---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-035172"
form_type: "8-K"
ticker: "SAM"
cik: "0000949870"
company_name: "BOSTON BEER CO INC"
filed_at: "2023-07-27T23:59:59+00:00"
generated_at: "2026-06-13T02:03:52.759052+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Boston Beer Q2 net income +8.8% to $58M, EPS $4.72; maintains FY guidance, boosts ad spend

## Summary
- Net revenue fell 2.1% to $603.3M; depletions -3%, shipments -4.5%.
- Gross margin improved 230 bps to 45.4% on price realization and procurement savings.
- Twisted Tea grew; Truly, Angry Orchard, Samuel Adams declined.
- FY 2023 guidance: depletions/shipments unchanged (down 2%-8%); ad spend raised to $20-$40M.
- Cash from ops $119M; $207.8M cash, no debt; $52.5M in share buybacks YTD.

## SEC filing metadata
- accession: 0000950170-23-035172
- form_type: 8-K
- ticker: SAM
- cik: 0000949870
- company_name: BOSTON BEER CO INC
- filed_at: 2023-07-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/949870/000095017023035172/0000950170-23-035172-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/949870/000095017023035172/sam-20230727.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-035172
- JSON: https://secwatch.observer/filing/0000950170-23-035172.json
- Plain text: https://secwatch.observer/filing/0000950170-23-035172.txt

## Key facts
- Earnings Releases
  BOSTON BEER CO INC reported second quarter that ended July 1, 2023 results: revenue $603.3 million, net income $58.0 million, EPS $4.72. Guidance reaffirmed.
  - Period: second quarter that ended July 1, 2023
  - Revenue: $603.3 million
  - Net income: $58.0 million
  - EPS: $4.72
  - Guidance: reaffirmed
  - Result: reported results
  source text: • Net revenue decreased 2.1% to $603.3 million • Gross margin increased 230 basis points to 45.4% • Net income increased 8.8% to $58.0 million • Diluted income per share increased 9.5% to $4.72
  evidence_url: https://www.sec.gov/Archives/edgar/data/949870/000095017023035172/0000950170-23-035172-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.