Dutch Bros Q3 2026 revenue rises 29.8% to $550M
Dutch Bros had 1,273 locations at September 30, 2026, including 960 company-operated shops and 313 franchised shops.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Dutch Bros Inc. reported third-quarter 2026 revenue of $549.8 million, up 29.8% year over year, while net income was $37.2 million versus $27.3 million. Adjusted EBITDA, a non-GAAP measure, was $101.1 million, up 29.6%. Company-operated same-shop sales increased 5.4%, and systemwide same-shop sales increased 4.4%; Dutch Bros opened 48 shops, including 42 company-operated locations. Net cash provided by operating activities for the nine months ended September 30, 2026, was $297.033 million, compared with $215.906 million in 2025.
For 2026, Dutch Bros projects total revenue of at least $2.1 billion, same-shop sales growth of at least 5%, adjusted EBITDA of approximately $380 million, capital expenditures of $370 million to $390 million, and at least 185 total system shop openings. It estimates approximately 250 total system shop openings in 2027. Dutch Bros completed the reacquisition of franchise rights and assets of the Phoenix East Valley franchise, comprising 32 locations, on July 27, 2026.
5 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue increased 29.8% to $549.8 million year over year.
- Moderate pointThird-quarter net income increased to $37.2 million from $27.3 million.
- Moderate pointThird-quarter adjusted EBITDA increased 29.6% to $101.1 million.
- Moderate pointNine-month operating cash flow was $297.033 million versus $215.906 million in 2025.
- Moderate pointReacquired franchise rights and assets for 32 Phoenix East Valley locations.
Negative
- None.
Filing Explained
Dutch Bros reported cash and cash equivalents of
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $549.8 million
Net income: $37.2 million
Adjusted EBITDA: $101.1 million
+5 more
8 metrics
Total revenue
$549.8 million
Third quarter 2026; 29.8% year-over-year growth
Net income
$37.2 million
Third quarter 2026; compared with $27.3 million in 2025
Adjusted EBITDA
$101.1 million
Third quarter 2026; 29.6% year-over-year growth; non-GAAP measure
Company-operated same-shop sales
5.4%
Third quarter 2026
Net cash provided by operating activities
$297.033 million
Nine months ended September 30, 2026; $215.906 million in 2025
Total locations
1,273 locations
As of September 30, 2026
2026 total revenue guidance
At least $2.1 billion
2026 estimate
2027 total system shop openings
Approximately 250 shops
2027 estimate
Key Terms
Adjusted EBITDA, same shop sales, Systemwide sales, AUV
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA grew 29.6% to $101.1 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
same shop sales financial
"Company-operated same shop sales increased 5.4%"
A same shop sales figure measures how revenue changed at a company’s stores, restaurants or outlets that were open for a full comparison period, excluding new openings or closed locations. Think of it like comparing apples from the same tree year over year: it shows whether existing operations are selling more or less, and investors use it to judge real customer demand, pricing power and the health of the core business beyond expansion effects.
Systemwide sales financial
"Systemwide sales and systemwide same shop sales are operating measures"
Systemwide sales are the combined revenue generated by all locations and channels that operate under a brand, including both company-owned outlets and franchised or independently operated sites. For investors, this is like looking at a chain’s entire footprint to see whether the business is expanding or shrinking overall, offering a clearer picture of demand and growth potential than revenue from just the corporate-owned portion alone.
AUV financial
"Systemwide AUV"
Earnings Snapshot
Total revenue: $549.8 million · Guidance included
Third quarter ended September 30, 2026
Total revenue
$549.8 million
29.8% year-over-year growth
Net income
$37.2 million
Compared with $27.3 million in the same period of 2025
Adjusted EBITDA
$101.1 million
29.6% year-over-year growth
Guidance
For 2026, total revenue is projected to be at least $2.1 billion, same-shop sales growth at least 5%, adjusted EBITDA approximately $380 million, capital expenditures $370 million to $390 million, and total system shop openings at least 185. For 2027, total system shop openings are estimated at approximately 250.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did BROS report in Q3 2026?
Dutch Bros reported $549.8 million in total revenue for the third quarter ended September 30, 2026, compared with $423.6 million in the same period of 2025, a 29.8% year-over-year increase.
What is BROS' 2026 financial guidance?
