The Boston Beer Company, Inc. (SAM): Business Model Canvas

In der dynamischen Welt des Craft Brewing und der Getränkeinnovation gilt die Boston Beer Company als Vorreiter und verändert die Alkohollandschaft mit ihrem strategischen Business Model Canvas. Von der ikonischen Marke Samuel Adams bis hin zum explosiven Truly Hard Seltzer hat dieses Unternehmen die Markttrends meisterhaft gesteuert und genutzt einzigartige Partnerschaften, modernste Brautechniken und ein tiefes Verständnis der Verbraucherpräferenzen, um eine robuste und anpassungsfähige Geschäftsstrategie zu entwickeln, die bei Craft-Beer-Enthusiasten und modernen Getränkekonsumenten gleichermaßen Anklang findet.

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Wichtige Partnerschaften

Kooperationsnetzwerke für Craft-Brauereien

Die Boston Beer Company unterhält Partnerschaften mit mehreren Handwerksbrauereien, darunter:

Partnerbrauerei	Art der Zusammenarbeit	Gründungsjahr
Dogfish Head Brauerei	Fusion/Strategische Allianz	2019
Terrapin Beer Company	Produktionspartnerschaft	2017

Vertriebspartnerschaften mit großen Alkoholgroßhändlern

Zu den wichtigsten Vertriebspartnerschaften gehören:

• Breakthru Beverage Group
• Southern Glazer's Wine & Geister
• Republikanische Nationale Vertriebsgesellschaft (RNDC)

Strategische Beziehungen zu Hopfen- und Gerstenlieferanten

Bedeutende landwirtschaftliche Partnerschaften, die in den Finanzberichten 2023 dokumentiert sind:

Lieferant	Liefervolumen	Vertragswert
Yakima Chief Hopfen	1.250 Tonnen	18,3 Millionen US-Dollar
Briess Malz & Zutaten	875 Tonnen	12,7 Millionen US-Dollar

Einzelhandelspartnerschaften mit Lebensmittel- und Spirituosengeschäften

Das Einzelhandelsvertriebsnetz umfasst:

• Walmart
• Costco
• Gesamter Wein & Mehr
• Kroger

Marketing- und Werbeallianzen

Aktive Marketingpartnerschaften ab 2023:

Partner	Partnerschaftstyp	Geschätzte Marketinginvestition
NHL	Sportsponsoring	2,1 Millionen US-Dollar
ESPN	Medienwerbung	1,8 Millionen US-Dollar

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Hauptaktivitäten

Craft Beer Brauen und Produktion

Jährliche Produktionsmenge: 4,4 Millionen Barrel im Jahr 2022

Brauereistandorte	Produktionskapazität
Cincinnati, Ohio	1,2 Millionen Barrel/Jahr
Lehigh Valley, PA	1,5 Millionen Barrel/Jahr
Rochester, NY	1,7 Millionen Barrel/Jahr

Markenentwicklung und Marketing

Marketingausgaben: 170,3 Millionen US-Dollar im Jahr 2022

• Flaggschiff-Marketing der Marke Samuel Adams
• Werbung für die Marke Truly Hard Seltzer
• Saisonale und limitierte Produktaktionen

Produktinnovation und Rezepterstellung

F&E-Investitionen: 12,4 Millionen US-Dollar im Jahr 2022

Produktkategorie	Neue Produkteinführungen
Craft-Bier	7 neue Sorten
Hartes Selters	4 neue Geschmacksprofile

Qualitätskontrolle und Brautechnologiemanagement

Größe des Qualitätssicherungsteams: 45 Fachleute

• Nach ISO 9001:2015 zertifizierte Brauprozesse
• Investitionen in fortschrittliche Brautechnologie
• Sensorisches Bewertungslabor mit 12 ausgebildeten Spezialisten

Vertriebs- und Vertriebsmanagement

Vertriebskanäle: 50 Staaten und internationale Märkte

Vertriebskanal	Prozentsatz des Umsatzes
Großhandel	68%
Direkt an den Verbraucher	12%
Vor Ort	20%

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Schlüsselressourcen

Brauanlagen und Produktionsausrüstung

Ab 2023 betreibt die Boston Beer Company mehrere Brauereien:

Standort	Kapazität (Fässer pro Jahr)	Gründungsjahr
Boston, MA	500,000	1984
Cincinnati, Ohio	1,000,000	2012
Pennsylvania	750,000	2016

Starkes Markenportfolio

Zu den wichtigsten Marken im Portfolio gehören:

• Samuel Adams
• Wirklich harter Seltzer
• Wütender Obstgarten
• Verdrehter Tee
• Dornhai-Kopf

Erfahrenes Brauerei- und Managementteam

Führungsdetails ab 2024:

Position	Name	Jahre im Unternehmen
CEO	Dave Burwick	6
Finanzvorstand	Karyn Barsa	5

Geistiges Eigentum und Rezeptentwicklung

Kennzahlen zum geistigen Eigentum:

• Gesamtzahl der eingetragenen Marken: 87
• Aktive Braupatente: 12
• Jährliche F&E-Investition: 8,2 Millionen US-Dollar

Fortschrittliche Brautechnologie und -techniken

Details zu Technologieinvestitionen:

Technologiebereich	Jährliche Investition	Umsetzungsjahr
Brauautomatisierung	5,6 Millionen US-Dollar	2022
Qualitätskontrollsysteme	3,4 Millionen US-Dollar	2023

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Wertversprechen

Hochwertige Craft-Bier- und Hard-Seltzer-Angebote

Im Jahr 2023 produzierte die Boston Beer Company 4,3 Millionen Barrel Bier, wobei die Marke Samuel Adams 38 % der Gesamtproduktion ausmachte. Das Hard Seltzer-Segment des Unternehmens, darunter Truly, erwirtschaftete einen Umsatz von 1,4 Milliarden US-Dollar.

Produktkategorie	Umsatz (2023)	Marktanteil
Samuel Adams Craft Beer	542 Millionen US-Dollar	12.3%
Wirklich harter Seltzer	1,4 Milliarden US-Dollar	25.7%
Andere Marken	386 Millionen US-Dollar	7.5%

Innovative und vielfältige Getränkeproduktlinien

Das Unternehmen verfügt über 16 verschiedene Getränkeproduktlinien in den Kategorien Craft Beer, Hard Seltzer und Hard Tea.

• Saisonale Kollektionen von Samuel Adams
• Wirklich harte Seltzer-Variationen
• Twisted Tea Harter Eistee
• Angry Orchard Cider

Erstklassiger Geschmack und Braukunst

Die Boston Beer Company investierte im Jahr 2023 42 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf Produktinnovation und Qualitätsverbesserung.

Authentisches Marken-Storytelling und -Erbe

Das 1984 gegründete Unternehmen pflegt seit über 40 Jahren ununterbrochen eine Tradition der Handwerksbrauerei. Die Marke Samuel Adams bleibt eine wichtige Storytelling-Plattform mit einer Markenbekanntheit von 35 % bei Craft-Beer-Konsumenten.

Konsistente Produktqualität und Geschmacksprofile

Das Unternehmen unterhält strenge Qualitätskontrollen 99,8 % Produktkonsistenz über Produktionsanlagen hinweg. Die durchschnittliche Produktbewertung aller Plattformen liegt bei 4,2/5 Sternen.

Qualitätsmetrik	Leistung
Produktkonsistenz	99.8%
Verbraucherbewertung	4,2/5 Sterne
Produktvariationen	16 verschiedene Linien

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Kundenbeziehungen

Direktes Verbraucherengagement über soziale Medien

Ab 2024 unterhält die Boston Beer Company eine aktive Social-Media-Präsenz auf allen Plattformen:

Plattform	Anhänger	Engagement-Rate
Instagram	237,000	3.8%
Facebook	412,000	2.5%
Twitter	89,000	1.9%

Brauereiführungen und Verkostungen

Die Boston Beer Company bietet Brauereierlebnisse an:

• Hauptsitz in Boston, MA
• Einrichtung in Cincinnati, Ohio
• Kosten pro Tour: 25 $
• Jährliche Tourteilnehmer: 45.000

Treueprogramme und Aufbau von Markengemeinschaften

Kennzahlen zum Treueprogramm	Wert
Mitglieder des Total Loyalty-Programms	128,500
Durchschnittliche Kaufhäufigkeit der Mitglieder	4,2 Mal/Jahr
Umsatzbeitrag des Treueprogramms	17.3%

Kundenfeedback und Produktentwicklung

Jährliche Kundenfeedbackkanäle:

• Online-Umfragen: 22.000 Antworten
• Direktes E-Mail-Feedback: 8.500 Einsendungen
• Kommentare in sozialen Medien: 15.300 Interaktionen

Digitales Marketing und personalisierte Kommunikation

Digitale Marketingmetrik	Daten für 2024
Größe der E-Mail-Marketing-Liste	345.000 Abonnenten
E-Mail-Öffnungsrate	24.6%
Klickrate	7.3%
Ausgaben für digitale Werbung	4,2 Millionen US-Dollar

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Kanäle

Online-Direktverkauf an Verbraucher

Die Boston Beer Company betreibt über ihre offizielle Website einen direkten Online-Verkauf und bietet Verbrauchern in Staaten, in denen der Direktversand gesetzlich zulässig ist, ausgewählte Produktlinien an.

