Dutch Bros Q4 Earnings & Revenues Beat Estimates, Rise Y/Y, Stock Up

Dutch Bros Inc. BROS reported fourth-quarter 2025 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Both metrics increased on a year-over-year basis. Following the release, Dutch Bros’ stock climbed 12.3% yesterday in the after-hours trading session.

Dutch Bros’ results reflected strong systemwide momentum, supported by healthy transaction growth, comparable-shop sales expansion and accelerated shop development across both existing and newer markets. Management underscored that disciplined execution of its long-term growth strategy, coupled with refined development processes and a strengthened people pipeline, continued to drive new shop productivity and brand resonance. With an expanding pipeline and ongoing investments in capabilities, Dutch Bros remains focused on advancing toward its multi-year unit growth of 2,029 shops in 2029.

BROS’ Q4 Earnings & Revenue Discussion

In fourth-quarter 2025, Dutch Bros reported adjusted earnings per share (EPS) of 17 cents, beating the Zacks Consensus Estimate of 10 cents. It reported an adjusted EPS of 7 cents in the prior-year quarter.

Dutch Bros Inc. Price, Consensus and EPS Surprise

Dutch Bros Inc. price-consensus-eps-surprise-chart | Dutch Bros Inc. Quote

Quarterly total revenues of $443.6 million beat the consensus mark of $427 million. The top line increased 29.4% year over year.

At company-operated shops, revenues were $409.6 million, up 30.4% year over year. Franchising and other revenues amounted to $34 million, which increased 19% year over year.

Dutch Bros’ Comps Details

In the quarter under discussion, systemwide same-shop sales rose 7.7% compared with 6.9% reported in the prior-year quarter. Systemwide same-shop transactions increased 5.4% compared with 2.3% reported in the same period last year.

Company-operated same-shop sales advanced 9.7% compared with 9.5% reported in the year-ago quarter, while company-operated same-shop transactions improved 7.6% compared with 5.2% reported in the prior-year period.

Operating Highlights & Expenses of Dutch Bros

In the fourth quarter, Dutch Bros’ total costs and expenses were $409.7 million compared with $327 million reported in the prior-year quarter.

Adjusted selling, general and administrative expenses — as a percentage of revenues — stood at 14.7%, contracting 410 basis points from 18.8% reported in the prior-year quarter.

Adjusted net income totaled $30.1 million compared with $12.5 million reported in the prior-year quarter.

Balance Sheet of BROS

As of Dec. 31, 2025, cash and cash equivalents totaled $269.4 million compared with $293.3 million as of Dec. 31, 2024. Long-term debt (less current portion) at the end of the fourth quarter totaled $196.3 million compared with $219.8 million reported as of Dec. 31, 2024.

Shop Openings and Expansion Plans

In the fourth quarter of 2025, BROS opened 55 new shops, including 52 company-operated locations, across 17 states. For 2026, the company expects to open a minimum of 181 shops.

BROS’ 2025 Highlights

Total revenues in 2025 amounted to $1.64 billion compared with $1.28 billion in 2024.

Adjusted net income in 2025 came in at $133.9 million compared with $87.8 million reported in 2024.

In 2025, adjusted EPS came in at 76 cents compared with 49 cents reported in the previous year.

BROS’ 2026 Outlook

Dutch Bros expects 2026 total revenues to be in the band of $2-$2.03 billion. Same-shop sales growth is expected to be in the range of 3% to 5%.

Adjusted EBITDA is still expected to be within $355-$365 million. Capital expenditures are expected to be in the range of $270 million to $290 million.

BROS’ Zacks Rank

Dutch Bros currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Retail-Wholesale Releases

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