The Boston Beer Company, Inc. (SAM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'innovation de brassage et de boissons artisanales, la Boston Beer Company est une force pionnière, transformant le paysage de l'alcool avec sa toile de modèle commercial stratégique. De l'emblématique marque Samuel Adams à l'explosif vraiment dur, cette entreprise a magistralement navigué les tendances du marché, en tirant parti Partenariats uniques, Techniques de brassage de pointe, et une compréhension approfondie des préférences des consommateurs pour créer une stratégie commerciale robuste et adaptable qui résonne avec les amateurs de bière artisanale et les consommateurs de boissons modernes.

The Boston Beer Company, Inc. (SAM) - Modèle commercial: partenariats clés

Networks de collaboration de brasserie artisanale

La Boston Beer Company entretient des partenariats avec plusieurs brasseries artisanales, notamment:

Brasserie partenaire	Type de collaboration	Année établie
Brasserie de tête de poisson	Alliance de fusion / stratégique	2019
Terrapin Beer Company	Partenariat de production	2017

Partenariats de distribution avec les gros grossistes d'alcool

Les partenariats de distribution clés comprennent:

• Groupe de boissons Breakthru
• Le vin du Glazer du Sud & Esprits
• Republic National Distributing Company (RNDC)

Relations stratégiques avec les fournisseurs de saut et d'orge

Partenariats agricoles importants documentés dans 2023 rapports financiers:

Fournisseur	Volume d'alimentation	Valeur du contrat
Yakima Chief Hops	1 250 tonnes métriques	18,3 millions de dollars
Briess Malt & Ingrédients	875 tonnes métriques	12,7 millions de dollars

Partenariats de vente au détail avec les magasins d'épicerie et d'alcool

Le réseau de distribution de détail comprend:

• Walmart
• Costco
• Vin total & Plus
• Kroger

Marketing et alliances promotionnelles

Partenariats de marketing actifs à partir de 2023:

Partenaire	Type de partenariat	Investissement marketing estimé
Dans la LNH	Parrainage sportif	2,1 millions de dollars
ESPN	Publicité médiatique	1,8 million de dollars

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: Activités clés

Brassage et production de bière artisanale

Volume de production annuel: 4,4 millions de barils en 2022

Lieux de brasserie	Capacité de production
Cincinnati, oh	1,2 million de barils / an
Lehigh Valley, PA	1,5 million de barils / an
Rochester, NY	1,7 million de barils / an

Développement et marketing de marque

Dépenses de marketing: 170,3 millions de dollars en 2022

• Marketing phare de la marque Samuel Adams Brand
• Promotion de marque vraiment dure Seltzer
• Campagnes de produits saisonnières et limitées

Innovation de produit et création de recettes

Investissement en R&D: 12,4 millions de dollars en 2022

Catégorie de produits	Lancements de nouveaux produits
Bière artisanale	7 nouvelles variétés
Seltzer dur	4 nouveaux profils de saveurs

Contrôle de la qualité et gestion des technologies

Taille de l'équipe d'assurance qualité: 45 professionnels

• ISO 9001: Processus de brassage certifié 2015
• Investissements de technologie de brassage avancé
• Laboratoire d'évaluation sensorielle avec 12 spécialistes formés

Gestion des ventes et de la distribution

Canaux de distribution: 50 États et marchés internationaux

Canal de distribution	Pourcentage de ventes
De gros	68%
Direct à consommateur	12%
Sur site	20%

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: Ressources clés

Installations de brassage et équipement de production

En 2023, la Boston Beer Company exploite plusieurs installations de brassage:

Emplacement	Capacité (barils par an)	Année établie
Boston, MA	500,000	1984
Cincinnati, oh	1,000,000	2012
Pennsylvanie	750,000	2016

Portfolio de marque solide

Les marques clés du portefeuille comprennent:

• Samuel Adams
• Seltzer vraiment dur
• Verger en colère
• Thé tordu
• Tête de poisson

Équipe expérimentée de brassage et de gestion

Détails du leadership à partir de 2024:

Position	Nom	Années en entreprise
PDG	Dave Burwick	6
Directeur financier	Karyn Barsa	5

Propriété intellectuelle et développement de recettes

Métriques de la propriété intellectuelle:

• Marques totales enregistrées: 87
• Brevets de brassage actif: 12
• Investissement annuel de R&D: 8,2 millions de dollars

Technologie et techniques avancées de brassage

Détails de l'investissement technologique:

Zone technologique	Investissement annuel	Année de mise en œuvre
Automatisation de brassage	5,6 millions de dollars	2022
Systèmes de contrôle de la qualité	3,4 millions de dollars	2023

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: propositions de valeur

Offres de bière artisanale de haute qualité et de seltzer dur

En 2023, Boston Beer Company a produit 4,3 millions de barils de bière, la marque Samuel Adams représentant 38% de la production totale. Le segment du seltzer dur de la société, dont vraiment, a généré 1,4 milliard de dollars de revenus.