Online-Vertriebskanal	Prozentsatz des Direktverkaufs	Abgedeckte Staaten
Unternehmenswebsite	3.7%	42 Staaten

Einzelhandel mit Spirituosen und Lebensmittelgeschäften

Das Unternehmen vertreibt Produkte über umfangreiche Einzelhandelsnetzwerke in den Vereinigten Staaten.

Einzelhandelskanal	Anzahl der Einzelhandelsstandorte	Marktdurchdringung
Spirituosengeschäfte	65,000+	87 % landesweite Abdeckung
Lebensmittelgeschäfte	45,000+	82 % landesweite Abdeckung

Bars, Restaurants und Lokale

Die Boston Beer Company unterhält bedeutende Vertriebskanäle vor Ort.

• Gesamtzahl der On-Premise-Konten: 250.000+
• Restaurant- und Barvertrieb: Landesweite Abdeckung
• Verkauf von Fassbier: Ungefähr 15 % des Gesamtvolumens

E-Commerce-Plattformen

Das Unternehmen nutzt mehrere digitale Vertriebsplattformen für den Produktvertrieb.

E-Commerce-Plattform	Verkaufsvolumen	Marktanteil
Nieselregend	250 Millionen US-Dollar Jahresumsatz	12 % des digitalen Biermarktes
Gesamtzahl der Online-Plattformen	350 Millionen US-Dollar Jahresumsatz	7,5 % des Gesamtumsatzes des Unternehmens

Digitale Marketing- und Werbekanäle

Das Unternehmen nutzt umfassende digitale Marketingstrategien.

• Social-Media-Follower: 2,1 Millionen
• Ausgaben für digitale Werbung: 22 Millionen US-Dollar pro Jahr
• E-Mail-Marketing-Abonnenten: 500.000+

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Kundensegmente

Craft-Beer-Enthusiasten

Marktgröße für Craft-Beer-Enthusiasten: 41,5 Millionen Verbraucher in den Vereinigten Staaten im Jahr 2022.

Demographisch Profile	Statistische Daten
Altersspanne	25-44 Jahre alt
Durchschnittliche jährliche Ausgaben	321 $ pro Person für Craft-Bier
Marktdurchdringung	18,4 % des gesamten Biermarktes

Millennials und Gen Z-Getränkekonsumenten

Gesamter adressierbarer Markt: 138,7 Millionen Verbraucher in den Vereinigten Staaten.

• Konsumpräferenz der Millennials: 45 % bevorzugen Craft- und Spezialgetränke
• Trend zum Alkoholkonsum der Generation Z: 32 % bevorzugen Hard Selters und alternative Getränke

Suchende nach Premium-Alkoholgetränken

Marktwert von Premiumgetränken: 47,3 Milliarden US-Dollar im Jahr 2023.

Verbrauchersegment	Marktanteil	Durchschnittliche Ausgaben
Fachkräfte mit hohem Einkommen	24.6%	485 $ pro Jahr
Städtische Verbraucher	19.3%	412 $ pro Jahr

Gesundheitsbewusste Hard-Seltzer-Trinker

Marktgröße für Hard Seltzer: 4,8 Milliarden US-Dollar im Jahr 2022.

• Präferenz für kalorienarme Ernährung: 62 % der Verbraucher
• Nachfrage nach Bio- und Naturzutaten: 37 % des Marktes

Junge Berufstätige in der Stadt und im Vorort

Zielgruppe: 62,3 Millionen Verbraucher.

Geografisches Segment	Bevölkerung	Getränkeausgaben
Städtische Gebiete	38,7 Millionen	276 US-Dollar pro Kopf und Jahr
Vorstadtgebiete	23,6 Millionen	243 US-Dollar pro Kopf und Jahr

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Kostenstruktur

Rohstoffbeschaffung

Im Geschäftsjahr 2022 gab die Boston Beer Company 316,8 Millionen US-Dollar für Rohstoffe und Verpackungen aus.

