Dutch Bros (BROS) Q4 2024 earnings summary

Executive summary

• Achieved 33% total revenue growth in 2024 to $1.28 billion, with 151 new shop openings and 5.3% system same shop sales growth, expanding to 982 locations.

• Adjusted EBITDA grew 44% to $230.3 million in 2024, with Q4 Adjusted EBITDA up 41% year-over-year.

• Net income for 2024 was $66.5 million, up from $10 million in 2023, with Q4 net income of $6.4 million.

• Company-operated shop contribution margin improved to 29.7% in 2024, with Q4 margin at 28.9%.

• Strong brand momentum, customer engagement, and operational execution underpin results.

Financial highlights

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

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

• Adjusted EBITDA margin for 2024 expanded to 18%.

• Adjusted EPS for 2024: $0.49; Q4 Adjusted EPS: $0.07.

• Systemwide sales for 2024 totaled $1.82 billion.

Outlook and guidance

• 2025 revenue projected at $1.555–$1.575 billion (21–23% growth YoY).

• At least 160 new shops planned for 2025; CapEx expected at $240–$260 million.

• System same shop sales growth expected at 2–4% for 2025.

• Adjusted EBITDA guidance: $265–$275 million, with margin pressure from coffee costs.

• CapEx focused mainly on new shop construction.