Revenue: As of FY2026 Q1, the actual value is USD 433.93 M, missing the estimate of USD 435.95 M.EPS: As of FY2026 Q1, the actual value is USD -13.88, missing the estimate of USD 1.9874.EBIT: As of FY2026 Q1, the actual value is USD -192.35 M.The Boston Beer Company, Inc. operates as a single segment, producing and selling alcohol beverages under various brands .<h4>Operational Performance</h4><ul><li>Total Shipment Volume: For the thirteen weeks ended March 28, 2026, total shipment volume decreased by 6.9% to 1,561 thousand barrels from 1,677 thousand barrels in the prior year period . This decline was primarily due to decreases in the Twisted Tea and Truly brands, partially offset by growth in the Sun Cruiser brand . Distributor inventory levels averaged approximately 4.5 weeks on hand in 2026, down from 5 weeks in 2025 .</li></ul><h4>Financial Performance</h4><ul><li>Net Revenue: Decreased by 4.4% to $433.9 million in 2026 from $453.9 million in 2025 . Net revenue per barrel increased by 2.7% to $277.98 in 2026, up from $270.64 in 2025, driven by increased pricing and favorable product mix .</li><li>Cost of Goods Sold (COGS): Decreased by 6.2% to $219.9 million in 2026 from $234.6 million in 2025 . COGS per barrel increased by 0.7% to $140.92 in 2026, from $139.90 in 2025, primarily due to $12.5 million in inflationary impacts, including $11.0 million in increased aluminum costs (of which $4.3 million was from tariffs) . These increases were partially offset by contract renegotiations, recipe optimization savings of $5.5 million, improved logistics optimization of $2.7 million, and lower third-party production payment amortization of $2.0 million .</li><li>Gross Profit: Decreased by 2.4% to $214.0 million in 2026 from $219.3 million in 2025 . Gross profit per barrel increased by 4.8% to $137.06 in 2026, from $130.74 in 2025 .</li><li>Operating Expenses: Increased by 118.0% to $404.4 million in 2026 from $185.5 million in 2025 .<ul><li>Advertising, Promotional, and Selling Expenses: Increased by 1.8% to $140.1 million in 2026 from $137.5 million in 2025, mainly due to higher freight costs of $2.5 million . As a percentage of net revenue, these expenses were 32.3% in 2026, up from 30.3% in 2025 .</li><li>General and Administrative Expenses: Increased by 9.1% to $52.3 million in 2026 from $48.0 million in 2025, primarily due to higher legal and consulting costs .</li><li>Litigation Expense: A non-recurring pre-tax litigation expense of $175.5 million and related pre-judgement interest expense of $36.5 million were recorded in 2026, totaling $212.0 million .</li></ul></li><li>Operating (Loss) Income: Shifted from an income of $33.8 million in 2025 to a loss of - $190.5 million in 2026 .</li><li>Net (Loss) Income: Shifted from an income of $24.4 million in 2025 to a loss of - $145.3 million in 2026 .</li><li>Income Tax (Benefit) Provision: The effective tax rate was a benefit of 23.1% in 2026, compared to a provision of 31.9% in 2025, primarily due to a pre-tax loss in 2026 .</li></ul><h4>Cash Flow</h4><ul><li>Cash and Cash Equivalents: Decreased to $164.1 million as of March 28, 2026, from $223.4 million as of December 27, 2025 .</li><li>Net Cash (Used in) Provided by Operating Activities: Was - $20.4 million in 2026 compared to $1.9 million in 2025, primarily driven by a net loss and unfavorable changes in working capital .</li><li>Net Cash Used in Investing Activities: Increased to - $12.3 million in 2026 from - $9.9 million in 2025, due to higher investments in breweries .</li><li>Net Cash Used in Financing Activities: Decreased to - $26.5 million in 2026 from - $51.4 million in 2025, with both periods primarily reflecting share repurchases .</li></ul><h4>Capital Structure and Commitments</h4><ul><li>Share Repurchases: The Boston Beer Company, Inc. repurchased 107,380 shares of Class A Common Stock for $23.8 million during the thirteen weeks ended March 28, 2026 . As of April 25, 2026, approximately $197 million remained on the $1.6 billion stock repurchase authorization .</li><li>Contractual Obligations: As of March 28, 2026, total commitments were $226.7 million, including $121.8 million for brand support, $47.7 million for ingredients and packaging, $28.2 million for hops and malt, $14.1 million for equipment and machinery, and $14.8 million for other obligations . The Boston Beer Company, Inc. expects to pay $152.8 million in fiscal 2026, $22.7 million in fiscal 2027, $12.6 million in fiscal 2028, and $38.6 million in fiscal 2029 and thereafter .</li><li>Third-Party Production Agreements: The Boston Beer Company, Inc. expects to incur approximately $19 million in shortfall fees in future years, with $5 million forecasted for the remainder of 2026 and $14 million thereafter, due to not meeting minimum volume commitments . If volume was zero for the remaining term, total contractual shortfall and termination fees would be approximately $30 million, with $11 million due in 2026 and $19 million thereafter .</li><li>Line of Credit: The Boston Beer Company, Inc. has a $150.0 million revolving line of credit available until December 16, 2027, with no outstanding borrowings as of March 28, 2026 .</li></ul><h4>Outlook/Guidance</h4><ul><li>The Boston Beer Company, Inc. estimates that tariffs will result in an unfavorable cost impact of approximately $20 million to $30 million for the full year 2026 . The existing cash balance, projected future operating cash flow, and the unused line of credit are expected to be sufficient to fund future cash requirements, including potential litigation-related payments .</li></ul>

Boston Beer | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 433.93 M