Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Published: 2026-02-12 21:01:00 GMT BROS

Achieves 29% Revenue Growth Year-Over-Year in the Fourth Quarter

Delivers 7.7% System Same Shop Sales Growth, Including 5.4% System Same Shop Transaction Growth in the Fourth Quarter

Delivers 19th Consecutive Year of Positive Same Shop Sales Growth

TEMPE, Ariz.--(BUSINESS WIRE)--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 fourth quarter and year ended December 31, 2025.

Fourth Quarter 2025 Highlights

Opened 55 new shops, 52 of which were company-operated, across 17 states.
Total revenues grew 29.4% to $443.6 million as compared to $342.8 million in the same period of 2024.
Systemwide same shop sales¹increased 7.7% and systemwide same shop transactions increased 5.4% relative to the same period in 2024. Company-operated same shop sales¹ increased 9.7% and company-operated same shop transactions increased 7.6% relative to the same period of 2024.
Net income was $29.2 million as compared to $6.4 million in the same period of 2024.
Adjusted EBITDA²grew 48.8% to $72.6 million as compared to $48.8 million in the same period of 2024.

Christine Barone, Chief Executive Officer and President of Dutch Bros, said, “The results of our fourth quarter and full year 2025 show that five years into our journey as a public company, Dutch Bros not only delivered a record-breaking year, but reinforced our well-defined path of sustainable, profitable growth. This continued growth is a powerful testament to our culture, proving that the playbook of authentic human connection, industry-leading innovation, and incredible depth in field leadership is the ultimate engine for scaling this business. We believe we have the right energy and the right strategy to continue winning market share for years to come.”

Barone continued, “In the fourth quarter, we delivered outstanding revenue growth of 29%, system same shop sales growth of 7.7%, and company-operated same shop sales growth of 9.7%. This strong topline performance was driven by increases in transactions and a value proposition that clearly hit home with our customers – an unmistakable indicator of the magnetic strength of the Dutch Bros brand. We also saw exceptional adjusted EBITDA growth of 49%, which significantly outpaced topline momentum and enabled continued investment in our people and the initiatives driving our growth.”

Josh Guenser, Chief Financial Officer of Dutch Bros, concluded, “Our confidence in delivering our goal of 2,029 shops in 2029 has never been higher, as we expanded our footprint into seven contiguous states while delivering record AUVs of $2.1 million in 2025.”

Full Year 2025 Highlights

Opened 154 new shops, 141 of which were company-operated, across 22 states.
Total revenues grew 27.9% to $1.64 billion as compared to $1.28 billion in 2024.
System same shop sales¹ increased 5.6% and systemwide same shop transactions increased 3.2% compared to 2024. Company-operated same shop sales¹ and transactions increased 7.4% and 5.4%, respectively, compared to 2024.
Net income was $117.3 million as compared to $66.5 million in 2024.
Adjusted EBITDA², a non-GAAP financial measure, increased 31.4% to $302.6 million as compared to $230.3 million in 2024.

2026 Guidance

Total revenues are projected to be between approximately $2 billion and $2.03 billion.
Same shop sales¹ growth is estimated to be in the range of 3% to 5%.
Adjusted EBITDA³ is estimated to be between $355 million and $365 million, which includes the continued impact of elevated coffee costs, partially offset by leverage on Adjusted SG&A.
Capital expenditures are estimated to be between $270 million and $290 million.
Total system shop openings are estimated to be at least 181.

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.

Conference 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 fourth quarter and year ended December 31, 2025.

Event: Fourth Quarter 2025 Conference Call and Webcast

Date: Thursday, February 12, 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 1,136 locations across 25 states as of December 31, 2025.

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.

Forward-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, Dutch Bros’ growth trajectory, and Dutch Bros’ potential or assumed future results of operations, including updated guidance for 2025, 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,” “optimistic,” 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 mobile order capabilities and expansion of such 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, commodity inflation, the ability to navigate evolving macroeconomic conditions, the effects of disruption between the U.S. and its trading partners due to 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC on November 5, 2025, and in our future reports to be filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025. 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. Condensed Consolidated Statements of Operations

	Three Months Ended December 31,						Year Ended December 31,
(in thousands, except per share amounts; unaudited)		2025			2024			2025			2024
Revenues
Company-operated shops	$	409,575		$	314,182		$	1,509,329		$	1,165,830
Franchising and other		34,035			28,604			128,830			115,185
Total revenues		443,610			342,786			1,638,159			1,281,015

Costs and Expenses
Cost of sales		336,480			254,838			1,214,213			940,886
Selling, general and administrative		73,171			72,170			262,766			234,036
Total costs and expenses		409,651			327,008			1,476,979			1,174,922

