Report)

Boston Beer Company, Inc is an American beverage company that develops, produces and sells alcoholic beverages. Founded in 1984 by Jim Koch, the company helped popularize craft beer in the United States with Samuel Adams Boston Lager, its flagship brand.

Boston Beer’s portfolio includes Samuel Adams and other craft beer brands, as well as Truly Hard Seltzer, Twisted Tea hard iced tea, Angry Orchard hard cider and beverages associated with Dogfish Head Brewery, which it acquired in 2019.

Featured Stories Five stocks we like better than Boston Beer 3 Luxury Consumer Brands to Watch in a Beaten-Down Sector Jackson’s Record Quarter Powers the Bull Case Holiday Shopping Is Almost Here—And Target May Be Ready to Win Big AI Panic Hit Tech Stocks—But NVIDIA’s Growth Engine Is Intact

Receive News & Ratings for Boston Beer Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Boston Beer and related companies with MarketBeat.com's FREE daily email newsletter.

The Boston Beer Company, Inc. (SAM) Barclays 19th Annual Global Consumer Staples Conference September 10, 2026 1:30 PM EDT

Company Participants

C. Koch - Founder, Chairman, President & CEO

Presentation

Unknown Analyst

Okay. We're going to get started. It is always such a treat to close out our conference with Chairman, Founder, and Brewer, CEO, Jim Koch of Boston Beer. It's also a treat to have him pour a beer for me because not many people get to have that opportunity of a truly professionally poured beer.

So thank you again so much for joining us at the conference. It's always such a highlight. So Jim, over the last year or two, you've increasingly described Boston Beer less as a beer company and more as a participant in what you've described as the fourth category.

And you've been talking about the fourth category for a long time with more and more time dedicated to Beyond Beer.

So how do you define the company you're trying to build over the next decade, and what would success look like from here?

Question-and-Answer Session

C. Koch
Founder, Chairman, President & CEO

Well, let's see. When I think about that, I kind of -- I go back to our mission statement that we actually wrote in the 90s, early 90s, so we had a, I guess a portent of what the market was going to be like in 20 or 30 years.

Our mission is to seek long-term profitable growth by offering the highest quality products to the U.S. beer drinker. And we haven't really changed. That is our mission, it was our mission in 1992. It's our mission tomorrow.

And luckily, I think the future that we saw came true, that there were wonderful, delicious, desirable beverages that were out there, but nobody had yet made. And I

Boston, Sept. 08, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM) today announced the appointment of Allison Stransky to the Chief Marketing Officer role, effective October 12, 2026.  

Stransky brings more than 20 years of experience to Boston Beer, including a unique blend of consumer brand-building expertise and data-driven digital marketing capabilities that will further strengthen, modernize, and evolve the company’s marketing approach.

Stransky will be responsible for leading the marketing function for Boston Beer’s portfolio of beer and beyond beer brands, including Samuel Adams, Dogfish Head, Twisted Tea, Sun Cruiser, Truly Hard Seltzer, Angry Orchard, and more. She will oversee brand management, shopper marketing and connected commerce, digital and social media, integrated communications, media, sponsorships and experiential marketing, and consumer and business insights. Stransky will report to Boston Beer’s Founder, Brewer, Chairman, President and CEO Jim Koch as well as Chief Operating Officer Phil Hodges, who served as interim CMO during the comprehensive search.

“We've always believed that great brands are built by challenging convention and staying close to the consumer,” said Koch. “Allison brings a fresh perspective shaped by experience at some of the world's leading companies, along with a genuine passion for brand building and innovation, and we look forward to welcoming her to Boston Beer.”

Stransky has more than two decades of experience building and growing some of the world's most recognized consumer brands. As vice president and CMO of Samsung Electronics America, she currently oversees corporate marketing and communications, Big Data, AI-led transformation, sustainability, and citizenship. Her role spans Samsung’s connected ecosystem, focused on driving growth, deepening brand love, and bringing AI to life through high-impact partnerships and campaigns. She and her team have evolved the brand's storytelling and created culturally relevant consumer connections that have led to some of the company's strongest creative and performance results. She will remain with Samsung through the end of September.

Prior to Samsung, Stransky spent five years at Google where she helped clients leverage data-driven insights to deepen consumer understanding and improve the effectiveness of advertising investments. Earlier in her career, she held leadership roles at L'Oréal, Unilever, and Johnson & Johnson, where she developed a strong foundation in consumer-focused brand building, driving innovation, strengthening consumer connections, and delivering growth.

“Allison has built her career at the intersection of creativity, technology, and business growth,” said Hodges. “She brings new ideas, a consumer-first mindset, and a proven ability to turn insight into action, all of which will be invaluable as we continue to invest in our brands and position the company for long-term success.”

“Boston Beer has built an incredible portfolio of brands by staying true to its founder-led spirit while continuously evolving to meet changing consumer preferences,” said Stransky. “I've long admired its ability to blend creativity, innovation, and storytelling to connect with consumers, and I'm excited to join this talented team and help build on the company’s strong foundation and drive future growth.”

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, 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.

BOSTON BEER APPOINTS ALLISON STRANSKY CHIEF MARKETING OFFICER EFFECTIVE OCTOBER 12

BOSTON BEER APPOINTS ALLISON STRANSKY CHIEF MARKETING OFFICER EFFECTIVE OCTOBER 12 Stransky brings more than two decades of brand-building experience and expertise in data-driven mark...

3.53K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of SAM, TAP either through stock ownership, options, or other derivatives. 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.

AUSTIN, Texas--(BUSINESS WIRE)--SAM (“SAM” or the “Company”), a leading independent provider of mission-critical geospatial and inspection services to the utility, transportation and critical infrastructure markets, today announced its acquisition of Wilson & Associates, P.C. (“Wilson & Associates” or “WA”), one of Tennessee's largest pure-play geomatics firms, expanding SAM's presence and capabilities in Tennessee and across the Southeast. For over five decades, WA has been serving a b.

New "Modern Dating Sindex" finds Gen Z experiences more double texting, love bombing, breadcrumbing and ghosting than Millennials  | Source: Sinless Vodka Cocktails

[Boston, MA], Aug. 27, 2026 (GLOBE NEWSWIRE) -- Gen Z has debunked more than just the sober curious stereotypes of their generation recently. A new survey from Sinless Vodka Cocktails has found that Gen Z may be thirstier than Millennials when it comes to dating, too. But they’re hardly alone in indulging in the guilty pleasures of modern romance. From keeping a roster and doing a little digital detective work to ghosting, cushioning and strategically timed breakups, Sinless Vodka Cocktail’s Modern Dating Sindex pulls back the curtain on the behaviors, temptations and contradictions shaping how Americans date today. The biggest confession? Nearly everyone has something to own up to, with 92% of U.S. adults ages 25-45 saying they’ve experienced at least one hallmark of modern dating.

The Modern Dating Sindex looks at the good, bad, and downright sinful experiences shaping today’s dating culture in a way that only Sinless can: less judgment, more freedom. It’s the same spirit behind Sinless Vodka Cocktails, a line of bold, flavor-forward canned cocktails made with real vodka, and free of sugar and carbs with only 100 calories – all made for guilt-free good times.

“Today's world is full of temptation, contradictions, and guilty pleasures. At Sinless, we believe you shouldn't have to sacrifice a thing to feel good about your choices,” said Kat Hayes, associate director of brand marketing for Sinless. “The Sindex puts real numbers behind the little dating sins people whisper about in group chats. Whether it's what you're sipping or how you're swiping, we think life is more fun when you own the experience, skip the guilt and stop pretending anyone's perfect.”

Ready for the receipts? Behind the swipes, situationships and strategic exits, the Sindex uncovered some revealing confessions:

