Dutch Bros (BROS) investor relations material

Executive summary

• Achieved 32.5% year-over-year revenue growth to $550.9 million in Q2 2026, with net income rising to $51.6 million and adjusted EBITDA up 27.8% to $113.7 million, driven by new shop openings and strong same shop sales growth.

• Opened 48 new shops (44 company-operated), reaching 1,225 total locations as of June 30, 2026, and completed major franchise and Clutch Coffee acquisitions.

• Company-operated same shop sales grew 8.3% and systemwide same shop sales increased 5.8% year-over-year, marking the thirteenth consecutive quarter of positive comp sales and eighth of transaction growth.

• Food and beverage innovation, digital engagement (73% of transactions via Dutch Rewards), and operational discipline drove increased customer engagement and sales.

• Raised full-year guidance following strong Q2 performance and strategic acquisitions.

Financial highlights

• Q2 2026 total revenues reached $550.9 million, up from $415.8 million in Q2 2025, with company-operated shop revenues at $510 million and contribution margin at 30.6%.

• Adjusted EBITDA for Q2 2026 was $113.7 million (20.6% margin), up 28% year-over-year; adjusted EPS was $0.33, up from $0.26 last year.

• Net income for Q2 2026 was $51.6 million, a 34% increase from Q2 2025, with diluted EPS of $0.28.

• Net cash provided by operating activities for the first half of 2026 was $196.9 million, up 55% from the prior year.

• Liquidity stood at $699 million as of June 30, including $269 million in cash.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.1–$2.13 billion, with same shop sales growth expected at 5–6% and adjusted EBITDA guidance increased to $385–$390 million.

• At least 185 new system shop openings targeted for 2026; capital expenditures projected at $350–$370 million.

• Q3 same shop sales growth expected at 4–5%, reflecting transaction step-ups and pricing roll-off.

• Guidance excludes impact from the Salad and Go transaction announced August 5, 2026.

• Management expects continued pressure from minimum wage increases and commodity inflation but plans to offset with menu price adjustments and productivity improvements.