Rohstoffkategorie	Jährliche Kosten (2022)
Hopfen	42,3 Millionen US-Dollar
Malz	89,5 Millionen US-Dollar
Verpackungsmaterialien	184,9 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die Gesamtproduktionskosten für 2022 beliefen sich auf 595,2 Millionen US-Dollar.

• Betriebskosten der Produktionsanlage: 127,6 Millionen US-Dollar
• Arbeitskosten: 86,4 Millionen US-Dollar
• Gerätewartung: 42,1 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Die Marketingausgaben beliefen sich im Jahr 2022 auf insgesamt 254,7 Millionen US-Dollar.

Marketingkanal	Ausgaben
Digitales Marketing	98,3 Millionen US-Dollar
Traditionelle Werbung	76,9 Millionen US-Dollar
Werbeveranstaltungen	79,5 Millionen US-Dollar

Vertriebs- und Logistikkosten

Die Vertriebskosten für 2022 beliefen sich auf 187,5 Millionen US-Dollar.

• Transportkosten: 112,6 Millionen US-Dollar
• Lagerbetrieb: 47,3 Millionen US-Dollar
• Versand und Bearbeitung: 27,6 Millionen US-Dollar

Forschungs- und Entwicklungsausgaben

Die F&E-Ausgaben beliefen sich im Jahr 2022 auf 43,2 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition
Entwicklung neuer Produkte	28,7 Millionen US-Dollar
Brautechnik	9,5 Millionen US-Dollar
Geschmacksinnovation	5 Millionen Dollar

The Boston Beer Company, Inc. (SAM) – Geschäftsmodell: Einnahmequellen

Verkauf von Bierprodukten

Gesamterlös aus dem Bierverkauf im Jahr 2023: 583,1 Millionen US-Dollar

Produktlinie	Umsatz 2023
Samuel Adams Craft Beer	237,4 Millionen US-Dollar
Saisonale Biersorten	146,2 Millionen US-Dollar
Craft-Biere in limitierter Auflage	99,5 Millionen US-Dollar

Verkauf von Hard Seltzer-Produkten

Gesamtumsatz von Hard Seltzer im Jahr 2023: 332,6 Millionen US-Dollar

Marke	Umsatz 2023
Wirklich harter Seltzer	292,4 Millionen US-Dollar
Andere Hard Seltzer-Varianten	40,2 Millionen US-Dollar

Handelswaren und Markenprodukte

Warenumsatz 2023: 12,7 Millionen US-Dollar

• Markenglaswaren: 3,8 Millionen US-Dollar
• Bekleidung und Accessoires: 5,6 Millionen US-Dollar
• Sammlerstücke: 3,3 Millionen US-Dollar

Einnahmen aus Brauereiführung und Verkostung

Umsatz mit Brauereierlebnissen 2023: 2,1 Millionen US-Dollar

Standort	Jährliche Besucher	Durchschnittlicher Umsatz pro Besuch
Boston-Brauerei	45,000	$35
Cincinnati-Brauerei	32,000	$28

Einnahmen aus dem Großhandelsvertrieb

Umsatz aus dem Großhandelsvertrieb 2023: 845,3 Millionen US-Dollar

Vertriebskanal	Umsatz 2023
Nationale Einzelhandelsketten	456,7 Millionen US-Dollar
Regionale Vertriebspartner	288,6 Millionen US-Dollar
Vor-Ort-Konten	100 Millionen Dollar

The Boston Beer Company, Inc. (SAM) - Canvas Business Model: Value Propositions

The Boston Beer Company, Inc. (SAM) offers a value proposition centered on a diversified portfolio that balances established craft heritage with high-growth, convenient ready-to-drink (RTD) formats.

Portfolio diversification across high-growth 'Beyond Beer' categories

The strategic focus is heavily weighted toward 'Beyond Beer' segments, which accounted for approximately 85% of the Company's 2024 volume, positioning The Boston Beer Company, Inc. as the second largest supplier in that space with a 21% market share in 2024. This diversification is key, especially as the company navigates industry dynamics, evidenced by the prior year's non-cash brand impairment charge of $29.1 million related to certain craft brands.

High-quality, premium craft beer heritage (Samuel Adams, Dogfish Head)

The foundation remains rooted in its premium craft heritage. The Samuel Adams brand began in 1984. Dogfish Head, which competes in the spirits RTD category, began distilling spirits in 2002. The company's overall financial performance in the third quarter of 2025 saw net revenue of $537.5 million, with a year-to-date net revenue of $1.579 billion.

Leading position in hard tea (Twisted Tea) and a top-two hard seltzer brand (Truly)

Twisted Tea is a primary growth engine, now recognized as a top 10 overall beer brand and the fastest-growing brand within that top 10 group. In the third quarter of 2025, the hard tea segment saw dollar sales increase by +20% and volume increase by +18%. Twisted Tea commands 85% market share within the hard tea segment. Conversely, the Truly Hard Seltzer brand experienced volume declines of -23.1% and dollar sales declines of -21.6% Year-to-Date.

The following table summarizes key brand performance metrics based on recent data:

Brand/Segment	Metric Type	Value	Period/Context
Twisted Tea	Dollar Sales Growth	+20%	Q3 2025 (Segment)
Twisted Tea	Volume Growth	+18%	Q3 2025 (Segment)
Twisted Tea	Market Share	85%	Hard Tea Segment
Truly Hard Seltzer	Dollar Sales Decline	-21.6%	YTD 2025
Truly Hard Seltzer	Volume Decline	-23.1%	YTD 2025
Spirits RTD Category	Category Size	$1.3 billion	2024 Measured Off-Premise Channels

Innovative, higher-ABV offerings like Truly Unruly (8% ABV)

Innovation targets higher alcohol by volume (ABV) to meet evolving consumer desires. Truly Unruly, introduced in 2024, is a high-ABV hard seltzer extension packing an 8% ABV. This innovation was cited as the 'No. 1 innovation in beyond beer' and was the #1 hard seltzer dollar driver over the preceding year.

Convenience of ready-to-drink (RTD) formats across all segments

The convenience of RTD formats is a core value driver, with brands like Sun Cruiser (a vodka spirits RTD launched in 2024) and Hard Mountain Dew contributing to volume growth in the first quarter of 2025. Canned packaging is significant; in 2024, approximately 79% of the Company's total volume was packaged in cans, a percentage expected to increase in 2025. The company's Q3 2025 gross margin improved to 50.8%, benefiting from product mix, which includes these higher-margin, convenient formats.

• The Boston Beer Company, Inc. held $250.5 million in cash as of September 27, 2025.
• Year-to-date 2025 depletions were down 3%.
• The company repurchased $161.3 million in shares from December 30, 2024, through October 17, 2025.
• The spirits RTD category grew in dollars approximately 24% in 2024.

Finance: review the Q4 2025 guidance impact on the $1.579 billion YTD revenue base by next Tuesday.

The Boston Beer Company, Inc. (SAM) - Canvas Business Model: Customer Relationships

High-volume, high-frequency transactions through retail channels are supported by a sales force of over 475 people in the US Beer Market industry. For the first half of 2025, over 1 in 3 beer drinking households in the U.S. purchased at least one product from The Boston Beer Company, Inc.'s diverse portfolio. Shipment volume for the second quarter of 2025 was approximately 2.1 million barrels, a 0.8% decrease from the prior year. Year-to-date shipment volume through the second quarter of 2025 was approximately 3.8 million barrels, a 1.7% increase from the prior year. Depletions (volumes) for the first half of 2025 decreased 3% year-to-date.

Experiential marketing includes major sports sponsorships; for example, The Boston Beer Company, Inc. renewed its tie-up with the Boston Red Sox baseball team, ensuring Samuel Adams retains its 'official beer' status for a further ten years.

Direct engagement is facilitated through hospitality locations; The Boston Beer Company, Inc. has taprooms and hospitality locations in California, Delaware, Massachusetts, New York, and Ohio.

The Boston Beer Company, Inc. increased its investment in media; Advertising, promotional, and selling expenses for the second quarter of 2025 increased $15.5 million or 10.7% year-over-year, primarily due to increased brand investment in media. For the third quarter of 2025, Advertising, promotional and selling expenses increased $16.8 million year-over-year, driven by $20.9 million in increased brand media and local marketing investments. The company's full-year 2025 guidance anticipates advertising, promotional and selling expense increases of $50 million to $60 million. This follows a 14.3% rise in first-quarter advertising, promotional and selling expenses due to increased investment in "media and local marketing".

Brand-specific campaigns target younger legal-drinking-age consumers; The Boston Beer Company, Inc.'s portfolio is noted to appeal to the youngest LDA consumers compared to competitors. Furthermore, both beer and beyond beer offerings are recording faster household growth among Generation Z drinkers than wine and spirits.

