Dutch Bros Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.98%.
Did BROS Beat Earnings? Q4 2025 Results
Dutch Bros served up a standout Q4 2025, posting earnings per share of $0.17 against a consensus estimate of $0.09, an 82.21% beat, while revenue of $443.61 million topped expectations by 4.43% and grew 29.4% year-over-year. The key driver behind the quarter's strength was transaction-led same-shop sales growth, with company-operated locations posting a 9.7% gain fueled primarily by a 7.6% rise in customer visits rather than price increases, a distinction that signals genuine brand momentum. The company added 55 net new shops in the quarter, closing the year with 1,136 locations across 25 states, and <a href="https://247wallst.com/forecasts/2026/01/18/dutch-bros-bros-price-prediction-and-forecast-2025-2030/">long-term growth targets</a> remain firmly in view, with management projecting at least 181 new openings in 2026. Looking ahead, Dutch Bros guided for 2026 revenues of $2.00 billion to $2.03 billion and Adjusted EBITDA of $355 million to $365 million, acknowledging elevated coffee cost pressures but pointing to SG&A leverage as a meaningful offset. Shares rallied roughly 12% in after-hours trading following the report.
- Systemwide same shop sales growth of 7.7% in Q4, driven by 5.4% transaction growth
- Company-operated same shop sales growth of 9.7% with 7.6% transaction growth in Q4
- 55 new shop openings in Q4 across 17 states, 52 company-operated
- Record systemwide AUVs of $2.1 million in 2025
- Dutch Rewards loyalty program accounted for 73% of total transactions in Q4
- Adjusted SG&A as a percentage of revenue improved to 14.7% from 18.8% year-over-year in Q4
- Adjusted EBITDA margin expanded to 16.4% from 14.2% in Q4
“The results of our fourth quarter and full year 2025 show that five years into our journey as a public company, Dutch Bros not only delivered a record-breaking year, but reinforced our well-defined path of sustainable, profitable growth. This continued growth is a powerful testament to our culture, proving that the playbook of authentic human connection, industry-leading innovation, and incredible depth in field leadership is the ultimate engine for scaling this business. We believe we have the right energy and the right strategy to continue winning market share for years to come.”
Dutch Bros CEO, on the earnings call
Forward Guidance & Outlook
For fiscal year 2026, Dutch Bros projects total revenues between approximately $2.0 billion and $2.03 billion, same-shop sales growth of 3% to 5%, Adjusted EBITDA of $355 million to $365 million (including continued impact of elevated coffee costs, partially offset by leverage on Adjusted SG&A), capital expenditures of $270 million to $290 million, and at least 181 total system shop openings. Management expressed high confidence in reaching a long-term goal of 2,029 shops by 2029.
BROS YoY Financials
BROS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.