Strong Q1 growth as Dutch Bros (NYSE: BROS) hikes 2026 guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Dutch Bros Inc. reported strong first quarter 2026 results, with total revenues rising 30.8% to $464.4 million from $355.2 million a year earlier, driven by new shop openings and higher traffic.
Systemwide same shop sales grew 8.3%, including a 5.1% increase in transactions, while company-operated same shop sales rose 10.6%. Net income was $23.7 million, essentially flat versus $22.5 million, and diluted EPS held at $0.13. Adjusted EBITDA increased 26.2% to $79.4 million.
On the back of this performance, Dutch Bros raised its 2026 outlook, now projecting $2.05–$2.08 billion in total revenues, same shop sales growth of 4–6%, Adjusted EBITDA of $370–$380 million, and at least 185 total system shop openings, while keeping capital expenditure expectations unchanged at $270–$290 million.
Positive
- Raised 2026 outlook after strong Q1: Management increased full-year targets for total revenues to $2.05–$2.08 billion, same shop sales growth to 4–6%, Adjusted EBITDA to $370–$380 million, and total system shop openings to at least 185, reflecting confidence in ongoing growth.
Negative
- None.
Insights
Strong Q1 growth and a broad guidance raise signal continued expansion momentum.
Dutch Bros delivered Q1 2026 revenue of $464.4 million, up 30.8% year-over-year, with systemwide same shop sales up 8.3%. Transaction growth of 5.1% shows higher customer traffic, not just pricing, supporting the top line.
Profitability also improved: Adjusted EBITDA rose 26.2% to $79.4 million, and company-operated contribution expanded in dollars despite a modest margin decline. Net income was $23.7 million, slightly above the prior year, as higher costs and depreciation offset part of the revenue gain.
Management raised full-year 2026 guidance for total revenues to $2.05–$2.08 billion, same shop sales to 4–6% growth, Adjusted EBITDA to $370–$380 million, and total system openings to at least 185 shops. These updates, tied to results through the quarter ended March 31, 2026, indicate confidence in sustained expansion.
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, and exhibit attachments filed with this report.
Key Figures
Q1 2026 total revenues: $464.4 million
Q1 2026 net income: $23.7 million
Q1 2026 diluted EPS: $0.13 per share
+5 more
8 metrics
Q1 2026 total revenues
$464.4 million
Three months ended March 31, 2026; up 30.8% from $355.2 million in 2025
Q1 2026 net income
$23.7 million
Three months ended March 31, 2026; vs $22.5 million in 2025
Q1 2026 diluted EPS
$0.13 per share
Net income per diluted Class A share; unchanged from $0.13 in Q1 2025
Q1 2026 Adjusted EBITDA
$79.4 million
Adjusted EBITDA of $79,373 thousand; up 26.2% from $62.9 million
Systemwide same shop sales growth
8.3%
Systemwide same shop sales increase for three months ended March 31, 2026
2026 revenue guidance
$2.05–$2.08 billion
Updated full-year 2026 projected total revenues range
2026 Adjusted EBITDA guidance
$370–$380 million
Updated full-year 2026 Adjusted EBITDA estimate
Total shop count
1,177 shops
Total system shop count as of March 31, 2026
Key Terms
Adjusted EBITDA, systemwide same shop sales, tax receivable agreements liability, Dutch Rewards, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA2 grew 26.2% to $79.4 million as compared to $62.9 million in the same period of 2025."
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.
systemwide same shop sales financial
"Systemwide same shop sales1 increased 8.3% and systemwide same shop transactions increased 5.1% relative to the same period in 2025."