Dutch Bros projects 2026 total revenue of at least $2.1 billion, same-shop sales growth of at least 5%, adjusted EBITDA of approximately $380 million, capital expenditures of $370 million to $390 million, and at least 185 total system shop openings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 8-K
_______________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
_______________________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
(877 ) 899-2767
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Exchange on which Registered | ||||||
par value $0.00001 per share | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth 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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2026, Dutch Bros Inc., a Delaware corporation (the “Company”), announced its financial results for the third quarter ended September 30, 2026. A copy of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
The information included in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Earnings Release issued by Dutch Bros Inc. on November 4, 2026 | |||||||
| 104 | Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DUTCH BROS INC. | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: | November 4, 2026 | By: | /s/ Joshua Guenser | |||||||||||
Joshua Guenser | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
Dutch Bros Inc. Reports Third Quarter 2026 Financial Results
Achieves 30% Revenue Growth Year-Over-Year
Delivers 5.4% Company-Operated and 4.4% Systemwide Same Shop Sales Growth
Announces Accelerated 2027 System Shop Opening Goal of 250 Shops
TEMPE, Ariz. - November 4, 2026 - Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the “Company”), one of the fastest-growing brands in the U.S. quick service beverage industry, today reported financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Highlights
•Opened 48 new shops, 42 of which were company-operated.
•Total revenues grew 29.8% to $549.8 million as compared to $423.6 million in the same period of 2025.
•Company-operated same shop sales increased 5.4% and company-operated same shop customer visits increased 1.0% relative to the same period of 2025. Systemwide same shop sales increased 4.4% and systemwide same shop customer visits increased 0.4% relative to the same period in 2025.
•Net income was $37.2 million as compared to $27.3 million in the same period of 2025.
•Adjusted EBITDA1 grew 29.6% to $101.1 million as compared to $78.0 million in the same period of 2025.
•Completed the reacquisition of franchise rights and assets of the Phoenix East Valley franchise consisting of 32 locations on July 27, 2026.
Christine Barone, Chief Executive Officer and President of Dutch Bros, said, “Dutch Bros continues to gain share in the high-growth beverage category. In the third quarter, we achieved our fourteenth consecutive quarter of positive same shop sales and ninth consecutive quarter of same shop customer visit growth. This is a testament to the strength of our brand, our differentiated people-led culture, and our strategic focus on expanding customer occasions.”
Barone concluded, “The investments we’ve made in our people, tools, and processes over the past several years have enabled seamless execution by our teams and strengthened the foundation of our business. As we look ahead to 2027, we’re building on that foundation and unlocking new growth opportunities across the business. From accelerating our pace of beverage innovation to testing new hot food platforms, enhancing digital capabilities and piloting delivery, we’re creating more reasons for new and existing customers to choose Dutch Bros.”
Dutch Bros Inc.| Earnings Release | 12026 Guidance
•Total revenues are now projected to be at least $2.1 billion.
•Same shop sales growth is now estimated to be at least 5%.
•Adjusted EBITDA2 is now estimated to be approximately $380 million.
•Capital expenditures are now estimated to be between $370 million and $390 million.
The item below remains unchanged.
•Total system shop openings are estimated to be at least 185.
2027 Guidance
•Total system shop openings are estimated to be approximately 250.
_________________
1 This is a non-GAAP financial measure. Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.
2 We have not reconciled guidance for Adjusted EBITDA to the corresponding U.S. GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliation to the corresponding U.S. GAAP financial measure is not available without unreasonable effort.
Dutch Bros Inc.| Earnings Release | 2Conference Call and Webcast Today
Christine Barone, Chief Executive Officer and President, and Joshua Guenser, Chief Financial Officer, will host a conference call and webcast today at 5:00 p.m. Eastern Time (ET) to discuss financial results for the third quarter ended September 30, 2026.
Event: Third Quarter 2026 Conference Call and Webcast
Date: Wednesday, November 4, 2026
Time: 5:00 p.m. ET
Dial In: 1-201-493-6779
Webcast: https://investors.dutchbros.com under “Events & Presentations”.
The webcast will be archived shortly after the conference call has concluded. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under “Events & Presentations”.
About Dutch Bros Inc.
