Dutch Bros Inc. Earnings Recaps
Q2 2026
Aug 8, 2026
Dutch Bros shares dropped 16.8% following the earnings release, reflecting investor disappointment likely driven by cautious management commentary and a lowered growth outlook despite reported transaction growth and revenue gains.
Key takeaways
- Total revenues increased 32% year-over-year in Q2.
- Adjusted EBITDA grew 28%, indicating solid profitability on reported numbers.
- The company opened 48 new shops, reinforcing expansion momentum but raising questions about margin sustainability.
- Despite transaction and comp sales growth, management’s tempered tone around future growth and acquisition impacts likely spurred investor concern.
- Strong new market rollouts, including Chicago shops pacing at $7 million in volume, contrast with the cautious outlook that weighed on the stock.
Q1 2026
May 7, 2026
Dutch Bros shares declined 6.3% following the quarter, reflecting investor disappointment despite reported revenue growth, likely due to cautious outlook or signals of deceleration not fully addressed in management commentary.
Key takeaways
- Total Q1 revenues increased 31%, with adjusted EBITDA up 26%.
- The company opened 41 new shops in Q1, ahead of schedule, aiming for 2,029 shops by 2029.
- System-wide average unit volumes (AUVs) reached record levels; Texas same-store sales grew nearly 20%.
- Converted Clutch Coffee Bar locations are outperforming, generating over 3x pre-conversion volumes.
- Despite operational highlights, the stock sell-off suggests questions around the sustainability of growth or margin pressures remain.
Q3 2025
Nov 6, 2025
Dutch Bros delivered a robust Q3 2025 performance, reporting a 25% revenue growth and maintaining positive transaction growth, solidifying its position as an industry outlier amidst a competitive landscape.
Key takeaways
- Revenue increased by 25% year-over-year, with system same-shop sales growing 5.7% and company-operated same-shop sales up 7.4%.
- Transaction growth over the quarter reached 4.7% for the system and 6.8% for company-operated shops, marking the fifth consecutive quarter of positive transaction results.
- The company plans to significantly accelerate its growth, projecting about 175 new shops to open in 2026, contributing to its long-term goal of 2,029 shops by 2029.
- A strong expansion into six new states this year underlines Dutch Bros' geographic diversification and increasing brand appeal.
- Full-year guidance for total revenues and same-shop sales has been raised, reflecting confidence in the long-term sustainability of its growth model.