---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-248828"
form_type: "8-K"
ticker: "SAM"
cik: "0000949870"
company_name: "BOSTON BEER CO INC"
filed_at: "2025-10-23T23:59:59+00:00"
generated_at: "2026-05-17T02:40:05.165057+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-248828
- form_type: 8-K
- ticker: SAM
- cik: 0000949870
- company_name: BOSTON BEER CO INC
- filed_at: 2025-10-23T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/949870/000119312525248828/0001193125-25-248828-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/949870/000119312525248828/sam-20251023.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-248828
- JSON: https://secwatch.observer/filing/0001193125-25-248828.json
- Plain text: https://secwatch.observer/filing/0001193125-25-248828.txt

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