Dutch Bros Inc. (NYSE: BROS) is a fun-loving, mind-blowing drive-thru specialty beverage leader dedicated to making a massive difference, one cup at a time. It was founded in Grants Pass, Oregon, in 1992 and now shares its vibrant culture and fully customizable drinks at 1,273 locations as of September 30, 2026. Dutch Bros serves a wide variety of unique, handcrafted beverages such as its exclusive Dutch Bros Rebel® energy drink, Myst Energy RefresherTM, specialty coffee, nitrogen-infused cold brew, tea, lemonade, soda and more.
Dutch Bros is wholeheartedly focused on radiating kindness and sharing the Dutch Luv®. In addition to its mission of speed, quality and service, the Dutch Bros Foundation® is passionate about giving back to the communities it serves. Through local giving and annual nation-wide initiatives, the Dutch Bros Foundation makes impactful contributions to causes across the country.
To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros on Instagram, Facebook, X, and TikTok, and download the Dutch Bros app to earn points and score rewards!
Dutch Bros, our Windmill logo (), Dutch Bros Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this press release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.
), Dutch Bros Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this press release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.Dutch Bros Inc.| Earnings Release | 3Forward-Looking Statements
In addition to historical information, this press release contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding Dutch Bros’ growth trajectory, and Dutch Bros’ potential or assumed future results of operations, including guidance for 2026 and 2027, new shop openings, estimated capital expenditures, business strategies and initiatives, and potential sales and revenue growth. These statements are based on Dutch Bros’ current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “intend,” “may,” “target,” “estimates,” “predict,” “project,” “expect,” “should,” “guidance,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Dutch Bros’ control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those related to past growth being indicative of future results, whether Dutch Bros’ foundational investments result in continued growth for Dutch Bros, including increases in customer engagement and sales, the success of Dutch Bros’ food offering sales translating to sales of food offerings in other markets, changes in consumer preference due to new information or regulations regarding additives, diet and health or otherwise, acquisitions or partnerships not ultimately strengthening Dutch Bros’ competitive position, or achieving the intended goals of such acquisition or partnership, any problems that may arise in successfully integrating acquired businesses or assets, which may result in Dutch Bros not operating as effectively and efficiently as expected or divert management from their primary responsibilities, general economic conditions, changes in general consumer discretionary spending, including due to higher gas prices, inflation or lack of consumer confidence, commodity inflation, the ability to navigate evolving macroeconomic conditions, the effects of disruption between the U.S. and its trading partners due to military conflicts, tariffs or other policies, disruptions in our supply chain, increased labor costs, ability to hire and retain employees, the availability of suitable new shop sites and our ability to negotiate acceptable agreements regarding the new shop sites, and other risks, including those described in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 13, 2026, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on August 6, 2026, and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. Forward-looking statements contained in this press release are made as of this date, and Dutch Bros undertakes no duty to update such information except as required under applicable law.
Dutch Bros Inc.| Earnings Release | 4DUTCH BROS INC.
Condensed Consolidated Statements of Operations
