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BROS - Dutch Bros Inc.
Latest filing: 2026-03-31 | Reporting: gaap
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Company Summary
Dutch Bros Inc. operates drive-thru coffee shops selling Dutch Bros-branded espresso drinks, energy drinks, smoothies, and teas across the western and southern United States. The business model is direct-to-consumer transactional, with customers purchasing individual beverages at physical drive-thru kiosks, supported by a loyalty app (Dutch Rewards) that drives repeat visits. As of fiscal year 2024, Dutch Bros generates approximately $1.3B in annual revenue, with operations concentrated in the Sun Belt and western U.S. across roughly 950+ company-operated and franchised locations. The company is in active expansion mode, opening 150+ new shops per year targeting underserved suburban and secondary markets.
Past Year Trends
- Dutch Bros grew full-year 2025 revenue 27.9% to $1.64 billion (vs. $1.28 billion in FY2024), driven by net new shop openings and accelerating same-shop traffic. (Bullish)
- Company-operated same-shop sales rose 9.7% in Q4 2025 and 7.4% for full-year 2025, with same-shop transactions up 5.4%, confirming genuine traffic gains rather than price-driven comps. (Bullish)
- Net income grew from $66.5 million in FY2024 to $117.3 million in FY2025—a 76% increase—while Adjusted EBITDA expanded 31% to $303 million, marking the company's clearest profitability inflection since its 2021 IPO. (Bullish)
Next Year Trends
- Dutch Bros targets at least 185 system shop openings in 2026 (up from roughly 150 in 2025) and has raised its full-year 2026 revenue guidance to $2.05B–$2.08B (25–27% YoY growth), with 41 shops already opened in Q1 2026 putting the company ahead of pace. (Bullish)
- The company is completing its food program rollout—already live in 485 system shops as of Q1 2026—and targets full system coverage by end of Q3 2026, with food attachment rates cited as a material incremental ticket driver that has not yet been fully reflected in annual comps. (Bullish)
- Higher green coffee commodity costs are expected to create approximately 30 basis points of net Adjusted EBITDA margin pressure throughout 2026, a headwind explicitly baked into guidance of $370M–$380M Adjusted EBITDA and representing the primary cost-structure risk to earnings beats. (Bearish)
Red Flags
No severe red flags identified as of August 2025.
Updated 2026-05-20
| endDate | formType | fiscalYear | Revenue | OperatingIncomeLoss |
|---|---|---|---|---|
| 2026-03-31 | 10-Q | 2026 | 464,412,000 | 34,300,000 |
| 2025-12-31 | 10-K (Q4 derived) | 2025 | 443,610,000 | 33,959,000 |
| 2025-09-30 | 10-Q | 2025 | 423,584,000 | 41,490,000 |
| 2025-06-30 | 10-Q | 2025 | 415,813,000 | 54,659,000 |
| 2025-03-31 | 10-Q | 2025 | 355,152,000 | 31,072,000 |
| 2024-12-31 | 10-K (Q4 derived) | 2024 | 342,786,000 | 15,815,000 |
| 2024-09-30 | 10-Q | 2024 | 338,212,000 | 32,515,000 |
| 2024-06-30 | 10-Q | 2024 | 324,918,000 | 32,184,000 |
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