Boston Beer shares fell 9.4% post-earnings as management narrowed full-year volume guidance to a steeper decline, highlighting continued weakness in Truly and soft performance in key brands despite modest category improvement. The deeper-than-expected deceleration in depletions and cautious outlook for the year disappointed investors.

• First quarter depletions declined 4%, and shipments were down 7%, with management citing ongoing volume headwinds and persistent softness in Samuel Adams, Hard Mountain Dew, and Truly.
• Full-year 2026 guidance was revised to "down low single digits to mid-single digits" in volume, tightened from the prior outlook of "flat to down mid-single digits."
• Gross margin improved to 49.3% in the quarter, reflecting progress on margin enhancement initiatives.
• Truly, a meaningful part of the portfolio, continued to lose share; meanwhile, Twisted Tea and Sun Cruiser showed growth, and Angry Orchard and Dogfish Head delivered four consecutive quarters of positive growth.
• Management emphasized caution about consumer spending, macro pressures, and geopolitical developments, and indicated brand investment could be adjusted downward if energy costs remain volatile.