Dutch Bros (BROS) Q4 2025 earnings summary

Executive summary

• 2025 revenues grew 28% to $1.64 billion, more than doubling since 2022, driven by 16% new shop growth and 5.6% system same-shop sales growth.

• Q4 2025 revenue reached $443.6M, up 29% year-over-year, with system same-shop sales up 7.7% and company-operated same-shop sales up 9.7%.

• 154 new shops opened in 2025, expanding into seven new states and bringing the total to 1,136 system-wide shops across 25 states.

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

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

Financial highlights

• Adjusted EBITDA for 2025 was $303 million, up 31% year-over-year.

• Company-operated contribution margin reached 28.9% for 2025, with Q4 at 27.6%.

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

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

• 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 for 2026 expected between $355–$365 million.

• Capital expenditures for 2026 estimated at $270–$290 million.