Catégorie de produits	Revenus (2023)	Part de marché
Samuel Adams Craft Beer	542 millions de dollars	12.3%
Seltzer vraiment dur	1,4 milliard de dollars	25.7%
Autres marques	386 millions de dollars	7.5%

Lignes de produits de boissons innovantes et diverses

La société maintient 16 gammes de produits de boisson distinctes à travers la bière artisanale, le seltzer dur et les catégories de thé dur.

• Samuel Adams Collections de saison
• Variations de seltzer vraiment dures
• Thé dur torsadé glacé dur
• Cider d'orcher en colère

Taste et artisanat de qualité supérieure

Boston Beer Company a investi 42 millions de dollars dans la recherche et le développement en 2023, se concentrant sur l'innovation des produits et l'amélioration de la qualité.

Narration et patrimoine de marque authentique

Fondée en 1984, la société a maintenu un patrimoine artisanal avec plus de 40 ans de fonctionnement continu. La marque Samuel Adams reste une plate-forme de narration clé avec une reconnaissance de marque à 35% parmi les consommateurs de bière artisanale.

Profils de qualité des produits cohérents et de saveurs

L'entreprise maintient un contrôle de qualité strict avec 99,8% de cohérence des produits dans toutes les installations de fabrication. La cote de produit moyenne sur les plates-formes se situe à 4,2 / 5 étoiles.

Métrique de qualité	Performance
Cohérence des produits	99.8%
Cote de consommation	4.2 / 5 étoiles
Variations de produit	16 lignes distinctes

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: relations avec les clients

Engagement direct aux consommateurs via les médias sociaux

En 2024, Boston Beer Company maintient une présence active sur les réseaux sociaux sur toutes les plateformes:

Plate-forme	Abonnés	Taux d'engagement
Instagram	237,000	3.8%
Facebook	412,000	2.5%
Gazouillement	89,000	1.9%

Visites de brasserie et expériences de dégustation

Boston Beer Company propose des expériences de brasserie à:

• Boston, siège de MA
• Cincinnati, OH Facility
• Coût par tournée: 25 $
• Participants annuels à la tournée: 45 000

Programmes de fidélité et bâtiment communautaire de marque

Métriques du programme de fidélité	Valeur
Membres du programme de fidélité totale	128,500
Fréquence moyenne d'achat des membres	4.2 fois / an
Contribution des revenus du programme de fidélité	17.3%

Commentaires des clients et développement de produits

Canaux de rétroaction des clients annuels:

• Enquêtes en ligne: 22 000 réponses
• Commentaires par e-mail direct: 8 500 soumissions
• Commentaires sur les réseaux sociaux: 15 300 interactions

Marketing numérique et communication personnalisée

Métrique du marketing numérique	2024 données
Taille de la liste de marketing par e-mail	345 000 abonnés
Taux d'ouverture par e-mail	24.6%
Taux de clics	7.3%
Dépenses publicitaires numériques	4,2 millions de dollars

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: canaux

Ventes en ligne directement aux consommateurs

La Boston Beer Company exploite des ventes en ligne directes via son site Web officiel, offrant certaines gammes de produits aux consommateurs dans les États où l'expédition directe est légalement autorisée.

Canal de vente en ligne	Pourcentage de ventes directes	États couverts
Site Web de l'entreprise	3.7%	42 États

Liqueurs de vente au détail et épiceries

La société distribue des produits à travers de vastes réseaux de vente au détail à travers les États-Unis.

Canal de vente au détail	Nombre d'emplacements de vente au détail	Pénétration du marché
Magasins d'alcools	65,000+	87% de couverture nationale
Épiceries	45,000+	Couverture nationale de 82%

Bars, restaurants et établissements sur site

La Boston Beer Company maintient des canaux de distribution sur site importants.

• Comptes totaux sur site: 250 000+
• Distribution des restaurants et du bar: couverture nationale
• Ventes de bière à la pression: environ 15% du volume total

Plates-formes de commerce électronique

L'entreprise tire parti de plusieurs plateformes de vente numérique pour la distribution des produits.

Plate-forme de commerce électronique	Volume des ventes	Part de marché
Gênant	250 millions de dollars de ventes annuelles	12% du marché de la bière numérique
Plates-formes en ligne totales	Ventes annuelles de 350 millions de dollars	7,5% du total des revenus de l'entreprise

MARKETING DIGULE ET CHANSONS PROMOTIONNELS

L'entreprise utilise des stratégies de marketing numérique complètes.

