Sam Adams' parent company, Boston Beer (SAM -4.46%), was an early pioneer of craft beer, differentiating itself from macro-brewers like Anheuser-Busch/InBev (BUD -0.04%). However, the company has lost some of that differentiation as microbreweries have boomed, and it's looked elsewhere for growth.
The Truly Hard Seltzer brand looked promising as hard seltzer sales soared during the COVID-19 pandemic. However, the category has since faded. Other malt beverages, like Twisted Tea and Hard Mountain Dew, have been successful for the company more recently.
The company has also sought to expand through acquisitions, though its purchase of Dogfish Head, a craft beer brand, was a misstep that led to a write-down. Revenue was down 2.4% in 2025, but Boston Beer continues to see opportunities in the Beyond Beer category, which includes its more successful Twisted Tea and Hard Mountain Dew brands.
In 2025, founder Jim Koch returned as CEO on an interim basis after Michael Spillane stepped down for personal reasons. Beer sales are starting to recover across the industry, and the company is optimistic its business will improve in the summer, the peak season for beer sales.
6. Vita Coco