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in thousands, except per share amounts; unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Company-operated shops | $ | 515,006 | $ | 392,833 | $ | 1,454,094 | $ | 1,099,754 | ||||||||||||||||||
| Franchising and other | 34,833 | 30,751 | 111,008 | 94,795 | ||||||||||||||||||||||
| Total revenues | 549,839 | 423,584 | 1,565,102 | 1,194,549 | ||||||||||||||||||||||
| Costs and Expenses | ||||||||||||||||||||||||||
| Cost of sales | 418,071 | 316,805 | 1,174,802 | 877,733 | ||||||||||||||||||||||
| Selling, general and administrative | 78,954 | 65,289 | 232,781 | 189,595 | ||||||||||||||||||||||
| Total costs and expenses | 497,025 | 382,094 | 1,407,583 | 1,067,328 | ||||||||||||||||||||||
Income from operations | 52,814 | 41,490 | 157,519 | 127,221 | ||||||||||||||||||||||
| Other expense | ||||||||||||||||||||||||||
| Interest expense, net | (7,079) | (6,695) | (21,337) | (20,886) | ||||||||||||||||||||||
| Other income (expense), net | 300 | 149 | 1,086 | (1,852) | ||||||||||||||||||||||
| Total other expense | (6,779) | (6,546) | (20,251) | (22,738) | ||||||||||||||||||||||
| Income before income taxes | 46,035 | 34,944 | 137,268 | 104,483 | ||||||||||||||||||||||
| Income tax expense | 8,807 | 7,661 | 24,771 | 16,363 | ||||||||||||||||||||||
| Net income | $ | 37,228 | $ | 27,283 | $ | 112,497 | $ | 88,120 | ||||||||||||||||||
| Less: Net income attributable to non-controlling interests | 10,071 | 9,788 | 31,833 | 29,648 | ||||||||||||||||||||||
| Net income attributable to Dutch Bros Inc. | $ | 27,157 | $ | 17,495 | $ | 80,664 | $ | 58,472 | ||||||||||||||||||
Net income per share of Class A common stock: | ||||||||||||||||||||||||||
| Basic | $ | 0.20 | $ | 0.14 | $ | 0.61 | $ | 0.47 | ||||||||||||||||||
| Diluted | $ | 0.20 | $ | 0.14 | $ | 0.60 | $ | 0.47 | ||||||||||||||||||
| Weighted-average shares of Class A common stock outstanding: | ||||||||||||||||||||||||||
| Basic | 137,941 | 126,986 | 133,230 | 124,751 | ||||||||||||||||||||||
| Diluted | 138,178 | 127,379 | 133,388 | 125,204 | ||||||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 5DUTCH BROS INC.
Company-Operated Shops Results
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops revenue | 515,006 | 100.0 | 392,833 | 100.0 | 1,454,094 | 100.0 | 1,099,754 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
| Beverage, food and packaging costs | 132,064 | 25.6 | 101,875 | 25.9 | 377,494 | 26.0 | 279,722 | 25.4 | ||||||||||||||||||||||||||||||||||||||||||
| Labor costs | 137,636 | 26.7 | 108,098 | 27.5 | 379,401 | 26.0 | 298,807 | 27.2 | ||||||||||||||||||||||||||||||||||||||||||
| Occupancy and other costs | 92,804 | 18.0 | 66,696 | 17.0 | 252,674 | 17.4 | 180,607 | 16.4 | ||||||||||||||||||||||||||||||||||||||||||
| Pre-opening costs | 8,026 | 1.6 | 6,933 | 1.8 | 22,775 | 1.6 | 17,086 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 34,997 | 6.8 | 26,796 | 6.8 | 103,188 | 7.1 | 77,047 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops costs and expenses | 405,527 | 78.7 | 310,398 | 79.0 | 1,135,532 | 78.1 | 853,269 | 77.6 | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops gross profit | 109,479 | 21.3 | 82,435 | 21.0 | 318,562 | 21.9 | 246,485 | 22.4 | ||||||||||||||||||||||||||||||||||||||||||
Company-operated shops contribution 1 | 144,476 | 28.1 | 109,231 | 27.8 | 421,750 | 29.0 | 323,532 | 29.4 | ||||||||||||||||||||||||||||||||||||||||||
_________________
1 Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.
DUTCH BROS INC.
Summary Cash Flows Data
| Nine Months Ended September 30, | ||||||||||||||
| (in thousands; unaudited) | 2026 | 2025 | ||||||||||||
| Net cash provided by operating activities | $ | 297,033 | $ | 215,906 | ||||||||||
| Net cash used in investing activities | (307,859) | (169,936) | ||||||||||||
| Net cash used in financing activities | (63,972) | (72,129) | ||||||||||||
| Net decrease in cash and cash equivalents | $ | (74,798) | $ | (26,159) | ||||||||||
| Cash and cash equivalents at beginning of period | 269,404 | 293,354 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 194,606 | $ | 267,195 | ||||||||||
Dutch Bros Inc.| Earnings Release | 6DUTCH BROS INC.
