Dutch Bros Reports 29.8% Third-Quarter Revenue Growth

The Tip Desk · November 8, 2026 · 3 min read

The drive-thru beverage chain reported third-quarter 2026 revenue of $549.8 million and now projects full-year adjusted EBITDA of about $380 million as same-shop sales growth cooled.

Dutch Bros Inc. (BROS) reported third-quarter 2026 revenue growth of 29.8% to $549.8 million and projected full-year adjusted EBITDA of approximately $380 million, total revenues of at least $2.1 billion, and same-shop sales growth of at least 5%.

The company’s August targets were $385 million to $390 million of adjusted EBITDA, $2.1 billion to $2.13 billion of revenue, and 5% to 6% same-shop sales growth, excluding any impact from the Salad and Go transaction; the current release does not specify whether its forecasts use the same basis. Capital-expenditure guidance is $370 million to $390 million; August’s $350 million to $370 million forecast excluded any impact from the Salad and Go transaction, while the current release does not specify whether the same exclusion applies. System shop openings remain estimated at at least 185.

Total revenues grew 29.8% to $549.8 million in the three months ended September 30, 2026, from $423.6 million a year earlier. That year-over-year rate slowed from 32.5% growth to $550.9 million in the second quarter. Company-operated shops generated $515.0 million of revenue. Franchising and other revenue was $34.8 million.

Company-operated same-shop sales rose 5.4% versus the year-ago period, after 8.3% growth in the second quarter. Systemwide same-shop sales rose 4.4%. Company-operated same-shop customer visits increased 1.0% and systemwide visits 0.4%. Chief Executive Officer Christine Barone said the quarter marked a fourteenth consecutive period of positive same-shop sales and a ninth consecutive period of same-shop customer-visit growth.

Net income was $37.2 million, compared with $27.3 million a year earlier. Net income attributable to Dutch Bros Inc. was $27.2 million, or $0.20 a share, versus $0.14 a share. Adjusted EBITDA grew 29.6% to $101.1 million from $78.0 million a year earlier. Income from operations was $52.8 million.

The company opened 48 new shops in the quarter, 42 of them company-operated, matching the 48 openings of the prior quarter. It completed the reacquisition of the Phoenix East Valley franchise, 32 locations, on July 27, 2026. Shop count stood at 1,273 at September 30, including 960 company-operated shops and 313 franchised shops.

Company-operated shops contribution was $144.5 million, or 28.1% of company-operated revenue. Selling, general and administrative expenses were $79.0 million. Adjusted EBITDA margin held at 18.4% of total revenue.

For 2027, the company estimated total system shop openings of approximately 250, an accelerated goal versus the unchanged 2026 target of at least 185. Barone said the company is accelerating beverage innovation, testing new hot food platforms, enhancing digital capabilities and piloting delivery.

Cash and cash equivalents were $194.6 million at September 30. Long-term debt, net of the current portion, was $192.9 million.