Gen Z is taking more dating hits, but they’re also calling more fouls. Compared with Millennials, Gen Z is more likely to report being ghosted (79% vs. 75%), double texting (59% vs. 50%), being love bombed (55% vs. 46%) and being breadcrumbed (45% vs. 39%). But younger daters are also quicker to draw the line, with Gen Z more likely than Millennials to consider always being late (37% vs. 29%) or refusing to open doors (18% vs. 12%) a dealbreaker. The roster is real. Nearly two-thirds (65%) have kept a “dating roster” of casual romantic prospects in rotation, including a party companion (42%), hookup (39%) or backup date-night option (34%). Another 43% admit to “cushioning” by casually keeping other romantic prospects warm in case their current relationship fizzles. Ghosting isn’t exactly a victimless crime. More than three-quarters (76%) have been ghosted, but 58% admit they’ve done the disappearing themselves. And those who ghost aren’t necessarily one-and-done offenders: the average ghoster says they’ve left 11 people hanging over the course of their dating life. Sometimes “unread” is a choice. A whopping 92% have intentionally avoided opening a text they didn’t want to answer, with 39% admitting they do it often or all the time. Just 16% say they typically opt for an honest rejection, while more than half (51%) prefer the “slow fade.” The background check starts before the first date. More than three-quarters (76%) are likely to indulge in at least one digital dating “guilty pleasure,” whether that’s monitoring who viewed or liked their content (47%), scrolling years deep into someone’s social media (33%) or investigating an ex (31%). Apparently, asking for someone’s “number” has a second meaning. Nearly one-third (32%) have asked a new partner about their “body count,” while one in four (25%) admit they’ve lied about their own number when asked. Love on a Deadline. More than two in five (42%) have strategically ended a casual relationship before a major milestone. Valentine’s Day is the most common deadline, with 20% admitting they’ve called it quits beforehand, followed by a partner’s birthday (16%) or their own birthday (16%). Even a 10 can commit an unforgivable sin. Nearly nine in 10 (88%) agree that certain behaviors can turn a seemingly perfect partner into a dealbreaker. Being rude to waitstaff tops the list (55%), followed by always being on their phone (50%), disliking pets (36%) and refusing to post the relationship online (26%). Consider this your official dating confessional booth. The findings paint a landscape where the rules may be blurry, but the behaviors are remarkably universal. At its core, the Modern Dating Sindex is a reminder that the things we’re sometimes reluctant to admit are often far more sinless than we think.

Just as Sinless Vodka Cocktails invites drinkers to take the guilt out of the good times, the Sindex gives those in search of love permission to own the little sins, questionable choices and guilty pleasures that come with modern romance. Because if nearly everyone is doing it, maybe the real sin is pretending we’re not.

SURVEY METHODOLOGY
The Sinless Vodka Cocktails Modern Dating Sindex Survey was conducted by Wakefield Research (www.wakefieldresearch.com) among 2,000 nationally representative U.S. adults ages 25-45.

ABOUT SINLESS VODKA COCKTAILS
Sinless Vodka Cocktails is a premium line of ready-to-drink cocktails made with real vodka and bold, full flavor. With 100 calories, zero sugar and zero carbs per can, Sinless was created for those who want to take the guilt out of the good times. Lightly sparkling and available in four flavors – Cranberry, Pineapple, Black Cherry and Peach – Sinless brings a spirited, flavor-forward alternative to traditional hard seltzers.

Sinless Vodka Cocktails are available in select markets now. Drinkers can track down all flavors at www.drinksinless.com/find.

For more information, visit www.drinksinless.com or follow @drinksinless on social media.

The Little Sins of Modern Dating

The Little Sins of Modern Dating Go ahead... confess.

Contact Data Sinless Vodka Cocktails [email protected]

Boston, Aug. 20, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company (NYSE: SAM) today announced that Chief Financial Officer Diego Reynoso will be leaving the company on September 14 to accept a new opportunity. Matt Murphy, currently Chief Accounting Officer, has been appointed Interim Chief Financial Officer and Treasurer effective September 15. Murphy joined Boston Beer in 2006 as Corporate Controller and was appointed Chief Accounting Officer in 2015. He also previously served as Interim CFO in 2023 before Reynoso’s hiring. The Company has initiated a search to identify its next Chief Financial Officer and will consider both internal and external candidates.

"On behalf of our Board of Directors and everyone at Boston Beer, I’d like to say thank you to Diego for his significant contributions and disciplined financial leadership over the past three years,” said Boston Beer Founder, Brewer, Chairman and CEO Jim Koch. “He has played an important role in advancing our ongoing productivity initiatives and leaves the Company with a strong financial foundation. Diego goes on to the next stage of his career with all our best wishes.”

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, 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.

Shares of Starcore International Mines Ltd. (TSE:SAM – Get Free Report) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$0.48 and traded as high as C$0.57. Starcore International Mines shares last traded at C$0.53, with a volume of 191,955 shares.

Starcore International Mines Stock Performance
The company has a debt-to-equity ratio of 1.16, a quick ratio of 3.79 and a current ratio of 2.05. The company has a market capitalization of C$51.08 million, a PE ratio of 6.62 and a beta of 0.21. The company has a 50 day moving average price of C$0.48 and a 200 day moving average price of C$0.73.

