Dutch Bros Raises Outlook as Revenue Growth Accelerates
The drive-through beverage chain lifted its 2026 revenue forecast by $50 million at both ends.
Dutch Bros Inc. (BROS), the drive-through beverage chain, accelerated its second-quarter revenue growth as new locations offset slower customer traffic.
Revenue rose 32.5% from a year earlier to $550.9 million, accelerating from 30.8% growth in the first quarter and 29.4% in the fourth quarter of 2024. Net income increased 34.5% to $51.6 million and more than doubled from the first quarter.
The expansion increasingly carried that growth. Dutch Bros opened 48 shops during the quarter, including 44 company-operated locations, and ended the period with 1,225 shops, 182 more than a year earlier. Company-operated shop revenue rose 34.0% to $510.0 million, outpacing total revenue growth.
Growth within established shops lost momentum. Systemwide same-shop sales increased 5.8%, down from 8.3% in the first quarter, while transaction growth slowed to 1.7% from 5.1%. A 4.1% increase in ticket supplied most of the comparable-sales gain.
Higher sales produced more profit dollars, though margins narrowed. Adjusted EBITDA rose 27.8% to $113.7 million, while its margin fell to 20.6% from 21.4%. Company-operated contribution margin declined to 30.6% from 31.1% as higher beverage, food, packaging and occupancy costs offset labor leverage.
Dutch Bros now expects 2026 revenue of $2.10 billion to $2.13 billion, up from its previous range of $2.05 billion to $2.08 billion. It also raised adjusted EBITDA guidance to $385 million to $390 million and lifted the low end of its same-shop-sales-growth outlook to 5% from 4%.
The company increased its capital-expenditure forecast by $80 million at both ends, to $350 million to $370 million, while maintaining its plan to open at least 185 shops. The updated outlook partly reflects its acquisition of shops from a Phoenix franchisee and excludes the Salad and Go transaction announced Aug. 5.