What are Boston Beer's profit margins?

Gross margin is 48.7% and operating margin is 5.7%, with a 4.6% net margin.

Where does Boston Beer's income statement data come from?

Every line is extracted from Boston Beer's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.

Boston Beer SAM Income Statement

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Total revenue	$433.93M-4.4%	$385.68M-4.1%	$537.49M-11.2%	$587.95M+1.5%	$453.87M+6.5%
Total cost of revenue	$219.97M-6.2%	$218M-9.8%	$264.38M-18.7%	$295.43M-5.5%	$234.6M-2.1%
Gross profit	$213.96M-2.4%	$167.68M+4.4%	$273.12M-2.5%	$292.52M+9.8%	$219.26M+17.7%
Gross margin	49.3%+1.0pp	43.5%+3.5pp	50.8%+4.5pp	49.8%+3.7pp	48.3%+4.6pp
Selling and marketing	$140.08M+1.8%	$147.97M+6.0%	$164.74M+11.3%	$159.71M+10.7%	$137.54M+14.4%
General and administrative	$52.3M+9.1%	$52.18M+9.4%	$44.91M+2.5%	$45.75M-4.7%	$47.95M-4.8%
Compensation and benefits	$6.4M+9.1%	$7.35M+72.1%	$3.48M-5.3%	$5.05M+30.2%	$5.87M-17.6%
Depreciation and amortization	$21.58M-5.4%	$22.71M-1.6%	$22.55M-5.7%	$22.36M-5.2%	$22.81M-2.5%
Goodwill impairment	$0—	$0—	$0—	$0—	$0—
Other operating expenses	$404.42M+118%	$200.7M-7.4%	$211.07M-10.0%	$210.45M+7.6%	$185.49M+8.5%
Total operating expenses	$404.42M+118%	$200.7M-7.4%	$211.07M-10.0%	$210.45M+7.6%	$185.49M+8.5%
Operating income	-$190.46M-664%	——	$62.05M+35.4%	$82.07M+15.9%	$33.78M+120%
Operating margin	-43.9%-51.3pp	——	11.5%+4.0pp	14%+1.7pp	7.4%+3.8pp
Interest expense	$1.89M-18.9%	$2.62M-18.9%	$2.7M-24.7%	$2.29M-22.1%	$2.33M-33.3%
Other income (expense), net	$1.53M-26.1%	$2.43M+1.0%	$2.1M-35.7%	$1.99M-20.8%	$2.07M-40.2%
Gain (loss) on disposal of assets	——	——	$5K-97.9%	——	$42K+82.6%
Income before income taxes	-$188.93M-627%	——	$64.15M+30.7%	$84.05M+14.6%	$35.84M+90.6%
Income tax expense	-$43.67M-482%	——	$18M+15.5%	$23.62M+12.6%	$11.43M+84.0%
Net income	-$145.26M-695%	——	$46.16M+37.7%	$60.43M+15.5%	$24.41M+93.8%
Net margin	-33.5%-38.9pp	——	8.6%+3.1pp	10.3%+1.2pp	5.4%+2.4pp
Diluted earnings per share	-$13.88-743%	——	$4.25+48.6%	$5.45+24.1%	$2.16+108%
Basic earnings per share	-$13.88-743%	——	$4.25+48.1%	$5.45+23.9%	$2.16+106%
Weighted-average shares, diluted	10.5M-7.0%	10.9M-7.0%	10.8M-7.2%	11.1M-6.9%	11.3M-6.6%
Weighted-average shares, basic	10.5M-7.2%	11M-6.9%	10.9M-7.1%	11.1M-6.8%	11.3M-6.4%
Contract Settlement Costs	——	——	——	——	——
Impairment Of Brewery Assets	$2K—	$554K-83.9%	$1.42M+6,980%	$4.99M+46.8%	$0-100%
Interest Income (Expense), Nonoperating	$1.89M-18.9%	$2.62M-18.9%	$2.7M-24.7%	$2.29M-22.1%	$2.33M-33.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment, Period Increase (Decrease)	——	-$1.38M-150%	-$1.38M-150%	-$1.38M-150%	-$1.38M-150%
Share-based compensation expense related to employee stock plans	$6.4M+9.1%	$7.35M+72.1%	$3.48M-5.3%	$5.05M+30.2%	$5.87M-17.6%
Amortization of capitalized software and acquired intangible assets	$400K0.0%	$500K+21.7%	$400K+535%	$400K+535%	$400K+535%
Amortization Of Note Receivable	——	——	——	——	——
Amount Recorded As A Reduction To Net Revenue	$7.44M-15.4%	——	$11.93M+31.0%	$10.15M+26.2%	$8.79M—
Amount Recorded As Advertising Promotional And Selling Expenses	$4.43M+7.2%	——	$6.52M+23.5%	$4.96M-9.7%	$4.13M—
Stock options excluded as their inclusion would be anti-dilutive (in shares)	251.4K+54.3%	——	180.5K+33.3%	199.2K+46.8%	162.9K+90.2%
