Boston Beer Q2 EPS $5.45 beats, margins improve 380bps; cuts full-year volume guidance

BOSTON BEER CO INC

2025-Q2 EPS reported $7.58 revenue$1,041,816,000

Q2 net revenue $587.9M (+1.5%); diluted EPS $5.45 (+24.1%) vs prior year.
Gross margin 49.8% up 380bps y/y on brewery efficiencies, pricing; depletions fell 5%.
Full-year depletions guidance cut to down high single to low single digit (prior: down low to up low single).
EPS guidance raised to $6.72-$9.54 (incl. tariffs); tariff impact lowered to $0.96-$1.28 per share.
Repurchased $110.5M shares YTD; cash $212.4M with no debt.

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