tax receivable agreements liability financial
"Current portion of tax receivable agreements liability | 13,718 | | | 7,696"
Dutch Rewards financial
"Dutch Rewards transactions as a percentage of total transactions 4 | | 74 | % | | 72 | %"
non-GAAP financial measures financial
"In addition to disclosing financial results in accordance with U.S. GAAP, this press release contains references to the non-GAAP financial measures below."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Offering Details
earnings_snapshot
Offering
Offering Type
earnings_snapshot
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): May 6, 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 May 6, 2026, Dutch Bros Inc., a Delaware corporation (the “Company”), announced its financial results for the first quarter ended March 31, 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 May 6, 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: | May 6, 2026 | By: | /s/ Joshua Guenser | |||||||||||
Joshua Guenser | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
Dutch Bros Inc. Reports First Quarter 2026 Financial Results
Achieves 31% Revenue Growth Year-Over-Year
Delivers 8.3% System Same Shop Sales Growth, Including 5.1% System Same Shop Transaction Growth
Raises 2026 Guidance on Total Revenues, System Same Shop Sales Growth, Adjusted EBITDA and Total System Shop Openings
TEMPE, Ariz. - May 6, 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 first quarter ended March 31, 2026.
First Quarter 2026 Highlights
•Opened 41 new shops, 33 of which were company-operated.
•Total revenues grew 30.8% to $464.4 million as compared to $355.2 million in the same period of 2025.
•Systemwide same shop sales1 increased 8.3% and systemwide same shop transactions increased 5.1% relative to the same period in 2025. Company-operated same shop sales1 increased 10.6% and company-operated same shop transactions increased 6.9% relative to the same period of 2025.
•Net income was $23.7 million as compared to $22.5 million in the same period of 2025.
•Adjusted EBITDA2 grew 26.2% to $79.4 million as compared to $62.9 million in the same period of 2025.
Christine Barone, Chief Executive Officer and President of Dutch Bros, said, “Our first quarter results reinforce that Dutch Bros continues to operate in a category of its own. Our foundation is built for long-term scale, anchored by our people-led culture, meaningful customer connection, and industry-leading innovation. I am incredibly proud of the execution from our teams, and the results they have driven."
Barone continued, “We delivered exceptionally strong results this quarter, highlighted by 31% revenue growth and an outstanding 8.3% increase in system same shop sales, driven by our seventh consecutive quarter of transaction growth. We’re seeing this strength in existing and new markets, throughout dayparts and customer segments. Our teams continue to bring the electric energy, kindness, and connection that define the Dutch Bros experience and earn unrivaled customer engagement.”
Josh Guenser, Chief Financial Officer of Dutch Bros, concluded, “Based on the strong performance throughout the first quarter and the performance we have seen into the second quarter, we are raising our full-year guidance across the board. The trajectory of Dutch Bros remains incredibly strong.”
Dutch Bros Inc.| Earnings Release | 12026 Guidance
•Total revenues are now projected to be between approximately $2.05 billion and $2.08 billion.
•Same shop sales1 growth is now estimated to be in the range of 4% to 6%.
•Adjusted EBITDA3 is now estimated to be between $370 million and $380 million.
•Total system shop openings are now estimated to be at least 185.
The item below remains unchanged.
•Capital expenditures are estimated to be between $270 million and $290 million.
_________________
1 Same shop sales is defined in the section “Select Financial Metrics”.
2 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”.
3 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 first quarter ended March 31, 2026.
Event: First Quarter 2026 Conference Call and Webcast
Date: Wednesday, May 6, 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 high-growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE.
Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the “Dutch Luv” at 1,177 locations across 25 states as of March 31, 2026.
