BOSTON BEER CO INC

Listed Company

SAMCIK 0000949870NYSELarge AcceleratedMalt BeveragesMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

$1.96B

Net Income

$108.47M

Total Assets

$1.19B

Equity

$846.28M

Shares Out

—

Op. Cash Flow

$270.16M

Business

BOSTON BEER CO INC sells alcoholic beverages under brands including Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Sun Cruiser, Angel City and Coney Island. It produces flavored malt beverages, hard seltzer, beer, hard cider, spirits-based ready-to-drink beverages and distilled spirits through Company-owned breweries, a cidery, and third-party contract producers. Its operations include four primary production breweries, several local tap-room breweries, a cidery and related hospitality assets, with distinct brand families and innovation/R&D activities. The Company distributes primarily across the United States and select international markets through a network of wholesalers, importers and retail channels (grocery, club, convenience, liquor, on-premise and e-commerce).

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,087	2,138	2,133	2,223	2,197
Less excise taxes	122	125	125	132	139
Net revenue	1,965	2,013	2,009	2,090	2,058
Cost of goods sold	1,012	1,119	1,156	1,228	1,260
Gross profit	953	894	852	862	798
Advertising, promotional and selling expenses	610	552	556	578	607
General and administrative expenses	191	190	175	158	134
Impairment of intangible assets	—	43	16	27	—
Impairment of brewery assets	7	7	5	3	18
Contract settlement costs	—	26	—	5	—
Total operating expenses	808	818	752	771	790
Operating income	145	76	100	91	8
Interest income, net	10	13	11	3	−110,000
Other expense, net	−1	−2	−1	−2	−978,000
Total other income, net	9	12	10	645,000	−1
Income before income tax provision	153	88	110	91	7
Income tax provision	45	28	33	24	−8
Net income	108	60	76	67	15
Net income per common share - basic	9.9	5.07	6.23	5.46	1.19
Net income per common share - diluted	9.89	5.06	6.21	5.44	1.17
Weighted-average number of common shares - basic	11	12	12	12	12
Weighted-average number of common shares - diluted	11	12	12	12	12
Foreign currency translation adjustment	347,000	−715,000	166,000	−269,000	−32,000
Defined benefit plans liability adjustment	−31,000	76,000	−13,000	253,000	90,000
Total other comprehensive (loss) income, net of tax	316,000	−639,000	153,000	−16,000	58,000
Comprehensive income	109	59	76	67	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	223	212	299	181	27
Accounts receivable	57	61	67	57	55
Inventories	93	117	116	148	149
Prepaid expenses and other current assets	20	20	21	27	21
Income tax receivable	24	7	2	10	53
Total current assets	418	417	504	423	345
Property, plant, and equipment, net	578	616	643	668	665
Operating right-of-use assets	30	28	36	44	53
Goodwill	113	113	113	113	113
Intangible assets	15	16	60	76	104
Third-party production prepayments	7	14	34	61	88
Note receivable	11	17	—	—	—
Other assets	22	28	43	36	19
Total assets	1,194	1,250	1,430	1,421	1,387
Accounts payable	95	87	87	84	86
Accrued expenses and other current liabilities	145	139	127	111	162
Current operating lease liabilities	13	6	9	9	8
Total current liabilities	253	232	223	204	255
Deferred income taxes, net	65	66	86	97	87
Non-current operating lease liabilities	25	30	36	45	54
Other liabilities	5	6	7	6	7
Total liabilities	347	334	352	352	403
Commitments and Contingencies (See Note M)	—	—	—	—	—
Additional paid-in capital	699	676	656	630	612
Accumulated other comprehensive loss	−380,000	−696,000	−57,000	−210,000	−194,000
Retained earnings	148	240	422	439	372
Total stockholders equity	846	916	1,078	1,069	983
Total liabilities and stockholders equity	1,194	1,250	1,430	1,421	1,387

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	108	60	76	67	15
Depreciation and amortization	90	94	88	81	72
Impairment of intangible assets	—	43	16	27	—
Change in right-of-use assets	−3	8	8	8	8
Stock-based compensation expense	22	19	17	14	19
Deferred income taxes	−1	−20	−11	9	−5
Other non-cash (income) expense	−523,000	−237,000	224,000	89,000	−399,000
Accounts receivable	4	6	−10	−2	23
Inventories	23	7	32	131,000	−21
Prepaid expenses, income tax receivable, and other current assets	−18	−5	14	39	−49
Third-party production prepayments	7	19	28	27	−17
Other assets	8	6	−6	−14	−6
Accounts payable	5	3	3	−2	−27
Accrued expenses, other current liabilities, and other liabilities	16	12	14	−51	35
Operating lease liabilities	2	−9	−9	−7	−8
Net cash provided by operating activities	270	249	265	200	56
Purchases of property, plant and equipment	−55	−76	−64	−91	−148
Proceeds from sale of property, plant, and equipment	47,000	23,000	2	2	1
Cash paid for note receivable	—	−20	—	—	—
Net cash used in investing activities	−55	−96	−62	−89	−147
Repurchases and retirement of Class A common stock	−202	−239	−93	—	—
Proceeds from exercise of stock options and sale of investment shares	3	4	12	8	10
Net cash paid on finance leases and notes payable	−2	−2	−2	−2	−2
Payment of tax withholding on stock-based payment awards and investment shares	−2	−2	−2	−3	−16
Net cash used in financing activities	−204	−239	−85	3	−7
Change in cash and cash equivalents	12	−87	118	114	−97
Income tax payments, net	−63	−52	−36	28	−41
Operating cash outflows from operating leases	13	10	10	9	10
Operating cash outflows from finance leases	122,000	222,000	138,000	71,000	121,000
Financing cash outflows from finance leases	2	2	2	2	1
Right-of-use-assets obtained in exchange for operating lease obligations	14	—	−107,000	−827,000	2
Right-of-use-assets obtained in exchange for finance lease obligations	—	2	3	—	472,000
Increase (decrease) in accounts payable and accrued expenses for purchases of property, plant, and equipment	2	−4	1	1	−16
Non-cash financing activity - (decrease) increase in accrued excise taxes on share repurchases	−399,000	1	929,000	—	—
Non-cash investing activity - reduction in accrued expenses, notes receivable and related interest receivable	7	2	—	—	—

Filings

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