| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 433.93 | 4.4% |
| Total Income | 433.93 | 4.4% |
| Expenditure | 624.39 | 48.6% |
| PBT | -188.93 | 627.1% |
| Net Profit | -145.26 | 695.1% |
| OPM | -43.89% | 51.33pp |
| NPM | -33.48% | 38.85pp |
| EPS | -13.88 | 742.6% |
Boston Beer Reports Q1 FY26 Net Revenue $433.9 Million, GAAP Loss $13.88 Per Share
01 May 2026 · 1 May, 2:08 am
Summary
The Boston Beer Company reported a challenging first quarter of 2026, with net revenue decreasing by 4.4% to $433.9 million and depletions falling by 4%. The company recorded a significant GAAP diluted loss per share of $13.88, primarily due to $15.52 per share in non-recurring litigation expenses. Despite volume declines, gross margin improved by 100 basis points year over year to 49.3%, driven by pricing, favorable product mix, and procurement savings. Management acknowledged a dynamic operating environment and is focusing on summer plans and cost mitigation efforts, while also narrowing its full-year guidance range.
Key Highlights
- 1
Net revenue for the first quarter of 2026 decreased by 4.4% year-over-year to $433.9 million.
- 2
The company reported a GAAP diluted loss per share of $13.88, which includes $15.52 per share in non-recurring litigation expenses.
- 3
Excluding the litigation impact, non-GAAP diluted earnings per share stood at $1.64 for the first quarter.
- 4
Gross margin improved by 100 basis points year over year, reaching 49.3% in the first quarter of 2026.
- 5
Depletions decreased by 4% and shipments declined by 6.9% compared to the prior year's first quarter.
- 6
The Boston Beer Company ended the first quarter with a strong balance sheet, holding $164.1 million in cash and no debt.
- 7
The company repurchased $31.2 million in shares between December 29, 2025, and April 24, 2026.
Management Comments
Jim Koch
We were encouraged by early signs of improvement in the total beer category in the first quarter. While our depletions improved and it remains early in the year, our portfolio has not yet fully matched the improvement in category trends. The operating environment is dynamic, and we are executing with focus against our summer plans, including meaningful advertising support. Our strong balance sheet and highly cash generative business position us to invest in our brands and return cash to shareholders, with the previously announced potential legal payment well within our capacity.
Diego Reynoso
Today we are modestly narrowing our guidance range to reflect our latest volume outlook and a more challenging cost environment. We continue to deliver strong gross margin performance and expect our savings agenda to help mitigate tariff and commodity headwinds as we move through the year.
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