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Check out our full coverage of the Brewers Association’s 2025 annual report with a special gift link, provided below.

The story is just a sip of what Brewbound Insiders drink on a daily basis. In today’s Brewbound Insider Newsletter and on Brewbound.com, Insiders are also reading about:

• Signs that consumers’ concerns about health and wellness – particularly how they apply to alcohol consumption – may be shifting;

• Spending shifts toward spirits and RTDs in c-stores;

• Legislative moves involving bev-alc in HI, MS and PA; 

• The looming end of the BA’s once-popular online members forum;

• What the Supreme Court’s chief justice is saying about ruling President Trump’s tariffs are illegal;

• And a new offering from Athletic just in time for St. Paddy’s season.

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The Brewers Association (BA) slashed nearly every line in its 2025 expenses, but the cuts were still not enough to offset declining revenue, according to the trade group’s annual report. 

Total revenue declined 24.63% YoY, to more than $16.8 million. Total expenses declined 22.44% YoY, to nearly $18.9 million, marking the 2nd consecutive year the BA’s operational net was negative. 

A BA spokesperson told Brewbound: “These decisions are about ensuring we remain responsive, efficient and focused on what matters most to today’s craft brewers. We believe this proactive approach sets us up not just to adapt, but to emerge stronger in the years ahead.”

In 2025, the BA’s expenses outweighed revenue by more than $2 million, which was less than 2024’s negative net of $2.165 million. The BA recorded its largest negative net in 2020, when the COVID-19 pandemic forced the cancellation of its events, which are major revenue drivers. That year, expenses outpaced revenue by $3.58 million.

Events remained the BA’s largest revenue source by far in 2025, despite a 23.27% revenue decline, to $10 million. The BA cut event operations expenses by 22.94%, to $4.57 million. 

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The Brewbound team is heading to the New England Craft Brew Summit (Friday, March 6) in Portland, ME. We’ll be on the ground covering the latest news and conversations coming out of the event, as well as recording Brewbound Podcast On Location interviews.

Here are a few ways to connect with us:

1. Stop by Booth #3: Watch a podcast recording, grab a T-shirt and chat with the team.

2. Share your news: Have updates from your brewery? We’d love to hear from you.

3. Reach out to meet: Email us at podcast@brewbound.com if you want to catch up in Portland.

See you there!

Beverage-alcohol’s health and wellness headwinds are showing signs of dying down in 2026, Bernstein analyst Nadine Sarwat wrote in her February 13 “Weekend Consumer Blast.” 

Health and wellness “reached a fever pitch for alcohol” last year, Sarwat wrote, pointing to the “death by a thousand cuts in the press,” “sensationalist headlines” and an unending debate over whether declines were structural or cyclical. 

“But the fever might be starting to break,” she added.

Go deeper

HI lawmakers are considering a bill that would charge a liquor tax based on ABV rather than bev-alc category.

Legislators’ argument for the change is that Hawaii’s bev-alc tax rates have remained the same since 1998. 

Several other bev-alc related bills have been set in motion in MS and PA involving Sunday sales, DTC shipping and 3rd-party bev-alc delivery.

Get all the details

As retailers continue to rethink shelf space, beer is facing mounting pressure in the convenience channel.

Beer, hard cider and hard seltzer c-store sales dropped 3% in 2025, while spirits and premixed cocktails posted growth — and THC beverages surged triple digits, according to a new report from market research firm NIQ.

Overall c-store CPG dollar sales fell 0.4% in 2025, continuing a multi-year slide that saw dollar sales drop 1.2% in 2024 and 1.3% in 2023. 

Against that backdrop, liquor stood out as 1 of just a handful of categories to post growth, rising 5.4%, to $3.4 billion, with unit sales up 4.7% – the highest volume increase in the channel.

Dive deeper into the data

As the distribution tier continues to shrink, what must brewers and bev-alc brands do to protect their routes to market? ArentFox Schiff partner Nichole Shustack and senior associate Isabelle Cunningham joined the Brewbound Podcast to discuss how suppliers can navigate the turbulence that comes with wholesaler consolidation and updates on the uncertain future of the intoxicating hemp industry. 

Before the interview, Justin and Zoe discuss a bevy of beer news, including the formation of the Oregon Beverage Alliance, year-end shipment data from the Beer Institute, BrewDog’s looming liquidation, Constellation Brands’ incoming CEO and global layoffs at Heineken. 

Listen here

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Interested in other beverage coverage? 👀 Check out the BevNET Daily Briefing covering the broader beverage industry, including energy drinks, cannabis and other non-alcoholic beverages. Want to stick to the hard stuff? Subscribe to our Spirits Newsletter (published every 2 weeks). 

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