Dutch Bros Inc (BROS) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic Expansion Plans

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Fri, February 13, 2026 at 2:00 PM GMT+9 5 min read

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**Total Revenue:** $1.64 billion for 2025, a growth of 28% year-over-year.

**Adjusted EBITDA:** $303 million for 2025, an increase of 31%.

**System Same-Shop Sales Growth:** 5.6% for 2025.

**Company-Operated Contribution Margin:** Approximately 29% for 2025.

**New Shop Openings:** 154 new shops in 2025, bringing the total to 1,136 system-wide shops.

**System-Wide AUVs:** Reached a record $2.1 million.

**Q4 Total Revenue:** $444 million, a 29% increase year-over-year.

**Q4 System Same-Shop Sales Growth:** 7.7%.

**Q4 Company-Operated Same-Shop Sales Growth:** 9.7%.

**Q4 Adjusted EBITDA:** $73 million, a 49% increase year-over-year.

**Adjusted EPS:** $0.17 for Q4, up from $0.07 in the previous year.

**Total Liquidity:** Approximately $705 million as of December 31, 2025.

**Cash and Cash Equivalents:** $269 million as of December 31, 2025.

**2026 Revenue Guidance:** Projected between $2 billion and $2.03 billion, representing 22% to 24% growth.

**2026 Adjusted EBITDA Guidance:** Estimated between $355 million and $365 million.

**2026 System Same-Shop Sales Growth Guidance:** Estimated to be in the range of 3% to 5%.

**2026 Total System Shop Openings Guidance:** At least 181 shops.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Dutch Bros Inc (NYSE:BROS) reported a 28% increase in revenues for 2025, reaching $1.64 billion, more than doubling since the end of 2022.

The company achieved a 16% growth in new shop openings, with 154 new locations, contributing to a system same-shop sales growth of 5.6% for the year.

Adjusted EBITDA grew by 31% to $303 million, outpacing revenue growth and marking a significant milestone for the company.

System-wide average unit volumes (AUVs) reached a record $2.1 million, reflecting strong brand resonance and effective development execution.

The company plans to open at least 181 new system shops in 2026, including the acquisition of 20 Clutch Coffee Bar locations, accelerating its presence in the Carolinas.

Negative Points

Despite strong growth, Dutch Bros Inc (NYSE:BROS) faces headwinds from elevated coffee costs, impacting margins and expected to continue into 2026.

The company anticipates approximately 80 basis points of total cost of goods sold (COGS) pressure in 2026, with significant impact in Q1.

There is a potential margin pressure from the continued rollout of the new food program, which, while dollar accretive, may impact overall margins.

The shift to build-to-suit leases is expected to increase occupancy and other costs as a percentage of revenue in 2026.

Approximately 300 legacy shops may not be able to accommodate the new food program, potentially limiting the full impact of this initiative.

 






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Q & A Highlights

Q: Christine, investors are focused on your same-store sales resiliency this spring as larger limited service restaurants launch energy and ice coffee beverages. Can you talk about the levers at your disposal to protect traffic during this time? A: Christine Barone, CEO: Our business is performing incredibly well, with 7.7% same-shop sales in Q4. We have an incredible value proposition with our service and quality of beverages. We’re confident in our position in the market, focusing on convenience, energy, and iced innovation.

Q: Christine, AUVs have reached record levels. As Jen takes over shop operations, what’s her mandate, and how much additional transaction capacity is she looking to unlock during peak periods? A: Christine Barone, CEO: Jen is focused on serving our broistas better, prioritizing initiatives like the food program rollout and mobile order enhancements. She’ll be concentrating on these initiatives across the system.

Q: Can you provide more details on the new store openings and any changes in the pipeline? A: Christine Barone, CEO: We focus on opening shops with the right teams and support. Our real estate modeling has improved, allowing us to better predict AUVs in new markets and ensure successful shop openings.

Q: As you scale the food program, are there any metrics you could share to help track progress? A: Christine Barone, CEO: We’re tracking various metrics like broistas satisfaction, customer feedback, and operational metrics. We’re pleased with the rollout and are building a long-term platform to grow attach rates and new occasions.

Q: Regarding the 2026 guidance, can you elaborate on the revenue and EBITDA margin expectations? A: Joshua Guenser, CFO: We expect continued coffee cost headwinds, especially in Q1, with about 200 basis points of margin pressure. We’re also seeing strong new shop productivity and expect to maintain our $1.8 million target for new shops.

Q: How did your stores in Colorado perform during McDonald’s energy drink tests, and what are your thoughts on the broader push on advertising in the category? A: Christine Barone, CEO: We didn’t see any impact from McDonald’s tests. We are confident in our position as a category creator of customized energy. Increased advertising in the category could benefit us by creating new customer interest.

Q: Can you provide more details on the Clutch acquisition and its impact on growth? A: Joshua Guenser, CFO: The Clutch acquisition is a capital-efficient way to enter new markets quickly. We view it as a productive use of capital, allowing us to convert existing coffee stands into Dutch Bros locations.

Q: Are you seeing any pressures on site availability or costs due to competition in your markets? A: Christine Barone, CEO: We’re seeing great real estate availability and are an attractive tenant. Our shift to build-to-suit has reduced our capital outlay per shop, and we’re not experiencing cost pressures from competition.

Q: Can you expand on the order ahead and walk-up mix, and their long-term potential? A: Christine Barone, CEO: Mobile order reached 14% of transactions in Q4. We’re focused on providing channels that customers want, and the walk-up window has helped balance demand across shops. We’re pleased with the popularity and potential of these channels.

Q: Regarding the walk-up store in LA, what are your learnings, and how does it impact your TAM opportunity? A: Christine Barone, CEO: The walk-up store has performed well, leveraging mobile order and walk-up windows. While our TAM of 7,000 includes drive-thru locations, this new channel could provide additional growth opportunities.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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