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 same shop sales growth.

• Adjusted EBITDA increased 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 by Q1 2026, with 41 new shops opened in the quarter.

• Raised full-year 2026 guidance for revenue, same shop sales, adjusted EBITDA, and shop openings based on strong Q1 and early Q2 performance.

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% year-over-year; franchising and other revenue was $35.4 million.

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

• Adjusted EBITDA was $79.4 million, up 26.2% year-over-year; adjusted EPS was $0.16.

• Company-operated shop contribution margin was 28.3%; gross profit margin for company-operated shops was 20.0%.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.05–$2.08 billion, representing 25–27% growth.

• System same shop sales growth expected at 4–6% for the year.

• At least 185 new system shops expected to open in 2026.

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

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