Dutch Bros (BROS) Q4 2024 earnings summary

Executive summary

• Achieved 33% total revenue growth in 2024 to $1.28 billion, driven by 151 new shop openings (18% growth), 5.3% system same shop sales growth, and strong brand momentum; ended year with 982 shops.

• Adjusted EBITDA grew 44% to $230.3 million in 2024, with continued SG&A leverage and improved shop contribution margin to 29.7%.

• Net income for 2024 was $66.5 million, up from $10 million in 2023; Q4 net income was $6.4 million, reversing a prior year loss.

• Q4 2024 saw 35% revenue growth and 41% Adjusted EBITDA growth, with 32 new shop openings and strong same shop sales.

• Systemwide AUVs reached $2.018 million, and Dutch Rewards transactions accounted for 70.6% of Q4 transactions.

Financial highlights

• 2024 revenue: $1.28 billion; Adjusted EBITDA: $230.3 million; Adjusted EPS: $0.49; net income: $66.5 million.

• Q4 revenue: $342.8 million (+35% YoY); Adjusted EBITDA: $48.8 million (+41% YoY); Adjusted EPS: $0.07.

• Company-operated shop revenue in Q4: $314.2 million (+38.2% YoY); shop contribution margin: 28.9%.

• Beverage, food, and packaging costs were 25.4% of company-operated shop revenue, 120 bps favorable YoY.

• Cash and cash equivalents at year-end: $293.4 million; total liquidity: $687 million.

Outlook and guidance

• 2025 revenue projected at $1.555–$1.575 billion (21–23% YoY growth); at least 160 new shops planned (16% system growth).

• System same shop sales growth guidance: 2–4%; Adjusted EBITDA guidance: $265–$275 million (15–20% YoY growth).

• CapEx expected at $240–$260 million, primarily for new shop construction.

• Margin pressure expected due to elevated coffee costs and wage investments.