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation	-$59.25M+0.2%	——	$38.02M—	$59.98M—	-$59.37M+36.2%
Cash Payment	——	——	——	——	——
Change In Right Of Use Assets	-$2.74M-125%	——	——	——	$11.16M+683%
Common Shares Net Effect Of Unvested Participating Shares	30K—	——	——	——	——
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$145.37M-692%	——	$45.99M+37.1%	$60.68M+16.1%	$24.56M+97.5%
Federal	——	$9.09M-4.2%	$9.09M-4.2%	$9.09M-4.2%	$9.09M-4.2%
Foreign	——	$158.75K—	$158.75K—	$158.75K—	$158.75K—
Current State And Local Tax Expense Benefit	——	$2.29M-7.4%	$2.29M-7.4%	$2.29M-7.4%	$2.29M-7.4%
Federal	——	-$555K+87.1%	-$555K+87.1%	-$555K+87.1%	-$555K+87.1%
Deferred Federal, State and Local, Tax Expense (Benefit)	——	-$288K+94.2%	-$288K+94.2%	-$288K+94.2%	-$288K+94.2%
Deferred taxes	-$51.54M-1,892%	——	-$4.98M+74.4%	-$7.93M-4,105%	-$2.59M-23,418%
State	——	$267K+139%	$267K+139%	$267K+139%	$267K+139%
Depreciation	——	$22.2M-4.7%	$22.2M-4.7%	$22.2M-4.7%	$22.2M-4.7%
Domestic Sales Percentage Of Total Sales	——	93%-1.0%	——	——	——
Effective tax rates	$0.23-27.6%	$0.01-68.8%	$0.28-11.4%	$0.28-1.7%	$0.32-3.3%
Income taxes at U.S. statutory rate of 21%	——	21%0.0%	——	——	——
Effective Income Tax Rate Reconciliation Change In Unrecognized Tax Benefits	——	0%—	——	——	——
Effective Income Tax Rate Reconciliation Change In Unrecognized Tax Benefits Amount	——	$7K—	$7K—	$7K—	$7K—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	——	0.4%-2.6%	——	——	——
Effective Income Tax Rate Reconciliation Deduction Relating To Excess Stock Based Compensation	——	——	——	——	——
Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment	——	1.3%-0.8%	——	——	——
Effective Income Tax Rate Reconciliation Nondeductible Expense Limitation On Officers Compensation Percent	——	0.5%—	——	——	——
Effective Income Tax Rate Reconciliation Nondeductible Expense Limitation On Officers Compensation Amount	——	$173K—	$173K—	$173K—	$173K—
Share-based compensation	——	0.9%-0.2%	——	——	——
State income taxes – net of federal income tax benefit	——	5.2%-0.3%	——	——	——
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	——	0.8%—	——	——	——
Finance Lease Cost	——	$461K-0.1%	$461K-0.1%	$461K-0.1%	$461K-0.1%
Finance Lease Interest Payment On Liability	$17K-56.4%	$21K-55.3%	$21K-58.8%	$41K—	$39K-86.4%
Finance Lease Principal Payments	$581K+38.3%	$440K+6.5%	$440K+7.1%	$428K-41.0%	$420K+24.6%
Gain Loss On Sale Of Property Plant Equipment	——	——	$5K-97.9%	——	$42K+82.6%
Goodwill impairment losses	$0—	$0—	$0—	$0—	$0—
Income Loss Allocated To Equity Instruments Other Than Option Nonvested	-$422K—	——	——	——	$0—
Income Loss From Continuing Operations Before Income Taxes Domestic	——	$39.41M+72.8%	$39.41M+72.8%	$39.41M+72.8%	$39.41M+72.8%
Income Loss From Continuing Operations Before Income Taxes Foreign	——	-$1.05M-15.9%	-$1.05M-15.9%	-$1.05M-15.9%	-$1.05M-15.9%
Federal taxes	——	-$12.25M—	-$12.25M—	-$12.25M—	-$12.25M—
Foreign	——	-$126K—	-$126K—	-$126K—	-$126K—
State taxes	——	-$3.48M—	-$3.48M—	-$3.48M—	-$3.48M—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	——	$159.25K—	$159.25K—	$159.25K—	$159.25K—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	——	$8.05M—	$8.05M—	$8.05M—	$8.05M—
Nondeductible per-diem paid to drivers	——	$482.5K—	$482.5K—	$482.5K—	$482.5K—