Starcore International Mines (TSE:SAM – Get Free Report) last announced its quarterly earnings data on Friday, July 24th. The company reported C$0.05 earnings per share for the quarter. Starcore International Mines had a net margin of 16.73% and a return on equity of 15.83%. The company had revenue of C$11.44 million during the quarter.

About Starcore International Mines

(Get Free Report)

Starcore International Mines Ltd is into the business of exploration, development, and production of minerals. It has got products in various stages The San Martin being the primary source of operating cash flows. In Mexico, the business holds an interest in the silver and gold processing plant. Some of its projects include San Martin, El Creston, and Toiyabe among others. The majority of the organization’s revenue comes from Bernal, Mexico.

Recommended Stories

Five stocks we like better than Starcore International Mines
Asian Market Circuit Breakers Hit Stocks, Not AI Demand
Riot Platforms Re-Wires the Ledger for a $9B AI Power Play
Nebius Just Exploded 34% on Blowout Earnings—Is It Time to Buy?
Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal

Receive News & Ratings for Starcore International Mines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starcore International Mines and related companies with MarketBeat.com's FREE daily email newsletter.

Key Takeaways Fewer Americans are drinking alcoholic beverages due to health concerns.Annual EPS has fallen consistently since 2022.SAM shares are richer than competitors. Boston Beer Company OverviewZacks Rank #5 (Strong Sell) Boston Beer Co. Inc ((SAM - Free Report) ) is one of the largest alcohol companies in the United States. The Boston, MA-based company produces beer, malt beverages, and cider products at company-owned breweries. Its popular products include the flagship beer Samuel Adams, Dogfish Head beer, the Twisted Tea malt beverage, Truly Hard Seltzer, and the Angry Orchard cider brand. The company has also expanded to the low calories’ alcohol market with its “Sinless Vodka” offering.

Americans Are Drinking Less Alcohol Alcohol consumption trends in the United States are extremely unfavorable currently. According to the latest Gallup poll numbers, roughly 54% drink alcohol (down 8% in just three years). For the first time, a majority of Americans believe that even moderate drinking (1-2 drinks a day) is bad for health.

Image Source: Dylan Scott/Vox, Gallup

Additionally, the explosion of GLP-1 weight loss drug consumption from companies like Novo Nordisk ((NVO - Free Report) ) and Eli Lilly ((LLY - Free Report) ) has further impacted demand. Recent clinical studies show that these drugs cause even less alcohol consumption by dialing down the brain’s reward pathways and dopamine responses.

SAM EPS Growth Slows Amid Waning DemandTo make matters worse, younger generations are drinking even less alcohol due to health reasons. In other words, the waning alcohol demand trend is likely to only intensify in time. Meanwhile, more than a third of consumers are cutting back on alcohol purchases due to higher prices, while others turn to alternatives that are growing in popularity, such as cannabis.

Since 2022, Boston Beer’s annual earnings per share have fallen each year.

Image Source: Zacks Investment Research

For now, there appears to be no end in sight to this troubling trend. Zacks Consensus Analyst Estimates expect negative revenue growth through 2027.

Image Source: Zacks Investment Research

Worse off, Twisted Tea and Truly, two of the company’s key brands, continue to lose volume and market share.

Tariffs and Commodity Costs Limit Margin UpsideWith demand slowing, the only way for Boston Beer to generate more favorable earnings is to increase profit margins. However, the company faces significant headwinds due to tariff costs, which are expected to increase to $20-$30 million in 2026 versus ~$11 million in 2025. Also, aluminum, energy, and freight costs remain an issue.

Valuation is Steep Compared to CompetitionAlthough SAM shares have underperformed dramatically, they are still expensive compared to other alcohol companies. SAM has a P/E ratio of 20.42x while the Beverage-Alcohol Industry has a P/E of just 14.08x.

Image Source: Zacks Investment Research

Bottom Line

With American alcohol consumption near historic lows, Boston Beer Company is fighting an uphill battle. Core brands are losing market share, tariff costs are weighing on margins, and revenue growth has stalled.

1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) said assay results from its latest exploration program at the True North Gold Project in Manitoba confirmed high-grade gold mineralization over a 720-metre strike length and to depths of nearly 975 metres.

The results come from 30 drill holes totaling 8,656 metres testing the San Antonio Southeast (SAM SE) and Shore targets.