Income from operations		33,959			15,778			161,180			106,093

Other expense
Interest expense, net		(7,419	)		(6,761	)		(28,305	)		(27,020	)
Other income (expense), net		4,600			(1,545	)		2,748			5,812
Total other expense		(2,819	)		(8,306	)		(25,557	)		(21,208	)

Income before income taxes		31,140			7,472			135,623			84,885
Income tax expense		1,985			1,105			18,348			18,435
Net income	$	29,155		$	6,367		$	117,275		$	66,450
Less: Net income attributable to non-controlling interests		7,785			2,755			37,433			31,192
Net income attributable to Dutch Bros Inc.	$	21,370		$	3,612		$	79,842		$	35,258
Net income per share of Class A and Class D common stock¹:
Basic	$	0.17		$	0.03		$	0.64		$	0.34
Diluted	$	0.17		$	0.03		$	0.64		$	0.34
Weighted-average shares of Class A and Class D common stock outstanding:
Basic		127,046			114,668			125,329			103,504
Diluted		127,438			115,248			125,764			104,129

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¹		Class D common shares were included in net income per share and weighted-average number of shares calculations in periods prior to June 2024. As of June 2024, all Class D common shares were converted to Class A common shares.

DUTCH BROS INC. Segment Financials

	Three Months Ended December 31,						Year Ended December 31,
(in thousands; unaudited)		2025			2024			2025			2024
Revenues
Company-operated shops	$	409,575		$	314,182		$	1,509,329		$	1,165,830
Franchising and other		34,035			28,604			128,830			115,185
Total revenues		443,610			342,786			1,638,159			1,281,015
Cost of sales
Company-operated shops
Beverage, food & packaging		110,609			79,829			390,331			296,752
Labor costs		107,125			84,998			405,932			315,805
Occupancy & other costs		70,499			54,906			251,106			191,372
Pre-opening costs		8,269			3,581			25,355			15,133
Franchising and other		9,471			6,396			29,736			30,100
Segment cost of sales¹		305,973			229,710			1,102,460			849,162
Segment contribution
Company-operated shops		113,073			90,868			436,605			346,768
Franchising and other		24,564			22,208			99,094			85,085
Total segment contribution	$	137,637		$	113,076		$	535,699		$	431,853

Segment depreciation and amortization		(30,507	)		(25,128	)		(111,753	)		(91,724	)

Selling, general and administrative		(73,171	)		(72,170	)		(262,766	)		(234,036	)
Interest expense, net		(7,419	)		(6,761	)		(28,305	)		(27,020	)
Other income (expense), net		4,600			(1,545	)		2,748			5,812
Income before income taxes	$	31,140		$	7,472		$	135,623		$	84,885

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¹		Segment cost of sales for this presentation excludes impact of depreciation and amortization.

DUTCH BROS INC. Company-Operated Shops Results

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
(dollars in thousands; unaudited)	$	%	$	%	$	%	$	%
Company-operated shops revenue	409,575	100.0	314,182	100.0	1,509,329	100.0	1,165,830	100.0

Beverage, food and packaging costs	110,609	27.0	79,829	25.4	390,331	25.9	296,752	25.5
Labor costs	107,125	26.2	84,998	27.1	405,932	26.9	315,805	27.1
Occupancy and other costs	70,499	17.2	54,906	17.5	251,106	16.6	191,372	16.4
Pre-opening costs	8,269	2.0	3,581	1.1	25,355	1.7	15,133	1.3
Depreciation and amortization	29,169	7.1	23,607	7.5	106,216	7.0	86,809	7.4
Company-operated shops costs and expenses	325,671	79.5	246,921	78.6	1,178,940	78.1	905,871	77.7
Company-operated shops gross profit	83,904	20.5	67,261	21.4	330,389	21.9	259,959	22.3
Company-operated shops contribution ¹	113,073	27.6	90,868	28.9	436,605	28.9	346,768	29.7

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¹		Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.

