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

• The Starbucks of premium alcoholic beverages.
• A craft-focused PepsiCo for adult drinks.
• The Tesla for craft beer and hard seltzer.

• Samuel Adams: A wide range of craft beers, including lagers, ales, and seasonal brews, under their flagship brand.
• Truly Hard Seltzer: A popular brand of low-calorie, flavored hard seltzers.
• Twisted Tea Hard Iced Tea: A line of hard iced tea beverages available in various flavors.
• Angry Orchard Hard Cider: A leading brand of hard ciders crafted from a variety of apples.
• Dogfish Head Craft Brewery: An acquired craft brewery offering a diverse portfolio of innovative and distinctive beers.

Boston Beer Company (symbol: SAM) primarily sells its products to other companies, specifically a vast network of independent wholesale distributors.

Due to the nature of the alcoholic beverage distribution system in the United States (the "three-tier system") and Boston Beer's diversified sales strategy, the company does not typically have one or a few "major customers" in the traditional sense (i.e., individual distributors accounting for a significant percentage, generally 10% or more, of its gross sales). Instead, its products are distributed through hundreds of independent wholesale distributors across the country.

These distributors then sell Boston Beer's brands (such as Samuel Adams, Truly Hard Seltzer, Twisted Tea, and Angry Orchard) to a wide variety of retailers. While these retailers are not direct customers of Boston Beer, they are the immediate customers of the distributors and serve as the final points of sale before reaching individual consumers. These retail channels can be categorized as:

• Off-Premise Retailers: Including grocery stores, supermarkets, liquor stores, and convenience stores, where consumers purchase products for consumption elsewhere.
• On-Premise Retailers: Including bars, restaurants, hotels, stadiums, and other establishments where products are consumed on site.

Therefore, while the ultimate consumers are individuals, Boston Beer's direct customers are these numerous independent wholesale distributors. Most of these distributors are privately held companies, and no single distributor accounts for a significant enough portion of Boston Beer's revenue to be specifically named as a "major customer" in its public filings.

• Ball Corporation (BALL)
• Crown Holdings (CCK)
• O-I Glass (OI)
• Ardagh Group (ARD)
• Avery Dennison Corporation (AVY)
• CCL Industries Inc. (CCL)

Jim Koch, Brewer + Founder, CEO Boston Beer Company

Jim Koch co-founded The Boston Beer Company in 1984. Before starting the brewery, he worked as a consultant with the Boston Consulting Group. He famously brewed the first batch of Samuel Adams Boston Lager in his kitchen using his great-great-grandfather's recipe. Koch took Boston Beer Company public in 1995. He also created the "Brewing the American Dream" program in 2008 to support food and beverage entrepreneurs. Koch assumed the role of CEO again in August 2025, having previously served as CEO from the company's founding until January 2001.

Diego Reynoso, Chief Financial Officer and Treasurer

Diego Reynoso was appointed Chief Financial Officer and Treasurer of The Boston Beer Company in September 2023. He brings over 25 years of experience in finance and operations within the alcoholic beverage and food industries. Prior to joining Boston Beer, 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 Beer Division at Constellation Brands. He also held various senior financial and operational roles at Beam Suntory Inc. from 2005 to 2017, including Chief Financial Officer of Global Operations and Group Treasury and Tax, North American Chief Financial Officer and General Manager International Markets, and Chief Operating Officer and Chief Financial Officer North America. Earlier in his career, he held positions at Allied-Domecq, Danone, and Procter & Gamble. Reynoso is also a member of the Board of Directors of SunOpta Inc. and serves on its Audit Committee.

Phil Hodges, Chief Operating Officer

Phil Hodges became the Chief Operating Officer of The Boston Beer Company in October 2025. He previously served as the Chief Supply Chain Officer for the company since May 2023. Before joining Boston Beer, Hodges was an Executive Vice President of Group Supply Chain at Carlsberg from 2017 to 2022. His prior experience also includes serving as Group Director and Chief Supply Chain Officer for SABMiller from 2011 to 2015 and as Senior Vice President of Integrated Supply Chain Europe at Mondelez International.

Annette Fritsch, Vice President of Product Design, Research & Development

Annette Fritsch serves as the Vice President of Product Design, Research & Development at The Boston Beer Company.

Tara Heath, Chief Legal Officer

Tara Heath holds the position of Chief Legal Officer at The Boston Beer Company.

