The Boston Beer Company, Inc. (SAM) Income Statement
SAM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSAM revenue and net income
Where SAM's revenue goes
2025Each bar shows an amount and its share of revenue. SAM kept 5.2% of revenue as net income.
SAM profit margins
SAM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.7% | −0.0% | +3.7% | +8.1% |
| Gross profit | +6.6% | +3.4% | +3.2% | +6.6% |
| Operating income | +90.7% | +16.9% | −9.9% | −0.7% |
| Net income | +81.7% | +17.3% | −10.8% | +1.0% |
| EPS (diluted) | +4.2% | +9.3% | −9.8% | +3.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SAM quarterly EPS vs estimates
Boston Beer beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 22, 2026 (estimate $4.30).
SAM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.09B | $2.01B | $2.01B | $2.09B | $2.06B | $1.74B | $1.25B | $995.6M | $863.0M | $906.4M |
| Cost of revenue | $1.13B | $1.12B | $1.16B | $1.23B | $1.26B | $922.0M | $635.7M | $483.4M | $413.1M | $446.8M |
| Gross profit | $952.6M | $893.7M | $852.4M | $862.0M | $797.8M | $814.5M | $614.2M | $512.2M | $449.9M | $459.7M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $800.7M | $741.9M | $730.5M | $735.9M | $740.6M | $565.8M | $468.3M | $395.7M | $331.8M | $322.2M |
| Total operating expenses | $807.7M | $817.8M | $752.4M | $771.2M | $789.8M | $570.2M | $469.3M | $396.4M | $334.2M | $322.0M |
| Operating income | $144.9M | $76.0M | $100.0M | $90.8M | $8.0M | $244.2M | $144.9M | $115.9M | $115.7M | $137.7M |
| Interest income | $9.9M | $13.2M | $11.0M | $2.6M | $110,000 | $199,000 | $647,000 | $1.3M | $549,000 | $168,000 |
| Interest expense | — | — | $11.0M | $2.6M | $110,000 | $199,000 | $2.4M | $1.3M | $549,000 | $168,000 |
| Income before taxes | $153.5M | $87.6M | $109.6M | $91.4M | $6.9M | $244.2M | $144.4M | $116.3M | $116.1M | $137.1M |
| Income taxes | $45.0M | $27.9M | $33.3M | $24.2M | −$7.6M | $52.3M | $34.3M | $23.6M | $17.1M | $49.8M |
| Net income | $108.5M | $59.7M | $76.2M | $67.3M | $14.6M | $192.0M | $110.0M | $92.7M | $99.0M | $87.3M |
| EBITDA | $243.9M | $245.8M | $210.0M | $207.4M | $129.3M | $314.3M | $202.1M | $168.5M | $169.4M | $187.0M |
| EPS (diluted) | $9.74 | $9.35 | $7.39 | $7.45 | $4.20 | $16.32 | $8.87 | $7.11 | $6.09 | $6.82 |
| Gross margin | 45.6% | 44.4% | 42.4% | 41.2% | 38.8% | 46.9% | 49.1% | 51.4% | 52.1% | 50.7% |
| Operating margin | 6.9% | 3.8% | 5.0% | 4.3% | 0.4% | 14.1% | 11.6% | 11.6% | 13.4% | 15.2% |
| Net margin | 5.2% | 3.0% | 3.8% | 3.2% | 0.7% | 11.1% | 8.8% | 9.3% | 11.5% | 9.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $607.8M | $433.9M | $507.9M | $537.5M | $587.9M | $453.9M | $402.3M | $605.5M | $579.1M | $426.1M | $393.7M | $601.6M |
| Cost of revenue | $321.4M | $220.0M | $340.3M | $264.4M | $295.4M | $234.6M | $241.6M | $325.2M | $312.6M | $239.7M | $245.8M | $327.0M |
| Gross profit | $286.4M | $214.0M | $167.7M | $273.1M | $292.5M | $219.3M | $160.7M | $280.2M | $266.5M | $186.3M | $147.9M | $274.6M |