Condensed Consolidated Balance Sheets
| (in thousands; unaudited) | September 30, 2026 | December 31, 2025 | ||||||||||||
Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 194,606 | $ | 269,404 | ||||||||||
| Accounts receivable, net | 15,768 | 18,387 | ||||||||||||
| Inventories, net | 42,001 | 48,917 | ||||||||||||
| Prepaid expenses and other current assets | 31,732 | 20,670 | ||||||||||||
| Total current assets | 284,107 | 357,378 | ||||||||||||
| Property and equipment, net | 981,790 | 824,502 | ||||||||||||
| Lease right-of-use assets, net | 1,076,370 | 855,339 | ||||||||||||
| Deferred income tax assets, net | 1,103,811 | 946,571 | ||||||||||||
| Other long-term assets | 64,975 | 25,524 | ||||||||||||
| Total assets | $ | 3,511,053 | $ | 3,009,314 | ||||||||||
Liabilities and Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 49,530 | $ | 37,625 | ||||||||||
Other current liabilities | 121,522 | 99,173 | ||||||||||||
| Deferred revenue | 52,332 | 55,658 | ||||||||||||
| Current portion of tax receivable agreements liability | 686 | 7,696 | ||||||||||||
| Current portion of lease liabilities | 46,080 | 36,466 | ||||||||||||
| Current portion of long-term debt | 4,766 | 3,881 | ||||||||||||
| Total current liabilities | 274,916 | 240,499 | ||||||||||||
| Deferred revenue, net of current portion | 6,669 | 8,918 | ||||||||||||
| Lease liabilities, net of current portion | 1,054,345 | 852,380 | ||||||||||||
| Long-term debt, net of current portion | 192,870 | 196,295 | ||||||||||||
Tax receivable agreements liability, net of current portion | 973,132 | 813,353 | ||||||||||||
| Total liabilities | 2,501,932 | 2,111,445 | ||||||||||||
| Equity: | ||||||||||||||
| Common stock | 1 | 1 | ||||||||||||
| Additional paid in capital | 649,634 | 581,261 | ||||||||||||
| Accumulated other comprehensive income (loss) | (29) | 48 | ||||||||||||
Retained earnings | 180,172 | 99,508 | ||||||||||||
| Total stockholders' equity attributable to Dutch Bros Inc. | 829,778 | 680,818 | ||||||||||||
| Non-controlling interests | 179,343 | 217,051 | ||||||||||||
| Total equity | 1,009,121 | 897,869 | ||||||||||||
| Total liabilities and equity | $ | 3,511,053 | $ | 3,009,314 | ||||||||||
Dutch Bros Inc.| Earnings Release | 7DUTCH BROS INC.
Select Financial Metrics
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (dollars in thousands; unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Shop count, beginning of period | ||||||||||||||||||||||||||
| Company-operated | 888 | 725 | 811 | 670 | ||||||||||||||||||||||
| Franchised | 337 | 318 | 325 | 312 | ||||||||||||||||||||||
| 1,225 | 1,043 | 1,136 | 982 | |||||||||||||||||||||||
| Company-operated new openings | 42 | 34 | 119 | 89 | ||||||||||||||||||||||
| Franchised new openings | 6 | 4 | 18 | 10 | ||||||||||||||||||||||
Acquisition of franchise shops | 30 | — | 30 | — | ||||||||||||||||||||||
| Shop count, end of period | ||||||||||||||||||||||||||
| Company-operated | 960 | 759 | 960 | 759 | ||||||||||||||||||||||
| Franchised | 313 | 322 | 313 | 322 | ||||||||||||||||||||||
| Total shop count | 1,273 | 1,081 | 1,273 | 1,081 | ||||||||||||||||||||||
Systemwide AUV 1 | N/A | N/A | $ | 2,226 | $ | 2,081 | ||||||||||||||||||||
Company-operated shops AUV 1 | N/A | N/A | $ | 2,228 | $ | 2,023 | ||||||||||||||||||||
Systemwide same shop sales 1, 2 | 4.4 | % | 5.7 | % | 6.0 | % | 5.2 | % | ||||||||||||||||||
| Ticket | 4.0 | % | 1.0 | % | 3.8 | % | 2.3 | % | ||||||||||||||||||
| Customer visits | 0.4 | % | 4.7 | % | 2.2 | % | 2.9 | % | ||||||||||||||||||
Company-operated same shop sales 1 | 5.4 | % | 7.4 | % | 7.9 | % | 7.0 | % | ||||||||||||||||||
| Ticket | 4.4 | % | 0.6 | % | 4.3 | % | 2.0 | % | ||||||||||||||||||
| Customer visits | 1.0 | % | 6.8 | % | 3.6 | % | 5.0 | % | ||||||||||||||||||
Systemwide sales 2 | $ | 702,210 | $ | 576,886 | $ | 2,015,169 | $ | 1,637,831 | ||||||||||||||||||
Company-operated operating weeks 3 | 12,180 | 9,645 | 33,862 | 27,566 | ||||||||||||||||||||||
Franchising and other operating weeks 3 | 4,174 | 4,192 | 12,757 | 12,322 | ||||||||||||||||||||||
Dutch Rewards customer visits as a percentage of total customer visits 4 | 74 | % | 72 | % | 74 | % | 72 | % | ||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 8| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops revenues | 515,006 | 100.0 | 392,833 | 100.0 | 1,454,094 | 100.0 | 1,099,754 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops gross profit | 109,479 | 21.3 | 82,435 | 21.0 | 318,562 | 21.9 | 246,485 | 22.4 | ||||||||||||||||||||||||||||||||||||||||||