Highlighted intercepts included hole TN-26-094 at SAM SE, which returned 15.89 grams per tonne gold over 2.70 metres, including 40.1 g/t over 1 metre, and hole TN-26-088 at Shore, which intersected 5.99 g/t gold over 4.9 metres, including 24.9 g/t over 0.7 metres.

Drilling also identified a newly defined mineralized zone called Baker. Hole TN-26-076 intersected 36.44 g/t gold over 1.1 metres, including 73.70 g/t over 0.5 metres.

CEO Shaun Heinrichs said successive drill programs on SAM SE and Shore continue to expand their footprint and confirm grades seen in initial results.

“The intersections on the 500 shear zone are encouraging as this emerging target has the potential to add new near mine resources hosted in a parallel vein system, also close to existing infrastructure,” Heinrichs said.

Heinrichs added that drilling to date provides confidence the zones will contribute meaningfully to the global resource update planned for later this year.

San Antonio West, SAM SE and Shore will be included in a global resource update expected in the fourth quarter. Underground drilling from the Hinge decline is testing the depth extensions of SAM SE and is expected to be completed in August.

Key Takeaways Boston Beer's Q2 depletions fell 6% and shipments dropped 4.5% as demand weakened across core brands.Pricing, mix and brewery efficiencies lifted gross margin 60 basis points to 50.4% despite cost pressures.Sun Cruiser posted triple-digit growth, but innovation has yet to restore companywide volume gains. Boston Beer Company, Inc. (SAM - Free Report) is showing two different operating stories at once. Demand remains soft, with weaker depletions, lower shipments and pressure across several major brands.

At the same time, pricing, mix and brewery productivity are helping margins. That divergence makes execution on newer products increasingly important while the company works through weak consumer take-away.

Boston Beer Volume Trends Point LowerSecond-quarter depletions declined 6%, while shipment volume fell 4.5% to roughly 2 million barrels. First-half shipments dropped 5.6%, modestly trailing a 5% decline in depletions.

Image Source: Zacks Investment Research

Distributor inventories averaged about 4.5 weeks on hand, consistent with the prior-year period. That suggests the weakness reflects consumer demand rather than excess wholesaler inventory.

Management maintained its full-year volume outlook for depletions and shipments to decline in the low- to mid-single-digit range. Current trends point toward the lower end of that range.

SAM Core Brands Keep Losing GroundShipments declined across Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head. Gains in Sun Cruiser and Angry Orchard only partly offset the broader weakness.

Image Source: Zacks Investment Research

Twisted Tea remains pressured by lower sales velocity, reduced feature and display activity, competition from spirits-based hard teas and a shift away from larger pack sizes. The 12-pack format remains the largest source of volume decline.

Truly’s marketing and soccer-related promotions improved marketplace presence but did not generate the expected demand response. Boston Beer is now reducing spending behind the brand.

Molson Coors Beverage Company (TAP - Free Report) remains a relevant comparison because it also competes across beer and flavored malt beverage categories. Constellation Brands (STZ - Free Report) provides another useful industry reference, given its exposure to premium beer and broader alcohol demand trends.

Boston Beer's Margins Show ResilienceBoston Beer’s second-quarter gross margin expanded 60 basis points year over year to 50.4%. Pricing, favorable product mix, procurement savings and brewery efficiencies helped offset inflationary, commodity and tariff costs.

Internal production also improved. The company produced 84% of domestic volume at company-owned facilities in the quarter, up from 76% a year earlier.

Management expects domestic internal production to exceed 90% for the full year, compared with 86% in 2025. That shift should support better control over costs, capacity and supply-chain execution.

SAM Innovation Offers Selective UpsideSun Cruiser delivered triple-digit depletion growth in the second quarter and continues to expand distribution. Angry Orchard grew for the fifth consecutive quarter, helped by Angry Orchard Crisp and Crisp Imperial.

Boston Beer is also expanding Sinless Vodka Cocktails in more than 30 states and LYTT Electric Coolers in more than five states. These launches are early, but they show where the company is trying to refresh the portfolio.

Still, innovation has not restored companywide volume growth. Larger established brands remain the main drag, keeping the operating outlook dependent on selective wins and sharper execution.

Boston Beer Signals Remain DefensiveThe bottom line is that Boston Beer is protecting margins better than it is protecting volume. Pricing, mix and brewery efficiencies are helping profitability, but soft demand and brand-share pressure continue to limit the near-term setup.

