Free cash flow generation is highly unstable, evidenced by a negative 7.1% FCF margin in 2026Q1 despite the company continuing to execute $23.3 million in share buybacks during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 247.78M | 270.16M | 248.89M | 265.15M | 199.94M | 56.3M | 253.41M | 178.24M | 163.45M | 135.98M | 154.19M | 168.68M | 141.21M | 99.98M | 95.33M | 72.76M | 67.83M | 65.56M | 39.84M | 53.79M | 28.98M | 28.84M | 19.27M | 19.64M | 13.82M | 19.28M | 17.34M | 13.8M | 22.4M | 7M | 15.8M |
| Operating CF Margin % | - | 12.94% | 12.36% | 13.2% | 9.57% | 2.74% | 14.59% | 14.26% | 16.42% | 15.76% | 17.01% | 17.57% | 15.64% | 13.53% | 16.43% | 14.18% | 14.62% | 15.8% | 10% | 15.75% | 10.15% | 12.1% | 8.87% | 9.45% | 6.42% | 10.32% | 9.1% | 7.81% | 12.21% | 3.81% | 8.27% |
| Operating CF Growth % | -1139% | 8.54% | -6.13% | 32.61% | 255.16% | -77.78% | 42.17% | 9.05% | 20.2% | -11.81% | -8.59% | 19.45% | 41.24% | 4.88% | 31.02% | 7.27% | 3.45% | 64.56% | -25.94% | 85.64% | 0.47% | 49.64% | -1.87% | 42.12% | -28.31% | 11.2% | 25.62% | -38.39% | 220% | -55.7% | 558.33% |
| Net Income | -61.2M | 108.47M | 59.7M | 76.25M | 67.26M | 14.55M | 191.96M | 110.04M | 92.66M | 99.05M | 87.35M | 98.41M | 90.74M | 70.39M | 59.47M | 66.06M | 50.14M | 31.12M | 8.09M | 22.49M | 18.19M | 15.56M | 12.5M | 10.56M | 8.55M | 7.83M | 11.24M | 11.1M | 7.9M | 7.6M | 8.4M |
| Depreciation & Amortization | 92.76M | 93.99M | 93.99M | 88.14M | 81.36M | 80.11M | 73.01M | 56.27M | 51.97M | 51.26M | 49.56M | 42.88M | 35.14M | 25.9M | 20.21M | 18.79M | 17.43M | 16.92M | 12.5M | 6.65M | 4.99M | 4.52M | 5.03M | 7.11M | 6.15M | 6.66M | 6.44M | 5.9M | 5.2M | 4.5M | 3M |
| Stock-Based Compensation | 22.29M | 21.75M | 18.95M | 16.97M | 13.99M | 0 | 0 | 12.34M | 10.04M | 6.32M | 6.15M | 6.67M | 6.86M | 7.32M | 6.53M | 6.18M | 3.12M | 4.11M | 4.15M | 0 | 2.75M | 0 | 0 | 0 | 69K | 95K | 0 | 107K | 0 | 0 | 0 |
| Deferred Taxes | -49.97M | -1.02M | -19.92M | -10.87M | 9.1M | -5.22M | 17.66M | 7.4M | 14.35M | -22.44M | 8.24M | 6.99M | 15.35M | 11.63M | 2.07M | -453K | 4.42M | 2.13M | 7.76M | -1.7M | -731K | 952K | -449K | 1.43M | -763K | 1.87M | 1.74M | 1.1M | -1.9M | 1.6M | -300K |
| Other Non-Cash Items | 236.86M | -62K | 57.25M | 29.72M | 37.94M | 36.72M | 19.6M | 6.03M | 718K | 3.21M | -12.39M | -14.41M | -15.16M | -3.23M | -7.63M | -4.62M | -2.67M | -542K | 14.25M | 4.87M | 1.32M | 2.8M | 1.41M | -54K | -1.01M | -284K | -1.02M | -507K | 200K | -200K | -200K |
| Working Capital Changes | 7.05M | 47.02M | 38.92M | 64.94M | -9.7M | -69.86M | -48.82M | -13.85M | -6.29M | -1.41M | 15.28M | 28.14M | 8.28M | -12.03M | 14.69M | -13.2M | -4.62M | 11.83M | -6.9M | 18.42M | 2.46M | 5.01M | 787K | 604K | 824K | 3.1M | -1.07M | -3.9M | 9.2M | -6.5M | 2.9M |
| Change in Receivables | 922K | 4.35M | 5.55M | -10.34M | -2.04M | 23.07M | -24.01M | -12.26M | -1.64M | 2.94M | 2.53M | -2.29M | 5.16M | -10.54M | -8.3M | -3.16M | -2.15M | 177K | -142K | -236K | -8.6M | 0 | 0 | 0 | 1.32M | -6.63M | 0 | -3.87M | 0 | 0 | 0 |
| Change in Inventory | 23.2M | 23.41M | 6.91M | 31.5M | 131K | -21.22M | -24.46M | -24.93M | -21.31M | -1.74M | 445K | -5.16M | 5.09M | -12.04M | -10.29M | -7.46M | -1.06M | -2.85M | -4.62M | -1.06M | -3.38M | -1.09M | -2.67M | -1.55M | 981K | 6.42M | -83K | 200K | -2.2M | 300K | -3.7M |
| Change in Payables | -6.74M | 5.23M | 2.6M | 2.76M | -2.22M | -27.36M | 40.77M | 21.42M | 6.35M | 245K | -1.81M | 5.99M | 884K | 3.17M | 8M | -617K | -5.83M | 5.05M | 2.5M | -234K | 6.56M | 0 | 0 | 0 | -2.2M | 4.7M | 0 | -343K | 0 | 0 | 0 |
| Cash from Investing | -56.96M | -54.52M | -96.25M | -62.38M | -88.51M | -146.62M | -139.12M | -258.83M | -55.34M | -32.93M | -46.02M | -74.23M | -151.83M | -103.33M | -67.32M | -19.6M | -13.59M | -16.99M | -104.49M | -37.11M | -9.01M | -13.84M | -13.83M | 14.99M | -30.27M | -2.99M | 4.66M | 2.7M | -13.8M | -20.7M | -13M |