| Sales, general & admin | $48.9M | $192.4M | $200.1M | $209.7M | $205.5M | $185.5M | $187.2M | $191.8M | $192.2M | $170.7M | $172.3M | $194.8M |
| Total operating expenses | $215.6M | $192.4M | $202.1M | $209.7M | $210.4M | $185.5M | $216.7M | $234.4M | $195.6M | $171.0M | $173.8M | $213.1M |
| Operating income | $70.8M | $21.6M | −$34.4M | $63.5M | $82.1M | $33.8M | −$56.0M | $45.8M | $70.8M | $15.4M | −$25.9M | $61.5M |
| Interest income | $2.0M | $1.9M | $2.6M | $2.7M | $2.3M | $2.3M | $3.2M | $3.6M | $2.9M | $3.5M | — | $3.5M |
| Income before taxes | $72.3M | −$188.9M | −$30.6M | $64.2M | $84.1M | $35.8M | −$53.6M | $49.1M | $73.3M | $18.8M | −$22.2M | $64.1M |
| Income taxes | $20.8M | −$43.7M | −$8.1M | $18.0M | $23.6M | $11.4M | −$14.9M | $15.6M | $21.0M | $6.2M | −$4.1M | $18.8M |
| Net income | $51.6M | −$145.3M | −$22.5M | $46.2M | $60.4M | $24.4M | −$38.8M | $33.5M | $52.3M | $12.6M | −$18.1M | $45.3M |
| EBITDA | $91.7M | −$167.3M | $18.0M | $86.7M | $109.4M | $58.7M | −$3.5M | $112.4M | $97.8M | $39.1M | −$2.9M | $102.8M |
| EPS (diluted) | $3.65 | $1.64 | −$2.12 | $4.25 | $5.45 | $2.16 | −$1.68 | $5.36 | $4.61 | $1.06 | −$1.49 | $4.76 |
| Gross margin | 47.1% | 49.3% | 33.0% | 50.8% | 49.8% | 48.3% | 39.9% | 46.3% | 46.0% | 43.7% | 37.6% | 45.7% |
| Operating margin | 11.6% | 5.0% | −6.8% | 11.8% | 14.0% | 7.4% | −13.9% | 7.6% | 12.2% | 3.6% | −6.6% | 10.2% |
| Net margin | 8.5% | −33.5% | −4.4% | 8.6% | 10.3% | 5.4% | −9.6% | 5.5% | 9.0% | 3.0% | −4.6% | 7.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SAM's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SAM financial results
In fiscal year 2025 (ended December 31, 2025), Boston Beer reported revenue of $2.1 billion, up 3.7% from the year before. It had net income of $108.5 million (up 81.7%), a net profit margin of 5.2%. Diluted earnings per share came to $9.74. Over five years revenue grew at an average rate of 3.7% a year.
See the SAM stock overview for the latest quote and news, or the SAM chart for price history and technical indicators.
SAM income statement FAQ
What is Boston Beer's annual revenue?
Boston Beer reported total revenue of $2.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.7% from $2.0 billion the previous year.
Is Boston Beer profitable?
Yes. Boston Beer reported net income of $108.5 million in fiscal 2025, a net profit margin of 5.2%; its operating margin was 6.9%.
What is Boston Beer's gross margin?
Boston Beer's gross margin was 45.6% in fiscal 2025: for every $100 of revenue, Boston Beer kept $46 after the direct cost of its products and services.
How fast is Boston Beer growing?
Revenue grew 3.7% a year on average over the last five fiscal years, from $1.7 billion to $2.1 billion.
What are Boston Beer's earnings per share?
Boston Beer earned $9.74 per diluted share in fiscal 2025, compared with $9.35 a year earlier.
When will Boston Beer report its next earnings?
Boston Beer is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 after the market closes.
When does Boston Beer's fiscal year end?
Boston Beer's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.