Dutch Bros (BROS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $464.4 million, up 31% year-over-year, driven by new shop openings, innovation, and strong customer engagement.

• Adjusted EBITDA grew 26.2% to $79.4 million, with a margin of 17.1%.

• Net income rose to $23.7 million, with diluted EPS of $0.13.

• Systemwide shop count increased to 1,177, with 41 new shops opened in Q1 and a clear path to 2,029 shops by 2029.

• Raised full-year guidance for revenue, shop openings, and same shop sales growth based on strong Q1 and Q2 trends.

Financial highlights

• Total revenues reached $464.4 million, up from $355.2 million in Q1 2025.

• Company-operated shop revenues were $429.1 million, up 31.4%, with a 10.6% same shop sales increase.

• Systemwide same shop sales grew 8.3%; company-operated same shop sales up 10.6%.

• Adjusted EBITDA was $79.4 million (17.1% margin), and adjusted EPS was $0.16, up from $0.14 last year.

• Company-operated shop contribution margin was 28.3%.

Outlook and guidance

• Full-year 2026 revenue projected at $2.05–$2.08 billion (25–27% growth).

• At least 185 new system shop openings expected in 2026.

• System same shop sales growth guided to 4–6% for the year.

• Adjusted EBITDA guidance raised to $370–$380 million.

• CapEx guidance unchanged at $270–$290 million.