Boston Beer Update

9% buyback yield, expanding margins, and no debt.

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Courtesy of Grok

Prior SAM Posts

Disclosure: Long SAM

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Highlights

Full year 2025:

• Depletions -4%; shipments -4.7%

• Annual volume: 7.1 million barrels

• 85% of volume from the beyond beer category

• Net revenue of $1.97 billion, -2.4%

• Gross margin +410bps to 48.5%

• Operating margin +360bps to 7.4%

• $108 million net income

• $270 million operating cash flow; $216 million free cash flow

• $200 million share repurchases reduced share count by 7%

• Pre-tax return on capital increased from 8.4% » 17.9%

• Pre-tax return on tangible capital increased from 10% » 21%

• $186 million net cash (including leases)

What’s Covered Below

1. Operating performance analysis

2. Balance sheet analysis

3. Return on capital analysis

4. Share repurchases

5. Valuation