The Boston Beer Company Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 27, 2025	Dec '24 Dec 28, 2024	Dec '23 Dec 30, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 25, 2021
Revenue	1,965	2,013	2,009	2,090	2,058
Revenue Growth (YoY)	-2.38%	0.21%	-3.91%	1.59%	18.50%
Cost of Revenue	1,012	1,119	1,156	1,228	1,260
Gross Profit	952.58	893.73	852.37	861.99	797.79
Selling, General & Admin	800.74	741.94	730.55	735.93	740.62
Operating Expenses	800.74	741.94	730.55	735.93	740.62
Operating Income	151.84	151.79	121.82	126.05	57.17
Interest Expense	-	-	-	-	-0.11
Interest & Investment Income	9.94	13.25	11	2.56	-
Other Non Operating Income (Expenses)	-1.36	-1.62	-1.41	-1.92	-0.98
EBT Excluding Unusual Items	160.42	163.42	131.41	126.7	56.09
Asset Writedown	-6.96	-49.77	-21.82	-29.88	-18.5
Other Unusual Items	-	-26.05	-	-5.38	-30.68
Pretax Income	153.46	87.6	109.59	91.44	6.91
Income Tax Expense	44.99	27.91	33.34	24.17	-7.64
Net Income	108.47	59.7	76.25	67.26	14.55
Preferred Dividends & Other Adjustments	0.3	0.14	0.15	0.16	0.05
Net Income to Common	108.17	59.56	76.1	67.11	14.5
Net Income Growth	81.71%	-21.71%	13.36%	362.19%	-92.42%
Shares Outstanding (Basic)	11	12	12	12	12
Shares Outstanding (Diluted)	11	12	12	12	12
Shares Change (YoY)	-7.05%	-4.01%	-0.70%	-0.73%	1.25%
EPS (Basic)	9.90	5.07	6.23	5.46	1.19
EPS (Diluted)	9.89	5.06	6.21	5.44	1.17
EPS Growth	95.40%	-18.46%	14.20%	364.51%	-92.47%
Free Cash Flow	215.6	172.62	201.06	109.36	-91.62
Free Cash Flow Per Share	19.71	14.67	16.40	8.86	-7.37
Gross Margin	48.48%	44.40%	42.44%	41.24%	38.77%
Operating Margin	7.73%	7.54%	6.07%	6.03%	2.78%
Profit Margin	5.50%	2.96%	3.79%	3.21%	0.70%
Free Cash Flow Margin	10.97%	8.58%	10.01%	5.23%	-4.45%
EBITDA	242.28	245.79	209.96	207.41	129.27
EBITDA Margin	12.33%	12.21%	10.45%	9.92%	6.28%
D&A For EBITDA	90.44	93.99	88.14	81.36	72.1
EBIT	151.84	151.79	121.82	126.05	57.17
EBIT Margin	7.73%	7.54%	6.07%	6.03%	2.78%
Effective Tax Rate	29.32%	31.86%	30.42%	26.44%	-
Revenue as Reported	1,965	2,013	2,009	2,090	2,058
Advertising Expenses	286.2	240.9	233.5	226.7	291.3

Source: S&P Global Market Intelligence. Standard template. Financial Sources.