Boston Beer Q3 net revenue down 11.2% to $537.5M; raises 2025 EPS guidance to $7.80-$9.80

BOSTON BEER CO INC

2025-Q3 EPS reported $11.82 revenue$1,579,310,000

Q3 net revenue $537.5M (-11.2% YoY); diluted EPS $4.25.
Gross margin 50.8% (+450 bps) benefiting from procurement savings, price increases, and product mix.
Depletions down 3%, shipments down 13.7%; declines in Twisted Tea, Truly, Samuel Adams partially offset by Sun Cruiser and Angry Orchard.
2025 guidance raised: gross margin 47%-48% (from 46%-47.3%), EPS $7.80-$9.80 (from $6.72-$9.54), capex lowered to $50-$70M.
Tariff cost estimate lowered to $9-$13M from prior $15-$20M; EPS impact now $0.60-$0.80.

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