Boston Beer Company (SAM) financial statements
Boston Beer Company reported revenue of $2.1B in fiscal 2025, up 8.9% a year over 9 years.
Net income was $108M and the operating margin 6.9%, against 14.2% in 2016.
Free cash flow was $216M, and the company returned $202M in net buybacks.
The diluted share count fell 15% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Boston Beer Company's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $969M | $922M | $1.1B | $1.3B | $1.9B | $2.2B | $2.2B | $2.1B | $2.1B | $2.1B |
| Cost of revenue | $447M | $413M | $483M | $636M | $922M | $1.3B | $1.2B | $1.2B | $1.1B | $1.0B |
| Gross profit | $460M | $450M | $512M | $614M | $814M | $798M | $862M | $852M | $894M | $953M |
| Selling, general and admin | $322M | $332M | $396M | $468M | $566M | $741M | $736M | $731M | $742M | $801M |
| Operating income | $138M | $116M | $116M | $145M | $244M | $8M | $91M | $100M | $76M | $145M |
| Pre-tax income | $137M | $116M | $116M | $144M | $244M | $7M | $91M | $110M | $88M | $153M |
| Income tax | $50M | $17M | $24M | $34M | $52M | -$8M | $24M | $33M | $28M | $45M |
| Net income | $87M | $99M | $93M | $110M | $192M | $15M | $67M | $76M | $60M | $108M |
| EPS (diluted) | $6.79 | $8.09 | $7.82 | $9.16 | $15.53 | $1.17 | $5.44 | $6.21 | $5.06 | $9.89 |
| Diluted shares | 13M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 11M |
| Gross margin | 47.4% | 48.8% | 48.4% | 46.2% | 44.0% | 36.3% | 38.8% | 40.0% | 41.8% | 45.6% |
| Operating margin | 14.2% | 12.5% | 11.0% | 10.9% | 13.2% | 0.4% | 4.1% | 4.7% | 3.6% | 6.9% |
| Net margin | 9.0% | 10.7% | 8.8% | 8.3% | 10.4% | 0.7% | 3.0% | 3.6% | 2.8% | 5.2% |
Balance sheet
Fiscal years, from Boston Beer Company's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $91M | $66M | $108M | $37M | $163M | $27M | $181M | $298M | $212M | $223M |
| Receivables | $37M | $34M | $34M | $54M | $78M | $55M | $57M | $67M | $61M | $57M |
| Inventory | $52M | $51M | $70M | $106M | $131M | $149M | $148M | $116M | $117M | $93M |
| Total current assets | $194M | $168M | $232M | $219M | $413M | $345M | $423M | $504M | $417M | $418M |
| Property, plant and equipment | $408M | $384M | $390M | $541M | $623M | $665M | $668M | $643M | $616M | $578M |
| Goodwill | $4M | $4M | $4M | $113M | $113M | $113M | $113M | $113M | $113M | $113M |
| Total assets | $616M | $570M | $640M | $1.1B | $1.4B | $1.4B | $1.4B | $1.4B | $1.3B | $1.2B |
| Total current liabilities | $102M | $102M | $121M | $181M | $259M | $255M | $204M | $223M | $232M | $253M |
| Long-term debt | $411,000 | — | — | — | — | — | — | — | — | — |
| Total liabilities | $169M | $146M | $180M | $318M | $422M | $403M | $352M | $352M | $334M | $347M |
| Shareholders' equity | $447M | $424M | $460M | $736M | $957M | $983M | $1.1B | $1.1B | $916M | $846M |
| Net debt | -$91M | -$66M | -$108M | -$37M | -$163M | -$27M | -$181M | -$298M | -$212M | -$223M |
Cash flow
Fiscal years, from Boston Beer Company's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $154M | $136M | $163M | $178M | $253M | $56M | $200M | $265M | $249M | $270M |
| Capital spending | $50M | $33M | $55M | $93M | $140M | $148M | $91M | $64M | $76M | $55M |
| Free cash flow | $104M | $103M | $108M | $85M | $113M | -$92M | $109M | $201M | $173M | $216M |
| Stock-based compensation | $6M | $6M | $10M | $12M | $15M | $19M | $14M | $17M | $19M | $22M |
| Share buybacks (net) | -$165M | -$145M | -$88M | — | — | — | — | -$93M | -$239M | -$202M |
| Free cash flow margin | 10.8% | 11.2% | 10.2% | 6.4% | 6.1% | -4.2% | 4.9% | 9.4% | 8.1% | 10.3% |
Questions
What was Boston Beer Company's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Boston Beer Company generate?
$216M in fiscal 2025 (operating cash flow minus capital spending).
From Boston Beer Company's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.