Dutch Bros reports 2Q revenues up 28% to $415.8 million, raises guidance

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 second quarter ended June 30, 2025. Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, “Our business continues to fire on all cylinders, guided by a focused strategy, strong execution, and our amazing people.”

Barone continued, “The momentum in our business remains strong, and our second quarter results were outstanding across multiple fronts. We delivered revenue growth of 28%, system same shop sales growth of 6.1%, and company-operated same shop sales growth of 7.8%.

Our transaction driving initiatives are working in unison, with same shop sales growth primarily driven by transaction growth of 3.7%, marking yet another consecutive quarter of transaction growth. Our confidence in the year’s trajectory continues to grow, reinforced by the strong performance we have seen so far this year and through July.”

Barone concluded, “Based on these outstanding results and our strengthened conviction in our full-year performance, I am pleased to announce that we are raising our full-year guidance for total revenues, same shop sales growth, and adjusted EBITDA.”

Second Quarter 2025 Highlights

• Opened 31 new shops, 30 of which were company-operated, across 13 states.
• Total revenues grew 28.0% to $415.8 million as compared to $324.9 million in the same period of 2024.
• Systemwide same shop sales¹ increased 6.1% and systemwide same shop transactions increased 3.7% relative to the same period in 2024. Company-operated same shop sales¹ increased 7.8% and company-operated same shop transactions increased 5.9% relative to the same period of 2024.
• Company-operated shops revenues increased 28.9% to $380.5 million as compared to $295.3 million in the same period of 2024.
• Company-operated shops gross profit was $92.6 million as compared to $70.0 million in the same period of 2024. In the second quarter of 2025, company-operated shops gross margin, which includes 120 bps of pre-opening costs, was 24.3%, up 60 bps year-over-year.
• Company-operated shops contribution² grew 29.9% to $118.2 million as compared to $91.1 million in the same period of 2024. In the second quarter of 2025, company-operated shops contribution margin, which includes 120 bps of pre-opening costs, was 31.1%, a year-over-year increase of 30 bps.
• Selling, general, and administrative expenses were $65.4 million (15.7% of revenue) as compared to $58.1 million (17.9% of revenue) in the same period of 2024.
• Adjusted selling, general, and administrative expenses² were $58.7 million (14.1% of revenue) as compared to $47.6 million (14.6% of revenue) in the same period of 2024.
• Net income was $38.4 million as compared to $22.2 million in the same period of 2024.
• Adjusted EBITDA² grew 36.6% to $89.0 million as compared to $65.2 million in the same period of 2024.
• Adjusted net income² was $45.5 million as compared to $31.2 million in the same period of 2024.
• Net income per share of Class A and Class D common stock – diluted was $0.20 as compared to $0.12 per share in the same period of 2024.
• Adjusted net income per fully exchanged share of diluted common stock² was $0.26 as compared to $0.19 in the same period of 2024.

2025 Guidance

• Total revenues are now projected to be between $1.59 billion and $1.60 billion.
• Same shop sales¹ growth is now expected to be approximately 4.5%.
• Adjusted EBITDA³ is now estimated to be between $285 million and $290 million.

The items listed below remain unchanged.

• Total system shop openings in 2025 are estimated to be at least 160.
• Capital expenditures are estimated to be between $240 million to $260 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.