Boston Q3: Vol Trends Still Challenged, But  Gross Margin Isn’t

Dear Client: Boston Beer just reported Q3 results, with depletions and shipments down mid-single digits, while their gross margins continue to rise.  For Q3, Boston depletions were down 5%, and shipments down almost the same, at -4.9% to 1.8 million barrels. That was generally in line with the prior quarter, where the company saw depletions down 6% and shipments down 4.5%. (Recall that the company had previously said it expected shipments to decline low to mid-single digits in Q3 ‘26,