BOSTON BEER CO INC has recently released its 10-Q report, providing a detailed look into its financial performance for the thirteen and twenty-six week periods ended June 28, 2025, as compared to the same periods in 2024. The company, founded in 1984 and based in Boston, Massachusetts, is known for producing and selling a variety of alcoholic beverages, including its flagship beer, Samuel Adams Boston Lager, as well as hard ciders, flavored malt beverages, and hard seltzers under various brand names such as Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island. Its products are marketed and sold through a network of wholesalers in the United States and internationally.
In the 10-Q report, the company's net revenue for the thirteen weeks ended June 28, 2025, increased by $8.9 million, or 1.5%, to $587.9 million, compared to $579.1 million for the same period in 2024. This increase was primarily due to higher pricing and a favorable product mix, partially offset by decreased sales volume impacts. The total shipment volume decreased by 0.8% to 2,144,000 barrels, primarily due to declines in Truly Hard Seltzer and Samuel Adams brands, partially offset by growth in the Sun Cruiser and Dogfish Head brands.
The net revenue per barrel increased by 2.4% to $274.23 per barrel for the thirteen weeks ended June 28, 2025, compared to $267.85 per barrel for the same period in 2024, primarily due to increased pricing and a favorable product mix.
Cost of goods sold was $137.79 per barrel for the thirteen weeks ended June 28, 2025, compared to $144.61 per barrel for the same period in 2024, representing a decrease of 4.7% per barrel. This decrease was primarily due to improved brewery efficiencies, contract renegotiations, recipe optimization savings, and lower third-party production costs, partially offset by inflationary impacts and increases in inventory obsolescence.
Gross profit was $136.44 per barrel for the thirteen weeks ended June 28, 2025, compared to $123.24 per barrel for the same period in 2024, representing an increase of 10.7% per barrel.
Advertising, promotional, and selling expenses increased by $15.5 million, or 10.7%, to $159.7 million for the thirteen weeks ended June 28, 2025, compared to $144.2 million for the same period in 2024. This increase was primarily due to increased brand investments in media.
General and administrative expenses decreased by $2.3 million, or 4.7%, to $45.8 million for the thirteen weeks ended June 28, 2025, compared to $48.0 million for the same period in 2024, primarily due to a decrease in salaries and benefits costs.
Impairment of brewery assets increased by $1.6 million to $4.985 million for the thirteen weeks ended June 28, 2025, compared to $3.395 million for the same period in 2024, due to higher write-offs of equipment at third party and company-owned production facilities.
The company's effective tax rate for the thirteen weeks ended June 28, 2025, decreased to 28.1% from 28.6% in the prior year, primarily due to a change in the impact of non-deductible stock compensation expense.
For the twenty-six weeks ended June 28, 2025, the company's net revenue increased by $36.7 million, or 3.6%, to $1.042 billion, compared to $1.005 billion for the same period in 2024. The total shipment volume increased by 1.7% to 3,820,000 barrels, primarily due to increases in Sun Cruiser and Twisted Tea brands, partially offset by declines in Truly Hard Seltzer and Samuel Adams brands.
The net revenue per barrel increased by 1.9% to $272.73 per barrel for the twenty-six weeks ended June 28, 2025, compared to $267.73 per barrel for the same period in 2024, primarily due to pricing and favorable product mix.
Cost of goods sold was $138.75 per barrel for the twenty-six weeks ended June 28, 2025, compared to $147.12 per barrel for the same period in 2024, representing a decrease of 5.7% per barrel, primarily due to improved brewery efficiencies, contract renegotiations, recipe optimization savings, and lower third-party production costs, partially offset by inflationary impacts and increases in inventory obsolescence.
Gross profit was $133.98 per barrel for the twenty-six weeks ended June 28, 2025, compared to $120.61 per barrel for the same period in 2024, representing an increase of 11.1% per barrel.
Advertising, promotional, and selling expenses increased by $32.8 million, or 12.4%, to $297.2 million for the twenty-six weeks ended June 28, 2025, compared to $264.5 million for the same period in 2024, primarily due to increased brand investments in media.
General and administrative expenses decreased by $4.7 million, or 4.8%, to $93.7 million for the twenty-six weeks ended June 28, 2025, compared to $98.4 million for the same period in 2024, primarily due to a decrease in salaries and benefits costs.
Impairment of brewery assets increased by $1.3 million to $4.985 million for the twenty-six weeks ended June 28, 2025, compared to $3.731 million for the same period in 2024, due to higher write-offs of equipment at third party and company-owned production facilities.
The company's effective tax rate for the twenty-six weeks ended June 28, 2025, decreased to 29.2% from 29.5% in the prior year, primarily due to a change in the impact of non-deductible stock compensation expense.
The company's cash increased to $212.4 million as of June 28, 2025, from $211.8 million as of December 28, 2024, primarily reflecting cash provided by operating activities and partially offset by the repurchases of the company's Class A common stock.
The market has reacted to these announcements by moving the company's shares -2.89% to a price of $201.81. If you want to know more, read the company's complete 10-Q report here.
