Boston Beer Q2 net revenue down 3.3%; non-GAAP EPS $3.65; narrows FY guidance

BOSTON BEER CO INC

Depletions fell 6% in Q2; shipments down 4.5% to ~2.0M barrels.
Net revenue $568.3M (-3.3%); gross margin 50.4% (+60 bps YoY).
GAAP diluted EPS $4.96 includes $1.31 benefit from litigation adjustment; non-GAAP EPS $3.65.
Full-year 2026 guidance: gross margin 48.5%-50% (narrowed), A&P spend $0-$20M (down from $20-$40M), non-GAAP EPS $8.50-$10.50 unchanged.
Cash $265.5M, no debt; repurchased $54M in shares YTD; litigation judgment of $175.5M under appeal.

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