Dutch Bros reports third quarter revenues of $423.6 million, up 25.2% YoY

TEMPE, Ariz., USA – Dutch Bros Inc., 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, 2025. Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, “Dutch Bros continues to exceed expectations, driven by the passion our broistas bring to our shops everyday, a focused set of transaction-driving initiatives that provide multi-year growth visibility, and the strength of our new shop openings and pipeline.”

Barone continued, “Our third quarter results reaffirm the strength of our differentiated strategy and the exciting road ahead. We delivered revenue growth of 25%, system same shop sales growth of 5.7%, and company-operated same shop sales growth of 7.4%.

The third quarter marks our fifth consecutive quarter of positive transaction growth, elevating Dutch Bros to a category of its own. New shop productivity remains elevated, systemwide AUVs are at record highs, and the strong system same shop sales performance through October continues to build the confidence we have in our trajectory of 2,029 shops in 2029.”

Barone concluded, “Based on our results through the third quarter and the strength that has continued through October, we are raising our full-year guidance for total revenues and same shop sales growth, reflecting the confidence we have in the long-term durability of our model and the effectiveness of our transaction driving initiatives.”

Third Quarter 2025 Highlights

• Opened 38 new shops, 34 of which were company-operated, across 17 states.
• Total revenues grew 25.2% to $423.6 million as compared to $338.2 million in the same period of 2024.
• Systemwide same shop sales1 increased 5.7% and systemwide same shop transactions increased 4.7% relative to the same period in 2024. Company-operated same shop sales1 increased 7.4% and company-operated same shop transactions increased 6.8% relative to the same period of 2024.
• Company-operated shops revenues increased 27.4% to $392.8 million as compared to $308.3 million in the same period of 2024.
• Company-operated shops gross profit was $82.4 million as compared to $68.4 million in the same period of 2024. In the third quarter of 2025, company-operated shops gross margin, which includes 180 bps of pre-opening costs, was 21.0%, a year-over-year decrease of 120 bps.
• Company-operated shops contribution2 grew 20.2% to $109.2 million as compared to $90.8 million in the same period of 2024. In the third quarter of 2025, company-operated shops contribution margin, which includes 180 bps of pre-opening costs, was 27.8%, a year-over-year decrease of 170 bps.
• Selling, general, and administrative expenses were $65.3 million (15.4% of revenue) as compared to $57.5 million (17.0% of revenue) in the same period of 2024.
• Adjusted selling, general, and administrative expenses2 were $57.6 million (13.6% of revenue) as compared to $50.3 million (14.9% of revenue) in the same period of 2024.
• Net income was $27.3 million as compared to $21.7 million in the same period of 2024.
• Adjusted EBITDA2 grew 22.3% to $78.0 million as compared to $63.8 million in the same period of 2024.
• Adjusted net income2 was $33.5 million as compared to $27.7 million in the same period of 2024.
• Net income per share of Class A and Class D common stock – diluted was $0.14 as compared to $0.11 per share in the same period of 2024.
• Adjusted net income per fully exchanged share of diluted common stock2 was $0.19 as compared to $0.16 in the same period of 2024.

2025 Guidance

• Total revenues are now projected to be between approximately $1.61 billion and $1.615 billion.
• Same shop sales1 growth is now expected to be approximately 5%.
• Adjusted EBITDA3 remains in the range of $285 million and $290 million, which assumes the impact of approximately 110 basis points of Adjusted SG&A leverage year-over-year.
• Capital expenditures remain in the range of $240 million and $260 million.
• Total system shop openings in 2025 are targeted to be 160. With a back-weighted pipeline in Q4, any new shop openings below 160 in 2025 are planned to be incremental to the 2026 target, reflecting confidence in our shop growth trajectory.

2026 Guidance

Total system shop openings in 2026 are targeted to be approximately 175.

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.