Boston Beer ’25: Depletions Down (-4%), Margins Up (+4.1%)

Dear Client: Boston Beer put a bow on 2025 this afternoon, reporting fourth quarter and full-year results that showed volumes under continued pressure, while margins continued to improve, even as tariffs weighed on results. Let’s dig in: Q4: DEPLETIONS DOWN 6%. Q4 depletions decelerated from the last quarter, at down 6% vs. YA, while shipments were down 7.5%, at 1.4 million barrels. Net revs were down 4.1%.  Depressed shipment volumes were due to “declines in Twisted Tea, Truly Hard Seltzer