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Jun 30
Dutch Bros Q2 2025 Earnings Report
Dutch Bros reported strong second quarter 2025 financial results, with significant revenue growth and improved profitability, driven by increased transactions and successful strategic initiatives.
Key Takeaways
Dutch Bros Inc. delivered outstanding second quarter 2025 results, achieving 28% revenue growth year-over-year to $415.8 million. The company saw robust systemwide same shop sales growth of 6.1% and company-operated same shop sales growth of 7.8%, primarily fueled by transaction growth. Net income increased to $38.4 million, and adjusted EBITDA grew by 36.6% to $89.0 million. Based on this strong performance, Dutch Bros raised its full-year guidance for total revenues, same shop sales growth, and adjusted EBITDA.
Total revenues increased by 28.0% year-over-year, reaching $415.8 million in Q2 2025.
Systemwide same shop sales grew by 6.1%, with company-operated same shop sales increasing by 7.8%, primarily driven by transaction growth.
Net income significantly improved to $38.4 million, up from $22.2 million in Q2 2024.
Adjusted EBITDA surged by 36.6% to $89.0 million, leading to an upward revision of full-year guidance.
Dutch Bros
Dutch Bros
Dutch Bros Revenue by Segment
Revenue by Segment
Company-operated shops Revenue
CapyFin.comFranchising and other Revenue
CapyFin.com Forward Guidance
Dutch Bros has raised its full-year 2025 guidance for total revenues, same shop sales growth, and adjusted EBITDA, reflecting strong confidence in continued performance.
Positive Outlook
- Total revenues are now projected to be between $1.59 billion and $1.60 billion, an increase from previous guidance.
- Same shop sales growth is now expected to be approximately 4.5%, indicating continued strong comparable sales.
- Adjusted EBITDA is now estimated to be between $285 million and $290 million, a significant increase.
- The company plans to open at least 160 new shops in 2025, demonstrating continued expansion.
- Capital expenditures are estimated to be between $240 million to $260 million, supporting growth initiatives.
Challenges Ahead
- No specific negative forward guidance points were highlighted in the report; the outlook is overwhelmingly positive.
- The report does not provide specific guidance on net income or EPS for the full year.
- Potential risks include general economic conditions and commodity inflation, as mentioned in forward-looking statements.
- Increased labor costs and supply chain disruptions could impact future performance.
- The ability to secure suitable new shop sites and negotiate favorable agreements remains a factor.
Revenue & Expenses
Visualization of income flow from segment revenue to net income