0001193125-26-314187
SEC filingQ2营收下滑但毛利率扩张，诉讼调整推高GAAP EPS，全年指引维持。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenue | $568.3M | $587.9M | -3.3% |
| Gross Margin | 50.4% | 49.8% | +60bps |
| Operating Income | $70.8M | $82.1M | -13.8% |
| Net Income | $51.6M | $60.4M | -14.6% |
| Diluted EPS (GAAP) | $4.96 | $5.45 | -9.0% |
| Non-GAAP Diluted EPS | $3.65 | — | — |
| Depletions | -6% | — | — |
| Shipments | ~2.0M barrels | — | -4.5% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Depletions and Shipments | Down low-single digits to mid-single digits | N/A |
| FY2026 | Price Increases | 1% to 2% | N/A |
| FY2026 | Gross Margin (including Tariffs) | 48.5% to 50% | GAAP |
| FY2026 | Tariff Costs | $20 to $30M | N/A |
| FY2026 | Advertising, Promotion, and Selling Expense YoY Change | $0 to $20M | N/A |
| FY2026 | GAAP Tax Rate (Benefit)/Provision | (11.0%) to (12.0%) | GAAP |
| FY2026 | Non-GAAP Tax Rate Provision | 29% to 30% | Non-GAAP |
| FY2026 | GAAP EPS (Income/(Loss)) | ($6.23) to ($4.23) | GAAP |
| FY2026 | Non-recurring Litigation Expenses impact per share | ($14.73) | N/A |
| FY2026 | Non-GAAP EPS | $8.50 to $10.50 | Non-GAAP |
| FY2026 | Capital Spending | $60 to $80M | N/A |
简评
波士顿啤酒Q2营收下滑3.3%至$568.3M，主因发货量下降4.5%（Twisted Tea、Truly、Samuel Adams等品牌拖累），但被有利产品组合和提价部分抵消。毛利率扩张60bps至50.4%，得益于酿造效率提升、采购节省和提价，但被通胀、大宗商品和关税成本部分抵消。广告促销费用大增16.4%至$185.9M，反映品牌本地营销和POS投资增加$17.5M及运费上涨$8.6M。GAAP EPS $4.96包含诉讼相关税前收益$18.0M（有利调整$19.4M减法律费用$1.4M），税后每股利好$1.31；Non-GAAP EPS $3.65。
管理层维持全年Non-GAAP EPS指引$8.50-$10.50，但收窄毛利率指引至48.5%-50%（原48%-50%），并下调广告促销费用指引至$0-$20M（原$20-$40M），反映投资纪律。GAAP EPS指引上调至($6.23)-($4.23)（原($7.02)-($5.02)），因诉讼费用影响下调至($14.73)/股。公司预计Q3发货量下降低至中个位数，Q4温和增长；Q4毛利率同比改善最显著。资本返还方面，年内回购$54.1M，授权剩余约$174M；期末现金$265.5M、无债务，流动性充足。CEO Jim Koch强调聚焦夏季销售季市场执行和改善份额趋势，CFO Diego Reynoso指出毛利率扩张和供应链转型进展。主要风险包括诉讼不确定性（供应商纠纷判决$175.5M及利息）、关税和通胀成本压力。