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Dec 31, 2025
Dutch Bros Q4 2025 Earnings Report
Dutch Bros Inc. reported strong financial results for the fourth quarter and fiscal year ended December 31, 2025, with significant revenue growth and increased profitability.
Key Takeaways
Dutch Bros Inc. achieved a 29% year-over-year revenue growth in the fourth quarter of 2025, reaching $443.6 million. The company also reported a substantial increase in net income to $29.2 million and adjusted EBITDA to $72.6 million, demonstrating strong operational performance and continued market share gains.
Total revenues increased by 29.4% to $443.6 million in Q4 2025 compared to $342.8 million in Q4 2024.
Systemwide same shop sales grew by 7.7%, with transactions increasing by 5.4% in Q4 2025.
Net income for Q4 2025 was $29.2 million, a significant rise from $6.4 million in Q4 2024.
Adjusted EBITDA increased by 48.8% to $72.6 million in Q4 2025, up from $48.8 million in Q4 2024.
Revenue by Segment
Forward Guidance
For 2026, Dutch Bros projects total revenues between $2 billion and $2.03 billion, with same shop sales growth estimated at 3% to 5%. Adjusted EBITDA is expected to be between $355 million and $365 million, and total system shop openings are projected to be at least 181.
Positive Outlook
- Total revenues projected to grow to $2 billion - $2.03 billion.
- Same shop sales growth estimated between 3% to 5%.
- Adjusted EBITDA estimated between $355 million and $365 million.
- Total system shop openings estimated to be at least 181.
- Continued leverage on Adjusted SG&A.
Challenges Ahead
- Continued impact of elevated coffee costs on Adjusted EBITDA.
- Capital expenditures are estimated to be between $270 million and $290 million.
- Guidance for Adjusted EBITDA is not reconciled to GAAP due to unpredictable reconciling items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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