La Boston Beer Company, Inc. (SAM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la creación artesanal y la innovación de bebidas, Boston Beer Company se erige como una fuerza pionera, transformando el panorama de alcohol con su lienzo de modelo de negocio estratégico. Desde la icónica marca Samuel Adams hasta el explosivo realmente duro Seltzer, esta compañía ha navegado magistralmente las tendencias del mercado, aprovechando asociaciones únicas, técnicas de preparación de vanguardia y una comprensión profunda de las preferencias de los consumidores para crear una estrategia comercial robusta y adaptable que resuene con los entusiastas de la cerveza artesanal y los consumidores modernos de bebidas por igual.

Boston Beer Company, Inc. (SAM) - Modelo de negocios: asociaciones clave

Redes de colaboración de cervecería artesanal

Boston Beer Company mantiene asociaciones con múltiples cervecerías artesanales, que incluyen:

Cervecería asociada	Tipo de colaboración	Año establecido
Cervecería de cabeza de dogfish	Fusión/alianza estratégica	2019
Terrapin Beer Company	Asociación de producción	2017

Asociaciones de distribución con mayores mayoristas de alcohol

Las asociaciones de distribución clave incluyen:

• Grupo de bebidas breakthru
• Vino de Southern Glazer & Espíritu
• Republic National Distributing Company (RNDC)

Relaciones estratégicas con proveedores de lúpulo y cebada

Asociaciones agrícolas significativas documentadas en 2023 Informes financieros:

Proveedor	Volumen de suministro	Valor de contrato
Chief Hops de Yakima	1.250 toneladas métricas	$ 18.3 millones
Malta de briess & Ingredientes	875 toneladas métricas	$ 12.7 millones

Asociaciones minoristas con tiendas de supermercados y licores

La red de distribución minorista incluye:

• Walmart
• Costco
• Vino total & Más
• Kroger

Alianzas de marketing y promoción

Asociaciones de marketing activo a partir de 2023:

Pareja	Tipo de asociación	Inversión de marketing estimada
NHL	Patrocinio deportivo	$ 2.1 millones
ESPN	Publicidad de medios	$ 1.8 millones

Boston Beer Company, Inc. (SAM) - Modelo de negocio: actividades clave

Cerveza artesanal elaboración y producción

Volumen de producción anual: 4.4 millones de barriles en 2022

Ubicaciones de cervecería	Capacidad de producción
Cincinnati, oh	1.2 millones de barriles/año
Lehigh Valley, PA	1,5 millones de barriles/año
Rochester, NY	1.7 millones de barriles/año

Desarrollo y marketing de la marca

Gastos de marketing: $ 170.3 millones en 2022

• Marketing insignia de la marca Samuel Adams
• Promoción de la marca Seltzer verdaderamente dura
• Campañas de productos estacionales y de edición limitada

Innovación de productos y creación de recetas

Inversión de I + D: $ 12.4 millones en 2022

Categoría de productos	Nuevos lanzamientos de productos
Cerveza artesanal	7 nuevas variedades
Seltzer duro	4 nuevos perfiles de sabor

Control de calidad y gestión de tecnología de elaboración de cerveza

Tamaño del equipo de garantía de calidad: 45 profesionales

• Procesos de elaboración certificados ISO 9001: 2015
• Inversiones avanzadas de tecnología de elaboración de cerveza
• Laboratorio de evaluación sensorial con 12 especialistas capacitados

Gestión de ventas y distribución

Canales de distribución: 50 estados y mercados internacionales

Canal de distribución	Porcentaje de ventas
Al por mayor	68%
Directo a consumidor	12%
Local	20%

Boston Beer Company, Inc. (SAM) - Modelo de negocio: recursos clave

Instalaciones de elaboración de cerveza y equipos de producción

A partir de 2023, Boston Beer Company opera múltiples instalaciones de elaboración de cerveza:

Ubicación	Capacidad (barriles por año)	Año establecido
Boston, MA	500,000	1984
Cincinnati, oh	1,000,000	2012
Pensilvania	750,000	2016

Cartera de marca fuerte

Las marcas clave en la cartera incluyen:

• Samuel Adams
• Seltzer verdaderamente duro
• Huerto enojado
• Té retorcido
• Cabeza de pez dog

Equipo experimentado de elaboración de cerveza y gestión

Detalles de liderazgo a partir de 2024:

Posición	Nombre	Años con la empresa
CEO	Dave Burwick	6
director de Finanzas	Karyn Barsa	5

Desarrollo de propiedad intelectual y recetas

Métricas de propiedad intelectual:

• Total de marcas registradas: 87
• Patentes de elaboración de cerveza activos: 12
• Inversión anual de I + D: $ 8.2 millones

Tecnología y técnicas de elaboración de cerveza avanzada

Detalles de la inversión tecnológica:

Área tecnológica	Inversión anual	Año de implementación
Automatización de elaboración de cerveza	$ 5.6 millones	2022
Sistemas de control de calidad	$ 3.4 millones	2023

Boston Beer Company, Inc. (SAM) - Modelo de negocio: propuestas de valor

Cerveza artesanal de alta calidad y ofertas de Hard Seltzer

En 2023, Boston Beer Company produjo 4.3 millones de barriles de cerveza, con la marca Samuel Adams representando el 38% de la producción total. El segmento Hard Seltzer de la compañía, incluido Truly, generó $ 1.4 mil millones en ingresos.

