BROS
Dutch Bros Inc.62.00
+1.41+2.33%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms strength, dismisses comp fears
Q&A largely reaffirmed prepared remarks' bullish tone, with management directly dismissing competition concerns—no sales impact from McDonald's Colorado energy test or local rivals, crediting Dutch Bros' energy customization edge. Clutch Coffee acquisition emerged as a capital-efficient path, costing $20M for 20 sites with light conversion CapEx akin to builds and Q2/Q3 openings; more eyed opportunistically. Food rollout shows quick transaction/ticket lifts across shops, tracked internally with strong Broista feedback. New shop productivity beat expectations, though underwritten conservatively at $1.8M AUVs. Competition slides off. Investors watch SSS resiliency into spring amid pricing roll-offs.
Key Stats
Market Cap
10.20BP/E (TTM)
126.53Basic EPS (TTM)
0.49Dividend Yield
0%Recent Filings
10-K
FY2025 results
Dutch Bros expanded to 1,136 shops in FY2025 ended December 31, 2025, up 15.7% y/y, with company-operated units hitting 811 after 141 openings. Revenue surged 27.9% to $1.6B, fueled by 7.4% company-operated same-shop sales growth (derived from 2.0% ticket + 5.4% transactions) and $2,061 AUVs. Q4 accelerated the momentum, powering $436.6M company-operated contribution despite 80bps margin dip to 28.9% from coffee costs. Cash hit $269M after $295M operating flows; $270-290M capex eyes 2026 growth. Debt stands at $148M term loan post-refi. Western U.S. concentration risks wildfire hits to traffic.
10-Q
Q3 FY2025 results
Dutch Bros posted Q3 revenue of $423.6M, up 25.2% y/y, driven by company-operated shops at $392.8M (+27.4% y/y) amid 7.4% same-shop sales growth and 34 new openings; operating income rose to $41.5M (+27.6% y/y) while diluted EPS held at $0.14, consistent with 127.4M shares. Gross margins slipped to 21.0% from coffee/labor costs, yet leverage showed in SG&A at 15.4% of sales. Cash fell to $267.2M after $215.9M operating cash flow and $170.0M capex (derived FCF $45.9M), with $200M total debt under the new 2025 facility (5.83% rate, $438M revolver availability, covenants met). Shops hit 1,081. Tariffs threaten coffee import costs.
8-K
Q3 revenue jumps 25%
10-Q
Q2 FY2025 results
Dutch Bros posted Q2 revenue of $415.8M, up 28.0% y/y, with company-operated shops surging 28.9% y/y to $380.5M on 7.8% same-shop sales and 30 new units. Operating income jumped to $54.7M from $32.2M y/y while gross margins ticked up 60 bps to 24.3%; diluted EPS held steady at $0.20 despite dilution from 126.8M shares. Cash fell to $254.4M after $126.8M operating cash flow minus $99.8M capex, yielding $27.0M FCF; May's 2025 Credit Facility refinanced debt to $200.7M total (5.83% rate) with $439.4M revolver availability. Restructuring costs eased to $1.8M. New U.S. tariffs threaten coffee costs.
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