BOSTON BEER CO INC
For the period ended Sep 27, 2025. Filed Oct 23, 2025.
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Sep 27, 2025 · Filed Oct 23, 2025
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Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In 1998, the Company's Board of Directors ("the Board") authorized the Company's share repurchase program. In October 2024, the Board authorized an increase in the share repurchase expenditure limit set for the program from $1.2 billion to $1.6 billion. The Board did not specify a date upon which the authorization would expire. Share repurchases for the periods included herein were effected through open market transactions.
As of October 17, 2025, the Company had repurchased a cumulative total of approximately 15.6 million shares of its Class A Common Stock for an aggregate purchase price of $1.33 billion and had $266 million remaining on the $1.6 billion share repurchase expenditure limit set by the Board.
During the thirty-nine weeks ended September 27, 2025, the Company repurchased and subsequently retired 655,736 shares of its Class A Common Stock, including 1,057 unvested investment shares issued under the Investment Share Program of the Company’s Employee Equity Incentive Plan, as illustrated in the table below:
| Period | Total Number of SharesPurchased | Average Price Paidper Share | Total Number of SharesPurchased as Part ofPublicly AnnouncedPlans or Programs | Approximate DollarValue of Shares thatMay Yet be PurchasedUnder the Plansor Programs(in thousands) |
|---|---|---|---|---|
| December 29, 2024 - February 1, 2025 | 67,075 | $265.00 | 66,968 | $409,783 |
| February 2, 2025 - March 1, 2025 | 65,019 | 235.84 | 65,011 | 394,450 |
| March 2, 2025 - March 29, 2025 | 69,531 | 232.87 | 69,268 | 378,310 |
| March 30, 2025 - May 3, 2025 | 79,815 | 241.65 | 79,728 | 359,044 |
| May 4, 2025 - May 31, 2025 | 63,971 | 239.62 | 63,970 | 343,714 |
| June 1, 2025 - June 28, 2025 | 73,918 | 207.69 | 73,728 | 328,383 |
| June 29, 2025 - August 2, 2025 | 96,929 | 200.07 | 96,733 | 309,018 |
| August 3, 2025 - August 30, 2025 | 73,723 | 219.18 | 73,558 | 292,882 |
| August 31, 2025 - September 27, 2025 | 65,755 | 220.54 | 65,715 | 278,383 |
| Total | 655,736 | $227.72 | 654,679 | $278,383 |
As of October 17, 2025, the Company had 8.6 million shares of Class A Common Stock outstanding and 2.1 million shares of Class B Common Stock outstanding.
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