The Boston Beer Company, Inc. (SAM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da inovação de cervejas e bebidas artesanais, a Boston Beer Company é uma força pioneira, transformando a paisagem do álcool com sua tela estratégica de modelo de negócios. Do icônico Samuel Adams Brand ao explosivo verdadeiramente difícil de Seltzer, esta empresa navegou magistralmente tendências de mercado, alavancando parcerias únicas, Técnicas de cerveja de ponta e uma profunda compreensão das preferências do consumidor para criar uma estratégia de negócios robusta e adaptável que ressoa com entusiastas da cerveja artesanal e consumidores modernos de bebidas.

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: Parcerias -chave

Redes de colaboração de cervejaria artesanal

A Boston Beer Company mantém parcerias com várias cervejarias artesanais, incluindo:

Cervejaria parceira	Tipo de colaboração	Ano estabelecido
Cervejaria da cabeça do cachorrinho	Fusão/aliança estratégica	2019
Terrapin Beer Company	Parceria de produção	2017

Parcerias de distribuição com grandes atacadistas de álcool

As principais parcerias de distribuição incluem:

• Breakthru Beverage Group
• Vinho do glazer do sul & Espíritos
• Republic National Distribuiting Company (RNDC)

Relações estratégicas com fornecedores de lúpulo e cevada

Parcerias agrícolas significativas documentadas em 2023 Relatórios Financeiros:

Fornecedor	Volume de fornecimento	Valor do contrato
Yakima Chief Hops	1.250 toneladas métricas	US $ 18,3 milhões
Briess Malt & Ingredientes	875 toneladas métricas	US $ 12,7 milhões

Parcerias de varejo com lojas de supermercado e bebidas alcoólicas

A rede de distribuição de varejo inclui:

• Walmart
• Costco
• Vinho total & Mais
• Kroger

Alianças de marketing e promocionais

Parcerias de marketing ativo a partir de 2023:

Parceiro	Tipo de parceria	Investimento estimado de marketing
NHL	Patrocínio de esportes	US $ 2,1 milhões
ESPN	Publicidade na mídia	US $ 1,8 milhão

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: Atividades -chave

Cerveja de cerveja artesanal e produção

Volume anual de produção: 4,4 milhões de barris em 2022

Locais da cervejaria	Capacidade de produção
Cincinnati, Oh	1,2 milhão de barris/ano
Lehigh Valley, PA	1,5 milhão de barris/ano
Rochester, NY	1,7 milhão de barris/ano

Desenvolvimento e marketing de marca

Despesas de marketing: US $ 170,3 milhões em 2022

• Samuel Adams Marketing de marca de marca
• Promoção da marca realmente difícil Seltzer
• Campanhas de produtos sazonais e de edição limitada

Inovação de produtos e criação de receitas

Investimento de P&D: US $ 12,4 milhões em 2022

Categoria de produto	Novos lançamentos de produtos
Cerveja artesanal	7 novas variedades
Hard Seltzer	4 novos perfis de sabor

Controle de qualidade e gerenciamento de tecnologia de fabricação

Tamanho da equipe de garantia de qualidade: 45 profissionais

• Processos de fabricação certificada ISO 9001: 2015
• Investimentos avançados de tecnologia de cerveja
• Laboratório de avaliação sensorial com 12 especialistas treinados

Gerenciamento de vendas e distribuição

Canais de distribuição: 50 estados e mercados internacionais

Canal de distribuição	Porcentagem de vendas
Atacado	68%
Direto ao consumidor	12%
No local	20%

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: Recursos -chave

Instalações de cerveja e equipamentos de produção

A partir de 2023, a Boston Beer Company opera várias instalações de cerveja:

Localização	Capacidade (barris por ano)	Ano estabelecido
Boston, MA	500,000	1984
Cincinnati, Oh	1,000,000	2012
Pensilvânia	750,000	2016

Portfólio de marcas forte

As principais marcas no portfólio incluem:

• Samuel Adams
• Seltzer verdadeiramente difícil
• Pomar irritado
• Chá torcido
• Cabeça de Dogfish

Equipe experiente de fabricação e gerenciamento

Detalhes da liderança a partir de 2024:

Posição	Nome	Anos com empresa
CEO	Dave Burwick	6
Diretor Financeiro	Karyn Barsa	5

Propriedade intelectual e desenvolvimento de receitas

Métricas de propriedade intelectual:

• Total de marcas registradas: 87
• Patentes de fabricação ativa: 12
• Investimento anual de P&D: US $ 8,2 milhões

Tecnologia e técnicas avançadas de cerveja

Detalhes de investimento em tecnologia:

Área de tecnologia	Investimento anual	Ano de implementação
Automação de fabricação de cerveja	US $ 5,6 milhões	2022
Sistemas de controle de qualidade	US $ 3,4 milhões	2023

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: proposições de valor

Cerveja artesanal de alta qualidade e ofertas duras de Seltzer

Em 2023, a Boston Beer Company produziu 4,3 milhões de barris de cerveja, com a marca Samuel Adams representando 38% da produção total. O segmento Hard Seltzer da empresa, incluindo verdadeiramente, gerou US $ 1,4 bilhão em receita.