To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee 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 updated guidance for 2026, new shop openings, estimated capital expenditures, business strategies, 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’ multi-year initiatives, including expansion of its mobile order capabilities, increase of 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, 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, increased labor costs, disruptions in our supply chain, 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 12, 2026, and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 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 March 31, | ||||||||||||||
| (in thousands, except per share amounts; unaudited) | 2026 | 2025 | ||||||||||||
| Revenues | ||||||||||||||
| Company-operated shops | $ | 429,057 | $ | 326,421 | ||||||||||
| Franchising and other | 35,355 | 28,731 | ||||||||||||
| Total revenues | 464,412 | 355,152 | ||||||||||||
| Costs and Expenses | ||||||||||||||
| Cost of sales | 356,936 | 265,159 | ||||||||||||
| Selling, general and administrative | 73,176 | 58,921 | ||||||||||||
| Total costs and expenses | 430,112 | 324,080 | ||||||||||||
Income from operations | 34,300 | 31,072 | ||||||||||||
| Other expense | ||||||||||||||
| Interest expense, net | (7,220) | (7,115) | ||||||||||||
| Other expense, net | (75) | (18) | ||||||||||||
| Total other expense | (7,295) | (7,133) | ||||||||||||
| Income before income taxes | 27,005 | 23,939 | ||||||||||||
| Income tax expense | 3,341 | 1,459 | ||||||||||||
| Net income | $ | 23,664 | $ | 22,480 | ||||||||||
| Less: Net income attributable to non-controlling interests | 7,567 | 7,127 | ||||||||||||
| Net income attributable to Dutch Bros Inc. | $ | 16,097 | $ | 15,353 | ||||||||||
Net income per share of Class A common stock: | ||||||||||||||
| Basic | $ | 0.13 | $ | 0.13 | ||||||||||
| Diluted | $ | 0.13 | $ | 0.13 | ||||||||||
| Weighted-average shares of Class A common stock outstanding: | ||||||||||||||
| Basic | 127,138 | 120,810 | ||||||||||||
| Diluted | 127,384 | 121,508 | ||||||||||||
Dutch Bros Inc.| Earnings Release | 5DUTCH BROS INC.
Segment Financials
| Three Months Ended March 31, | ||||||||||||||
(in thousands; unaudited) | 2026 | 2025 | ||||||||||||
| Revenues | ||||||||||||||
| Company-operated shops | $ | 429,057 | $ | 326,421 | ||||||||||
| Franchising and other | 35,355 | 28,731 | ||||||||||||
| Total revenues | 464,412 | 355,152 | ||||||||||||
| Cost of sales | ||||||||||||||
| Company-operated shops | ||||||||||||||
| Beverage, food & packaging | 112,322 | 81,379 | ||||||||||||
| Labor costs | 112,305 | 89,439 | ||||||||||||
| Occupancy & other costs | 76,785 | 53,927 | ||||||||||||
| Pre-opening costs | 6,341 | 5,611 | ||||||||||||
| Franchising and other | 12,358 | 8,775 | ||||||||||||
Segment cost of sales1 | 320,111 | 239,131 | ||||||||||||
| Segment contribution | ||||||||||||||
| Company-operated shops | 121,304 | 96,065 | ||||||||||||
| Franchising and other | 22,997 | 19,956 | ||||||||||||
| Total segment contribution | $ | 144,301 | $ | 116,021 | ||||||||||
| Segment depreciation and amortization | (36,825) | (26,028) | ||||||||||||
| Selling, general and administrative | (73,176) | (58,921) | ||||||||||||
| Interest expense, net | (7,220) | (7,115) | ||||||||||||
| Other expense, net | (75) | (18) | ||||||||||||
| Income before income taxes | $ | 27,005 | $ | 23,939 | ||||||||||
__________________
1 Segment cost of sales for this presentation excludes impact of depreciation and amortization.
Dutch Bros Inc.| Earnings Release | 6DUTCH BROS INC.
Company-Operated Shops Results
| Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| (dollars in thousands; unaudited) | $ | % | $ | % | ||||||||||||||||||||||
| Company-operated shops revenue | 429,057 | 100.0 | 326,421 | 100.0 | ||||||||||||||||||||||
| Beverage, food and packaging costs | 112,322 | 26.2 | 81,379 | 25.0 | ||||||||||||||||||||||
| Labor costs | 112,305 | 26.2 | 89,439 | 27.4 | ||||||||||||||||||||||
| Occupancy and other costs | 76,785 | 17.8 | 53,927 | 16.5 | ||||||||||||||||||||||
| Pre-opening costs | 6,341 | 1.5 | 5,611 | 1.7 | ||||||||||||||||||||||
| Depreciation and amortization | 35,522 | 8.3 | 24,567 | 7.5 | ||||||||||||||||||||||
| Company-operated shops costs and expenses | 343,275 | 80.0 | 254,923 | 78.1 | ||||||||||||||||||||||
| Company-operated shops gross profit | 85,782 | 20.0 | 71,498 | 21.9 | ||||||||||||||||||||||
Company-operated shops contribution 1 | 121,304 | 28.3 | 96,065 | 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
| Three Months Ended March 31, | ||||||||||||||
| (in thousands; unaudited) | 2026 | 2025 | ||||||||||||
| Net cash provided by operating activities | $ | 84,724 | $ | 36,884 | ||||||||||
| Net cash used in investing activities | (76,805) | (45,528) | ||||||||||||
| Net cash provided by (used in) financing activities | (13,806) | 31,731 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | $ | (5,887) | $ | 23,087 | ||||||||||
| Cash and cash equivalents at beginning of period | 269,404 | 293,354 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 263,517 | $ | 316,441 | ||||||||||
Dutch Bros Inc.| Earnings Release | 7DUTCH BROS INC.
