Boston Q1: Depletions -4%, Guidance Narrowed

Dear Client: Boston Beer reported its first quarter results this afternoon, and though there was some slight improvement with depletions over Q4, alongside an expected drop in shipments, the results still prompted a “modest narrowing” in guidance. Q1 DEPLETIONS AND YTD DEPLETIONS DOWN 4%. Facing a year-ago comp of -1%, depletions fell 4% in Q1 (versus a 6% decline in Q4 ’25), and the trend hasn’t budged much beyond the quarter, as Boston estimates that YTD depletions through the 17-week