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Beverages - Alcoholic · Consumer Defensive · Fiscal year ends Dec 27
Boston Beer reported revenue of $2B in the fiscal year ended Dec 2025, down 2.4% from the year before. Operating income was $145M, an operating margin of 7.4%, and net income was $108M. Operating cash flow of $270M less capital expenditure of $55M left free cash flow of $216M.
Ranks among the 6 beverages - alcoholic companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,058 | 2,090 | 2,009 | 2,013 | 1,965 |
| Cost of revenue | 1,260 | 1,228 | 1,156 | 1,119 | 1,012 |
| Gross profit | 798 | 862 | 852 | 894 | 953 |
| Selling, general & admin | 741 | 736 | 731 | 742 | 801 |
| Operating income | 8.0 | 90.8 | 100 | 76.0 | 145 |
| Pre-tax income | 6.9 | 91.4 | 110 | 87.6 | 153 |
| Income tax | −7.6 | 24.2 | 33.3 | 27.9 | 45.0 |
| Net income | 14.6 | 67.3 | 76.3 | 59.7 | 108 |
| Diluted EPS | 1.17 | 5.44 | 6.21 | 5.06 | 9.89 |
| Diluted shares | 12.4 | 12.3 | 12.3 | 11.8 | 10.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 26.9 | 181 | 298 | 212 | 223 |
| Receivables | 55.0 | 56.7 | 67.0 | 61.4 | 57.1 |
| Inventory | 149 | 148 | 116 | 117 | 92.5 |
| Current assets | 345 | 423 | 504 | 417 | 418 |
| Net PP&E | 665 | 668 | 643 | 616 | 578 |
| Goodwill | 113 | 113 | 113 | 113 | 113 |
| Total assets | 1,387 | 1,421 | 1,430 | 1,250 | 1,194 |
| Payables | 85.9 | 84.2 | 87.2 | 87.3 | 95.0 |
| Deferred revenue | 13.4 | 13.0 | 13.3 | 15.1 | 13.5 |
| Current liabilities | 255 | 204 | 223 | 232 | 253 |
| Total liabilities | 403 | 352 | 352 | 334 | 347 |
| Shareholders' equity | 983 | 1,069 | 1,078 | 916 | 846 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 56.3 | 200 | 265 | 249 | 270 |
| Capital expenditure | 148 | 90.6 | 64.1 | 76.3 | 54.6 |
| Free cash flow | −91.6 | 109 | 201 | 173 | 216 |
| Depreciation & amortisation | 72.1 | 81.4 | 88.1 | 94.0 | 90.4 |
| Stock-based compensation | 18.6 | 14.0 | 17.0 | 19.0 | 21.8 |
| Share buybacks | – | – | 92.9 | 239 | 202 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.6% | −3.9% | 0.2% | −2.4% |
| Operating income growth (YoY) | – | 1035.3% | 10.1% | −24.0% | 90.7% |
| EPS growth (YoY) | – | 365.0% | 14.2% | −18.5% | 95.5% |
| Gross margin | 38.8% | 41.2% | 42.4% | 44.4% | 48.5% |
| Operating margin | 0.4% | 4.3% | 5.0% | 3.8% | 7.4% |
| Net margin | 0.7% | 3.2% | 3.8% | 3.0% | 5.5% |
| Return on equityBlank when equity is negative | 1.5% | 6.3% | 7.1% | 6.5% | 12.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.7% | 7.5% | 8.3% | 7.5% | 15.4% |
| Free cash flow margin | −4.5% | 5.2% | 10.0% | 8.6% | 11.0% |
| Cash conversion (CFO ÷ net income) | 3.87x | 2.97x | 3.48x | 4.17x | 2.49x |
| Receivable days | 10 | 10 | 12 | 11 | 11 |
| Inventory days | 43 | 44 | 37 | 38 | 33 |
| Payable days | 25 | 25 | 28 | 28 | 34 |
| Current ratio | 1.35x | 2.07x | 2.25x | 1.80x | 1.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.