The Boston Beer Company Inc. reported third quarter 2025 financial results with net revenue of $537.5 million, down 11.2% year-over-year. Depletions decreased 3% while shipments fell 13.7% to approximately 1.9 million barrels, mainly due to declines in Twisted Tea, Truly Hard Seltzer, and Samuel Adams, partially offset by growth in Sun Cruiser and Angry Orchard. Gross margin increased to 50.8%, up 450 basis points from the prior year. Net income for the quarter was $46.2 million, compared to $33.6 million a year earlier. Year-to-date net revenue was $1.579 billion, a decrease of 1.9%. Year-to-date net income was $131.0 million, up $32.6 million from the previous year, driven primarily by the absence of a $29.1 million brand impairment charge in the prior year. The company ended the third quarter with $250.5 million in cash and no debt, and repurchased $161 million in shares from December 2024 to October 2025.