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Here are 1-3 brief analogies for Boston Beer (SAM):

• The PepsiCo of alcoholic beverages.

• A smaller, craft-focused Anheuser-Busch InBev.

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• Samuel Adams: Produces a range of beers, most notably its flagship Samuel Adams Boston Lager.
• Twisted Tea: Offers hard ciders and hard seltzers under this brand.
• Truly Hard Seltzer: Specializes in hard seltzers.
• Angry Orchard: Known for its range of hard ciders.
• Dogfish Head: Produces various beers.
• Angel City: Offers various beers.
• Coney Island: Produces various beers.
• Concrete Beach: Offers various beers.

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The Boston Beer Company (SAM) sells its products primarily to other businesses. Its major customers are a network of approximately 400 wholesalers in the United States, as well as international wholesalers, importers, and other agencies that in turn sell to various retailers. The provided background information does not list the specific names of these customer companies.

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• Malteurop
• Hopsteiner

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Jim Koch, Chief Executive Officer

Jim Koch founded The Boston Beer Company in 1984, bringing to life a generations-old family recipe for Samuel Adams Boston Lager. Prior to establishing the brewery, he worked as a consultant for an international consulting firm with a focus on manufacturing. He previously served as President and CEO from 1984 until January 2001 and reassumed the role of Chief Executive Officer in August 2025. His career began as a consultant with the Boston Consulting Group.

Diego Reynoso, Chief Financial Officer and Treasurer

Diego Reynoso joined Boston Beer as Chief Financial Officer and Treasurer in September 2023. He brings over 25 years of experience in finance and operations within the alcoholic beverage and food industries. Before his tenure at Boston Beer, Mr. Reynoso served as the Chief Financial Officer of the Prepared Foods division of Tyson Foods from 2021 to 2023. From 2017 to 2021, he was the Senior Vice President and Chief Financial Officer of the $5 billion beer division at Constellation Brands. He also held various senior financial and operational roles at Beam Suntory Inc. from 2005 to 2017. Earlier in his career, he held positions at Allied-Domecq, Danone, and Procter & Gamble. He is currently a member of the Board of Directors of SunOpta Inc.

Phil Hodges, Chief Operating Officer

Phil Hodges was named Chief Operating Officer of The Boston Beer Company in October 2025. He previously served as the Chief Supply Chain Officer (CSCO) for the company since May 2023, after providing supply chain consulting services since 2022. Mr. Hodges possesses more than 30 years of experience in the consumer packaged goods (CPG) sector, including roles as CSCO of Carlsberg, Chief Financial Officer of Kraft Foods International, and General Manager of Mondelez in Southeast Asia.

Michael Crowley, Chief Sales Officer

Michael Crowley was appointed Chief Sales Officer of Boston Beer in January 2024. He has a long history with the company, having worked in senior sales roles since 1996. His previous positions include Atlantic Division Senior Sales Director from 2014 to 2023, Senior National Account Manager from 2011 to 2014, and Regional Sales Manager for New York and New Jersey from 1996 to 2011.

Matt Murphy, Chief Accounting Officer and Vice President of Finance

Matt Murphy serves as the Chief Accounting Officer and Vice President of Finance at Boston Beer. He also held the role of Interim Chief Financial Officer from April 2023 to September 2023. Mr. Murphy was appointed Chief Accounting Officer in August 2015 and previously served as the Corporate Controller of Boston Beer since September 2006.

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The Boston Beer Company (SAM) faces several significant risks to its business, primarily stemming from challenges in maintaining brand volume and navigating an intensely competitive and evolving alcoholic beverage market.

