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Boston Beer cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$68.3M in Q3 2026 · $185M over twelve months

Operating cash flow$76.6M
Capital spending−$8.4M
Free cash flow+$68.3M
Cash / net income1.8×
Cash conversion cycle13 days

Analysis

In Q3 2026, Boston Beer generated $76.6M of operating cash flow and spent $8.4M on capital projects, leaving free cash flow of $68.3M.

Over the twelve months to Sep 26, 2026, operating cash flow was $234M; the largest uses were buybacks ($125M), capital spending ($49.1M), taxes on employees’ shares ($3.4M); besides operations, cash came from shares issued ($2.8M), asset & business sales ($88K); the cash balance rose by $57.6M.

Operating cash flow was $76.6M against net income of $43.2M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$20.9M, payables −$20.1M, inventory +$19.2M.

Its cash conversion cycle was 13 days (receivables 16 + inventory 39 − payables 42).

Free cash flow

Boston Beer: free cash flow by quarterBoston Beer: free cash flow by quarter$18.4MQ4 2024−$8.0MQ1 2025$112MQ2 2025$89.2MQ3 2025$22.1MQ4 2025−$32.8MQ1 2026$127MQ2 2026$68.3MQ3 2026
Operating cash flow less capital spending.
Boston Beer: operating cash flow against capital spendingBoston Beer: operating cash flow against capital spendingOperating cash flowCapital spending$41.9M$23.5MQ4 2024$1.9M$9.9MQ1 2025$126M$14.2MQ2 2025$102M$12.6MQ3 2025$39.9M$17.8MQ4 2025−$20.4M$12.3MQ1 2026$138M$10.5MQ2 2026$76.6M$8.4MQ3 2026
Latest (Q3 2026): Operating cash flow $76.6M, Capital spending $8.4M.

Capital allocation, year by year

Boston Beer: where the cash came from (up) and went (down), by fiscal yearBoston Beer: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $56.3MFY2021: Net borrowing −$1.6MFY2021: Shares issued $10.5MFY2021: Asset sales $1.2MFY2021: Capital spending −$148M$67.9MFY2021FY2022: Operating cash flow $200MFY2022: Net borrowing −$1.7MFY2022: Shares issued $7.9MFY2022: Asset sales $2.1MFY2022: Capital spending −$90.6M$210MFY2022FY2023: Operating cash flow $265MFY2023: Net borrowing −$1.6MFY2023: Shares issued $11.7MFY2023: Asset sales $1.7MFY2023: Capital spending −$64.1MFY2023: Buybacks −$92.9M$279MFY2023FY2024: Operating cash flow $249MFY2024: Net borrowing −$1.9MFY2024: Shares issued $3.6MFY2024: Asset sales $23KFY2024: Capital spending −$76.3MFY2024: Buybacks −$239M$253MFY2024FY2025: Operating cash flow $270MFY2025: Net borrowing −$1.7MFY2025: Shares issued $2.5MFY2025: Asset sales $47KFY2025: Capital spending −$54.6MFY2025: Buybacks −$202M$273MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were buybacks ($534M) and capital spending ($433M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$308M
Debtnone
Net cash$308M

Boston Beer funds itself: free cash flow was $185M over the last twelve months, with $308M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Boston Beer: sources (+) and uses (−) of cash, Q3 2026Boston Beer: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$76.6MCash drawn (+) / kept (−)−$42.5MBuybacks−$25.4MCapital spending−$8.4MNet borrowing (+) / repaid (−)−$490KTaxes on employees’ shares−$456KShares issued$337KOther financing$245KAsset & business sales$10K
Boston Beer: sources (+) and uses (−) of cash, TTM to Q3 2026Boston Beer: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$234MBuybacks−$125MCash drawn (+) / kept (−)−$57.6MCapital spending−$49.1MTaxes on employees’ shares−$3.4MShares issued$2.8MNet borrowing (+) / repaid (−)−$1.5MAsset & business sales$88K

From profit to cash

Boston Beer: net income to operating cash flow, Q3 2026Boston Beer: net income to operating cash flow, Q3 2026Net income$43.2MDepreciation & amortization$20.9MStock-based pay$3.7MDeferred taxes$178KGains on disposals−$10KOther non-cash−$92KReceivables$17.4MInventory$19.2MPayables−$20.1MPrepaid and other assets$2.6MOther liabilities$21KOperating cash flow$76.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202616394213
Q2 202615383617
Q1 202615444018
Q4 202517414116
Q3 202515413719
Q2 202514433423
Q1 202515513828
Q4 202418523634

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$76.6M−$8.4M−$25.4M−$490K$337K−$42.5M$68.3M
Q2 2026$138M−$10.5M−$26.6M−$532K$791K−$101M$127M
Q1 2026−$20.4M−$12.3M−$23.3M−$1.2M$367K$59.3M−$32.8M
Q4 2025$39.9M−$17.8M−$50.0M−$880K$1.3M$27.1M$22.1M
Q3 2025$102M−$12.6M−$50.8M−$880K$409K−$38.0M$89.2M
Q2 2025$126M−$14.2M−$52.2M−$856K$387K−$60.0M$112M
Q1 2025$1.9M−$9.9M−$49.4M−$840K$446K$59.4M−$8.0M
Q4 2024$41.9M−$23.5M−$62.7M−$826K$898K$43.8M$18.4M

Boston Beer: income statement and cash flow

Boston Beer, Q3 2026: revenue $520M (-3% year over year), operating margin 10.8%. The chart follows the revenue to costs, profit and cash.

Boston Beer: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.