What The Boston Beer Company, Inc. told the SEC could break it.

Boston Beer purchased most of its malt from four suppliers in 2025 and is exposed to the quality of the annual barley crop; a significant crop failure would adversely affect its costs.

“The Company purchased most of the malt used in the production of its beer from four suppliers during 2025. The Company is exposed to the quality of the barley crop each year, and significant failure of a crop would adversely affect the Company's costs.”

Noble hops, grown only in specific areas of Germany and the Czech Republic recognized for superior aroma, are a key input; availability/performance may be hurt by weather or pests, and hop contracts may not be fully fulfilled.

“Noble hops are grown in several specific areas in Germany and the Czech Republic that are recognized for growing hops with superior taste and aroma properties.”

Tariffs raised costs of packaging, ingredients, promotional materials and capital equipment sourced from Canada, the EU, China and Mexico, costing Boston Beer $11M in 2025; the company estimates $20-30M of tariff cost in 2026 on a full-year basis.

“The Company has reported these costs due to tariffs and the impact to its statement of operations in the amount of $11 million in 2025. In 2026, the Company estimates tariff costs will increase to between $20 million and $30 million, primarily because tariffs were effective for only part of 2025, resulting in a partial‑year impact, while 2026 is expected to reflect a full year of impact if current tariffs remain in place.”

In 2024 and 2025 certain flavorings, crowns and labels were each supplied by single sources; most proprietary flavorings are single-sourced and Truly Hard Seltzer and Twisted Tea are particularly reliant on them.

“In 2024 and 2025, certain flavorings, crowns, and labels were each supplied by single sources.”