Metric Category	Specific Data Point	Amount/Value
Sales Force Size	Number of sales people in the US Beer Market industry	Over 475
Consumer Reach (H1 2025)	Beer drinking households purchasing a product	1 in 3
Q2 2025 Shipments	Volume in barrels	Approximately 2.1 million barrels
Q2 2025 Shipment Change	Year-over-year change	0.8% decrease
H1 2025 Depletions Change	Year-to-date percentage change	3% decrease
Q2 2025 Depletions Change	Year-over-year percentage change	5% decrease
Advertising Spend Increase (Q3 2025 YoY)	Increase in Advertising, promotional, and selling expenses	$16.8 million
Q3 2025 Brand Media Investment	Increase in brand media and local marketing spend	$20.9 million
Full Year 2025 Ad Spend Guidance	Expected increase in Advertising, promotional and selling expense	$50 million to $60 million
Sponsorship Term	Boston Red Sox 'official beer' status renewal for Samuel Adams	Ten years

• The Boston Beer Company, Inc. has taprooms in California, Delaware, Massachusetts, New York, and Ohio.
• The company's volume has a +10% CAGR over the last five years.
• The company is focused on appealing to the youngest legal-drinking-age (LDA) consumers.

The Boston Beer Company, Inc. (SAM) - Canvas Business Model: Channels

The Boston Beer Company, Inc. moves its products through a highly structured system designed to ensure broad market access, which is critical given the company's reliance on its extensive brand portfolio, including Samuel Adams, Truly, and Twisted Tea.

Three-tier distribution system (brewer to wholesaler to retailer)

The core of The Boston Beer Company, Inc.'s channel strategy is the mandated three-tier system in the United States. The company supports this structure with a significant internal resource commitment.

• The company maintains a sales force of over 475 people to manage relationships with wholesalers and key accounts.
• As of June 28, 2025, the company believed distributor inventory averaged approximately four and one half weeks on hand, which was within their target range of four to five weeks for the peak summer season.
• The Boston Beer Company, Inc. ranked #1 in Tamarron Consulting's 2025 Brewer Partnership Compass Survey for its relationship with distributors, specifically ranking #1 in Off Premise Chain Accounts and #1 in On Premise Chain Accounts.

Off-premise retail (grocery, convenience, liquor stores)

Off-premise retail is the primary volume driver, especially for the Beyond Beer segment. The company's success in this channel is paramount to its overall financial health, as evidenced by its revenue performance.

Metric	Value/Period	Reference Period/Context
Net Revenue (Q3 2025)	$537.49M	Quarter ending September 27, 2025
Net Revenue (H1 2025)	$1.042 billion	Six months ended June 28, 2025
US Beer Market Size (Off-Premise)	$47.6 billion	Measured channels in 2024
Beyond Beer Share of US Beer Market	22%	Measured channels in 2024

The company's Twisted Tea brand is a key performer in this space, noted as a top 10 overall beer brand.

On-premise accounts (bars, restaurants, stadiums, concert venues)

The on-premise channel is a vital outlet for brand building and trial, particularly for new innovations like Sun Cruiser. The company's strong distributor relationship scores reflect its execution here.

• The Boston Beer Company, Inc. ranked #1 in On Premise Chain Accounts in the 2025 Tamarron Brewer Partnership Compass Survey.
• The company is actively looking to add distribution for brands like Sun Cruiser in on-premise retailers as part of its 2025 strategy.

Company-owned taprooms and hospitality locations

The Boston Beer Company, Inc. uses company-owned locations to directly engage consumers and support brand experience, though these locations do not typically represent a large portion of total net revenue.

• The company operates taprooms and hospitality locations across five states: California, Delaware, Massachusetts, New York, and Ohio.

Direct-to-consumer sales at local breweries

Direct-to-consumer (DTC) sales are primarily facilitated through the on-site sales at the company's hospitality locations, which fall under the taproom and on-premise umbrella for reporting purposes, though specific DTC revenue figures separate from on-premise sales are not publicly itemized in the latest financial releases.

Finance: review Q3 2025 capital expenditure actuals against the $90 million to $110 million full-year forecast by end of next week.

The Boston Beer Company, Inc. (SAM) - Canvas Business Model: Customer Segments

Core craft beer enthusiasts seeking quality and tradition (Samuel Adams)

• Depletions for the Samuel Adams brand dragged on growth in the second quarter of 2025.
• The company brews more than 60 styles of Samuel Adams beer as of late 2025.
• The company launched Samuel Adams American Light nationwide in 2025, aiming to trade up consumers in the 700-million-case segment.
• Samuel Adams retained its 'official beer' status with the Boston Red Sox baseball team for a further ten years, announced in July 2025.