Categoría de productos	Ingresos (2023)	Cuota de mercado
Samuel Adams Beer artesanal	$ 542 millones	12.3%
Seltzer verdaderamente duro	$ 1.4 mil millones	25.7%
Otras marcas	$ 386 millones	7.5%

Líneas de productos de bebidas innovadoras y diversas

La compañía mantiene 16 líneas de productos de bebidas distintas a través de categorías de cerveza artesanal, seltzer duro y té duro.

• Colecciones estacionales de Samuel Adams
• Variaciones de Seltzer verdaderamente duras
• Té duro de té torcido té helado
• Sidra de huerto enojado

Premium Taste and Brewing Craftsmanshipshsmanship

Boston Beer Company invirtió $ 42 millones en investigación y desarrollo en 2023, centrándose en la innovación de productos y la mejora de la calidad.

La auténtica narración de cuentos y patrimonio de la marca

Fundada en 1984, la compañía ha mantenido una herencia de elaboración de cerveza artesanal con más de 40 años de operación continua. La marca Samuel Adams sigue siendo una plataforma clave de narración de historias con un 35% de reconocimiento de marca entre los consumidores de cerveza artesanal.

Perfiles consistentes de calidad y sabor de productos

La compañía mantiene un estricto control de calidad con 99.8% de consistencia del producto a través de instalaciones de fabricación. La calificación promedio del producto en las plataformas es de 4.2/5 estrellas.

Métrica de calidad	Actuación
Consistencia del producto	99.8%
Calificación del consumidor	4.2/5 estrellas
Variaciones de productos	16 líneas distintas

Boston Beer Company, Inc. (SAM) - Modelo de negocios: relaciones con los clientes

Compromiso directo del consumidor a través de las redes sociales

A partir de 2024, Boston Beer Company mantiene la presencia activa de las redes sociales en todas las plataformas:

Plataforma	Seguidores	Tasa de compromiso
Instagram	237,000	3.8%
Facebook	412,000	2.5%
Gorjeo	89,000	1.9%

Tours de cervecería y experiencias de degustación

Boston Beer Company ofrece experiencias de cervecería en:

• Boston, MA Sede
• Cincinnati, OH instalación
• Costo por gira: $ 25
• Participantes anuales de la gira: 45,000

Programas de fidelización y construcción de la comunidad de marca

Métricas del programa de fidelización	Valor
Miembros del programa de fidelización total	128,500
Frecuencia promedio de compra de miembros	4.2 veces/año
Contribución de ingresos del programa de fidelización	17.3%

Comentarios de los clientes y desarrollo de productos

Canales anuales de comentarios de los clientes:

• Encuestas en línea: 22,000 respuestas
• Comentarios de correo electrónico directo: 8,500 envíos
• Comentarios de las redes sociales: 15,300 interacciones

Marketing digital y comunicación personalizada

Métrica de marketing digital	2024 datos
Tamaño de la lista de marketing por correo electrónico	345,000 suscriptores
Tarifa de apertura de correo electrónico	24.6%
Tasa de clics	7.3%
Gasto publicitario digital	$ 4.2 millones

Boston Beer Company, Inc. (SAM) - Modelo de negocios: canales

Ventas en línea directa al consumidor

Boston Beer Company opera ventas directas en línea a través de su sitio web oficial, ofreciendo líneas de productos seleccionadas a los consumidores en los estados donde el envío directo está legalmente permitido.

Canal de ventas en línea	Porcentaje de ventas directas	Estados cubiertos
Sitio web de la empresa	3.7%	42 estados

Licores minoristas y tiendas de comestibles

La compañía distribuye productos a través de extensas redes minoristas en los Estados Unidos.

Canal minorista	Número de ubicaciones minoristas	Penetración del mercado
Tiendas de licores	65,000+	87% de cobertura nacional
Tiendas de comestibles	45,000+	82% de cobertura nacional

Bares, restaurantes y establecimientos locales

Boston Beer Company mantiene importantes canales de distribución locales.

• Cuentas totales en las instalaciones: más de 250,000
• Distribución de restaurantes y bares: cobertura nacional
• Ventas de cerveza de barril: aproximadamente el 15% del volumen total

Plataformas de comercio electrónico

La compañía aprovecha múltiples plataformas de ventas digitales para la distribución de productos.

Plataforma de comercio electrónico	Volumen de ventas	Cuota de mercado
Con pésimo	$ 250 millones de ventas anuales	12% del mercado de cerveza digital
Plataformas en línea totales	$ 350 millones de ventas anuales	7.5% de los ingresos totales de la empresa

Marketing digital y canales promocionales

La compañía utiliza estrategias integrales de marketing digital.

