Filing Flows › Boston Beer (SAM) › Q2 2025
Boston Beer (SAM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Boston Beer (SAM) reported revenue of $588M for the second quarter 2025 (Q2 2025), +2% from a year earlier and +30% from the quarter before. Operating margin was 14.0%, net earnings $60.4M (10.3% of revenue).
Boston Beer, Q2 2025: revenue $588M (+2% year over year), operating margin 14.0%, net earnings $60.4M, operating cash flow $126M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $588M | +30% | +2% |
| Gross profit | $293M | +33% | +10% |
| Operating profit | $82.1M | +143% | +16% |
| Net earnings | $60.4M | +148% | +15% |
| Operating cash flow | $126M | 65× | +32% |
| Free cash flow | $112M | — | +48% |
What changed
Revenue was $587.9M in Q2 2025, up 2% year over year and up 30% from the previous quarter.
Gross margin was 49.8%, up 3.7 points from a year earlier. Operating profit was $82.1M, a 14.0% margin (up 1.7 points year over year). Of the extra revenue versus a year earlier, 127% reached operating profit, above the 12% margin then. Operating expenses grew 8% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+47%). Net earnings were $60.4M, up 15% year over year. The effective tax rate was 28.1%.
Operating cash flow was $126.5M (up 32% year over year), 209% of net earnings. Non-cash charges added back $22.4M of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items added $38.6M. Capital expenditures of $14.2M left free cash flow of $112.2M.
Questions
What was Boston Beer's revenue in the second quarter 2025?
Boston Beer (SAM) reported revenue of $588M for the second quarter 2025 (Q2 2025), +2% from a year earlier and +30% from the quarter before.
Was Boston Beer profitable in the second quarter 2025?
Operating profit was $82.1M (14.0% of revenue) and net earnings $60.4M.
Source: Boston Beer 10-Q on SEC EDGAR.