Younger LDA consumers driving growth in Beyond Beer (Truly, Twisted Tea)

• The hard seltzer category declined 5% year over year in the first quarter of 2025.
• Truly brand volumes were down in the first quarter of 2025.
• Truly depletions decreased 5% in the second quarter of 2025.
• Twisted Tea Extreme flavors were the second and third fastest-growing products by volume in the flavored malt beverage category in the first quarter of 2025.
• Twisted Tea saw measured-dollar sales decline 4% in the second quarter of 2025.
• The hard tea segment volume increased 18% in the third quarter of 2024, with Twisted Tea holding 85% of that segment's market share.

Consumers seeking convenience and flavor in RTD spirits (Sun Cruiser)

• Sun Cruiser vodka-based RTD brand volumes grew in the second quarter of 2025.
• Sun Cruiser reached approximately 4% share of the RTD spirits category as of the second quarter of 2025.
• Sun Cruiser Classic Iced Tea & Vodka won Best Alcoholic Beverage at the Bar & Restaurant Expo in April 2025.
• The company expanded the Sun Cruiser brand with vodka lemonade in the first quarter of 2025.

Value-focused drinkers and those seeking higher-ABV options

• Economic uncertainty impacted consumer behavior, leading to lower traffic at retail and fewer social occasions as of mid-2025.
• The company noted that consumers have become somewhat more focused on absolute dollar spend as of mid-2025.
• Truly Unruly, an 8% ABV hard seltzer, was noted as a significant growth driver in 2024, with the company betting on it to turn around Truly performance in 2025.
• Twisted Tea Extreme beverages contain 8% alcohol by volume.

Regional consumers near taprooms (Dogfish Head, Angel City)

• Dogfish Head craft beer volumes recorded growth in the second quarter of 2025.
• The company's domestic internal production increased to 76% of volume in the second quarter of 2025, up from 69% in the second quarter of 2024.

Key Financial and Volume Metrics for Brand Segments (2025 Data)

Metric	Period Ending March 31, 2025 (Q1)	Period Ending June 28, 2025 (Q2)	Period Ending September 27, 2025 (Q3)	Year-to-Date (YTD) through Q3
Net Revenue (US$ million)	453.9	587.9	537.5	1,579
Net Revenue Change vs. Prior Year	+6.5%	+1.5%	-11.2%	-1.9%
Depletions (Volume) Change vs. Prior Year	+5.3%	-5%	-3%	-3%
Shipments Change vs. Prior Year	N/A	-0.8%	-13.7%	-3.7%

The Boston Beer Company, Inc. (SAM) - Canvas Business Model: Cost Structure

You're looking at the cost side of The Boston Beer Company, Inc. (SAM)'s operations as of late 2025. Honestly, the cost structure is heavily influenced by brand investment and the ongoing battle with input costs and trade dynamics. Here are the hard numbers we see shaping their expenses.

The cost of goods sold (COGS) is inherently high because it involves raw materials like ingredients and packaging for a beverage company. A major factor mitigating this has been a significant shift in production strategy. Internal production for domestic volume reached 90% in Q3 2025, a big jump from just 66% the prior year, which helps control costs through better brewery efficiencies and procurement savings. Still, inflationary costs and tariffs put pressure on the bottom line.

Marketing spend is a massive, planned outlay. The company is actively increasing its investment to support brand growth, especially for innovations like Sun Cruiser. The expected increase in advertising, promotional, and selling expenses for the full year 2025 is now guided to range between $50 million and $60 million, which is an increase from the prior guidance range of $30 million to $50 million.

Specific headwinds impacting the gross margin include fees and pre-payments. For the full year 2025, The Boston Beer Company, Inc. (SAM) estimated that shortfall fees would negatively impact gross margin by 60 to 80 basis points, and non-cash expense from third-party production pre-payments would negatively impact gross margins by 40 to 60 basis points. This combination aligns with the negative 100-140 basis points impact you mentioned for 2025. To give you a recent snapshot, in Q3 2025, these two items combined impacted gross margins negatively by 54 basis points.

Tariffs present another clear cost burden. The estimated unfavorable cost impact from tariffs for the full year 2025 is projected to be between $20 million and $30 million, which translates to an estimated negative gross margin impact of between 50 and 100 basis points. More recently, updated guidance suggested tariffs would have an unfavorable impact of $9 million to $13 million, translating to a gross margin headwind of 40 to 60 basis points.

