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Dutch Bros (BROS) investor relations material
Dutch Bros Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Achieved 28% year-over-year revenue growth in Q2 2025, with strong same shop sales and transaction growth, and net income more than doubling year-over-year.
Opened 31 new shops in Q2, expanding to 1,043 locations across 19 states, with 725 company-operated and 318 franchised shops.
Adjusted EBITDA rose 37% to $89 million, with margin improving to 21.4% from 20.1% year-over-year.
Raised full-year 2025 guidance for total revenues, same shop sales growth, and adjusted EBITDA based on strong Q2 performance.
Continued focus on people-first culture, innovation, and transaction-driving initiatives, including paid advertising and loyalty program expansion.
Financial highlights
Q2 2025 revenue reached $415.8 million, up 28% or $91 million year-over-year.
Company-operated shop revenue was $380.5 million, up 28.9% year-over-year; contribution margin was 31.1%.
Net income rose to $38.4 million from $22.2 million year-over-year; diluted EPS was $0.20, up from $0.12.
Adjusted net income for Q2 2025 was $45.5 million, up from $31.2 million in Q2 2024.
Net cash provided by operating activities for the first half of 2025 was $126.8 million, up 25.9% year-over-year.
Outlook and guidance
Full-year 2025 total revenues projected between $1.59 billion and $1.6 billion.
System same shop sales growth expected at approximately 4.5%; adjusted EBITDA guidance raised to $285–$290 million.
At least 160 new system shop openings and capital expenditures of $240–$260 million expected in 2025.
Management expects continued cost pressures from labor and commodities, offset by menu price adjustments and productivity improvements.
Why raise full-year revenue guidance?
Discuss the nature of transaction initiatives.
Detail the 2025 organization realignment.
Assess CPG rollout impact on brand awareness.
Detail throughput initiatives and KPIs.
How does Dutch Rewards drive transaction growth?
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Next Dutch Bros earnings date
Q3 20255 Nov, 2025
Next Dutch Bros earnings date
Q3 20255 Nov, 2025
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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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