The most significant risk to Boston Beer's business is the ongoing shift in consumer preferences within the alcoholic beverage market, leading to declining volumes for key brands. The industry is experiencing a "seismic shift" with a "significant moderation trend" as consumers are drinking less overall. This has particularly impacted the hard seltzer category, where Boston Beer's Truly Hard Seltzer brand has seen sharp declines in volume after a period of rapid growth. The company's flagship Samuel Adams brand is also experiencing decreases in depletions, contributing to a "real and persistent" volume risk.

Secondly, Boston Beer operates in a highly competitive landscape. It faces pressure from both large multinational breweries, such as Anheuser-Busch InBev and Molson Coors, and an ever-increasing number of smaller craft brewers. This intense competition effectively "squeezes" Boston Beer, as it struggles to compete on cost with the large players while also facing challenges in maintaining its "craft" image among smaller, more agile competitors.

Finally, Boston Beer is vulnerable to rising input costs, particularly for aluminum. Approximately 93% of the company's sales come from canned beverages, making it highly susceptible to fluctuations in aluminum prices. Analysts estimate that the introduction of new tariffs on aluminum could result in a "potential 9% annualized EPS headwind" for the company.

The clear emerging threat for Boston Beer (SAM) is the rapid acceleration of consumer preferences and market growth towards **spirits-based ready-to-drink (RTD) cocktails**, which is increasingly cannibalizing the market share and growth potential of malt-based seltzers and other flavored malt beverages that form a significant portion of SAM's product portfolio, most notably its Truly Hard Seltzer brand.

Boston Beer Company's main products address the following markets:

• Samuel Adams and Dogfish Head (Beer): The addressable market for craft beer in the U.S. was estimated at $34.22 billion in 2025. This market is projected to reach $109.48 billion by 2035.
• Truly Hard Seltzer: The addressable market for hard seltzer in the U.S. was estimated at $7.53 billion in 2024 and is predicted to be worth approximately $30.88 billion by 2034.
• Twisted Tea (Hard Iced Tea): The addressable market for hard tea in the U.S. is projected at $3.26 billion in 2025.
• Angry Orchard (Hard Cider): The "Beyond Beer" category in the U.S., which includes hard cider, was approximately $9 billion in 2022.

Boston Beer Company (SAM) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives, focusing on its diversified portfolio and market positioning.

The key drivers for future revenue growth include:

1. Strategic Pricing Initiatives: The company has consistently implemented price increases, which have contributed to revenue growth and improved gross margins. Boston Beer's Q2 2025 earnings showed a 1.5% revenue increase driven by pricing and product mix improvements. Similarly, Q1 2025 revenue increased by 6.5% due to volume and price increases. This strategy is expected to continue to offset inflationary costs and contribute to top-line growth.
2. Successful New Product Launches and Innovation Pipeline: Boston Beer is focused on introducing and expanding new products that cater to evolving consumer preferences. Recently launched products like Sun Cruiser (a vodka-based hard tea innovation) and Hard Mountain Dew have shown strong performance and are expected to be long-term additions to the portfolio. The company also plans for the national expansion of Samuel Adams American Light in early 2025.
3. Continued Growth of the Twisted Tea Brand Family: Twisted Tea remains a dominant brand in the hard tea category, holding an 85% market share, and is a significant growth driver for Boston Beer. The company plans to focus more on distribution and marketing for Twisted Tea, including line extensions like Twisted Tea Light and Twisted Tea Extreme, which are expected to drive growth for the brand.
4. Capitalizing on the "Beyond Beer" Category: Boston Beer emphasizes its strong position to capitalize on the evolving "fourth category" of alcoholic beverages, which extends beyond traditional beer, wine, and spirits. This category, which includes hard teas, hard seltzers, and RTD (ready-to-drink) spirits-based beverages, represents over 85% of the company's volume and offers significant long-term growth opportunities as consumer trends shift towards newness and variety.
5. Increased Brand Investment and Marketing: Management has indicated plans to increase advertising and promotional spending to further strengthen its brands and drive long-term sustainable growth. This strategic investment in media and local marketing is intended to improve market share and support the company's core brands and innovations.

Share Repurchases

• The company repurchased $238.9 million in shares during 2024.
• As of July 18, 2025, Boston Beer had approximately $317 million remaining on its $1.6 billion share repurchase authorization.
• In 2023, the company repurchased $92.9 million in shares.

Capital Expenditures

• Capital expenditures for fiscal year 2021 peaked at $147.9 million.
• In fiscal year 2023, capital expenditures were $64.087 million, which was a 5-year low.
• Expected capital expenditures for fiscal year 2025 are projected to be between $50 million and $70 million, with a focus on supporting productivity programs.