• Abonnés des médias sociaux: 2,1 millions
• Dépenses publicitaires numériques: 22 millions de dollars par an
• Abonders du marketing par e-mail: 500 000+

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: segments de clientèle

Passionnés de bière artisanale

Taille du marché pour les amateurs de bière artisanale: 41,5 millions de consommateurs aux États-Unis en 2022.

Démographique Profile	Données statistiques
Tranche d'âge	25-44 ans
Dépenses annuelles moyennes	321 $ par personne sur de la bière artisanale
Pénétration du marché	18,4% du marché total de la bière

Millennial et Gen Z Beverage Consumers

Marché total adressable: 138,7 millions de consommateurs aux États-Unis.

• Préférence de consommation du millénaire: 45% de préférence pour les boissons artisanales et spécialisées
• Gen Z Tendance de consommation d'alcool: 32% préfèrent les seltzers durs et les boissons alternatives

Demandeurs de boissons de qualité supérieure

Valeur marchande des boissons premium: 47,3 milliards de dollars en 2023.

Segment des consommateurs	Part de marché	Dépenses moyennes
Professionnels à revenu élevé	24.6%	485 $ par an
Consommateurs urbains	19.3%	412 $ par an

Buveurs de seltzer dur soucieux de leur santé

Taille du marché dur Seltzer: 4,8 milliards de dollars en 2022.

• Préférence à faible calories: 62% des consommateurs
• Demande d'ingrédient biologique et naturel: 37% du marché

Jeunes professionnels urbains et suburbains

Population démographique cible: 62,3 millions de consommateurs.

Segment géographique	Population	Dépenses de boissons
Zones urbaines	38,7 millions	276 $ par habitant par an
Zones de banlieue	23,6 millions	243 $ par habitant par an

The Boston Beer Company, Inc. (SAM) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

Au cours de l'exercice 2022, la Boston Beer Company a dépensé 316,8 millions de dollars en matières premières et en emballages.

Catégorie de matières premières	Coût annuel (2022)
Houblon	42,3 millions de dollars
Malt	89,5 millions de dollars
Matériaux d'emballage	184,9 millions de dollars

Frais de fabrication et de production

Les coûts de production totaux pour 2022 étaient de 595,2 millions de dollars.

• Facilités de production Coûts opérationnels: 127,6 millions de dollars
• Dépenses de main-d'œuvre: 86,4 millions de dollars
• Entretien de l'équipement: 42,1 millions de dollars

Investissements marketing et publicitaire

Les dépenses de marketing en 2022 ont totalisé 254,7 millions de dollars.

Canal de marketing	Dépenses
Marketing numérique	98,3 millions de dollars
Publicité traditionnelle	76,9 millions de dollars
Événements promotionnels	79,5 millions de dollars

Coûts de distribution et de logistique

Les frais de distribution pour 2022 étaient de 187,5 millions de dollars.

• Coûts de transport: 112,6 millions de dollars
• Opérations d'entrepôt: 47,3 millions de dollars
• Expédition et manutention: 27,6 millions de dollars

Dépenses de recherche et développement

Les dépenses de R&D en 2022 ont atteint 43,2 millions de dollars.

Zone de focus R&D	Investissement
Développement de nouveaux produits	28,7 millions de dollars
Technologie de brassage	9,5 millions de dollars
Innovation de saveur	5 millions de dollars

The Boston Beer Company, Inc. (SAM) - Modèle commercial: Strots de revenus

Ventes de produits de la bière

2023 Revenu total des ventes de bière: 583,1 millions de dollars

Gamme de produits	Revenus de 2023
Samuel Adams Craft Beer	237,4 millions de dollars
Variétés de bière saisonnières	146,2 millions de dollars
Bières artisanales en édition limitée	99,5 millions de dollars

Ventes de produits durs Seltzer

2023 Revenu total de seltzer dur: 332,6 millions de dollars

Marque	Revenus de 2023
Seltzer vraiment dur	292,4 millions de dollars
Autres variantes de seltzer dur	40,2 millions de dollars

Marchandises et produits de marque

2023 Revenus de marchandises: 12,7 millions de dollars

• Verrerie de marque: 3,8 millions de dollars
• Vêtements et accessoires: 5,6 millions de dollars
• Articles à collectionner: 3,3 millions de dollars

Visite de la brasserie et revenus de dégustation

2023 Brewery Experience Revenue: 2,1 millions de dollars

Emplacement	Visiteurs annuels	Revenu moyen par visite
Brasserie de Boston	45,000	$35
Brasserie de Cincinnati	32,000	$28

Revenu de distribution de gros

2023 Revenus de distribution de gros: 845,3 millions de dollars

Canal de distribution	Revenus de 2023
Chaînes de vente au détail nationales	456,7 millions de dollars
Distributeurs régionaux	288,6 millions de dollars
Comptes sur site	100 millions de dollars

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.