Company-operated shops contribution 5 | 144,476 | 28.1 | 109,231 | 27.8 | 421,750 | 29.0 | 323,532 | 29.4 | ||||||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative expenses | 78,954 | 14.4 | 65,289 | 15.4 | 232,781 | 14.9 | 189,595 | 15.9 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted selling, general, and administrative expenses 5 | 69,573 | 12.7 | 57,639 | 13.6 | 207,576 | 13.3 | 169,845 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||
| Net income | 37,228 | 6.8 | 27,283 | 6.4 | 112,497 | 7.2 | 88,120 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA 5 | 101,055 | 18.4 | 78,003 | 18.4 | 294,142 | 18.8 | 229,912 | 19.2 | ||||||||||||||||||||||||||||||||||||||||||
___________
1 In 2026, AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops, and same shop sales represent the percentage change in year-over-year sales, for the comparable shop base, that have been open at least 15 complete months as of the first day of the quarterly reporting period. Prior to 2026, AUVs were determined based on shops that had been open a minimum of 15 months, and same shop base was defined as shops open for 15 complete months or longer as of the first day of the reporting period. Prior period numbers have not been adjusted to conform to the new definition as the changes did not have a material impact. AUVs are calculated by dividing the systemwide and company-operated shops net sales by the total number of systemwide and company-operated shops, respectively. For the three and nine months ended September 30, 2026, the calculation of AUV for company-operated shops includes trailing twelve-month net sales related to the reacquired franchise shops that have been open at least 15 complete months. Management uses these metrics as an indicator of shop growth, expectations of mature locations, and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Systemwide shop base | 1,012 | 876 | 1,012 | 794 | ||||||||||||||||||||||
| Company-operated shop base | 724 | 582 | 724 | 510 | ||||||||||||||||||||||
2 Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under U.S. GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.
3 Company-operated and franchise shops operating weeks are calculated based on the number of operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the end date of the periods presented. The operating weeks calculations reflect re-acquired franchises. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.
4 Dutch Rewards is our digitally-based rewards program available exclusively through the Dutch Rewards app. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans.
5 Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.
Dutch Bros Inc.| Earnings Release | 9Non-GAAP Financial Measures
In addition to disclosing financial results in accordance with U.S. GAAP, this press release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.
Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related income tax effects where applicable. Income tax effects have been calculated based on the combined total non-GAAP adjustments using our total effective tax rate. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Company-operated shops contribution (in dollars and as a percentage of revenue)
Definition and/or calculation
Company-operated shops segment gross profit, before company-operated shops depreciation and amortization.
Usefulness to management and investors
This non-GAAP measure is used by our management in making performance decisions without the impact of non-cash depreciation and amortization charges. This is a standard metric used across our industry by investors.
EBITDA, Adjusted EBITDA (in dollars and as a percentage of revenue)
EBITDA — definition and/or calculation
Net income before interest expense (net of interest income), income tax expense, and depreciation and amortization expense.
Adjusted EBITDA — definition and/or calculation
Defined as EBITDA (as defined above), excluding equity-based compensation, expenses associated with credit facility refinancing, acquisitions-related costs, TRA remeasurements, and organization realignment and restructurings costs.
Usefulness to management and investors
These non-GAAP measures are supplemental operating performance measures we believe facilitate comparisons to historical performance and competitors’ operating results. We believe these non-GAAP measures presented provide investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance.
