BOSTON BEER CO INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BOSTON BEER CO INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	969	922	1,057	1,329	1,852	2,197	2,223	2,133	2,138	2,087
Cost of revenue	447	413	483	636	922	1,260	1,228	1,156	1,119	1,012
Gross profit	460	450	512	614	814	798	862	852	894	953
Selling and marketing	244	259	305	356	448	607	578	556	552	610
General and administrative	78	73.1	90.9	113	118	134	158	175	190	191
Operating expenses	322	334	396	469	570	790	771	752	818	808
Operating income	138	116	116	145	244	8	90.8	100	76	145
Other non-operating income	-0.54	0.47	0.41	-0.54	0.02	-1.09	0.65	9.59	11.6	8.58
Pre-tax income	137	116	116	144	244	6.91	91.4	110	87.6	153
Income tax	49.8	17.1	23.6	34.3	52.3	-7.64	24.2	33.3	27.9	45
Net income	87.3	99	92.7	110	192	14.6	67.3	76.3	59.7	108
EBITDA	187	167	168	201	310	80.1	172	188	170	235
EPS, basic	6.93	8.18	7.90	9.26	15.73	1.19	5.46	6.23	5.07	9.90
EPS, diluted	6.79	8.09	7.82	9.16	15.53	1.17	5.44	6.21	5.06	9.89
Shares, basic (weighted)	12.6	12.1	11.7	11.9	12.2	12.3	12.3	12.2	11.8	11
Shares, diluted (weighted)	12.8	12.2	11.7	11.9	12.3	12.4	12.3	12.3	11.8	10.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	91	65.6	108	36.7	163	26.9	181	298	212	223
Receivables	36.7	33.7	34.1	54.4	78.4	55	56.7	67	61.4	57.1
Inventory	52.5	50.7	70.2	106	131	149	148	116	117	92.5
Other current assets	8.73	10.7	13.1	12.1	30.2	21.5	27.5	20.5	20.2	20.3
Total current assets	194	168	232	219	413	345	423	504	417	418
Property, plant and equipment	408	384	390	541	623	665	668	643	616	578
Lease right-of-use assets				53.8	58.5	52.8	43.8	35.6	27.8	30.2
Goodwill	3.68	3.68	3.68	113	113	113	113	113	113	113
Intangible assets			2.1	104	104	104	76.3	59.6	16.4	14.8
Other non-current assets	9.97	13.3	12.7	23.8	10.8	19.4	35.6	42.7	28.5	22.1
Total assets	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194
Accounts payable	40.6	38.1	47.1	76.4	122	85.9	84.2	87.2	87.3	95
Accrued liabilities	14.1	16.3	27.1	35.4	50.9	21.5	31.4	49.4	48	53.7
Deferred revenue	5.38	12.9	17	19.5	15.5	13.4	13	13.3	15.1	13.5
Short-term debt	0.06
Total current liabilities	102	102	121	181	259	255	204	223	232	253
Long-term debt	0.41
Lease liabilities				53.9	59.2	53.8	45.3	36.2	30.2	25.1
Other non-current liabilities	10.6	9.52	9.85	8.82	10.6	6.93	6.09	6.89	6.19	4.89
Total liabilities	169	146	180	318	422	403	352	352	334	347
Total debt	0.47
Paid-in capital	350	373	406	572	600	612	630	656	676	699
Retained earnings	97.6	52.1	55.7	165	357	372	439	422	240	148
Other comprehensive income	-1.1	-1.29	-1.2	-1.67	-0.25	-0.19	-0.21	-0.06	-0.7	-0.38
Shareholders' equity	447	424	460	736	957	983	1,069	1,078	916	846
Total equity	447	424	460	736	957	983	1,069	1,078	916	846
Total liabilities and equity	616	570	640	1,054	1,379	1,387	1,421	1,430	1,250	1,194

