Boston Beer’s Q2 results: Sun Cruiser is growing. Twisted Tea, Truly, and Samuel Adams are not

The Boston Beer Company (NYSE: SAM) reported second quarter 2026 results on 23 July 2026 showing depletions down 6%, shipments down 4.5%, and net revenue down 3.3% to $568.3 million. Gross margin expanded 60 basis points to 50.4%. Non-GAAP diluted earnings per share were $3.65. The GAAP diluted earnings per share figure of $4.96 includes a $1.31 per share non-recurring favourable adjustment related to pre-judgement interest in an ongoing supplier litigation dispute and should not be treated as indicative of underlying operating performance. Year to date, the company has generated $1.002 billion in revenue (–3.8%) with non-GAAP diluted EPS of $5.28. The year-to-date GAAP loss of $8.99 per share reflects a $14.27 per share non-recurring litigation charge and does not reflect the operating performance of the business.