| Capital Expenditures | -56.96M | -54.56M | -76.28M | -64.09M | -90.58M | -147.92M | -140M | -93.23M | -55.51M | -32.99M | -49.91M | -74.19M | -151.78M | -100.66M | -66.01M | -19.6M | -13.61M | -17M | -59.54M | -25.61M | -9.06M | -13.97M | -4.56M | -1.73M | -2.34M | -3.27M | -5.6M | -3.8M | -5.2M | -15.3M | -11.4M |
| CapEx % of Revenue | 2.72% | 2.61% | 3.79% | 3.19% | 4.33% | 7.19% | 8.06% | 7.46% | 5.58% | 3.82% | 5.51% | 7.73% | 16.81% | 13.62% | 11.38% | 3.82% | 2.93% | 4.1% | 14.94% | 7.5% | 3.17% | 5.86% | 2.1% | 0.83% | 1.08% | 1.75% | 2.94% | 2.15% | 2.83% | 8.32% | 5.97% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 1.16M | 487K | -165.52M | 27K | 25K | 3.85M | -100K | -100K | -2.75M | -1.73M | 0 | 0 | 0 | -44.96M | -3.32M | -3.42M | 0 | 0 | 0 | 0 | 0 | -897K | 200K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.51M | -2.47M | -19.98M | 1.71M | 2.08M | 145K | 392K | -79K | -740K | 58K | 3.16M | 57K | 53K | 62K | 372K | -552K | -532K | 8K | 11K | -11.51M | 42K | 129K | 4K | 32K | 212K | 46K | 565K | 100K | 0 | -4.3M | 1.3M |
| Cash from Financing | -179.16M | -204.08M | -239.31M | -84.84M | 2.8M | -6.64M | 12.32M | 8.86M | -65.34M | -128.45M | -111.33M | -76.66M | 37.5M | -21.59M | -2.99M | -52.68M | -60.75M | -2.17M | -5.57M | -543K | 1.67M | -9.28M | 2.56M | -27.45M | -8.78M | -3.54M | -21.09M | -19.8M | 100K | 8.7M | 400K |
| Debt Issued (Net) | -1.31M | -1.73M | -1.89M | -1.57M | -1.67M | -1.57M | -1.26M | -378K | -78K | -60K | -58K | -54K | -53K | -787K | 628K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10M | 0 | 8.1M | -100K |
| Equity Issued (Net) | -178.46M | -204.87M | -238.61M | -92.88M | 0 | 10.46M | 15.27M | 1.17M | -88.31M | -144.6M | -164.66M | -135.71M | -7.86M | -29.59M | -12.32M | -62.13M | -67.43M | -7.08M | -15.32M | -2.64M | -788K | -9.59M | 2.56M | -27.45M | -8.86M | -3.54M | -21.2M | 100K | 100K | 600K | 600K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.8M | 0 | 0 | 0 |
| Share Repurchases | -178.82M | -204.87M | -238.61M | -92.88M | 0 | 0 | 0 | 0 | -88.31M | -144.6M | -164.66M | -135.71M | -7.86M | -29.59M | -18.05M | -62.82M | -67.98M | -7.08M | -15.32M | -6.08M | -5.29M | -12.54M | 0 | -29.83M | -9.88M | -4.07M | -21.2M | 0 | 0 | 0 | 0 |
| Other Financing | 608K | 2.51M | 1.19M | 9.61M | 4.47M | -15.54M | -1.69M | 8.06M | 23.05M | 16.21M | 53.39M | 59.1M | 45.41M | 8.78M | 8.7M | 9.45M | 6.67M | 4.91M | 9.76M | 2.09M | 2.46M | 310K | 0 | 0 | 80K | 0 | 113K | -9.9M | 0 | 0 | -100K |
| Net Change in Cash | 11.67M | 11.56M | -86.67M | 117.93M | 114.24M | -96.96M | 126.61M | -71.73M | 42.76M | -25.4M | -3.16M | 17.79M | 26.88M | -24.94M | 25.01M | 481K | -6.51M | 46.41M | -70.22M | 16.14M | 21.63M | 5.72M | 8M | 7.18M | -25.23M | 12.76M | 910K | -3.4M | 8.7M | -5M | 3.2M |
| Free Cash Flow | 190.82M | 215.59M | 172.62M | 201.06M | 109.36M | -91.62M | 113.41M | 85.01M | 107.94M | 103M | 104.28M | 94.5M | -10.57M | -673K | 29.32M | 53.16M | 54.22M | 48.57M | -19.7M | 28.19M | 19.92M | 14.87M | 14.71M | 17.91M | 11.48M | 16.01M | 11.73M | 10M | 17.2M | -8.3M | 4.4M |
| FCF Margin % | 9.11% | 10.33% | 8.58% | 10.01% | 5.23% | -4.45% | 6.53% | 6.8% | 10.84% | 11.93% | 11.5% | 9.84% | -1.17% | -0.09% | 5.05% | 10.36% | 11.69% | 11.7% | -4.94% | 8.25% | 6.98% | 6.24% | 6.77% | 8.61% | 5.33% | 8.57% | 6.16% | 5.66% | 9.37% | -4.52% | 2.3% |
| FCF Growth % | 3% | 24.9% | -14.15% | 83.85% | 219.36% | -180.79% | 33.41% | -21.24% | 4.8% | -1.23% | 10.35% | 993.75% | -1471.03% | -102.3% | -44.85% | -1.96% | 11.64% | 346.58% | -169.88% | 41.49% | 33.99% | 1.05% | -17.85% | 55.97% | -28.26% | 36.42% | 17.34% | -41.86% | 307.23% | -288.64% | 331.58% |