1. Declining Brand Volumes and Shifting Consumer Preferences: The most significant risk to Boston Beer is the persistent decline in volumes for key brands, notably Truly Hard Seltzer and Samuel Adams, with recent indications of declines even in Twisted Tea. This volume pressure is a number one internal risk, driven by a rapidly shifting consumer landscape that includes moderation trends, new industry headwinds like weight loss medications, and a growing shift toward cannabis use. Despite efforts to improve gross margins through price increases and operational efficiencies, the core issue of declining demand for its flagship products remains a major drag on the company's financial performance.
2. Intense Competition and Market Volatility: The alcoholic beverage market is characterized by intense competition from both large international and domestic players (e.g., Anheuser-Busch InBev, Molson Coors, Constellation Brands) and numerous smaller craft brewers. Boston Beer's reliance on "Beyond Beer" categories, particularly hard seltzers, exposes it to significant market volatility. The hard seltzer category, which once saw rapid growth, has experienced significant declines in recent years, with dollar sales dropping approximately 8% in 2024 and 4.5% in 2025. This over-saturation of the market with similar products has led to consumer confusion and a challenging environment for maintaining market share.
3. Supply Chain and Contractual Obligations: The company is subject to supply chain risks, including contractual obligations with third-party producers that have resulted in "shortfall fees" negatively impacting gross margins. For example, the company still anticipates an unfavorable cost impact from contractual obligations, with shortfall fees and non-cash expenses from third-party production pre-payments negatively impacting gross margins. Additionally, reliance on independent distributors and foreign suppliers for raw materials could lead to complications within the supply chain and potential drops in production volume. Regulatory risks, such as tariffs, also contribute to an unfavorable cost impact on the company's bottom line.

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The addressable markets for Boston Beer's main products are as follows:

Beer

• The global beer market size was valued at approximately USD 902.12 billion in 2025.
• In the United States, the beer market size reached approximately USD 109.3 billion in 2025.

Hard Cider

• The global hard cider market size was valued at approximately USD 17.42 billion in 2025.
• In the United States, hard cider sales reached USD 502 million in 2025.

Hard Seltzer

• The global hard seltzer market size was calculated to be approximately USD 34.07 billion in 2025.
• In North America, the hard seltzer market accounted for approximately USD 19.13 billion in 2025.

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For The Boston Beer Company (SAM), several key initiatives and market trends are expected to drive future revenue growth over the next 2-3 years:

1. Continued Growth and Innovation in the "Beyond Beer" Category, especially Twisted Tea and Sun Cruiser: Boston Beer has a significant presence in the "Beyond Beer" segment, which constitutes a large portion of its total volume and is expected to continue growing. Twisted Tea remains a strong performer and a consistent growth driver for the company, with plans for increased advertising and new product variations to expand drinker occasions. Additionally, Sun Cruiser Iced Tea & Vodka, launched in 2024, has shown rapid growth in volumes (over 300% year-over-year in 2025) and is considered a key, margin-accretive innovation with further expansion planned for 2026.
2. Strategic Pricing and Favorable Product Mix: The company has been successful in driving revenue through price increases and an optimized product mix, focusing on higher-margin offerings. This strategy helps to offset volume pressures in certain categories and contributes to overall revenue expansion.
3. Increased Brand Investments and Marketing: Boston Beer plans to significantly increase advertising and promotional spending for its core brands, including Twisted Tea and Truly, as well as new innovations. These investments in media and local marketing are aimed at enhancing brand visibility, improving market share trends, and driving long-term performance.
4. Disciplined Launch and Expansion of New Products and Innovations: Despite headwinds in the broader hard seltzer market, Boston Beer maintains a "fewer things better" approach to innovation. Successful new products like Truly Unruly (an 8% ABV hard seltzer) have become top growth drivers in their sub-categories. The company is actively testing new brands and intends to expand successful innovations like Sun Cruiser, while also launching additional new brands in the coming years.

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Share Repurchases

• Boston Beer repurchased approximately $199.2 million in shares during 2025, with an additional $13.7 million repurchased through February 20, 2026.
• The company repurchased $238.614 million in shares in 2024.
• As of February 20, 2026, approximately $215 million remained on the $1.6 billion share repurchase authorization.

Share Issuance

• No significant large-scale share issuances for cash were reported. Equity awards, such as performance-based stock options and restricted stock, were granted to executives as part of compensation, with vesting schedules extending through 2027.

Inbound Investments

• No information available.

Outbound Investments

• No information available.

Capital Expenditures

• Capital expenditures for 2025 were $54.563 million, reduced from an earlier forecast.
• Capital expenditures were $76.277 million in 2024 and $64.087 million in 2023.
• Expected capital expenditures for 2026 are between $70 million and $90 million, primarily focused on company-owned breweries to build capabilities, improve efficiency, and expand local capacity.