Adjusted selling, general, and administrative (in dollars and as a percentage of revenue)
Definition and/or calculation
Selling, general, and administrative expenses, excluding depreciation and amortization, equity-based compensation, acquisition-related costs, and organization realignment and restructurings costs.
Usefulness to management and investors
This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe the non-GAAP measure presented provides investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because it excludes items that may not be indicative of our ongoing operating performance.
Dutch Bros Inc.| Earnings Release | 10Adjusted net income
Definition and/or calculation
Net income, excluding equity-based compensation, expenses associated with credit facility refinancing, acquisitions-related costs, TRA remeasurements, organization realignment and restructurings costs, and income tax effects of items excluded from net income.
Usefulness to management and investors
This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.
Adjusted fully exchanged weighted-average shares of diluted common stock outstanding
Definition and/or calculation
Weighted-average shares of Class A common stock outstanding - basic with addition of dilutive impacts of restricted stock units, as well as the assumed exchange of all of the Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock.
Usefulness to management and investors
This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By adding in the assumed exchange of all of the outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.
Adjusted net income per fully exchanged share of diluted common stock
Definition and/or calculation
Net income per share of Class A common stock - diluted, excluding per share impacts of equity-based compensation, expenses associated with credit facility refinancing, acquisitions-related costs, TRA remeasurements, organization realignment and restructurings costs, income tax effects of items excluded from net income, and removal of per share impacts of controlling and non-controlling interests.
Usefulness to management and investors
This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By assuming the full exchange of all of the outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock and related net income adjustments, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.
Non-GAAP adjustments
Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, as described above.
Equity-based compensation
Non-cash expenses related to the grant and vesting of stock awards, including restricted stock units and performance restricted stock units in Dutch Bros Inc. to certain eligible employees.
Dutch Bros Inc.| Earnings Release | 11Expenses associated with 2022 credit facility refinancing
Costs incurred as a result of refinancing our credit facility in May 2025, including write-off of unamortized loan costs related to the amendment and restatement of our 2022 Credit Facility, and intermediary fees and other costs related to our 2025 Credit Facility.
Acquisitions-related costs
Costs incurred as a result of our acquisitions activity, including professional fees and integration costs.
TRAs remeasurements
(Gain) loss impacts related to adjustments of our TRAs liabilities.
Organization realignment and restructurings
Fees and costs incurred in connection with our comprehensive initiatives to develop and implement a long-term strategy involving changes to our organizational structure to support our growth.
Dilutive effects of restricted stock awards and units
Addition of incremental shares of restricted stock units calculated under the treasury stock method, when they are dilutive for the calculation of weighted-average shares on a non-GAAP basis.
Assumed exchange of weighted-average LLC interests for shares of Class A common stock
Weighted-average of all outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. that are assumed to be exchanged for Dutch Bros Inc. Class A common stock.
Supplemental Reconciliations of U.S. GAAP Actuals to Non-GAAP Actuals
Following are the reconciliations of the most comparable GAAP financial measure to non-GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this press release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops gross profit | 109,479 | 21.3 | 82,435 | 21.0 | 318,562 | 21.9 | 246,485 | 22.4 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 34,997 | 6.8 | 26,796 | 6.8 | 103,188 | 7.1 | 77,047 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||