Condensed Consolidated Balance Sheets
| (in thousands; unaudited) | March 31, 2026 | December 31, 2025 | ||||||||||||
Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 263,517 | $ | 269,404 | ||||||||||
| Accounts receivable, net | 18,766 | 18,387 | ||||||||||||
| Inventories, net | 37,392 | 48,917 | ||||||||||||
| Prepaid expenses and other current assets | 20,820 | 20,670 | ||||||||||||
| Total current assets | 340,495 | 357,378 | ||||||||||||
| Property and equipment, net | 862,089 | 824,502 | ||||||||||||
| Lease right-of-use assets, net | 935,386 | 855,339 | ||||||||||||
| Deferred income tax assets, net | 943,396 | 946,571 | ||||||||||||
| Other long-term assets | 23,928 | 25,524 | ||||||||||||
| Total assets | $ | 3,105,294 | $ | 3,009,314 | ||||||||||
Liabilities and Equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 41,688 | $ | 37,625 | ||||||||||
Other current liabilities | 100,219 | 99,173 | ||||||||||||
| Deferred revenue | 56,519 | 55,658 | ||||||||||||
| Current portion of tax receivable agreements liability | 13,718 | 7,696 | ||||||||||||
| Current portion of lease liabilities | 39,160 | 36,466 | ||||||||||||
| Current portion of long-term debt | 3,883 | 3,881 | ||||||||||||
| Total current liabilities | 255,187 | 240,499 | ||||||||||||
| Deferred revenue, net of current portion | 5,849 | 8,918 | ||||||||||||
| Lease liabilities, net of current portion | 921,876 | 852,380 | ||||||||||||
| Long-term debt, net of current portion | 195,447 | 196,295 | ||||||||||||
Tax receivable agreements liability | 806,410 | 813,353 | ||||||||||||
| Total liabilities | 2,184,769 | 2,111,445 | ||||||||||||
| Equity: | ||||||||||||||
| Common stock | 1 | 1 | ||||||||||||
| Additional paid in capital | 580,773 | 581,261 | ||||||||||||
| Accumulated other comprehensive income | 66 | 48 | ||||||||||||
Retained earnings | 115,605 | 99,508 | ||||||||||||
| Total stockholders' equity attributable to Dutch Bros Inc. | 696,445 | 680,818 | ||||||||||||
| Non-controlling interests | 224,080 | 217,051 | ||||||||||||
| Total equity | 920,525 | 897,869 | ||||||||||||
| Total liabilities and equity | $ | 3,105,294 | $ | 3,009,314 | ||||||||||
Dutch Bros Inc.| Earnings Release | 8DUTCH BROS INC.
