Dutch Bros (BROS) Q4 2025 earnings summary

Executive summary

• Achieved 28% revenue growth in 2025, reaching $1.64 billion, with system same-shop sales up 5.6% and transaction growth of 5.4% in Q4.

• Q4 2025 revenue reached $443.6M, up 29% year-over-year, with adjusted EBITDA for Q4 at $73M, a 49% increase.

• Opened 154 new shops in 2025, expanding into seven new states and ending the year with 1,136 system-wide shops across 25 states.

• System-wide AUVs reached a record $2.1 million, reflecting strong shop-level economics and brand momentum.

• Set a goal to reach 2,029 shops by 2029, with a clear pipeline and accelerated shop approvals.

Financial highlights

• Q4 2025 revenues grew 29% to $443.6 million, with system same-shop sales up 7.7% and company-operated same-shop sales up 9.7%.

• Adjusted EBITDA for Q4 was $73 million, up 49% year-over-year; full year adjusted EBITDA grew 31% to $303 million.

• Adjusted EPS for Q4 was $0.17, up from $0.07 in Q4 2024.

• Company-operated shop contribution margin was 27.6% in Q4, with labor and occupancy costs improving year-over-year.

• Total liquidity at year-end was $705 million, including $269 million in cash and $435 million in undrawn revolver.

Outlook and guidance

• 2026 revenue projected at $2.0–$2.03 billion, representing 22–24% growth.

• At least 181 new system shops expected to open in 2026, including 20 Clutch Coffee Bar conversions.

• System same-shop sales growth guidance for 2026 is 3–5%, with Q1 guidance at 4–6%.

• Adjusted EBITDA expected between $355–$365 million, with CapEx of $270–$290 million.

• Expecting 60 basis points of net adjusted EBITDA margin pressure in 2026, mainly from coffee costs and occupancy.