Dutch Bros Inc - Class A

Dutch Bros kicked off 2025 with a standout quarter, posting earnings per share of $0.14 against a consensus estimate of $0.10, a beat of nearly 34%, while revenue climbed 29.1% year over year to $355.15 million, edging past the $343.48 million Wall Street had expected. The Oregon-based drive-through coffee chain's growth story remains firmly intact, powered by 30 new shop openings in the quarter that pushed its total system count to 1,012 locations across 18 states. Perhaps more telling than unit expansion, system same-shop sales grew 4.7%, with company-operated locations running even hotter at 6.9%, supported by positive transaction growth that management views as a reliable signal of deepening customer loyalty. Dutch Rewards penetration reached 71.8% of total transactions, up from 66.5% a year ago. Net income rose to $22.48 million from $16.21 million in the prior-year period, and adjusted EBITDA expanded 19.7% to $62.91 million. With momentum carrying into the second quarter, management said 2025 revenues, same-shop sales growth, and adjusted EBITDA are all trending toward the top half of guidance, which calls for full-year revenue between $1.56 billion and $1.58 billion.