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Companies Boston Beer Co

Boston Beer (SAM): executive pay, fiscal 2025

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CEO total pay$5,695CEO C. James Koch · source
CEO vs. named peers1st pct.Of 16 peer CEOs
CEO pay ratio88.5:1To the median employee · source

CEO pay, last three years

  • $933,768FY2023
  • $493,076FY2024
  • $5,695FY2025

CEO total pay was $5,695 in fiscal 2025, down from $493,076 in fiscal 2024.

FY2025: salary $0 · bonus $0 · stock awards $0 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at Boston Beer Co in fiscal 2025?
As disclosed, Philip Hodges (Chief Operating Officer) was the highest-paid executive at Boston Beer Co in fiscal 2025, with total compensation of $17,205,742.
How does Boston Beer Co's chief executive pay compare to its disclosed peer group?
As disclosed, C. James Koch's total compensation ranked at the 1st percentile of Boston Beer Co's disclosed peer group.
What is Boston Beer Co's CEO-to-median employee pay ratio?
As disclosed, Boston Beer Co's CEO-to-median employee pay ratio was 88.5:1.
How much does Boston Beer Co spend in total on board compensation for fiscal 2025?
As disclosed, Boston Beer Co reported total board compensation of $1,486,501 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Philip Hodges$647,336$461,246$7,000,621$9,000,035$0$0$96,504$17,205,742
Chief Operating Officer
Michael Spillane803,519874,2811,000,1886,200,1610014,6858,892,835
Former President & Chief Executive Officer
Diego Reynoso639,120455,3733,500,51200014,7424,609,747
Treasurer and Chief Financial Officer
Michael Crowley443,269252,6632,000,62000018,2702,714,823
Chief Sales Officer
Tara Heath417,740238,1122,000,62000016,0602,672,532
Chief Legal Officer & General Counsel
C. James Koch0000005,6955,695
Chairman, President & Chief Executive Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Philip Hodges$17,205,742$1,030,231$9,259,501↑ +16,175,511
Michael Spillane8,892,8358,291,323245,210↑ +601,512
Diego Reynoso4,609,7471,817,0743,904,167↑ +2,792,673
Michael Crowley2,714,8231,045,661717,741↑ +1,669,162
Tara Heath2,672,5321,011,986905,386↑ +1,660,546
C. James Koch5,695493,076933,768↓ −487,381

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Boston Beer’s executive compensation program is designed to attract, develop, engage, and retain highly talented executives, with a focus on pay for performance through bonuses linked to Company and individual performance and equity awards with performance-based vesting linked to Company performance and time-based vesting linked to retention. The company aims to provide competitive pay, align compensation with the achievement of the Company’s goals and overall performance, and encourage executives to act as owners with an equity stake in the Company.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Diego ReynosoRSU2025-08-11——5,518—$1,200,055
Michael CrowleyRSU2025-03-01——4,103—1,000,188
Philip HodgesPSU2025-10-28—88,268—88,2689,000,035
Philip HodgesRSU2025-08-11——9,197—2,000,164
Philip HodgesRSU2025-03-01——4,103—1,000,188
Philip HodgesRSU2025-08-11——4,599—1,000,191
Michael SpillanePSU2025-03-01—26,825—26,8253,100,091
Michael SpillanePSU2025-03-01—27,369—27,3693,100,070
Philip HodgesRSU2025-10-28——13,186—3,000,079
Tara HeathRSU2025-03-01——4,103—1,000,188
Michael CrowleyRSU2025-03-01——2,052—500,216
Diego ReynosoRSU2025-03-01——4,103—1,000,188
Michael SpillaneRSU2025-03-01——4,103—1,000,188
Diego ReynosoRSU2025-03-01——2,667—650,135
Tara HeathRSU2025-03-01——2,052—500,216
Michael CrowleyRSU2025-03-01——2,052—500,216
Tara HeathRSU2025-03-01——2,052—500,216
Diego ReynosoRSU2025-03-01——2,667—650,135

