Filing Flows › Boston Beer (SAM) › Q1 2025
Boston Beer (SAM) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
Boston Beer (SAM) reported revenue of $454M for the first quarter 2025 (Q1 2025), +7% from a year earlier and +13% from the quarter before. Operating margin was 7.4%, net earnings $24.4M (5.4% of revenue).
Boston Beer, Q1 2025: revenue $454M (+6% year over year), operating margin 7.4%, net earnings $24.4M, operating cash flow $1.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $454M | +13% | +7% |
| Gross profit | $219M | +36% | +18% |
| Operating profit | $33.8M | — | +120% |
| Net earnings | $24.4M | — | +94% |
| Operating cash flow | $1.9M | -95% | — |
What changed
Revenue was $453.9M in Q1 2025, up 7% year over year and up 13% from the previous quarter.
Gross margin was 48.3%, up 4.6 points from a year earlier. Operating profit was $33.8M, a 7.4% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 66% reached operating profit, above the 4% margin then. Operating expenses grew 8% against revenue growth of 7%. The fastest-growing cost line was Sales & marketing (+14%). Net earnings were $24.4M, up 94% year over year. The effective tax rate was 31.9%.
Operating cash flow was $1.9M, 8% of net earnings. Non-cash charges added back $22.8M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items used $51.2M. Capital expenditures of $9.9M exceeded it, leaving free cash flow of −$8.0M.
Questions
What was Boston Beer's revenue in the first quarter 2025?
Boston Beer (SAM) reported revenue of $454M for the first quarter 2025 (Q1 2025), +7% from a year earlier and +13% from the quarter before.
Was Boston Beer profitable in the first quarter 2025?
Operating profit was $33.8M (7.4% of revenue) and net earnings $24.4M.
Source: Boston Beer 10-Q on SEC EDGAR.