Categoria de produto	Receita (2023)	Quota de mercado
Samuel Adams cerveja artesanal	US $ 542 milhões	12.3%
Seltzer verdadeiramente difícil	US $ 1,4 bilhão	25.7%
Outras marcas	US $ 386 milhões	7.5%

Linhas de produtos inovadoras e diversificadas de bebidas

A empresa mantém 16 linhas de produtos de bebidas distintas em Categorias de cerveja artesanal, Seltzer duro e chá duro.

• Coleções sazonais de Samuel Adams
• Variações verdadeiramente difíceis de Seltzer
• Chá torcido chá gelado
• Cidra de pomar irritado

Sabor premium e artesanato

A Boston Beer Company investiu US $ 42 milhões em pesquisa e desenvolvimento em 2023, com foco na inovação de produtos e na melhoria da qualidade.

Authentic Brand Storytelling and Heritage

Fundada em 1984, a empresa manteve uma herança artesanal com mais de 40 anos de operação contínua. A marca Samuel Adams continua sendo uma plataforma -chave de narrativa, com 35% de reconhecimento de marca entre os consumidores de cerveja artesanal.

Qualidade consistente do produto e perfis de sabor

A empresa mantém um controle rigoroso de qualidade com 99,8% de consistência do produto nas instalações de fabricação. A classificação média do produto entre as plataformas é de 4,2/5 estrelas.

Métrica de qualidade	Desempenho
Consistência do produto	99.8%
Classificação do consumidor	4.2/5 estrelas
Variações do produto	16 linhas distintas

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto do consumidor através da mídia social

A partir de 2024, a Boston Beer Company mantém a presença ativa das mídias sociais entre as plataformas:

Plataforma	Seguidores	Taxa de engajamento
Instagram	237,000	3.8%
Facebook	412,000	2.5%
Twitter	89,000	1.9%

Passeios de cervejaria e experiências de degustação

A Boston Beer Company oferece experiências de cervejaria em:

• BOSTON, MA Sede
• Cincinnati, OH Facility
• Custo por Tour: $ 25
• Participantes da excursão anual: 45.000

Programas de fidelidade e construção da comunidade de marca

Métricas do Programa de Fidelidade	Valor
Membros do programa de fidelidade total	128,500
Frequência média de compra de membro	4,2 vezes/ano
Contribuição da receita do programa de fidelidade	17.3%

Feedback do cliente e desenvolvimento de produtos

Canais anuais de feedback do cliente:

• Pesquisas online: 22.000 respostas
• Feedback direto de e -mail: 8.500 envios
• Comentários da mídia social: 15.300 interações

Marketing digital e comunicação personalizada

Métrica de marketing digital	2024 dados
Tamanho da lista de marketing por e -mail	345.000 assinantes
Taxa de abertura por e -mail	24.6%
Taxa de cliques	7.3%
Gasto de anúncios digitais	US $ 4,2 milhões

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: canais

Vendas diretas ao consumidor on-line

A Boston Beer Company opera vendas diretas on -line por meio de seu site oficial, oferecendo linhas de produtos selecionadas aos consumidores em estados onde o envio direto é legalmente permitido.

Canal de vendas on -line	Porcentagem de vendas diretas	Estados cobertos
Site da empresa	3.7%	42 estados

Alcoólicos e supermercados de varejo

A empresa distribui produtos por meio de extensas redes de varejo nos Estados Unidos.

Canal de varejo	Número de locais de varejo	Penetração de mercado
Lojas de bebidas	65,000+	87% de cobertura nacional
Supermercados	45,000+	82% de cobertura nacional

Bares, restaurantes e estabelecimentos locais

A Boston Beer Company mantém canais significativos de distribuição no local.

• Contas totais no local: 250.000+
• Distribuição de restaurantes e bares: cobertura nacional
• Vendas de cerveja preliminares: aproximadamente 15% do volume total

Plataformas de comércio eletrônico

A empresa aproveita várias plataformas de vendas digitais para distribuição de produtos.

Plataforma de comércio eletrônico	Volume de vendas	Quota de mercado
Drizly	Vendas anuais de US $ 250 milhões	12% do mercado de cerveja digital
Total de plataformas online	Vendas anuais de US $ 350 milhões	7,5% da receita total da empresa

Marketing digital e canais promocionais

A empresa utiliza estratégias abrangentes de marketing digital.

