Dutch Bros (BROS) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $549.839M, up 29.8% YoY; net income was $37.228M and Adjusted EBITDA was $101.055M, up 29.6%, at an 18.4% margin.

• System shop count reached 1,273 across 27 states, up 17.8% YoY; 48 shops opened in Q3, including 42 company-operated.

• Q3 marked the 14th consecutive quarter of positive system same-shop sales and ninth consecutive quarter of customer-visit growth.

Financial highlights

• Q3 revenue was $549.839M versus $423.6M; company-operated revenue was $515.0M and franchising and other revenue was $34.8M.

• Operating income was $52.8M versus $41.5M; net income was $37.228M versus $27.3M.

• Diluted EPS was $0.20 versus $0.14; adjusted net income per fully exchanged diluted share was $0.25 versus $0.19.

• Nine-month revenue was $1,565.1M versus $1,194.5M; net income was $112.5M versus $88.1M.

• Q3 Adjusted SG&A was $69.573M, or 12.7% of revenue, with 90 bps of YoY leverage; GAAP SG&A was $78.954M.

Outlook and guidance

• FY 2026 guidance: revenue of at least $2.1B, system same-shop sales growth of at least 5%, and Adjusted EBITDA of ~$380M.

• FY 2026 guidance includes at least 185 system openings and $370M–$390M in CapEx; 2027 system openings are planned at ~250.

• Q4 same-shop sales outlook reflects tougher transaction comparisons, lapping the food-rollout ticket benefit, consumer uncertainty and higher utility costs.

• Q4 beverage, food and packaging costs are expected at ~27.5% of company-operated revenue, reflecting seasonal mix and no repeat of Q3 tariff refunds.

• Adjusted EBITDA guidance was not reconciled to GAAP because forward-looking reconciling items were unavailable without unreasonable effort.