Filing Flows › Boston Beer (SAM) › Q4 2025
Boston Beer (SAM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Boston Beer (SAM) reported revenue of $386M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -28% from the quarter before. Operating margin was -8.6%, net loss $22.5M (5.8% of revenue).
Boston Beer, Q4 2025: revenue $386M (-4% year over year), operating margin -8.6%, net loss $22.5M, operating cash flow $39.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $386M | -28% | -4% |
| Operating profit | −$33.0M | -153% | — |
| Net earnings | −$22.5M | -149% | — |
| Operating cash flow | $39.9M | -61% | -5% |
| Free cash flow | $22.1M | -75% | +20% |
What changed
Revenue was $385.7M in Q4 2025, down 4% year over year and down 28% from the previous quarter.
Gross margin was 43.5%, up 3.5 points from a year earlier. Operating costs exceeded revenue by $33.0M, an operating margin of -8.6%. Operating expenses fell 7% while revenue fell 4%. The quarter ended with a net loss of $22.5M, after a profit of $46.2M the previous quarter.
Operating cash flow was $39.9M (down 5% year over year). Non-cash charges added back $22.7M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items added $32.4M. Capital expenditures of $17.8M left free cash flow of $22.1M.
Questions
What was Boston Beer's revenue in the fourth quarter 2025?
Boston Beer (SAM) reported revenue of $386M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -28% from the quarter before.
Was Boston Beer profitable in the fourth quarter 2025?
Operating loss was $33.0M (-8.6% of revenue) and net loss $22.5M.
Source: Boston Beer 10-K on SEC EDGAR.