• Seguidores de mídia social: 2,1 milhões
• Gastes de publicidade digital: US $ 22 milhões anualmente
• Assinantes de marketing por email: 500.000+

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

Entusiastas da cerveja artesanal

Tamanho do mercado para entusiastas da cerveja artesanal: 41,5 milhões de consumidores nos Estados Unidos a partir de 2022.

Demográfico Profile	Dados estatísticos
Faixa etária	25-44 anos
Gastos médios anuais	US $ 321 por pessoa em cerveja artesanal
Penetração de mercado	18,4% do mercado total de cerveja

Consumidores de bebidas milenares e gen Z

Mercado endereçável total: 138,7 milhões de consumidores nos Estados Unidos.

• Preferência de consumo milenar: 45% de preferência por artesanato e bebidas especializadas
• Tendência do consumo de álcool da geração Z: 32% preferem seltzers difíceis e bebidas alternativas

Buscadores de bebidas alcoólicas premium

Valor de mercado de bebidas premium: US $ 47,3 bilhões em 2023.

Segmento do consumidor	Quota de mercado	Gasto médio
Profissionais de alta renda	24.6%	US $ 485 por ano
Consumidores urbanos	19.3%	US $ 412 por ano

Bebedores de seltzer conscientes da saúde

Tamanho do mercado de Seltzer Hard: US $ 4,8 bilhões em 2022.

• Preferência de baixa caloria: 62% dos consumidores
• Demanda de ingredientes orgânicos e naturais: 37% do mercado

Jovens profissionais urbanos e suburbanos

População demográfica alvo: 62,3 milhões de consumidores.

Segmento geográfico	População	Gastos com bebidas
Áreas urbanas	38,7 milhões	US $ 276 per capita anualmente
Áreas suburbanas	23,6 milhões	US $ 243 per capita anualmente

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: estrutura de custos

Aquisição de matéria -prima

No ano fiscal de 2022, a Boston Beer Company gastou US $ 316,8 milhões em matérias -primas e embalagens.

Categoria de matéria -prima	Custo anual (2022)
Lúpulo	US $ 42,3 milhões
Malte	US $ 89,5 milhões
Materiais de embalagem	US $ 184,9 milhões

Despesas de fabricação e produção

Os custos totais de produção para 2022 foram de US $ 595,2 milhões.

• Custos operacionais da instalação de produção: US $ 127,6 milhões
• Despesas de trabalho: US $ 86,4 milhões
• Manutenção do equipamento: US $ 42,1 milhões

Investimentos de marketing e publicidade

As despesas de marketing em 2022 totalizaram US $ 254,7 milhões.

Canal de marketing	Gastos
Marketing digital	US $ 98,3 milhões
Publicidade tradicional	US $ 76,9 milhões
Eventos promocionais	US $ 79,5 milhões

Custos de distribuição e logística

As despesas de distribuição para 2022 foram de US $ 187,5 milhões.

• Custos de transporte: US $ 112,6 milhões
• Operações de armazém: US $ 47,3 milhões
• Envio e manuseio: US $ 27,6 milhões

Despesas de pesquisa e desenvolvimento

Os gastos com P&D em 2022 atingiram US $ 43,2 milhões.

Área de foco em P&D	Investimento
Desenvolvimento de novos produtos	US $ 28,7 milhões
Tecnologia de fabricação de cerveja	US $ 9,5 milhões
Inovação de sabor	US $ 5 milhões

The Boston Beer Company, Inc. (SAM) - Modelo de negócios: fluxos de receita

Vendas de produtos de cerveja

2023 Receita total de vendas de cerveja: US $ 583,1 milhões

Linha de produtos	2023 Receita
Samuel Adams cerveja artesanal	US $ 237,4 milhões
Variedades de cerveja sazonal	US $ 146,2 milhões
Cervejas artesanais de edição limitada	US $ 99,5 milhões

Vendas difíceis de produtos Seltzer

2023 Receita total de Seltzer: US $ 332,6 milhões

Marca	2023 Receita
Seltzer verdadeiramente difícil	US $ 292,4 milhões
Outras variantes difíceis de Seltzer	US $ 40,2 milhões

Mercadorias e produtos de marca

2023 Receita de mercadorias: US $ 12,7 milhões

• Glassware de marca: US $ 3,8 milhões
• Vestuário e acessórios: US $ 5,6 milhões
• Itens colecionáveis: US $ 3,3 milhões

Tour da cervejaria e receita de degustação

2023 Revenue da experiência da cervejaria: US $ 2,1 milhões

Localização	Visitantes anuais	Receita média por visita
Boston Brewery	45,000	$35
Cervejaria de Cincinnati	32,000	$28

Receita de distribuição por atacado

2023 Receita de distribuição por atacado: US $ 845,3 milhões

Canal de distribuição	2023 Receita
Cadeias nacionais de varejo	US $ 456,7 milhões
Distribuidores regionais	US $ 288,6 milhões
Contas no local	US $ 100 milhões

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.