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Sep 30, 2025
Dutch Bros Q3 2025 Earnings Report
Dutch Bros reported strong financial results for the third quarter ended September 30, 2025, with significant revenue growth and positive same shop sales.
Key Takeaways
Dutch Bros Inc. delivered a robust third quarter in 2025, exceeding expectations with a 25.2% increase in total revenues to $423.6 million. The company achieved 5.7% systemwide same shop sales growth, driven by a 4.7% increase in transactions, marking its fifth consecutive quarter of positive transaction growth. Company-operated shops also saw strong performance with 7.4% same shop sales growth and 6.8% transaction growth. Net income rose to $27.3 million, and diluted EPS was $0.14, reflecting the strength of its differentiated strategy and new shop openings.
Total revenues increased by 25.2% year-over-year, reaching $423.6 million.
Systemwide same shop sales grew by 5.7%, with transactions up 4.7%, marking the fifth consecutive quarter of positive transaction growth.
Company-operated same shop sales increased by 7.4%, with transactions up 6.8%.
Net income for the quarter was $27.3 million, and diluted EPS was $0.14.
Revenue by Segment
Forward Guidance
Dutch Bros is raising its full-year 2025 guidance for total revenues and same shop sales growth, reflecting confidence in its long-term model and transaction-driving initiatives. The company also provided initial guidance for 2026 shop openings.
Positive Outlook
- Full-year 2025 total revenues projected between $1.61 billion and $1.615 billion (raised from previous guidance).
- Full-year 2025 same shop sales growth expected to be approximately 5% (raised from previous guidance).
- Adjusted EBITDA for 2025 remains in the range of $285 million and $290 million, assuming approximately 110 basis points of Adjusted SG&A leverage year-over-year.
- Total system shop openings in 2025 are targeted to be 160, with any shortfall planned to be incremental to the 2026 target.
- Total system shop openings in 2026 are targeted to be approximately 175.
Challenges Ahead
- Capital expenditures for 2025 remain in the range of $240 million and $260 million, indicating continued significant investment.
- The back-weighted pipeline for Q4 2025 shop openings suggests potential for not meeting the 160 target within the year, though planned for 2026.
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