EarningsQ2 2026 Earnings Report
MX:SAM Q2 2026 EPS Results
Actual EPS$61.99
Consensus EPS$81.96
Beat/MissMissed by -$19.97
One Year Ago EPS$92.55
MX:SAM Q2 2026 Revenue Results
Actual Revenue$9.65B
Expected Revenue$9.62B
Beat/MissBeat by +$28.22M
YoY Revenue Growth-3.34%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeAfter Close
Conference CallThursday, July 23, 2026
MX:SAM Upcoming Earnings
Boston Beer's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SAM Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Q2 2026
Earnings Call Date:Jul 23, 2026|
% Change Since:
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Earnings Call Sentiment|Neutral
The call presented a balanced picture: operational and margin improvements (gross margin expansion, higher internal production, procurement savings, strong SunCruiser and Angry Orchard performance, reduced obsolete inventory, and strong cash/repurchase activity) offset meaningful top-line weakness (depletions down 6%, shipments down 4.5%, revenue down 3.3%), elevated marketing and freight costs, and substantial litigation-related expenses. Management maintained non-GAAP EPS guidance and raised the low end of gross margin guidance while trimming lower-return advertising; however, near-term volume headwinds and litigation uncertainty remain material risks.Company Guidance
Gross Margin Expansion
Second-quarter gross margin of 50.4%, up 60 basis points year-over-year; company raised the low end of full-year gross margin guidance to a range of 48.5%–50% driven by brewery efficiencies, favorable mix, procurement savings and price increases.
Productivity and Internal Production Gains
Domestic internal production increased to 84% of volume in Q2 (from 76% in Q2 last year) and the company expects full-year 2026 internal production to be over 90% (versus 86% last year), supporting margin improvement and capacity.
Inventory and Waste Improvements
Distributor inventories reduced to approximately 4–4.5 weeks on hand and obsolete inventories were reduced 42% in the first half, improving cash flow and lowering obsolete inventory risk.
SunCruiser Rapid Growth and Mix Benefits
SunCruiser delivered triple-digit depletion growth in Q2, is described as revenue- and margin-accretive year-to-date through 29 weeks, and is among the fastest-growing RTD spirits tea/lemonade brands with strong on-premise velocity and expected distribution gains in 2026.
Angry Orchard Momentum
Angry Orchard grew for the fifth consecutive quarter; lead styles (Angry Orchard Crisp and Crisp Imperial) supported growth with Crisp Imperial volume increasing more than 60% in Q2 in measured off-premise channels.
Cost and Procurement Savings Trajectory
Procurement savings and other margin initiatives contributed materially to gross margin improvement; company is on track to deliver planned full-year 2026 savings across its four productivity buckets.
Strong Balance Sheet and Capital Allocation
Ended the quarter with $266 million cash and $150 million available on the credit line; repurchased over $55 million in shares year-to-date and had approximately $174 million remaining on a $1.6 billion buyback authorization as of 07/18/2026.
Maintained Non-GAAP EPS Guidance
Company maintained its full-year non-GAAP EPS guidance of $8.50 to $10.50 and non-GAAP effective tax rate estimate of approximately 29%–30%, signaling confidence in operating plan despite market headwinds.
Refined Advertising Spend to Improve ROI
Management reduced planned incremental advertising by $20 million by eliminating lower-performing media (primarily targeting low-return Truly spend), while maintaining elevated brand investment overall.
Selective Innovation Rollouts
Launched Sinless vodka cocktails in over 30 states and Lit Electric Coolers in over 5 states (early-stage launches); management is encouraged by initial wholesaler/retailer/drinker feedback though meaningful volume contribution is not expected in 2026.
MX:SAM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed