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Dutch Bros
Dutch Bros (BROS) investor relations material
Dutch Bros Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
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.
New shop growth strategy beyond 2026 guidance?
Drivers of Adjusted EBITDA margin expansion?
Expected benefits from organizational realignment?
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Next Dutch Bros earnings date
Q1 20266 May, 2026
Dutch Bros
Next Dutch Bros earnings date
Q1 20266 May, 2026
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Frequently asked questions
Drive-Through Coffee
Dutch Bros Coffee, headquartered in Grants Pass, Oregon, is a noteworthy name in the drive-thru coffee industry in the United States. Founded in 1992, it's grown substantially over the years, positioning itself as the largest privately-held drive-thru coffee chain in the nation. With a presence spanning multiple states and more than 400 locations, Dutch Bros has earned recognition not only for its range of beverages but also for its unique franchise model and commitment to community engagement.
Origins and Expansion
The inception of Dutch Bros Coffee can be traced back to brothers Dane and Travis Boersma. Initially involved in their family's dairy farming venture, they transitioned to the coffee business, starting with a single espresso pushcart in Grants Pass. The success of their venture led them to transition from a cart model to the more recognizable kiosk-style drive-thrus. The company was the largest privately held coffee chain in the nation for some time but went public in September 2021
Beverage Offerings
Dutch Bros. offers a diverse menu, with offerings like lattes, mochas, and cold brews, The chain has also expanded its offerings to include teas, smoothies, and energy drink infusions. While coffee and various drinks remain central to the business, the company also offers a variety of snacks and light meals on its menu.
Franchising
As the business grew, Dutch Bros adopted a franchise model, which allowed individuals to own and operate their own locations. This model played a crucial role in the company’s rapid expansion, with many franchisees opening multiple locations across different regions. Entrepreneurs are given the opportunity to establish their own locations, bolstered by extensive training and support from the company's headquarters. This approach has allowed Dutch Bros to sustain consistent brand identity and service quality across its numerous outlets while allowing it to grow. Franchising is a common practice for this type of business, with some examples of companies operating in a similar fashion being Dunkin’, Restaurant Brands, and McDonald’s. Notably one of Dutch Bros main competitors, Starbucks, does not operate on a franchise model.
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