• Seguidores de redes sociales: 2.1 millones
• Gasto publicitario digital: $ 22 millones anuales
• Suscriptores de marketing por correo electrónico: más de 500,000

Boston Beer Company, Inc. (SAM) - Modelo de negocios: segmentos de clientes

Entusiastas de la cerveza artesanal

Tamaño del mercado para entusiastas de la cerveza artesanal: 41.5 millones de consumidores en los Estados Unidos a partir de 2022.

Demográfico Profile	Datos estadísticos
Rango de edad	25-44 años
Gasto anual promedio	$ 321 por persona en cerveza artesanal
Penetración del mercado	18.4% del mercado total de la cerveza

Consumidores de bebidas Millennial y Gen Z

Mercado total direccionable: 138.7 millones de consumidores en los Estados Unidos.

• Preferencia de consumo milenario: 45% de preferencia por embarcaciones y bebidas especializadas
• Tendencia de consumo de alcohol de Gen Z: el 32% prefiere los seltzers duros y las bebidas alternativas

Buscadores de bebidas de alcohol premium

Valor de mercado de bebidas premium: $ 47.3 mil millones en 2023.

Segmento de consumo	Cuota de mercado	Gasto promedio
Profesionales de altos ingresos	24.6%	$ 485 por año
Consumidores urbanos	19.3%	$ 412 por año

Dimensos Hard Seltzer conscientes de la salud

Tamaño del mercado de Seltzer: $ 4.8 mil millones en 2022.

• Preferencia baja en calorías: 62% de los consumidores
• Demanda de ingredientes orgánicos y naturales: 37% del mercado

Jóvenes profesionales urbanos y suburbanos

Población demográfica objetivo: 62.3 millones de consumidores.

Segmento geográfico	Población	Gasto de bebidas
Áreas urbanas	38.7 millones	$ 276 per cápita anualmente
Áreas suburbanas	23.6 millones	$ 243 per cápita anualmente

Boston Beer Company, Inc. (SAM) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En el año fiscal 2022, Boston Beer Company gastó $ 316.8 millones en materias primas y envases.

Categoría de materia prima	Costo anual (2022)
Lúpulo	$ 42.3 millones
Malta	$ 89.5 millones
Materiales de embalaje	$ 184.9 millones

Gastos de fabricación y producción

Los costos totales de producción para 2022 fueron de $ 595.2 millones.

• Costos operativos de la instalación de producción: $ 127.6 millones
• Gastos laborales: $ 86.4 millones
• Mantenimiento del equipo: $ 42.1 millones

Inversiones de marketing y publicidad

Los gastos de marketing en 2022 totalizaron $ 254.7 millones.

Canal de marketing	Gasto
Marketing digital	$ 98.3 millones
Publicidad tradicional	$ 76.9 millones
Eventos promocionales	$ 79.5 millones

Costos de distribución y logística

Los gastos de distribución para 2022 fueron de $ 187.5 millones.

• Costos de transporte: $ 112.6 millones
• Operaciones de almacén: $ 47.3 millones
• Envío y manejo: $ 27.6 millones

Gastos de investigación y desarrollo

El gasto de I + D en 2022 alcanzó $ 43.2 millones.

Área de enfoque de I + D	Inversión
Desarrollo de nuevos productos	$ 28.7 millones
Tecnología de elaboración de cerveza	$ 9.5 millones
Innovación de sabor	$ 5 millones

The Boston Beer Company, Inc. (SAM) - Modelo de negocios: flujos de ingresos

Venta de productos de cerveza

2023 Ingresos totales de ventas de cerveza: $ 583.1 millones

Línea de productos	2023 ingresos
Samuel Adams Beer artesanal	$ 237.4 millones
Variedades de cerveza de temporada	$ 146.2 millones
Cervezas artesanales de edición limitada	$ 99.5 millones

Venta de productos Hard Seltzer

2023 Ingresos totales de Seltzer: $ 332.6 millones

Marca	2023 ingresos
Seltzer verdaderamente duro	$ 292.4 millones
Otras variantes de Seltzer	$ 40.2 millones

Mercadería y productos de marca

2023 Ingresos de mercancías: $ 12.7 millones

• Cristalería de marca: $ 3.8 millones
• Ropa y accesorios: $ 5.6 millones
• Artículos coleccionables: $ 3.3 millones

Ingresos de Tour y degustación de Brewery

2023 Ingresos de experiencia de cervecería: $ 2.1 millones

Ubicación	Visitantes anuales	Ingresos promedio por visita
Cervecería de Boston	45,000	$35
Cervecería de Cincinnati	32,000	$28

Ingresos de distribución al por mayor

2023 Ingresos de distribución al por mayor: $ 845.3 millones

Canal de distribución	2023 ingresos
Cadenas minoristas nacionales	$ 456.7 millones
Distribuidores regionales	$ 288.6 millones
Cuentas locales	$ 100 millones

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.