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	87.3	99	92.7	110	192	14.6	67.3	76.3	59.7	108
Depreciation and amortization	49.6	51.3	52	56.3	65.7	72.1	81.4	88.1	94	90.4
Stock-based compensation	6.15	6.32	10	12.3	15.3	18.6	14	17	19	21.8
Deferred income tax	8.24	-22.4	14.4	7.4	17.7	-5.23	9.1	-10.9	-19.9	-1.02
Change in receivables	2.53	2.95	-1.64	-12.3	-24	23.1	-2.04	-10.3	5.55	4.35
Change in inventory	0.45	-1.74	-21.3	-24.9	-24.5	-21.2	0.13	31.5	6.91	23.4
Change in payables	-1.81	0.25	6.35	21.4	40.8	-27.4	-2.22	2.76	2.6	5.23
Cash from operations	154	136	163	178	253	56.3	200	265	249	270
Capital expenditures	-49.9	-33	-55.5	-93.2	-140	-148	-90.6	-64.1	-76.3	-54.6
Acquisitions			-0.05
Cash from investing	-46	-32.9	-55.3	-259	-139	-147	-88.5	-62.4	-96.3	-54.5
Stock issued	40.1	15.4	23	9.24	15.3	10.5	7.95	11.7	3.6	2.51
Share buybacks	-165	-145	-88.3					-92.9	-239	-202
Cash from financing	-111	-128	-65.3	8.86	12.3	-6.64	2.8	-84.8	-239	-204
Net change in cash	-3.16	-25.4	42.8	-71.7	127	-97	114	118	-86.7	11.6
Free cash flow	104	103	108	85	113	-91.6	109	201	173	216
Interest paid				0.45	0.25
Income taxes paid	31	43	11.4	30.8	36	-41.2	28.1	-35.7	-52	-63.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $163.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.9%	Gross profit / revenue.
Operating margin	-4.4%	Operating income / revenue.
EBITDA margin	-0.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.1%	Pre-tax income / revenue.
Net margin	-3.4%	Net income / revenue.
FCF margin	10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.7%	Cash from operations / revenue.
Return on equity (ROE)	-9.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.6%	Net income / average total assets.
Return on invested capital (ROIC)	-15.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	4.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	90.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	16.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-9.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	38.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	11.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-5.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	81.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-10.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	95.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-8.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.05x	Current assets / current liabilities.
Quick ratio	0.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.1%	Total liabilities / total assets.
Working capital	$22.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$588.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.63x	Revenue / average total assets.
Fixed asset turnover	3.69x	Revenue / average property, plant and equipment.
Inventory turnover	8.33x	Cost of revenue / average inventory.
Days inventory	44 days	365 x average inventory / cost of revenue.
Receivables turnover	20.4x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	15 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	20.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$6.76	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$197.90	Revenue / diluted weighted shares.
FCF per share	$19.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$25.04	Cash from operations / diluted weighted shares.
Book value per share	$68.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$56.78	Tangible book value / shares outstanding.
Cash per share	$25.64	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	73.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.69B	Share price x shares outstanding.
Enterprise value	$1.42B	Market cap + total debt - cash - short-term investments.
P/S	0.82x	Market cap / revenue.
P/B	2.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.87x	Market cap / tangible book value, when positive.
P/FCF	8.18x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.50x	Market cap / cash from operations, when positive.
EV/Sales	0.69x	Enterprise value / revenue.
EV/FCF	6.89x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.2%	Free cash flow / market cap.
Earnings yield	-4.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.

What was BOSTON BEER CO INC's revenue in fiscal 2025?

BOSTON BEER CO INC reported revenue of $2.09B for fiscal 2025, 2.4% lower than the year before.

Was BOSTON BEER CO INC profitable in fiscal 2025?

Yes. Net income was $108.5M, a net margin of 5.2%.

How much free cash flow did BOSTON BEER CO INC generate in fiscal 2025?

Cash from operations of $270.2M minus capital expenditures of $54.6M left free cash flow of $215.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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