SAM BOSTON BEER CO INC

Overview and Growth

Fiscal 2025 results for BOSTON BEER CO INC combined $1.96B of revenue with net income of $108.47M and an operating cash inflow of $270.16M. At $1.96B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $2.01B in fiscal 2024, revenue decreased 2.4%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was $9.89, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 95.5% from $5.06 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 1.65x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $952.58M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 48.5% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $144.88M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 7.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $108.47M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 5.5% margin after operating costs and the remaining recognized items. Pretax income was $153.46M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 7.8%, relating income before taxes directly to revenue. Income tax expense totaled $44.99M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 29.3%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 12.8%, indicating the profitability achieved on book capital. Net income represented 9.1% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $1.19B of assets against $347.31M of liabilities and $846.28M of equity, revealing how the asset base was financed. At period end, current assets of $417.58M compared with current liabilities of $252.53M, defining the company’s short-term resource position. At 1.65x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $223.38M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 88.5% of current liabilities, showing how much near-term coverage came from cash alone. Liabilities represented 29.1% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 18.7%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 4.5% from $1.25B in fiscal 2024, leaving current total assets lower year over year.

Cash Flow and Earnings Quality

The company reported $270.16M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 2.49x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $54.56M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 20.2% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $215.59M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 11.0%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 18.1%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 27, 2025. Analysis generated Oct 21, 2026.