The Boston Beer Company (SAM) Cash Flow: Operating & Free Cash Flow

The Boston Beer Company Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for The Boston Beer Company, Inc. (SAM) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	108.47	59.70	76.25	67.26	14.55	191.96	110.04	92.66	99.05
Depreciation & Amortization	90.44	93.99	88.14	81.36	80.11	73.01	56.27	51.97	51.26
Deferred Income Tax	-1.02	-19.92	-10.87	9.10	-5.23	17.66	7.40	14.35	-22.44
Stock Based Compensation	21.75	18.95	16.97	13.99	0.00	0.00	12.34	10.04	6.32
Change in Working Capital	47.02	38.92	64.94	-9.70	-69.86	-48.82	-13.85	-6.29	-1.41
Change in Accounts Receivable	4.35	5.55	-10.34	-2.04	23.07	-24.01	-12.26	-1.64	2.95
Change in Inventory	23.41	6.91	31.50	0.13	-21.22	-24.46	-24.93	-21.31	-1.74
Change in Accounts Payable	5.23	2.60	2.76	-2.22	-27.36	40.77	21.42	6.35	0.25
Change in Other Working Capital	-3.46	23.86	41.01	-5.57	-44.35	-41.11	1.93	10.31	-2.86
Other Operating Activities	-3.46	57.25	29.72	37.94	36.72	19.60	6.03	0.72	3.22
Net Cash from Operating Activities	270.16	248.89	265.15	199.95	56.30	253.41	178.24	163.45	135.98
Investing Activities
Capital Expenditures	-54.56	-76.28	-64.09	-90.58	-147.92	-140.00	-93.23	-55.51	-32.99
Acquisitions	0.00	0.00	0.00	0.00	1.16	0.49	-165.52	0.03	0.03
Sales/Maturities of Investments	2.51	0.00	0.00	0.00	0.00	0.00	0.00	0.91	0.03
Other Investing Activities	-2.47	-19.98	1.71	2.08	0.15	0.39	-0.08	-0.74	0.06
Net Cash from Investing Activities	-54.52	-96.25	-62.38	-88.51	-146.62	-139.12	-258.83	-55.34	-32.93
Financing Activities
Debt Repayment	-1.73	-1.89	-1.58	-1.67	-1.57	-1.26	-0.38	-0.08	-0.06
Common Stock Issued	0.00	0.00	0.00	0.00	10.47	15.27	1.17	0.00	0.80
Common Stock Repurchased	-202.42	-238.61	-92.88	0.00	0.00	0.00	0.00	-88.31	-144.60
Other Financing Activities	-2.44	1.19	9.61	4.47	-15.54	-1.69	8.06	23.05	15.42
Net Cash from Financing Activities	-204.08	-239.31	-84.84	2.80	-6.64	12.32	8.86	-65.34	-128.45
Summary
Net Change in Cash	11.56	-86.67	117.93	114.24	-96.96	126.61	-71.73	42.76	-25.40
Cash at Beginning of Period	211.82	298.49	180.56	66.32	163.28	36.67	108.40	65.64	91.04
Cash at End of Period	223.38	211.82	298.49	180.56	66.32	163.28	36.67	108.40	65.64
Free Cash Flow	215.60	172.62	201.06	109.36	-91.62	113.41	85.01	107.94	103.00
Supplemental Disclosures
Income Taxes Paid	-	52.03	35.73	-28.14	41.22	35.97	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 26, 2026. Data sources and methodology

Frequently Asked Questions About The Boston Beer Company Cash Flow

What is The Boston Beer Company's free cash flow?

The Boston Beer Company generated free cash flow of $215.59M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $270.16M minus $54.56M of capital expenditures. That was up 24.9% from $172.62M a year earlier. Free cash flow equaled 10.3% of revenue.

How much does The Boston Beer Company spend on capital expenditures?

The Boston Beer Company spent $54.56M on capital expenditures in fiscal 2025, compared with $76.28M a year earlier. That equals 20.2% of operating cash flow.

Does The Boston Beer Company pay dividends or buy back shares?

Yes. In fiscal 2025 The Boston Beer Company returned $202.42M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition