Boston Beer Raises 2026 Earnings Floor as Volume Outlook Weakens

The Boston Beer Company raised the low end of its 2026 earnings and gross-margin forecasts after third-quarter net revenue fell 3.2%, while projecting steeper full-year declines in shipments and depletions.

The company now expects non-GAAP diluted earnings of $9 to $10.50 per share, compared with its previous range of $8.50 to $10.50. Its gross-margin forecast, including tariffs, is 49% to 50%, up from 48.5% to 50%. The full-year volume outlook now calls for a mid-single-digit decline in shipments and depletions, narrowing the previous range of low-single-digit to mid-single-digit declines.

For the 13 weeks ended Sept. 26, net revenue was $520.1 million, down from $537.5 million a year earlier. Gross revenue was $555.458 million before $35.357 million in excise taxes, leaving $520.101 million in net revenue. Depletions fell 5%, while shipments dropped 4.9% to about 1.8 million barrels. Gross margin rose to 51.7% from 50.8%.

GAAP diluted earnings were $4.21 per share, compared with non-GAAP diluted earnings of $4.37. The non-GAAP figure excluded the $0.16-per-share after-tax impact of supplier-dispute litigation.

Jim Koch, Boston Beer chairman, founder and CEO, said, “The demand environment remains challenging, and we are prioritizing actions within our control to strengthen our business and improve market share trends.”

Boston Beer continues to deny breaching its contract with the supplier and plans to pursue post-trial motions and appeals. The company said it cannot estimate whether or when damages or interest will be paid.

A prior market agenda preview listed Boston Beer’s scheduled earnings report for Oct. 22.