Select Financial Metrics
| Three Months Ended March 31, | ||||||||||||||
| (dollars in thousands; unaudited) | 2026 | 2025 | ||||||||||||
| Shop count, beginning of period | ||||||||||||||
| Company-operated | 811 | 670 | ||||||||||||
| Franchised | 325 | 312 | ||||||||||||
| 1,136 | 982 | |||||||||||||
| Company-operated new openings | 33 | 25 | ||||||||||||
| Franchised new openings | 8 | 5 | ||||||||||||
| Shop count, end of period | ||||||||||||||
| Company-operated | 844 | 695 | ||||||||||||
| Franchised | 333 | 317 | ||||||||||||
| Total shop count | 1,177 | 1,012 | ||||||||||||
Systemwide AUV 1 | $ | 2,160 | $ | 2,026 | ||||||||||
Company-operated shops AUV 1 | $ | 2,121 | $ | 1,950 | ||||||||||
Systemwide same shop sales 1, 2 | 8.3 | % | 4.7 | % | ||||||||||
| Ticket | 3.2 | % | 3.4 | % | ||||||||||
| Transactions | 5.1 | % | 1.3 | % | ||||||||||
Company-operated same shop sales 1 | 10.6 | % | 6.9 | % | ||||||||||
| Ticket | 3.7 | % | 3.2 | % | ||||||||||
| Transactions | 6.9 | % | 3.7 | % | ||||||||||
Systemwide sales 2 | $ | 609,559 | $ | 489,672 | ||||||||||
Company-operated operating weeks 3 | 10,493 | 8,737 | ||||||||||||
Franchising and other operating weeks 3 | 4,230 | 4,011 | ||||||||||||
Dutch Rewards transactions as a percentage of total transactions 4 | 74 | % | 72 | % | ||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
| (dollars in thousands; unaudited) | $ | % | $ | % | ||||||||||||||||||||||
| Company-operated shops revenues | 429,057 | 100.0 | 326,421 | 100.0 | ||||||||||||||||||||||
| Company-operated shops gross profit | 85,782 | 20.0 | 71,498 | 21.9 | ||||||||||||||||||||||
Company-operated shops contribution 5 | 121,304 | 28.3 | 96,065 | 29.4 | ||||||||||||||||||||||
| Selling, general, and administrative expenses | 73,176 | 15.8 | 58,921 | 16.6 | ||||||||||||||||||||||
Adjusted selling, general, and administrative expenses 5 | 65,512 | 14.1 | 53,497 | 15.1 | ||||||||||||||||||||||
| Net income | 23,664 | 5.1 | 22,480 | 6.3 | ||||||||||||||||||||||
Adjusted EBITDA 5 | 79,373 | 17.1 | 62,906 | 17.7 | ||||||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 9___________
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. 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 March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Systemwide shop base | 950 | 794 | ||||||||||||
| Company-operated shop base | 645 | 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 through 2022. 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 | 10Non-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 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 expense 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 | 11Adjusted net income
Definition and/or calculation
Net income, excluding equity-based compensation expense, 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 expense, 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 | 12Organization 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 March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
(dollars in thousands; unaudited) | $ | % | $ | % | ||||||||||||||||||||||
| Company-operated shops gross profit | 85,782 | 20.0 | 71,498 | 21.9 | ||||||||||||||||||||||
| Depreciation and amortization | 35,522 | 8.3 | 24,567 | 7.5 | ||||||||||||||||||||||
| Company-operated shops contribution | 121,304 | 28.3 | 96,065 | 29.4 | ||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
(dollars in thousands; unaudited) | $ | % | $ | % | ||||||||||||||||||||||
| Net income | 23,664 | 5.1 | 22,480 | 6.3 | ||||||||||||||||||||||
| Depreciation and amortization | 38,255 | 8.2 | 26,430 | 7.4 | ||||||||||||||||||||||
| Interest expense, net | 7,220 | 1.6 | 7,115 | 2.1 | ||||||||||||||||||||||
| Income tax expense | 3,341 | 0.7 | 1,459 | 0.4 | ||||||||||||||||||||||
| EBITDA | 72,480 | 15.6 | 57,484 | 16.2 | ||||||||||||||||||||||
| Equity-based compensation | 5,278 | 1.2 | 4,194 | 1.2 | ||||||||||||||||||||||
| Organization realignment and restructurings | 1,615 | 0.3 | 1,228 | 0.3 | ||||||||||||||||||||||
