Filing Flows › Boston Beer (SAM) › Q3 2025
Boston Beer (SAM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Boston Beer (SAM) reported revenue of $537M for the third quarter 2025 (Q3 2025), -11% from a year earlier and -9% from the quarter before. Operating margin was 11.5%, net earnings $46.2M (8.6% of revenue).
Boston Beer, Q3 2025: revenue $537M (-11% year over year), operating margin 11.5%, net earnings $46.2M, operating cash flow $102M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $537M | -9% | -11% |
| Gross profit | $273M | -7% | -3% |
| Operating profit | $62.0M | -24% | +35% |
| Net earnings | $46.2M | -24% | +38% |
| Operating cash flow | $102M | -20% | -12% |
| Free cash flow | $89.2M | -20% | -10% |
What changed
Revenue was $537.5M in Q3 2025, down 11% year over year and down 9% from the previous quarter.
Gross margin was 50.8%, up 4.5 points from a year earlier. Operating profit was $62.0M, a 11.5% margin (up 4.0 points year over year). Operating expenses fell 10% while revenue fell 11%. The fastest-growing cost line was Sales & marketing (+11%). Net earnings were $46.2M, up 38% year over year. The effective tax rate was 28.1%.
Operating cash flow was $101.8M (down 12% year over year), 221% of net earnings. Non-cash charges added back $22.5M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $29.6M. Capital expenditures of $12.6M left free cash flow of $89.2M.
Questions
What was Boston Beer's revenue in the third quarter 2025?
Boston Beer (SAM) reported revenue of $537M for the third quarter 2025 (Q3 2025), -11% from a year earlier and -9% from the quarter before.
Was Boston Beer profitable in the third quarter 2025?
Operating profit was $62.0M (11.5% of revenue) and net earnings $46.2M.
Source: Boston Beer 10-Q on SEC EDGAR.