THE BOSTON BEER COMPANY, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $108.5M | $59.7M | $76.3M | $67.3M | $14.6M | $192.0M | $110.0M | $92.7M |
| Depreciation & Amortization | $90.4M | $94.0M | $88.1M | $81.4M | $72.1M | $65.7M | $56.3M | $52.0M |
| Depreciation | $88.8M | $93.2M | $87.9M | $81.1M | $71.8M | $65.4M | $56.2M | $51.8M |
| Amortization | $1.7M | $600.0K | $253.0M | $253.0M | $253.0M | $253.0M | $127.0K | — |
| Stock-Based Compensation | $21.8M | $19.0M | $17.0M | $14.0M | $18.6M | $15.3M | $12.3M | $10.0M |
| Net Cash from Operating Activities | $270.2M | $248.9M | $265.2M | $199.9M | $56.3M | $253.4M | $178.2M | $163.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $54.6M | $76.3M | $64.1M | $90.6M | $147.9M | $140.0M | $93.2M | $55.5M |
| Business Acquisitions | — | — | — | — | — | — | — | $50.0K |
| Net Cash from Investing Activities | $-54.5M | $-96.3M | $-62.4M | $-88.5M | $-146.6M | $-139.1M | $-258.8M | $-55.3M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $202.4M | $238.6M | $92.9M | — | — | — | — | $88.3M |
| Net Cash from Financing Activities | $-204.1M | $-239.3M | $-84.8M | $2.8M | $-6.6M | $12.3M | $8.9M | $-65.3M |
| Net Change in Cash | $11.6M | $-86.7M | $117.9M | $114.2M | $-97.0M | $126.6M | $-71.7M | $42.8M |
| Free Cash Flow | $215.6M | $172.6M | $201.1M | $109.4M | $-91.6M | $113.4M | $85.0M | $108.0M |