Share-based compensation	——	$326.75K—	$326.75K—	$326.75K—	$326.75K—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	——	-$69K—	-$69K—	-$69K—	-$69K—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	——	$2.03M—	$2.03M—	$2.03M—	$2.03M—
Income Taxes Paid, Net	-$1K-106%	-$9.21M+44.2%	-$76.88M-61.2%	$22.64M+86.5%	$17K-19.0%
Accounts payable	$11.04M-52.0%	——	——	$2.45M-86.5%	$23M+103%
Increase (Decrease) in Accounts Receivable	$29.83M+13.0%	-$27.22M+17.2%	-$8.52M+72.9%	$4.99M-90.5%	$26.4M+319%
Increase Decrease In Accrued Liabilities And Other Current Liabilities	-$16.02M+19.7%	——	——	——	-$19.95M—
Increase Decrease In Brewery Related Assets And Cloud Computing	$985K-10.3%	——	——	——	$1.1M—
Increase (decrease) in contract liabilities and current deferred income	——	-$425K-194%	-$425K-194%	-$425K-194%	-$425K-194%
Increase (Decrease) in Income Taxes Receivable	-$7.89M-19.9%	——	——	——	-$6.58M—
Increase (Decrease) in Inventories	$27.03M+0.8%	-$9.59M+79.6%	-$31.22M-464%	-$9.42M-524%	$26.83M-8.6%
Increase (decrease) in other assets	-$275K-1,933%	——	——	——	$15K—
Increase (decrease) in all other liabilities	-$112K-169%	——	——	——	$162K—
Increase (Decrease) in Prepaid Expense and Other Assets	$10.88M+26.2%	$20.09M+1,532%	-$1.58M—	-$8.64M-686%	$8.63M+56.7%
Increase Decrease In Purchases Of Property Plant And Equipment Within Accounts Payable And Accrued Expenses	-$5.8M-3,137%	$3.58M+2,091%	-$1.06M-63.5%	-$241K+85.9%	$191K+113%
Increase Decrease In Third Party Production Prepayments	-$592K+77.0%	-$1.32M+62.8%	-$907K+85.5%	-$2.58M+59.6%	-$2.58M+11.8%
Increase Decrease Lease Liabilities	$3.13M+129%	——	——	——	-$10.91M-563%
Add - Incremental shares under stock-based compensation plans (in shares)	——	——	$6K-64.7%	$9K-52.6%	$11K-59.3%
International Sales Percentage Of Total Sales	——	5%0.0%	——	——	——
Inventory Write Down	——	$3.43M-37.4%	$3.43M-37.4%	$3.43M-37.4%	$3.43M-37.4%
Legal Fees	$4M—	——	——	——	——
Less Excise Taxes	$27.65M+0.6%	$23.31M-13.5%	$33.98M-7.3%	$37.48M+6.7%	$27.49M+5.1%
Facility fee	——	0.2%0.0%	——	——	——
Litigation Settlement Interest	$36.5M—	——	——	——	——
Loss Contingency Pre Tax Amount	$216M—	——	——	——	——
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	-$26.5M+48.5%	-$49.17M+20.9%	-$51.22M+18.6%	-$52.27M+15.4%	-$51.43M+2.0%
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	-$12.32M-24.7%	-$17.85M+24.1%	-$12.56M+24.7%	-$14.24M+30.1%	-$9.88M+72.3%
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	-$20.44M-1,154%	$39.94M-4.7%	$101.8M-12.1%	$126.48M+31.8%	$1.94M+140%
Non Cash Financing Activity For Accrual Of Excise Tax On Share Repurchases	$504K+27.6%	——	——	——	$395K+15.8%
Non Cash Investing Activity Reduction In Accrued Expenses Notes Receivable And Related Interest Receivable	$3.94M—	——	——	——	——
Number Of Customers Accounted For More Than Ten Percent Of Accounts Receivable	——	0—	0—	0—	0—
Number Of Customers Accounted For More Than Ten Percent Of Revenue	——	0—	0—	0—	0—
Number of operating segments	10.0%	——	——	——	1+300%
Number of reportable segments	10.0%	——	——	——	1+300%
Number of reporting units	——	0.3—	0.3—	0.3—	0.3—
One Time Payment For Termination Of License Agreement	——	$100K—	——	——	——
Lease impairment	——	$150K—	$150K—	$150K—	$150K—
Operating Lease Losses On Disposals Of Right Of Use Assets	——	——	——	——	——
Operating Lease Payments	$3.47M+8.3%	$3.39M+32.1%	$3.24M+24.0%	$3.46M+34.1%	$3.2M+16.9%
Operating lease right-of-use assets amortization expense	——	$3.03M+28.7%	$3.03M+28.7%	$3.03M+28.7%	$3.03M+28.7%
Foreign currency translation	-$107K-172%	$114K+121%	-$161K-503%	$245K+515%	$149K+192%
Other comprehensive income/(loss)	-$107K-172%	$83K+118%	-$161K-503%	$245K+515%	$149K+192%
Other Noncash Income (Expense)	$175K+246%	$491K+7.4%	$12K-84.2%	$140K+171%	-$120K-21.2%
Other income, net (Note 6)	-$363K-37.5%	-$193K+76.6%	-$595K-87.7%	-$309K+29.8%	-$264K-595%
Payment On Loan And Security Agreement	——	——	——	——	——
Payments for Repurchase of Common Stock	$23.35M-52.7%	$50M-20.2%	$50.81M-19.3%	$52.22M-17.1%	$49.39M-1.1%
Payments Of Interest Expenses On Borrowings	——	$0—	$0—	$0—	$0—
Payment, Tax Withholding, Share-Based Payment Arrangement	$2.94M+42.7%	$0-100%	$384K+19,100%	$3K—	$2.06M-14.4%
Payment for Acquisition, Loan, Held-for-Investment	——	——	——	——	——
Payments to Acquire Property, Plant, and Equipment	$12.32M+24.2%	$17.85M-24.1%	$12.56M-24.7%	$14.24M-30.1%	$9.92M-37.0%
Percentage Of Brews And Packages	95%+10.0%	86%+12.0%	90%+24.0%	76%+7.0%	85%+2.0%
Percentage Of Brews And Packages Across Various Locations	5%-10.0%	14%-12.0%	10%-24.0%	24%-7.0%	15%-2.0%
Percentage Of Sales	100%0.0%	——	100%0.0%	100%0.0%	100%—
Dispositions of property, plant, and equipment	——	——	$5K—	——	$42K+82.6%
Cash received from option exercises	$367K-17.7%	$1.27M+41.5%	$409K-21.3%	$387K-77.2%	$446K-6.9%
Property, Plant and Equipment, Gross, Period Increase (Decrease)	——	-$1.38M-139%	-$1.38M-139%	-$1.38M-139%	-$1.38M-139%
Provision For Stale Beer	——	$1.53M+15.1%	$1.53M+15.1%	$1.53M+15.1%	$1.53M+15.1%
Quarterly Minimum Payments	$4.1M0.0%	——	——	——	$4.1M+300%
Related Party Transaction Other Expenses From Transactions With Related Party	$100K0.0%	——	——	——	$100K+300%
Repayments of Debt and Lease Obligation	$581K+38.3%	$440K+6.5%	$440K+7.1%	$428K-15.2%	$420K-24.6%
Retail Sales Percentage Of Total Sales	——	2%+1.0%	——	——	——
Right Of Use Asset Obtained In Exchange For Finance Lease Liability	$271K—	——	——	——	——
Right Of Use Assets Obtained In Exchange For Operating Lease Obligations	——	——	——	——	$13.63M—
Sales At Retail Locations Percentage	1%0.0%	——	2%0.0%	1%0.0%	1%—
Sales Discount	$13.7M+11.4%	——	$19.1M-5.0%	$21.6M+7.5%	$12.3M+19.4%
Selling Expense	——	$25.28M-2.9%	$25.28M-2.9%	$25.28M-2.9%	$25.28M-2.9%
Stock-based compensation	$6.4M+9.1%	$7.35M+72.1%	$3.48M-5.3%	$5.05M+30.2%	$5.87M-17.6%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Estimated Forfeiture Rate	——	15%-1.0%	——	——	——
Expected volatility	36.1%-4.3%	40.6%+0.6%	——	——	40.4%—
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Restricted Stock Units And Investment Shares	——	11%-2.0%	——	——	——
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value	$210.34-10.1%	$231.55-20.4%	——	——	$234.06-19.0%
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period	19.7K-10.6%	46K+708%	——	——	22K+1,981%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period	37.4K—	——	——	——	——
Forfeited or expired (in shares)	$278.07—	——	——	——	——
Risk-free rate	3.4%-0.9%	4.1%-0.1%	——	——	4.3%—
Options granted (in shares)	0-100%	168.5K+557%	——	——	76.9K—