| Company-operated shops contribution | 144,476 | 28.1 | 109,231 | 27.8 | 421,750 | 29.0 | 323,532 | 29.4 | ||||||||||||||||||||||||||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 12| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Net income | 37,228 | 6.8 | 27,283 | 6.4 | 112,497 | 7.2 | 88,120 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 39,340 | 7.2 | 29,066 | 6.9 | 113,076 | 7.2 | 83,389 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 7,079 | 1.2 | 6,695 | 1.6 | 21,337 | 1.4 | 20,886 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 8,807 | 1.6 | 7,661 | 1.8 | 24,771 | 1.6 | 16,363 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 92,454 | 16.8 | 70,705 | 16.7 | 271,681 | 17.4 | 208,758 | 17.5 | ||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | 6,955 | 1.3 | 4,648 | 1.1 | 19,112 | 1.2 | 13,513 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||
| Expenses associated with 2022 credit facility refinancing | — | — | — | — | — | — | 2,000 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
| Acquisitions-related costs | 1,209 | 0.2 | — | — | 1,518 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| TRAs remeasurements | 437 | 0.1 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Organization realignment and restructurings | — | — | 2,650 | 0.6 | 1,831 | 0.1 | 5,641 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 101,055 | 18.4 | 78,003 | 18.4 | 294,142 | 18.8 | 229,912 | 19.2 | ||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 78,954 | 14.4 | 65,289 | 15.4 | 232,781 | 14.9 | 189,595 | 15.9 | ||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (2,109) | (0.4) | (924) | (0.2) | (5,195) | (0.3) | (2,143) | (0.2) | ||||||||||||||||||||||||||||||||||||||||||
| Equity-based compensation | (6,063) | (1.1) | (4,076) | (1.0) | (16,661) | (1.1) | (11,966) | (1.1) | ||||||||||||||||||||||||||||||||||||||||||
| Acquisitions-related costs | (1,209) | (0.2) | — | — | (1,518) | (0.1) | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Organization realignment and restructurings | — | — | (2,650) | (0.6) | (1,831) | (0.1) | (5,641) | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted selling, general, and administrative | 69,573 | 12.7 | 57,639 | 13.6 | 207,576 | 13.3 | 169,845 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands; unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net income | $ | 37,228 | $ | 27,283 | $ | 112,497 | $ | 88,120 | ||||||||||||||||||
| Equity-based compensation | 6,955 | 4,648 | 19,112 | 13,513 | ||||||||||||||||||||||
| Expenses associated with 2022 credit facility refinancing | — | — | — | 2,000 | ||||||||||||||||||||||
| Acquisitions-related costs | 1,209 | — | 1,518 | — | ||||||||||||||||||||||
| TRAs remeasurements | 437 | — | — | — | ||||||||||||||||||||||
| Organization realignment and restructuring | — | 2,650 | 1,831 | 5,641 | ||||||||||||||||||||||
| Income tax effects | (1,724) | (1,080) | (3,949) | (5,461) | ||||||||||||||||||||||
| Adjusted net income | $ | 44,105 | $ | 33,501 | $ | 131,009 | $ | 103,813 | ||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 13| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in thousands, except per share amounts; unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Weighted-average shares of Class A common stock outstanding - basic | 137,941 | 126,986 | 133,230 | 124,751 | ||||||||||||||||||||||
| Dilutive effects of restricted stock units | 237 | 393 | 158 | 453 | ||||||||||||||||||||||
| Weighted-average shares of Class A common stock outstanding - diluted | 138,178 | 127,379 | 133,388 | 125,204 | ||||||||||||||||||||||
| Assumed exchange of weighted-average Dutch Bros OpCo Class A common units for shares of Dutch Bros Inc. Class A common stock | 39,823 | 50,524 | 44,478 | 52,674 | ||||||||||||||||||||||
| Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted | 178,001 | 177,903 | 177,866 | 177,878 | ||||||||||||||||||||||
| Net income per share of Class A common stock - diluted | $ | 0.20 | $ | 0.14 | $ | 0.60 | $ | 0.47 | ||||||||||||||||||
| Controlling and non-controlling interest adjustments | 0.01 | 0.02 | 0.04 | 0.02 | ||||||||||||||||||||||
| Equity-based compensation | 0.04 | 0.03 | 0.10 | 0.09 | ||||||||||||||||||||||
| Expenses associated with 2022 credit facility refinancing | — | — | — | 0.01 | ||||||||||||||||||||||
| Acquisitions-related costs | 0.01 | — | 0.01 | — | ||||||||||||||||||||||
| TRAs remeasurements | — | — | — | — | ||||||||||||||||||||||
| Organization realignment and restructurings | — | 0.01 | 0.01 | 0.03 | ||||||||||||||||||||||
| Income tax effects | (0.01) | (0.01) | (0.02) | (0.03) | ||||||||||||||||||||||
| Adjusted net income per fully exchanged share of diluted common stock | $ | 0.25 | $ | 0.19 | $ | 0.74 | $ | 0.59 | ||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 14For Investor Relations inquiries: | ||
Neil Patel, CFA | ||
(480) 447-2282 | ||
neil.patel@dutchbros.com | ||
For Media Relations inquiries: | ||
Erin Gray | ||
(480) 382-7228 | ||
erin.gray@dutchbros.com | ||
Dutch Bros Inc.| Earnings Release | 15