Boston Beer

Q3 FY2026 EarningsQ3 FY26 results were mixed, with a slight revenue miss but a significant beat on adjusted earnings. Net revenue of $520.1M fell -0.54% short of consensus due to a 5% decline in depletions, while Non-GAAP EPS of $4.37 comfortably beat the $4.21 estimate. Gross margin expanded 90 bps YoY to 51.7%, exceeding expectations of 51.2% behind supply chain efficiencies. Management narrowed FY26 Non-GAAP EPS guidance to $9.00 - $10.50, raising the lower bound, while tempering the volume outlook to 'down mid-single digits.'