Capital expenditures (CapEx) are planned investments in the operational footprint. The guidance for capital expenditures for 2025 was lowered in Q3 2025, with the new figure guided to be around $70 million. Earlier in the year, the guidance was set between $90 million and $110 million.

Here is a breakdown of the key forward-looking cost drivers for 2025:

• Advertising, Promotional & Selling Expense Increase (vs. prior guidance): $50 million to $60 million
• Tariff Cost Impact (Estimated Full Year): $20 million to $30 million
• CapEx Guidance (Most Recent Update): Around $70 million
• Gross Margin Headwind from Tariffs (Updated Estimate): 40 to 60 basis points
• Gross Margin Headwind from Shortfall Fees & Pre-payments (Q1 Estimate): 100 to 140 basis points

We can summarize the key components impacting the cost side of the ledger for 2025 in this table:

Cost Component	2025 Financial Figure / Range	Context / Source Period
Incremental Advertising Spend Increase (Upper End)	$60 million	Full Year 2025 Guidance (Q3 Update)
Tariff Cost Impact (Estimated Range)	$20 million to $30 million	Full Year 2025 Estimate
Capital Expenditures Guidance (Most Recent)	Around $70 million	Full Year 2025 Guidance (Q3 Update)
Shortfall Fees & 3rd Party Pre-payments Impact (Estimated Range)	Negative 100 to 140 basis points on Gross Margin	Full Year 2025 Estimate (Q1 Data)
Internal Production Share of Domestic Volume	90%	Q3 2025 Achievement

The operational efficiency gains, like moving production in-house, are directly offsetting some of these external cost pressures. Finance: draft 13-week cash view by Friday.

The Boston Beer Company, Inc. (SAM) - Canvas Business Model: Revenue Streams

You're looking at how The Boston Beer Company, Inc. (SAM) brings in its money as of late 2025. It's a mix of core products, newer categories, and partnerships, all playing out against a backdrop of consumer caution.

The bulk of the company's income comes from selling its beverages, but the mix has definitely shifted over the years. As of the latest reporting, the company confirmed that its Beyond Beer products account for approx. 85% of volume. This category includes high-growth innovations like Sun Cruiser and established brands like Angry Orchard, which is back in growth mode, helping to offset pressure on other key brands. Traditional Beer, which includes the iconic Samuel Adams and Dogfish Head lines, makes up the remaining volume.

For the first nine months of fiscal 2025, The Boston Beer Company, Inc. (SAM) reported a Net revenue year-to-date (9 months) of $1.579 billion, reflecting a 1.9% decrease compared to the same period in 2024, driven by lower volumes partially offset by increased pricing and favorable product mix.

The company also generates revenue through strategic brand partnerships. Specifically, Licensing revenue from partner brands, such as the Hard Mountain Dew agreement, contributed to net revenue. For context, in fiscal 2024, this licensing revenue represented approximately 2% of total net revenues, and in 2023, it was less than 1%.

Here is a summary of the key financial metrics related to the revenue picture:

Revenue Stream Component	Financial Metric / Data Point
Year-to-Date Net Revenue (9 Months, Q3 2025)	$1.579 billion
Beyond Beer Volume Share	Approx. 85% of volume
Traditional Beer (Samuel Adams, Dogfish Head) Volume Share	Approx. 15% of volume (Implied)
Licensing Revenue (Partner Brands)	Reported as less than 1% of total net revenue in 2023 and 2% in 2024
Full-Year 2025 Diluted EPS Guidance (Including Tariff Impact)	Between $6.72 and $9.54

The revenue stream is further detailed by the company's outlook on profitability, which directly impacts shareholder returns:

• Full-year 2025 diluted EPS guidance, inclusive of tariff impacts, was set between $6.72 and $9.54.
• This guidance was later revised upward to a range of $7.80 to $9.80, reflecting strong margin performance.
• Tariff costs were estimated to have an unfavorable impact on 2025 EPS between $0.60 and $0.80 per diluted share, based on the revised guidance.
• The company is actively managing its portfolio, with newer, higher-margin products like Sun Cruiser showing strong growth.

The Boston Beer Company, Inc. (SAM) is clearly prioritizing margin expansion, which is evident in the gross margin performance, over top-line volume growth in the near term. Finance: draft 13-week cash view by Friday.