Dutch Bros (BROS) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 25% year-over-year to $424 million, with system same-shop sales up 5.7% and company-operated same-shop sales up 7.4%.

• Net income for Q3 2025 was $27.3 million, with adjusted EBITDA at $78 million and adjusted net income at $34 million.

• Shop count reached 1,081, with 759 company-operated and 322 franchised locations, and 38 new shops opened in Q3.

• Strong digital and loyalty engagement, with Dutch Rewards accounting for over 71% of transactions.

• Food program expanded to 160 shops, driving ticket and transaction lift.

Financial highlights

• Company-operated shop revenue was $393 million, up 27.4% year-over-year, with contribution margin at 27.8%.

• Net income per diluted share was $0.14, and adjusted EPS was $0.19.

• Operating cash flow for the nine months ended September 30, 2025, was $215.9 million, with cash and cash equivalents at $267.2 million.

• Adjusted EBITDA margin for Q3 was 18.4%.

• Company-operated shop gross profit margin was 21.0% in Q3 2025.

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 175 in 2026.

• Capital expenditures projected at $240–$260 million for 2025.

• Cash flow and new credit facility expected to fund operations and growth for at least the next 12 months.