Dutch Bros (BROS) Q3 2025 Earnings
How Did BROS Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +1.90%.
Did BROS Beat Earnings? Q3 2025 Results
Yes. Dutch Bros reported Q3 2025 earnings of $0.19 a share on Nov 5, 2025, beating the $0.17 consensus estimate by 11.4%. Revenue was $423.6M against a $413.6M estimate.
Dutch Bros served up a standout third quarter, with the fast-growing beverage chain beating on both the top and bottom lines and sending shares up more than 21% as investors digested the results. Adjusted EPS of $0.19 cleared the $0.17 consensus estimate by 11.44%, while revenue of $423.58 million topped expectations by 2.41% and grew 25.2% year-over-year, powered by the company's fifth consecutive quarter of positive transaction growth, a streak CEO Christine Barone called a category-defining milestone. Systemwide same-shop sales rose 5.7%, with transaction volume rather than price carrying much of the load, reinforcing the durability of demand across Dutch Bros' 1,081-location footprint. <a href="https://247wallst.com/investing/2025/11/05/coffee-chain-dutch-bros-climbs-after-q3-earnings-beat/">Shares climbed sharply</a> on the print, reflecting renewed confidence in the brand's unit economics after record-high systemwide AUVs were reported. Management responded by raising full-year 2025 revenue guidance to approximately $1.61 billion to $1.61 billion and lifting same-shop sales growth expectations to around 5%, while maintaining adjusted EBITDA guidance of $285 million to $290 million.
- Fifth consecutive quarter of positive transaction growth
- Systemwide same shop sales growth of 5.7% with 4.7% transaction growth
- Company-operated same shop sales growth of 7.4% with 6.8% transaction growth
- Record high systemwide AUVs
- Elevated new shop productivity
- Dutch Rewards loyalty transactions at 71.8% of total transactions, up from 67.2% year-over-year
- SG&A leverage improving — adjusted SG&A declined to 13.6% of revenue from 14.9%
“Dutch Bros continues to exceed expectations, driven by the passion our broistas bring to our shops everyday, a focused set of transaction-driving initiatives that provide multi-year growth visibility, and the strength of our new shop openings and pipeline.”
Dutch Bros CEO, on the earnings call
What Was Dutch Bros's Outlook in Q3 2025?
Dutch Bros raised its full-year 2025 revenue guidance to between approximately $1.61 billion and $1.615 billion, up from prior guidance. Same shop sales growth is now expected to be approximately 5%, also raised. Adjusted EBITDA guidance remains at $285 million to $290 million, assuming approximately 110 basis points of adjusted SG&A leverage year-over-year. Capital expenditures remain in the $240 million to $260 million range. Total system shop openings in 2025 are targeted at 160, with a back-weighted Q4 pipeline; any shortfall will be incremental to the 2026 target. For 2026, total system shop openings are targeted at approximately 175. Management expressed confidence in the long-term trajectory toward 2,029 shops by 2029, citing continued strength in same shop sales through October.
BROS YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $423.6M | $338.2M | +25.2% |
| Gross Profit | $82.4M | $90.1M | −8.5% |
| Operating Income | $41.5M | $32.5M | +27.6% |
| Net Income | $27.3M | $12.6M | +115.8% |
BROS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.