Boston Beer Q2 adjusted EPS misses estimates

The Boston Beer

23/07/2026 21:28

    

    Overview
  
U.S. craft brewer's Q2 revenue declined 3%, slightly beating analyst expectations
Adjusted EPS for Q2 missed analyst expectations
Company repurchased $54 mln in shares year to date

    

    Outlook
  
Boston Beer sees full-year 2026 depletions and shipments down low to mid-single digits
Company maintains full-year 2026 non-GAAP EPS guidance at $8.50 to $10.50
Boston Beer lowers 2026 capital spending forecast to $60 mln-$80 mln from $70 mln-$90 mln

    

    Result Drivers
  
LOWER VOLUMES - Revenue decline was mainly driven by lower shipment and depletion volumes, with decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew, and Dogfish Head brands, partially offset by growth in Sun Cruiser and Angry Orchard
GROSS MARGIN GAINS - Gross margin improved due to better brewery efficiencies, favorable product mix, procurement savings, and price increases, partially offset by inflationary, commodity and tariff costs
HIGHER ADVERTISING AND FREIGHT COSTS - Advertising, promotional and selling expenses increased due to higher local marketing investments and increased freight rates

    
Company press release: ID:nGNX10VByd

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Revenue
Slight Beat*
$568.3 mln
$567.42 mln (10 Analysts)
Q2 Adjusted EPS
Miss
$3.65
$4.83 (11 Analysts)
Q2 EPS
 
$4.96
 
Q2 Net Income
 
$51.57 mln
 
Q2 Gross Margin
 
50.4%
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 13 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the brewers peer group is "buy."
Wall Street's median 12-month price target for Boston Beer Company Inc is $219.05, about 25.9% above its July 22 closing price of $173.92
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 22 three months ago

    

    Reuters Recommended Reads
  
July 20 - Crown Holdings beats Q2 revenue on beverage can growth, raises FY adjusted diluted EPS guidance
July 23 - Vita Coco Q2 sales beat estimates; annual outlook raised
July 21 - Snacks maker Utz Brands to be taken private in $2.9 billion deal

    
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)