Highlights

  • Third quarter total revenues rose to USD 549.8 million from USD 423.6 million.
  • Company-operated same-shop sales growth was 5.4%.
  • Adjusted EBITDA rose 30% to USD 101 million.
  • Full year Adjusted EBITDA is now estimated at approximately USD 380 million.

Dutch Bros Inc. (NYSE:BROS) shares were trading near their 52-week low at USD 33.97 on November 6, 2026, down 1.74% on the day. The company reported third quarter total revenues of USD 549.8 million against USD 423.6 million, and Net Income of USD 37.2 million against USD 27.3 million.

Dutch Bros has a market Capitalization of about USD 5.93 billion and a price to Earnings ratio of 47.89. It operates and franchises drive-thru shops, with 1,273 shops as of September 30, 2026.

Third Quarter Results

Income from operations was USD 52.8 million against USD 41.5 million, and total costs and expenses were USD 497.0 million against USD 382.1 million. Net income attributable to Dutch Bros Inc. was USD 27.2 million against USD 17.5 million, or USD 0.20 per diluted share against USD 0.14. Adjusted EBITDA was USD 101 million and adjusted Earnings Per Share were USD 0.25 against USD 0.19.

Nine Month Results

Total revenues were USD 1,565.1 million against USD 1,194.5 million. Income from operations was USD 157.5 million against USD 127.2 million, and net income was USD 112.5 million against USD 88.1 million. Net cash provided by Operating Activities was USD 297.0 million against USD 215.9 million.

Operating Metrics

Company-operated same-shop sales growth was 5.4% and system same-shop sales growth was 4.4%. Company-operated shop contribution was USD 144 million, an increase of 32%. About 74% of customer visits ran through Dutch Rewards at the end of the quarter. Management said year 2 cash-on-cash returns for the 2025 shop class are approximately 45%, as new openings shift toward build-to-suit leases.

Outlook

Management now estimates full year Adjusted EBITDA of approximately USD 380 million and capital expenditures of USD 370 million to USD 390 million, which reflects momentum on 2027 shop openings. Management said it expects all cost lines other than Cost of Goods Sold to look similar to the third quarter.

Balance Sheet

Cash and cash equivalents were USD 194.6 million against USD 269.4 million at the end of 2025. Total Assets were USD 3,511.1 million and total liabilities were USD 2,501.9 million.