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Diego Reynoso$3,500,513$0$00.0%
Michael Crowley2,000,620000.0%
Philip Hodges7,000,6229,000,035056.2%
Michael Spillane1,000,1886,200,161086.1%
Tara Heath2,000,620000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael CrowleyRSU147—$28,966
Tara HeathRSU196—38,622
Michael CrowleyRSU232—45,716
Tara HeathRSU271—53,401
Tara HeathRSU488—96,160
Michael CrowleyRSU506—99,707
Tara HeathRSU650—128,083
Michael CrowleyRSU674—132,812
Tara HeathOption720323.8—
Diego ReynosoRSU975—192,124
Diego ReynosoRSU1,299—255,968
Michael CrowleyRSU2,052—404,347
Tara HeathRSU2,052—404,347
Diego ReynosoRSU2,250—443,363
Diego ReynosoRSU2,667—525,532
Philip HodgesRSU3,025—596,076
Michael SpillaneRSU4,103—0
Diego ReynosoRSU4,103—808,496
Philip HodgesRSU4,103—808,496
Michael CrowleyRSU4,103—808,496
Tara HeathRSU4,103—808,496
Philip HodgesRSU4,599—906,233
Diego ReynosoOption4,859333.5—
Diego ReynosoRSU5,518—1,087,322
Philip HodgesRSU9,073—1,787,835
Philip HodgesRSU13,186—2,598,301
Michael SpillaneOption21,205304.42—
Michael SpillaneOption27,369243.77—
Philip HodgesOption88,268227.52—
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Samuel A. Calagione IIIEmployee director$481,099——$319,931$14,742$815,772
Julio N. NemethIndependent · Lead Independent Director · Compensation · Nom/Gov115,00065,11065,006——245,116
Meghan V. JoyceIndependent · Audit · Nom/Gov (Chair)105,00065,11065,006——235,116
Cynthia L. SwansonIndependent · Audit (Chair) · Compensation105,00065,11065,006——235,116
Joseph H. JordanIndependent · Audit · Compensation (Chair)105,00065,11065,006——235,116
Christopher I. "Biz" StoneIndependent · Compensation · Nom/Gov95,00065,11065,006——225,116
Cynthia A. FisherNot independent75,00065,11065,006——205,116
C. James KochEmployee director · Board Chair—————0
Michael SpillaneEmployee director · Not standing for re-election · Departed during FY—————0

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$130,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guidelinearget Ownership threshold, and until Target Ownership has been achieved, Directors are prohibited from selling shares, with certain limited exceptions.

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,081,099
Equity awards (grant-date value)$390,660
All other compensation$14,742
Total cost of the board$1,486,501

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Boston Beer as a peer

Companies that benchmark against SAM

8 companies name SAM as a compensation peer

Each company listed discloses SAM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SAM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Boston Beer Co names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Tilray Brands, Inc.2026Irwin Simon$2,057,580$18,816,501$0$0$22,157,305
2Hasbro, Inc.2025Chris Cocks1,500,00010,500,09906,000,00018,672,521
3Vector Group Ltd.2023Howard Lorber2,018,6789,675,00002,334,09617,946,650
4SharkNinja2025Mark Barrocas1,433,077003,270,60017,845,830
5Deckers Outdoor Corporation2026Stefano Caroti1,236,5386,999,94703,607,91511,904,992
6National Beverage Corp.2026Nick Caporella00—011,805,522
7Acushnet Company2025David Maher1,170,0006,500,07201,501,22710,635,556
8Church & Dwight Co., Inc.2025Richard Dierker986,5801,770,9735,313,1001,472,6569,799,678
9Celsius Holdings2025John Fieldly1,016,5006,648,39601,899,2409,607,616
10Cabot Corporation2025Sean Keohane1,100,0004,224,8472,274,9251,402,5019,307,883
11Yeti Holdings, Inc.2025Matthew Reintjes1,057,3085,500,18701,126,0337,697,528
12The Vita Coco Company2025Martin Roper625,0001,879,998920,0021,114,3754,549,875
13Columbia Sportswear Co.2025Timothy Boyle1,080,000001,938,7203,036,220
14Boston Beer Co2025C. James Koch00005,695
—Brown-Forman Corporation——————not in coverage universe

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Boston Beer Co90%RSU 50 · PSU 50NoFrederic W. Cook & Co., Inc.
Acushnet Companynot disclosedPSU 60 · RSU 40not disclosedPearl Meyer
Brown-Forman Corporationnot disclosednot disclosednot disclosednot disclosed
Cabot Corporation90%not disclosedNoMeridian Compensation Partners
Celsius Holdingsnot disclosedPSU 50 · RSU 50not disclosedFarient Advisors
Church & Dwight Co., Inc.125%Options 75 · PSU 15 · RSU 10NoSemler Brossy Consulting Group
Columbia Sportswear Co.57%not disclosedYes — three year relative total shareholder return (Relative TSR)FW Cook
Deckers Outdoor Corporation173%PSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Frederic W. Cook & Co., Inc.
Hasbro, Inc.200%PSU 50 · RSU 50NoMeridian Compensation Partners LLC
National Beverage Corp.not disclosedStock Options 100not disclosednot disclosed
SharkNinjanot disclosednot disclosednot disclosednot disclosed
The Vita Coco Companynot disclosednot disclosednot disclosedPearl Meyer
Tilray Brands, Inc.not disclosednot disclosednot disclosedKorn Ferry
Vector Group Ltd.not disclosedPRSU 60 · RSU 40not disclosedFTI Consulting
Yeti Holdings, Inc.71.0%PBRSU 75 · RSU 25Yes — Relative Total Stockholder Return (TSR)FW Cook

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio

No say-on-pay vote is on file for this company.

