波士顿啤酒 2025年度报告

(Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 27, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________Commission file number: 1-14092 THE BOSTON BEER COMPANY, INC. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days.Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ Accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the Class A Common Stock ($0.01 par value) held by non-affiliates of the registrant totaled $1,558.13 million (based on the closingprice of the Company’s Class A Common Stock on the New York Stock Exchange on June 27, 2025). All of the registrant’s Class B Common Stock ($0.01 parvalue) is held by an affiliate.As of February 20, 2026 there were 8,378,383 shares outstanding of the Company’s Class A Common Stock ($0.01 par value) and 2,068,000 shares outstanding of the Company’s Class B Common Stock ($0.01 par value).DOCUMENTS INCORPORATED BY REFERENCE Certain parts of the registrant’s definitive Proxy Statement for its 2026 Annual Meeting to be held on May 27, 2026 are incorporated by reference into Part III of thisreport. THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIESFORM 10-KFOR THE PERIOD ENDED DECEMBER 27, 2025 PART I. PageItem 1.Business3Item 1A.Risk Factors13Item 1B.Unresolved Staff Comments22Item 1C.Cybersecurity22Item 2.Properties23Item 3.Legal Proceedings25Item 4.Mine Safety Disclosures25 PART II. Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities26Item 6.[Reserved]28Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 7A.Quantitative and Qualitative Disclosures About Market Risk36Item 8.Financial Statements and Supplementary Data38Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosures70Item 9A.Controls and Procedures70Item 9B.Other Information72Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections72 PART III. Item 10.Item 11.Item 12.Item 13.Item 14. Directors, Executive Officers and Corporate Governance73Executive Compensation73Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters73Certain Relationships and Related Transactions, and Director Independence73Principal Accountant Fees and Services73 PART IV. Item 15.Exhibits and Financial Statement Schedules74Item 16.Form 10-K Summary76 Signatures PART I. Item 1