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Dutch Bros (BROS) investor relations material
Dutch Bros Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue grew 25% year-over-year to $423.6–$424 million, driven by strong transaction growth, digital initiatives, and robust customer demand.
System same shop sales increased 5.7%, with company-operated same shop sales up 7.4% and systemwide transaction growth at 4.7%.
Shop count reached 1,081 across 24 states, with 759 company-operated and 322 franchised locations, and a clear path to 2,029 shops by 2029.
Food program rollout expanded to 160 shops by end of Q3, driving ticket and transaction lift, with plans for full rollout by end of 2026.
Digital initiatives, including Order Ahead and Dutch Rewards, gained traction, with Dutch Rewards accounting for over 71% of system transactions.
Financial highlights
Company-operated shop revenue was $392.8–$393 million, up 27.4% year-over-year, with a contribution margin of 27.8%.
Adjusted EBITDA for Q3 2025 was $78 million, up 22% year-over-year, with a margin of 18.4%.
Net income for Q3 2025 was $27.3 million, up from $21.7 million in Q3 2024; adjusted net income was $33.5–$34 million.
Cash and cash equivalents at quarter-end were $267.2 million, with total liquidity of $706 million including undrawn revolver.
Operating cash flow for the nine months ended September 30, 2025, was $215.9 million, up 17.2% year-over-year.
Outlook and guidance
Full-year 2025 revenue guidance raised to $1.61–$1.615 billion, with same shop sales growth expected at approximately 5%.
Adjusted EBITDA guidance for 2025 is $285–$290 million.
Targeting 160 new system shop openings in 2025 and approximately 175 in 2026.
Capital expenditures for 2025 expected at $240–$260 million.
Future impact of pre-opening costs on margins
2025 shop opening target shortfall plan
Timeline for organization realignment costs
Impact of shop layout on food program rollout?
Scaling culture: mechanisms to prevent dilution?
What cost pressures limit EBITDA guidance raise?
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Next Dutch Bros earnings date
Q4 202513 Feb, 2026
Next Dutch Bros earnings date
Q4 202513 Feb, 2026
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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.
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