CEO pay ratio

Ratio (CEO : median employee)88.5 : 1
CEO total compensation$8,892,835
Median employee compensation$100,508
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (53 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Philip Hodges. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 41. As printed: 17,205,742. View filing ↗
  • Section 01, Michael Spillane. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 41. As printed: 8,892,835. View filing ↗
  • Section 01, Diego Reynoso. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 41. As printed: 4,609,747. View filing ↗
  • Section 01, Michael Crowley. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 41. As printed: 2,714,823. View filing ↗
  • Section 01, Tara Heath. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 41. As printed: 2,672,532. View filing ↗
  • Section 01, C. James Koch. DEF 14A, filed 2026-04-10. Section “Summary Compensation Table” · page 41. As printed: 5,695. View filing ↗
  • Section 03, Diego Reynoso RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Crowley RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Philip Hodges PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Philip Hodges RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Philip Hodges RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Philip Hodges RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Spillane PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Spillane PSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Philip Hodges RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Tara Heath RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Crowley RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Diego Reynoso RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Spillane RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Diego Reynoso RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Tara Heath RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Crowley RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Tara Heath RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Diego Reynoso RSU. DEF 14A, filed 2026-04-10. Section “Grants of Plan-Based Awards in Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-10. Section “CEO Pay Ratio”. As printed: 88.5 : 1. View filing ↗
  • Section 08, Samuel A. Calagione III. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 815,772. View filing ↗
  • Section 08, Julio N. Nemeth. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 245,116. View filing ↗
  • Section 08, Meghan V. Joyce. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 235,116. View filing ↗
  • Section 08, Cynthia L. Swanson. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 235,116. View filing ↗
  • Section 08, Joseph H. Jordan. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 235,116. View filing ↗
  • Section 08, Christopher I. "Biz" Stone. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 225,116. View filing ↗
  • Section 08, Cynthia A. Fisher. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 205,116. View filing ↗
  • Section 08, C. James Koch. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Michael Spillane. DEF 14A, filed 2026-04-10. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 1,081,099 + equity 390,660 + all other 14,742 = 1,486,501, summed across the director compensation table rows.
  • Tilray Brands, Inc., Section 10b CEO total. DEF 14A, filed 2026-09-28. CEO total compensation as printed in Tilray Brands, Inc.'s own proxy. As printed: 22,157,305. View filing ↗
  • Hasbro, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Hasbro, Inc.'s own proxy. As printed: 18,672,521. View filing ↗
  • Vector Group Ltd., Section 10b CEO total. DEF 14A, filed 2024-07-10. CEO total compensation as printed in Vector Group Ltd.'s own proxy. As printed: 17,946,650. View filing ↗
  • SharkNinja, Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in SharkNinja's own proxy. As printed: 17,845,830. View filing ↗
  • Deckers Outdoor Corporation, Section 10b CEO total. DEF 14A, filed 2026-07-24. CEO total compensation as printed in Deckers Outdoor Corporation's own proxy. As printed: 11,904,992. View filing ↗
  • National Beverage Corp., Section 10b CEO total. DEF 14A, filed 2026-08-28. CEO total compensation as printed in National Beverage Corp.'s own proxy. As printed: 11,805,522. View filing ↗
  • Acushnet Company, Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Acushnet Company's own proxy. As printed: 10,635,556. View filing ↗
  • Church & Dwight Co., Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Church & Dwight Co., Inc.'s own proxy. As printed: 9,799,678. View filing ↗
  • Celsius Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-14. CEO total compensation as printed in Celsius Holdings's own proxy. As printed: 9,607,616. View filing ↗
  • Cabot Corporation, Section 10b CEO total. DEF 14A, filed 2026-01-27. CEO total compensation as printed in Cabot Corporation's own proxy. As printed: 9,307,883. View filing ↗
  • Yeti Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Yeti Holdings, Inc.'s own proxy. As printed: 7,697,528. View filing ↗
  • The Vita Coco Company, Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in The Vita Coco Company's own proxy. As printed: 4,549,875. View filing ↗
  • Columbia Sportswear Co., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Columbia Sportswear Co.'s own proxy. As printed: 3,036,220. View filing ↗
  • Boston Beer Co (subject), Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Boston Beer Co's own proxy. As printed: 5,695. View filing ↗
  • Section 10a, Tilray Brands, Inc. reciprocity. DEF 14A. Tilray Brands, Inc. names Boston Beer Co in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Vector Group Ltd. reciprocity. DEF 14A. Vector Group Ltd. names Boston Beer Co in its own disclosed peer group (read from its most recent proxy). View filing ↗
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