Dutch Bros Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 31% revenue growth and strong transaction momentum, prompting raised full-year guidance for revenue, shop openings, and EBITDA. Texas led with nearly 20% same-shop sales growth, while new product launches and food rollout drove comps and engagement.
Fiscal Year 2025
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2025 saw 28% revenue growth, record AUVs, and strong same-shop sales, with 154 new shops opened and Adjusted EBITDA up 31%. 2026 guidance projects 22–24% revenue growth, 181 new shop openings, and continued margin pressure from coffee costs, but strong liquidity and capital efficiency support expansion.
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Q3 revenue grew 25% year-over-year, with strong same-shop sales and transaction growth. Digital and food initiatives drove momentum, and guidance for 2025 was raised. Shop expansion, robust liquidity, and high AUVs support long-term growth plans.
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Q2 2025 saw 28% revenue growth, 6.1% system same-shop sales growth, and 37% Adjusted EBITDA growth. Full-year guidance for revenue, same-shop sales, and Adjusted EBITDA was raised, with at least 160 new shops planned. Transaction-driving initiatives and strong new shop productivity continue to fuel momentum.
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Management outlined a growth strategy targeting 2,029 shops by 2029 and a 7,000-shop U.S. TAM, supported by strong culture, internal talent development, and innovation in mobile ordering and food. Recent performance was strong, with mobile order adoption driving higher transactions and rewards engagement.
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Ambitious plans aim to double the unit base by 2029, supported by strong operator pipelines and focus on people, throughput, and innovation. Mobile ordering, food offerings, Dutch Rewards, and unique marketing drive engagement and loyalty. Margin growth is set to outpace revenue, with risks managed for 2025.
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Q1 2025 saw 29% revenue growth, 30 new shop openings, and strong same-shop sales and transaction gains. Adjusted EBITDA rose 20% year-over-year, with guidance trending to the high end of prior ranges and continued momentum into Q2.
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Updated growth targets include 7,000 shop TAM and 2,029 shops by 2029, with expansion funded by operating cash flow. New initiatives like CPG, mobile order, and food programs aim to drive frequency and brand awareness, while operational excellence and culture remain central.
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A rapidly expanding drive-through beverage brand expects to reach 1,000 shops soon, driven by internal promotions, digital innovation, and a strong rewards program. Strategic market entry, menu innovation, and operational efficiencies support robust unit economics and continued growth.
Fiscal Year 2024
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Delivered 33% revenue growth and 44% Adjusted EBITDA growth in 2024, with strong Q4 results driven by new shop openings, mobile order adoption, and robust same shop sales. 2025 guidance projects 21–23% revenue growth, 160+ new shops, and continued margin pressure from coffee costs.
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Q3 saw 28% revenue growth, record AUVs, and strong shop expansion, driven by mobile order rollout, paid advertising, and innovation. Guidance for 2024 was raised, with at least 160 new shops planned for 2025 and continued focus on capital efficiency and customer engagement.
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Q2 2024 saw 30% revenue and 34% Adjusted EBITDA growth, with strong new shop performance and robust customer engagement through innovation and rewards. Guidance for full-year revenue and EBITDA was raised, while capital efficiency and self-funding remain key priorities.
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Rapid expansion continues with strong Q1 growth, new product innovation, and a focus on customer experience. Leadership is prioritizing mobile order rollout, measured market entry, and maintaining high service standards. Food expansion is under consideration but not imminent.
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The business is rapidly expanding its beverage-focused, drive-through model, targeting over 4,000 shops in 15 years. Strong Q1 growth was driven by innovation, a robust rewards program, and new customer acquisition strategies. Operational consistency, team development, and technology rollouts like Mobile Order and Pay are key to future growth.
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Q1 saw double-digit same-shop sales and strong revenue growth, driven by innovation, rewards, and new shop openings. Mobile order and pay is being rolled out, with operational and real estate strategies evolving to support rapid expansion and cost efficiency.