| FCF per Share | 18.23 | 20.34 | 14.66 | 16.40 | 8.86 | -7.37 | 9.23 | 7.14 | 9.20 | 8.46 | 8.15 | 6.99 | -0.78 | -0.05 | 2.18 | 3.87 | 3.81 | 3.38 | -1.37 | 1.92 | 1.39 | 1.02 | 1.01 | 1.19 | 0.70 | 0.96 | 0.65 | 0.49 | 0.85 | -0.40 | 0.21 |
| FCF Conversion (FCF/Net Income) | -3.12x | 2.49x | 4.17x | 3.48x | 2.97x | 3.87x | 1.32x | 1.62x | 1.76x | 1.37x | 1.77x | 1.71x | 1.56x | 1.42x | 1.60x | 1.10x | 1.35x | 2.11x | 4.93x | 2.39x | 1.59x | 1.85x | 1.54x | 1.86x | 1.62x | 2.46x | 1.54x | 1.24x | 2.84x | 0.92x | 1.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 28.14M | 0 | 0 | 30.76M | 11.35M | 43.01M | 30.98M | 45.08M | 42.32M | 29.44M | 18.78M | 40.56M | 24.77M | 18.19M | 8.84M | 14.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal Working Capital Volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.14 in 2026Q1 to 3.46 in 2024Q3, indicating that accounting earnings frequently fail to capture the underlying cash reality of the business.
The significant divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily distorting the company's reported profitability. Investors should monitor whether these accruals represent temporary timing differences or a structural inability to convert sales into actual cash inflows.
Based on the provided cash flow data, free cash flow margins have demonstrated extreme instability, ranging from a negative 7.1% in 2026Q1 to a positive 19.1% in 2025Q2, reflecting the company's struggle to maintain consistent cash generation amidst shifting consumer demand and seasonal inventory requirements.
The inability to sustain positive free cash flow across all quarters suggests that the company's current operating model is highly sensitive to seasonal volume fluctuations. This volatility complicates long-term capital allocation, as the firm appears to oscillate between cash accumulation and significant cash burn depending on the quarter.
According to the quarterly cash flow data, working capital changes have been a primary driver of cash flow variance, with a $77.5 million outflow in 2026Q1 contrasting sharply with a $48.8 million inflow in 2024Q4, highlighting the company's vulnerability to inventory and receivable management cycles.
The dramatic shifts in working capital suggest that the company's reliance on wholesalers creates significant liquidity pressure during off-peak periods. This pattern warrants further investigation into whether the company is effectively managing its inventory levels or if it is forced to absorb excess stock to maintain channel relationships.
As evidenced by the reported financial figures, the company has consistently prioritized share repurchases, with buybacks totaling $23.3 million in 2026Q1 despite a net loss, suggesting a management preference for returning capital even when internal cash generation is insufficient to cover operational needs.
The decision to continue share repurchases during periods of negative free cash flow may indicate a high level of confidence in long-term liquidity, yet it also raises questions regarding the efficiency of capital deployment. Investors should monitor whether this strategy limits the company's ability to fund necessary innovation or respond to competitive threats.
Quick answers to the most common questions about buying SAM stock.
The Boston Beer Company, Inc. (SAM) generated $270.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Boston Beer Company, Inc. (SAM) generated $215.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The Boston Beer Company, Inc. (SAM) spent $54.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Boston Beer Company, Inc. (SAM) spent $204.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.