DUTCH BROS INC. Summary Cash Flows Data

	Year Ended December 31,
(in thousands; unaudited)		2025			2024
Net cash provided by operating activities	$	295,545		$	246,432
Net cash used in investing activities		(241,068	)		(212,072	)
Net cash provided by (used in) financing activities		(78,427	)		125,449
Net increase (decrease) in cash and cash equivalents	$	(23,950	)	$	159,809
Cash and cash equivalents at beginning of period		293,354			133,545
Cash and cash equivalents at end of period	$	269,404		$	293,354

DUTCH BROS INC. Condensed Consolidated Balance Sheets

(in thousands; unaudited)	December 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	269,404	$	293,354
Accounts receivable, net		18,387		10,598
Inventories, net		48,917		36,488
Prepaid expenses and other current assets		20,670		17,501
Total current assets		357,378		357,941
Property and equipment, net		824,502		683,971
Lease right-of-use assets, net		855,339		689,879
Deferred income tax assets, net		946,571		742,126
Other long-term assets		25,524		27,168
Total assets	$	3,009,314	$	2,501,085
Liabilities and Equity
Current liabilities:
Accounts payable	$	37,625	$	32,225
Other current liabilities		99,173		83,361
Deferred revenue		55,658		42,868
Current portion of tax receivable agreements liability		7,696		71
Current portion of lease liabilities		36,466		27,235
Current portion of long-term debt		3,881		17,311
Total current liabilities		240,499		203,071
Deferred revenue, net of current portion		8,918		8,015
Lease liabilities, net of current portion		852,380		678,608
Long-term debt, net of current portion		196,295		219,755
Tax receivable agreements liability		813,353		627,763
Other long-term liabilities		—		8
Total liabilities		2,111,445		1,737,220
Equity:
Common stock		1		1
Additional paid in capital		581,261		517,074
Accumulated other comprehensive income		48		628
Retained earnings		99,508		19,666
Total stockholders' equity attributable to Dutch Bros Inc.		680,818		537,369
Non-controlling interests		217,051		226,496
Total equity		897,869		763,865
Total liabilities and equity	$	3,009,314	$	2,501,085

DUTCH BROS INC. Select Financial Metrics

	Three Months Ended December 31,						Year Ended December 31,
(dollars in thousands; unaudited)		2025			2024			2025			2024
Shop count, beginning of period
Company-operated		759			645			670			542
Franchised		322			305			312			289
		1,081			950			982			831

Company-operated new openings		52			25			141			128
Franchised new openings		3			7			13			23

Shop count, end of period
Company-operated		811			670			811			670
Franchised		325			312			325			312
Total shop count		1,136			982			1,136			982

Systemwide AUV ¹		N/A			N/A		$	2,115		$	2,018
Company-operated shops AUV ¹		N/A			N/A		$	2,061		$	1,933

Systemwide same shop sales ^{2, 3}		7.7	%		6.9	%		5.6	%		5.3	%
Ticket		2.3	%		4.6	%		2.4	%		5.4	%
Transactions		5.4	%		2.3	%		3.2	%		(0.1	)%
Company-operated same shop sales ²		9.7	%		9.5	%		7.4	%		6.8	%
Ticket		2.1	%		4.3	%		2.0	%		5.3	%
Transactions		7.6	%		5.2	%		5.4	%		1.5	%

Systemwide sales ³	$	585,667		$	476,268		$	2,223,576		$	1,819,018
Company-operated operating weeks ⁴		10,101			8,513			37,667			31,708
Franchising and other operating weeks ⁴		4,205			4,003			16,527			15,579
Dutch Rewards transactions as a percentage of total transactions ⁵		73	%		71	%		72	%		68	%

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
(dollars in thousands; unaudited)	$	%	$	%	$	%	$	%
Company-operated shops revenues	409,575	100.0	314,182	100.0	1,509,329	100.0	1,165,830	100.0
Company-operated shops gross profit	83,904	20.5	67,261	21.4	330,389	21.9	259,959	22.3
Company-operated shops contribution ⁶	113,073	27.6	90,868	28.9	436,605	28.9	346,768	29.7
Selling, general, and administrative expenses	73,171	16.5	72,170	21.1	262,766	16.0	234,036	18.3
Adjusted selling, general, and administrative expenses ⁶	65,417	14.7	64,399	18.8	235,262	14.4	202,720	15.8
Net income	29,155	6.6	6,367	1.9	117,275	7.2	66,450	5.2
Adjusted EBITDA ⁶	72,642	16.4	48,822	14.2	302,554	18.5	230,283	18.0

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¹		AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. 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 and future expectations of mature locations.
²		Same shop sales represents the estimated percentage change in year-over-year sales for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period. Same shop sales can be impacted by changes in customer transaction counts and by changes in the per-ticket amounts. Management uses these metrics as an indicator of shop growth 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 December 31,		Year Ended December 31,
	2025	2024	2025	2024
Systemwide shop base	912	754	794	641
Company-operated shop base	612	473	510	370

³		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.
⁴		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.
⁵		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.
⁶		Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”.

Non-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.

Contacts

For Investor Relations inquiries:
Neil Patel
(480) 447-2282
[email protected]

For Media Relations inquiries:
Erin Gray
(480) 382-7228
[email protected]

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