Dutch Bros (BROS) Q4 2025 earnings summary

Executive summary

• Achieved 28–29% revenue growth in 2025, reaching $1.64 billion, with Q4 revenue at $443.6 million and 154 new shop openings, expanding to 1,136 shops across 25 states.

• System same-shop sales grew 5.6% for the year and 7.7% in Q4, with company-operated same-shop sales up 9.7% in Q4, driven by strong transaction growth and innovation.

• Adjusted EBITDA grew 31% for the year to $303 million, with Q4 adjusted EBITDA up 49% to $73 million and margin improving to 16.4%.

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

• Company-operated shop count grew to 811 by Q4 2025, with total shop count at 1,136.

Financial highlights

• Q4 2025 revenues were $443.6 million, up 29% year-over-year; full year revenues reached $1.64 billion.

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

• Q4 net income was $29.2 million, up from $6.4 million in Q4 2024; full year net income reached $117.3 million.

• Company-operated shop contribution margin was 27.6% in Q4 and 28.9% for the year.

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

Outlook and guidance

• 2026 revenue projected at $2.0–$2.03 billion (22–24% growth), with at least 181 new system shop openings.

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

• Adjusted EBITDA guidance for 2026 is $355–$365 million, with CapEx of $270–$290 million.

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