| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 537.49 | 8.6% | 11.2% |
| Total Income | 537.49 | 8.6% | 11.2% |
| Expenditure | 475.45 | 6.0% | 15.0% |
| PBT | 64.15 | 23.7% | 30.6% |
| Net Profit | 46.16 | 23.6% | 37.8% |
| OPM | 11.54% | 2.41pp | 3.97pp |
| NPM | 8.59% | 1.69pp | 3.05pp |
| EPS | 4.25 | 22.0% | 48.1% |
Boston Beer Reports Q3 2025 Net Revenue of $537.5 Million, Down 11.2%
04 May 2026 · 4 May, 8:51 am
Summary
The Boston Beer Company reported financial results for the third quarter ended September 27, 2025. Net revenue decreased by 11.2% to $537.5 million, while gross margin improved significantly to 50.8%. Net income increased by $12.6 million to $46.2 million. Year-to-date, net revenue decreased by 1.9% to $1.579 billion, and gross margin increased to 49.7%. The company updated its full-year 2025 financial guidance, raising gross margin and EPS expectations while increasing advertising investment.
Key Highlights
- 1
Net revenue for the third quarter of 2025 was $537.5 million, a decrease of 11.2%.
- 2
Gross margin increased by 450 basis points year over year to 50.8% for the third quarter of 2025.
- 3
Net income for the third quarter of 2025 was $46.2 million, an increase of $12.6 million.
- 4
Diluted income per share was $4.25 for the third quarter of 2025.
- 5
Year-to-date net revenue decreased 1.9% to $1.579 billion.
- 6
Year-to-date gross margin increased 420 basis points year over year to 49.7%.
- 7
The company repurchased $161 million in shares from December 30, 2024 to October 17, 2025.
Management Comments
Jim Koch
“Our depletions declined by 3% in the third quarter as volumes were pressured across the beer industry” “While the macroeconomic environment remains dynamic, we are encouraged by the positive consumer reaction to our Sun Cruiser brand innovation and a second consecutive quarter of growth in Angry Orchard. We are continuing to invest in advertising and innovation across our portfolio of brands to grow market share and position ourselves well for when the consumer environment improves. Our strong balance sheet allows us to make this investment while also returning $161 million in cash to shareholders year to date.”
Diego Reynoso
“We are encouraged by our strong gross margin and earnings performance in the first nine months of 2025,” “As expected, during the third quarter our shipments rebalanced relative to our depletions which negatively impacted third quarter shipments and revenue. The progress we have made on our multi-year supply chain initiatives has enabled us to deliver significant gross margin improvements and solid free cash flow in a more dynamic industry volume environment. As a result, we are raising our 2025 gross margin and EPS guidance while adding incremental advertising investment to support the long-term health of our brands.”
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