| Adjusted EBITDA | 79,373 | 17.1 | 62,906 | 17.7 | ||||||||||||||||||||||
Dutch Bros Inc.| Earnings Release | 13| Three Months Ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||
(dollars in thousands; unaudited) | $ | % | $ | % | ||||||||||||||||||||||
| Selling, general, and administrative | 73,176 | 15.8 | 58,921 | 16.6 | ||||||||||||||||||||||
| Depreciation and amortization | (1,430) | (0.3) | (402) | (0.1) | ||||||||||||||||||||||
| Equity-based compensation | (4,619) | (1.1) | (3,794) | (1.1) | ||||||||||||||||||||||
| Organization realignment and restructurings | (1,615) | (0.3) | (1,228) | (0.3) | ||||||||||||||||||||||
| Adjusted selling, general, and administrative | 65,512 | 14.1 | 53,497 | 15.1 | ||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
(in thousands; unaudited) | 2026 | 2025 | ||||||||||||
| Net income | $ | 23,664 | $ | 22,480 | ||||||||||
| Equity-based compensation | 5,278 | 4,194 | ||||||||||||
| Organization realignment and restructuring | 1,615 | 1,228 | ||||||||||||
| Income tax effects | (1,993) | (3,101) | ||||||||||||
| Adjusted net income | $ | 28,564 | $ | 24,801 | ||||||||||
| Three Months Ended March 31, | ||||||||||||||
| (in thousands, except per share amounts; unaudited) | 2026 | 2025 | ||||||||||||
| Weighted-average shares of Class A common stock outstanding - basic | 127,138 | 120,810 | ||||||||||||
| Dilutive effects of restricted stock units | 246 | 698 | ||||||||||||
| Weighted-average shares of Class A common stock outstanding - diluted | 127,384 | 121,508 | ||||||||||||
| Assumed exchange of weighted-average Dutch Bros OpCo Class A common units for shares of Dutch Bros Inc. Class A common stock | 50,481 | 56,476 | ||||||||||||
| Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted | 177,865 | 177,984 | ||||||||||||
| Net income per share of Class A common stock - diluted | $ | 0.13 | $ | 0.13 | ||||||||||
| Equity-based compensation | 0.03 | 0.02 | ||||||||||||
| Organization realignment and restructurings | 0.01 | 0.01 | ||||||||||||
| Income tax effects | (0.01) | (0.02) | ||||||||||||
| Adjusted net income per fully exchanged share of diluted common stock | $ | 0.16 | $ | 0.14 | ||||||||||
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 | 15FAQ
How did Dutch Bros (BROS) perform financially in Q1 2026?
Dutch Bros reported Q1 2026 revenues of $464.4 million, up 30.8% from $355.2 million a year earlier. Net income was $23.7 million versus $22.5 million, while diluted EPS held steady at $0.13 per Class A share.
What were Dutch Bros (BROS) same shop sales trends in Q1 2026?
Systemwide same shop sales for Dutch Bros grew 8.3% in Q1 2026, driven by a 5.1% increase in transactions and higher ticket. Company-operated same shop sales rose 10.6%, with transactions up 6.9% compared with the same quarter of 2025.
How many new Dutch Bros (BROS) shops opened in Q1 2026?
Dutch Bros opened 41 new shops in Q1 2026, including 33 company-operated locations and 8 franchised locations. This brought the total shop count to 1,177 across 25 states as of March 31, 2026, up from 1,012 a year earlier.
What is Dutch Bros’ (BROS) updated 2026 revenue and EBITDA guidance?
For full-year 2026, Dutch Bros now projects total revenues between $2.05 billion and $2.08 billion and Adjusted EBITDA between $370 million and $380 million. These targets were raised following strong Q1 performance and early Q2 trends disclosed by management.
What are Dutch Bros (BROS) expectations for 2026 same shop sales and new openings?
Dutch Bros expects 2026 same shop sales growth of 4% to 6% and at least 185 total system shop openings. Capital expenditures are estimated between $270 million and $290 million, consistent with prior expectations for growth investments.
How did Dutch Bros’ (BROS) Adjusted EBITDA change in Q1 2026?
Adjusted EBITDA for Q1 2026 was $79.4 million, up 26.2% from $62.9 million in Q1 2025. Adjusted EBITDA margin was 17.1% of revenues, compared with 17.7% a year earlier, reflecting strong profit growth alongside rapid expansion.