Dutch Bros (BROS) Q3 2026 Earnings
Adjusted figure excludes equity-based compensation ($6,955 thousand), acquisitions-related costs ($1,209 thousand) and TRA remeasurements ($437 thousand), net of income tax effects ($1,724 thousand), on a fully exchanged share basis; GAAP diluted EPS per Class A share was $0.20.
How Did BROS Stock React to Q3 2026 Earnings?
Did BROS Beat Earnings? Q3 2026 Results
Yes. Dutch Bros reported Q3 2026 earnings of $0.25 a share on Nov 4, 2026, beating the $0.25 consensus estimate by 1.9%. Revenue was $549.8M against a $548.5M estimate.
Dutch Bros delivered a solid third quarter for fiscal 2026, posting adjusted EPS of $0.25 against a consensus estimate of $0.25 and extending its streak of consensus EPS beats to six consecutive quarters. Revenue climbed 29.8% year over year to $549.84 million, edging past the $548.47 million estimate, as the company's aggressive shop expansion and steady same-shop momentum continued to compound. The reacquisition of 32 Phoenix East Valley franchise locations in late July added immediate scale, pushing the total system count to 1,273 shops, and company-operated shop revenue reached $515.01 million, up sharply from $392.83 million a year earlier. Company-operated same-shop sales rose 5.4%, supported by both ticket and visit growth, while labor costs eased to 26.7% of shop revenue from 27.5%, helping lift the shop-level contribution margin to 28.1%. GAAP net income grew to $37.23 million from $27.28 million. Management raised its 2026 revenue outlook to at least $2.10 billion and Adjusted EBITDA guidance to approximately $380 million, while introducing a 2027 target of roughly 250 system shop openings, signaling confidence in the brand's long-term growth trajectory despite notable insider selling in the days preceding the report.
- Company-operated same shop sales up 5.4%: ticket up 4.4%, customer visits up 1.0%
- Systemwide same shop sales up 4.4%: ticket up 4.0%, customer visits up 0.4%
- Fourteenth consecutive quarter of positive same shop sales and ninth consecutive quarter of same shop customer visit growth
- Opened 48 new shops in the quarter, 42 company-operated
- Company-operated shops contribution margin of 28.1% vs 27.8% a year ago
- Labor costs fell to 26.7% of shop revenue from 27.5%
- Adjusted SG&A fell to 12.7% of revenue from 13.6%
- Dutch Rewards customer visits were 74% of total customer visits vs 72% a year ago
“Dutch Bros continues to gain share in the high-growth beverage category. In the third quarter, we achieved our fourteenth consecutive quarter of positive same shop sales and ninth consecutive quarter of same shop customer visit growth. This is a testament to the strength of our brand, our differentiated people-led culture, and our strategic focus on expanding customer occasions.”
Dutch Bros CEO, on the earnings call
What Is Dutch Bros's Outlook?
Dutch Bros raised its 2026 guidance. Total revenues are now projected at at least $2.1 billion and same shop sales growth at at least 5%. Adjusted EBITDA is now expected at approximately $380 million, and capital expenditures at $370 million to $390 million. Total system shop openings remain at least 185. For 2027, the company expects approximately 250 total system shop openings. Management cited faster beverage innovation, new hot food platform tests, enhanced digital capabilities and a delivery pilot as 2027 growth drivers.
BROS YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $549.8M | $423.6M | +29.8% |
| Operating Income | $52.8M | $41.5M | +27.3% |
| Net Income | $27.2M | $17.5M | +55.2% |
BROS Revenue by Segment
When Does Dutch Bros Report Next?
Figures from SEC filings and company reports. Not investment advice.