Boston Beer Posts Lower 4Q Revenue

Dow Jones02-25

By Elias Schisgall

Boston Beer reported lower revenue in the fourth quarter and said shifting tariff policies could significantly impact its guidance for the year.

The beverage company, which produces Samuel Adams beer and Truly Hard Seltzer, recorded a loss of $22.5 million, or $2.12 a share, compared with a loss of $38.8 million, or $3.38 a share, a year earlier. Analysts surveyed by FactSet were expecting a loss of $2.67 a share.

Net revenue fell to $385.7 million from $402.3 million. Analysts polled by FactSet were expecting $381.6 million in revenue.

Boston Beer reported a negative impact from tariffs of $3.6 million during the quarter.

Depletions, which measures sales by distributors to retailers and is seen as an indicator of demand, fell 6%. The company said the change was driven by declines in Truly Hard Seltzer, Samuel Adams beer, and Twisted Tea that were partially offset by growth in the company's Sun Cruiser, Angry Orchard hard cider, and Dogfish Head ale brands.

American beer and alcohol consumption has been on the decline, a trend also seen in the financial results for Bud Light maker AB InBev and Dutch group Heineken.

The company said it expects depletions to have fallen 3% year over year in the first eight weeks of the current quarter.

The company issued full-year guidance for 2026, but cautioned that the actual results could vary widely based on changes in volume, supply-chain performance, and inflation.

The guidance, the company said, is based on tariffs in place prior to the Supreme Court's ruling striking down President Trump's global tariffs on Friday. Boston Beer warned that changes in tariff policy could also impact 2026 results.

Boston Beer said that prior to the ruling, it expected to pay between $20 million and $30 million in tariff costs in 2026.

The company forecast full-year earnings per share of between $8.50 and $11.00, compared with analyst estimates of $10.74 a share. The company expects depletions to be flat to down mid-single digits and is planning for a 1% to 2% price increase.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

February 24, 2026 16:56 ET (21:56 GMT)

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Boston Beer Posts Lower 4Q Revenue

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