Companies /Consumer Cyclical

Dutch Bros Inc - Class A

NYSE: BROS Restaurants
$50.71
▼ $0.52 (−1.02%) today
Markets closed · 4:37am ET

Q2 2025 Earnings

Reported Aug 6, 2025, 4:15pm ET · SEC source
$0.26
Beat +46.56%
EPS · est. $0.18
$415.8M
Beat +3.03%
Revenue · est. $403.6M
−9.5%
Trailing market
BROS vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−7%0+7%Aug 6Aug 7report 4:15pm ETearnings+0.1%+6.4%
−7%0+7%Aug 6Aug 7earnings+0.1%+6.4%
BROS +6.4%S&P 500 +0.1%
−7%0+7%Aug 6Aug 7report 4:15pm ETearnings+0.6%+6.4%
−7%0+7%Aug 6Aug 7earnings+0.6%+6.4%
BROS +6.4%NASDAQ +0.6%
−12%−6%0+6%Aug 5Aug 14report 4:15pm ETearnings+2.0%−5.3%
−12%−6%0+6%Aug 5Aug 14earnings+2.0%−5.3%
BROS −5.3%S&P 500 +2.0%
−12%−6%0+6%Aug 5Aug 14report 4:15pm ETearnings+2.1%−5.3%
−12%−6%0+6%Aug 5Aug 14earnings+2.1%−5.3%
BROS −5.3%NASDAQ +2.1%
+21.60%
Day of report
−5.96%
Next session
−9.98%
One week
−6.59%
30 days

S&P 500 over the same 30 days: +2.86%.

Did BROS Beat Earnings? Q2 2025 Results

Dutch Bros delivered a blowout second quarter of 2025, posting adjusted EPS of $0.26 against a consensus estimate of $0.18, a beat of 46.56%, while revenue climbed 28% year-over-year to $415.81 million, topping the $403.60 million consensus by 3.03%. The headline driver behind the strong result was genuine customer demand, with company-operated same-shop sales rising 7.8% on the back of a 5.9% surge in transactions, a signal that <a href="https://247wallst.com/investing/2025/08/06/live-will-dutch-bros-bros-soar-after-q2-earnings-today/">traffic growth is accelerating</a> even as broader consumer spending remains under pressure. The company added 31 new shops during the quarter to reach 1,043 total locations, while adjusted EBITDA grew 36.6% to $89.00 million and net income nearly doubled to $38.36 million from $22.16 million a year earlier. Analysts have noted that Dutch Bros is gaining meaningful market share at a moment when competitors are losing traffic. Management responded to the momentum by raising full-year guidance, now targeting revenues of $1.59 billion to $1.60 billion, same-shop sales growth of approximately 4.5%, and adjusted EBITDA of $285 million to $290 million.

Key Takeaways
  • Systemwide same shop sales growth of 6.1% driven primarily by 3.7% transaction growth
  • Company-operated same shop sales growth of 7.8% with 5.9% transaction increase
  • Company-operated shops contribution margin increased 30 bps year-over-year to 31.1%
  • SG&A leverage improved to 15.7% of revenue from 17.9% year-over-year
  • Dutch Rewards loyalty penetration reached 71.6% of total transactions, up from 66.7%
  • Opened 31 new shops across 13 states in Q2 2025
  • Adjusted EBITDA margin expanded to 21.4% from 20.1%

“Our business continues to fire on all cylinders, guided by a focused strategy, strong execution, and our amazing people.”

Dutch Bros CEO, on the earnings call

Forward Guidance & Outlook

Dutch Bros raised its full-year 2025 guidance: total revenues now projected between $1.59 billion and $1.60 billion (up from prior guidance); same shop sales growth now expected at approximately 4.5% (raised); Adjusted EBITDA now estimated between $285 million and $290 million (raised). The company maintained expectations for at least 160 total system shop openings and $240 million to $260 million in capital expenditures. Management expressed strong confidence in the trajectory, citing momentum continuing through July 2025.

BROS YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$200.0M$400.0M$324.9M$415.8MRevenue$90.3M$92.6MGross Profit$32.2M$54.7MOperating Income$11.9M$38.4MNet Income
$0$200.0M$400.0MRevenueGross ProfitOperating IncomeNet Income

BROS Revenue by Segment

Company-operated shops$380.5M+28.9%
Franchising and other$35.3M

Figures from SEC filings and company reports. Not investment advice.