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Company research15 Apr 2024
Companies That Had Their IPO in 2021: Bull Market and SPAC Mania
An overview of the defining features of the IPO landscape and general market sentiment in 2021.
Dutch Bros
Dutch Bros (BROS) investor relations material
Dutch Bros Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 revenue was $549.839M, up 29.8% YoY; net income was $37.228M and Adjusted EBITDA was $101.055M, up 29.6%, at an 18.4% margin.
System shop count reached 1,273 across 27 states, up 17.8% YoY; 48 shops opened in Q3, including 42 company-operated.
Q3 marked the 14th consecutive quarter of positive system same-shop sales and ninth consecutive quarter of customer-visit growth.
Financial highlights
Q3 revenue was $549.839M versus $423.6M; company-operated revenue was $515.0M and franchising and other revenue was $34.8M.
Operating income was $52.8M versus $41.5M; net income was $37.228M versus $27.3M.
Diluted EPS was $0.20 versus $0.14; adjusted net income per fully exchanged diluted share was $0.25 versus $0.19.
Nine-month revenue was $1,565.1M versus $1,194.5M; net income was $112.5M versus $88.1M.
Q3 Adjusted SG&A was $69.573M, or 12.7% of revenue, with 90 bps of YoY leverage; GAAP SG&A was $78.954M.
Outlook and guidance
FY 2026 guidance: revenue of at least $2.1B, system same-shop sales growth of at least 5%, and Adjusted EBITDA of ~$380M.
FY 2026 guidance includes at least 185 system openings and $370M–$390M in CapEx; 2027 system openings are planned at ~250.
Q4 same-shop sales outlook reflects tougher transaction comparisons, lapping the food-rollout ticket benefit, consumer uncertainty and higher utility costs.
Q4 beverage, food and packaging costs are expected at ~27.5% of company-operated revenue, reflecting seasonal mix and no repeat of Q3 tariff refunds.
Adjusted EBITDA guidance was not reconciled to GAAP because forward-looking reconciling items were unavailable without unreasonable effort.
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Latest events from Dutch Bros
- Q2 2026 revenue up 32.5% to $550.9M, net income up 34%, and guidance raised on all metrics.BROS
Q2 2026 - Shop target raised to 7,000+, with growth fueled by cash flow, innovation, and operational excellence.BROSInvestor Day 2025
- Aggressive expansion, innovation, and culture drive growth and resilience in a competitive market.BROS46th Annual William Blair Growth Stock Conference
- Q1 revenue up 31% to $464.4M, guidance raised, and net income reached $23.7M.BROSQ1 2026
- Q3 2025 revenue rose 25% to $424M, net income $27.3M, and guidance was raised for the year.BROSQ3 2025
- Q3 2024 revenue up 28% to $338.2M, net income $21.7M, and raised 2024 guidance.BROSQ3 2024
- Q1 2025 revenue up 29% to $355.2M, net income and shop count surged, guidance raised.BROSQ1 2025
- Aggressive expansion, digital innovation, and loyalty drive growth for this 1,000-unit chain.BROS27th Annual ICR Conference 2025
- 2024 revenue rose 33% with 151 new shops; 2025 targets $1.575B revenue and 160+ new shops.BROSQ4 2024
Next Dutch Bros earnings date
Q4 202612 Feb, 2027
Dutch Bros
Next Dutch Bros earnings date
Q4 202612 Feb, 2027
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Frequently asked questions
Drive-Through Coffee
Dutch Bros Coffee, headquartered in Grants Pass, Oregon, is a noteworthy name in the drive-thru coffee industry in the United States. Founded in 1992, it's grown substantially over the years, positioning itself as the largest privately-held drive-thru coffee chain in the nation. With a presence spanning multiple states and more than 400 locations, Dutch Bros has earned recognition not only for its range of beverages but also for its unique franchise model and commitment to community engagement.
Origins and Expansion
The inception of Dutch Bros Coffee can be traced back to brothers Dane and Travis Boersma. Initially involved in their family's dairy farming venture, they transitioned to the coffee business, starting with a single espresso pushcart in Grants Pass. The success of their venture led them to transition from a cart model to the more recognizable kiosk-style drive-thrus. The company was the largest privately held coffee chain in the nation for some time but went public in September 2021
Beverage Offerings
Dutch Bros. offers a diverse menu, with offerings like lattes, mochas, and cold brews, The chain has also expanded its offerings to include teas, smoothies, and energy drink infusions. While coffee and various drinks remain central to the business, the company also offers a variety of snacks and light meals on its menu.
Franchising
As the business grew, Dutch Bros adopted a franchise model, which allowed individuals to own and operate their own locations. This model played a crucial role in the company’s rapid expansion, with many franchisees opening multiple locations across different regions. Entrepreneurs are given the opportunity to establish their own locations, bolstered by extensive training and support from the company's headquarters. This approach has allowed Dutch Bros to sustain consistent brand identity and service quality across its numerous outlets while allowing it to grow. Franchising is a common practice for this type of business, with some examples of companies operating in a similar fashion being Dunkin’, Restaurant Brands, and McDonald’s. Notably one of Dutch Bros main competitors, Starbucks, does not operate on a franchise model.