Overview
- Dutch Bros posted 31% revenue growth to $464.4 million with adjusted EBITDA up 26% to $79.4 million, as systemwide same-store sales rose 8.3% and EPS held at $0.13.
- Management raised its full-year outlook to $2.05–$2.08 billion in revenue and $370–$380 million in adjusted EBITDA, and it now targets 4% to 6% same-store sales growth for the year.
- The chain opened 41 shops in the quarter and now plans at least 185 new locations in 2026, with early Clutch Coffee Bar conversions reporting roughly triple pre-conversion sales.
- Customers are embracing its digital and menu plays, with Order Ahead making up 15% of orders, Rewards in 74% of transactions, limited-time drink units up 30%, merchandise up 50%, and food in 485 shops lifting comps by about 4%.
- The shares trade about 35% below recent highs as investors weigh a rich valuation, per-share dilution from a larger share count, and rising rent and coffee-bean costs.