The stock currently carries a Zacks Rank #5 (Strong Sell), which fits a backdrop of negative earnings-estimate revisions and weak near-term momentum. Its Growth Score of B and VGM Score of B point to relatively better growth and blended style characteristics.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Those positives are offset by a Value Score of C and a Momentum Score of F. Until demand trends improve, operating gains alone have not translated into a more favorable stock signal.

Key Takeaways Boston Beer missed second-quarter earnings estimates as revenues fell 3.3% and volumes declined.SAM's full-year earnings estimate dropped 10.5% in four weeks and 13.25% over 12 weeks.Boston Beer held $265.5 million in cash, no debt and generated $117.6 million in first-half cash flow. The Boston Beer Company, Inc. (SAM - Free Report) has financial strengths that should not be dismissed. It has no debt, solid cash generation and improving gross margins.

The problem is that weak demand is cutting into earnings visibility. For investors, the question is whether balance-sheet resilience can offset estimate cuts, lower volumes and a valuation that still looks demanding.

SAM's Valuation Looks StretchedSAM trades at 18.29X forward 12-month earnings. That compares with 15.28X for its Zacks sub-industry and 16.98X for the broader Zacks sector

Image Source: Zacks Investment Research

The premium is harder to defend while volumes are declining. The $153 price target, based on 17.21X forward 12-month earnings, sits below the $180.15 share price and points to downside risk.

The stock does trade below its five-year median multiple of 26.34X. Still, a lower-than-historical valuation does not automatically make the shares attractive when earnings expectations are falling.

Constellation Brands (STZ - Free Report) and Molson Coors Beverage Company (TAP - Free Report) offer relevant peer context for investors tracking alcohol demand, pricing power and category share shifts. Both stocks sit in the same broader beverages-alcohol investment discussion as SAM.

Boston Beer's Earnings Visibility WeakensBoston Beer posted second-quarter adjusted earnings of $3.65 per share, missing the Zacks Consensus Estimate of $4.77. The figure declined 33% from the year-ago quarter.

Revenues fell 3.3% to $568 million. Lower volumes and higher marketing costs weighed on results, even as pricing and favorable mix helped cushion part of the pressure.

Estimate revisions are also negative. The fiscal-year earnings estimate fell 10.5% over four weeks and 13.25% over 12 weeks, reinforcing a weaker near-term earnings setup.

SAM's Balance Sheet Limits Financial RiskSAM ended the second quarter with $265.5 million in cash and no debt. The company also had full availability under its $150 million revolving credit facility.

First-half operating cash flow totaled $117.6 million, while capital expenditures were $22.9 million. Those figures show that the business is still producing cash despite softer demand.

Management also reduced its full-year capital-spending outlook to $60 million to $80 million from $70 million to $90 million. That gives the company more flexibility as it focuses spending on brewery capabilities, efficiency and innovation.

Boston Beer Catalysts Need Time to BuildBoston Beer still has levers that could support profitability. Management expects price increases of 1% to 2%, while supply-chain productivity and higher internal production should help margins.

Internal production reached 84% of domestic volume in the second quarter, up from 76% a year earlier. Management expects that rate to exceed 90% for the full year.

Image Source: Zacks Investment Research

Sun Cruiser delivered triple-digit depletion growth, and Angry Orchard grew for a fifth consecutive quarter. Those gains support portfolio renewal.

The offset is that companywide volumes remain under pressure. Tariff costs are expected to total $20 million to $30 million, freight inflation remains a concern and litigation exposure continues to cloud reported earnings and cash deployment.

SAM Signals Favor CautionThe bottom line is that SAM’s balance sheet and margin progress help limit financial risk, but they do not yet fix the demand problem. A buying case would be stronger with clearer evidence that volumes and core brand trends are stabilizing.

The stock currently carries a Zacks Rank #5 (Strong Sell), reflecting negative earnings-estimate revisions and weak near-term momentum. That signal favors caution.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SAM’s Growth Score of B and VGM Score of B recognize areas of operating potential. The Value Score of C and Momentum Score of F suggest the risk-reward profile remains unattractive without stronger demand stabilization.

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.

Get Boston Beer alerts:

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].

Should You Invest $1,000 in Boston Beer Right Now?Before you consider Boston Beer, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Boston Beer wasn't on the list.

While Boston Beer currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.

Get This Free Report

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.

Listen to the audio version of this article (generated by AI).

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.