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value	$314.38-13.4%	$343.91-10.0%	——	——	$363.04-5.7%
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value	$257.52-16.3%	$293.33-11.6%	——	——	$307.75-12.8%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Discount For Postvesting Restrictions	0%—	0%—	——	——	0%—
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period	55.1K+37.9%	46.9K+43.0%	——	——	40K+27.6%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Factor	1.7-19.0%	——	——	——	2.1+300%
Weighted-average dividend yield	0%—	0%—	——	——	0%—
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period	63.5K-48.7%	158K+79.0%	——	——	123.8K+61.4%
Intrinsic value of stock options exercised	——	$75K-57.1%	$75K-57.1%	$75K-57.1%	$75K-57.1%
Granted (in shares)	$0.00-100%	$235.19-21.5%	——	——	$243.77—
Exercised (in shares)	$0.00—	$174.90-14.1%	——	——	——
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1	——	$1.28M-21.5%	$1.28M-21.5%	$1.28M-21.5%	$1.28M-21.5%
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value	——	$343.91-10.0%	——	——	——
Issue of shares upon vesting of restricted stock units (in shares)	——	46.9K+43.0%	——	——	——
Shipments To Domestic Distributors Percentage	93%-1.0%	——	93%-1.0%	93%-1.0%	94%—
Shipments To International Distributors Percentage	6%+1.0%	——	5%+1.0%	6%+1.0%	5%—
Short Fall Fees	$1M+25.0%	$13.9M+67.5%	$1M+66.7%	$5.7M+90.0%	$800K-20.0%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	0—	5.1K-37.3%	——	——	——
Stock Issued During Period Value Stock Options Exercised And Restricted Shares Activities	-$871K-8,810%	——	——	——	$10K—
Value of shares repurchased	$23.85M-51.9%	$50.5M-20.4%	$50.5M-20.6%	$50.43M-20.7%	$49.62M-1.3%
Termination Fee	$5M0.0%	——	——	——	$5M+300%
Third Party Production Prepayments Expense	$600K-76.9%	$1.3M-64.9%	$1.9M-68.3%	$2.6M-58.1%	$2.6M-38.1%
Total Customer Programs And Incentives	$11.88M-8.1%	——	$18.45M+28.2%	$15.11M+11.6%	$12.93M—
Interest expense and penalties, net (benefit)/charge recognized	——	$0+100%	$0+100%	$0+100%	$0+100%
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions	——	$15K+81.8%	$15K+81.8%	$15K+81.8%	$15K+81.8%
Additions for tax positions of prior years	——	$5.5K-92.9%	$5.5K-92.9%	$5.5K-92.9%	$5.5K-92.9%
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations	——	$11.75K-71.5%	$11.75K-71.5%	$11.75K-71.5%	$11.75K-71.5%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	——	$425K-29.2%	$425K-29.2%	$425K-29.2%	$425K-29.2%
EBIT	-$190.46M-664%	——	$62.05M+35.4%	$82.07M+15.9%	$33.78M+120%
EBITDA	-$168.87M-398%	——	$84.6M+21.3%	$104.43M+10.6%	$56.59M+46.0%
EBITDA	-$168.87M-398%	——	$84.6M+21.3%	$104.43M+10.6%	$56.59M+46.0%
EBITDA margin	-38.9%-51.4pp	——	15.7%+4.2pp	17.8%+1.5pp	12.5%+3.4pp
EBIT	-$190.46M-664%	——	$62.05M+35.4%	$82.07M+15.9%	$33.78M+120%

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Questions, answered.

What are Boston Beer's profit margins?: Gross margin is 48.7% and operating margin is 5.7%, with a 4.6% net margin.
Where does Boston Beer's income statement data come from?: Every line is extracted from Boston Beer's SEC filings (10-K and 10-Q) and tagged in XBRL. Switch between quarterly, annual, and trailing-twelve-month views, or open any line for its full history and peer comparisons.