second quarter 2026
Filed Aug 5, 2026Dutch Bros Inc. Reports Second Quarter 2026 Financial Results Achieves 32% Revenue Growth Year-Over-Year Delivers 8.3% Company-Operated and 5.8% Systemwide Same Shop Sales Growth Raises 2026 Guidance on Total Revenues, System Same Shop Sales Growth, and Adjusted EBITDA
Total revenues grew 32.5%, company-operated same shop sales increased 8.3%, systemwide same shop sales increased 5.8%, net income increased to $51.6 million, and Adjusted EBITDA grew 27.8% to $113.7 million. The Company raised 2026 guidance for total revenues, same shop sales growth, and Adjusted EBITDA.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $550.9 million | – | 32.5% |
| Company-operated shops revenueGAAP | $ 510,031 | – | – |
| Franchising and other revenueGAAP | $ 40,820 | – | – |
| Cost of salesGAAP | $ 399,795 | – | – |
| Selling, general and administrativeGAAP | $ 80,651 | – | – |
| Total costs and expensesGAAP | $ 480,446 | – | – |
| Income from operationsGAAP | $ 70,405 | – | – |
| Interest expense, netGAAP | $(7,038) | – | – |
| Other income (expense), netGAAP | $861 | – | – |
| Total other expenseGAAP | $(6,177) | – | – |
| Income before income taxesGAAP | $ 64,228 | – | – |
| Income tax expenseGAAP | $ 12,623 | – | – |
| Net incomeGAAP | $51.6 million | – | – |
| Net income attributable to non-controlling interestsGAAP | $ 14,195 | – | – |
| Net income attributable to Dutch Bros Inc.GAAP | $ 37,410 | – | – |
| Basic net income per share of Class A common stockGAAP | $ 0.28 | – | – |
| Diluted net income per share of Class A common stockGAAP | $ 0.28 | – | – |
| Weighted-average Class A common stock outstanding, basicGAAP | 134,494 | – | – |
| Weighted-average Class A common stock outstanding, dilutedGAAP | 134,765 | – | – |
| Company-operated same shop sales growthother | 8.3% | – | 8.3% |
| Company-operated same shop transactions growthother | 3.4% | – | 3.4% |
| Systemwide same shop sales growthother | 5.8% | – | 5.8% |
| Systemwide same shop transactions growthother | 1.7% | – | 1.7% |
| Adjusted EBITDAnon-GAAP | $113.7 million | – | 27.8% |
| Company-operated shops gross profitGAAP | 123,301 | – | – |
| Company-operated shops gross profit marginGAAP | 24.2% | – | – |
| Company-operated shops contributionother | 155,970 | – | – |
| Company-operated shops contribution marginother | 30.6% | – | – |
| Opened new shopsother | 48 | – | – |
| Company-operated new shops openedother | 44 | – | – |
| Locations as of June 30, 2026other | 1,225 locations | – | – |
| Six months total revenuesGAAP | $ 1,015,263 | – | – |
| Six months income from operationsGAAP | $ 104,705 | – | – |
| Six months net incomeGAAP | $ 75,269 | – | – |
| Six months net income attributable to Dutch Bros Inc.GAAP | $ 53,507 | – | – |
| Six months diluted net income per share of Class A common stockGAAP | $ 0.41 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Company-operated shopsCompany-operated same shop sales increased 8.3% and company-operated same shop transactions increased 3.4% relative to the same period of 2025. | $ 510,031 | – | – |
| Franchising and otherNo segment-specific driver was reported. | $ 40,820 | – | – |
2026 outlook
- Revenuebetween approximately $2.1 billion and $2.13 billion
- NoteSame shop sales growth is now estimated to be in the range of 5% to 6%.
- NoteAdjusted EBITDA is now estimated to be between $385 million and $390 million.
- NoteCapital expenditures are now estimated to be between $350 million and $370 million.
- NoteTotal system shop openings are estimated to be at least 185.
- NoteGuidance excludes any impact from the Salad and Go TM transaction announced on August 5, 2026.
What drove it
- Company-operated same shop sales increased 8.3% relative to the same period of 2025.
- Company-operated same shop transactions increased 3.4% relative to the same period of 2025.
- Systemwide same shop sales increased 5.8% relative to the same period in 2025.
- Systemwide same shop transactions increased 1.7% relative to the same period in 2025.
- The Company opened 48 new shops, 44 of which were company-operated.
- The Company cited the recent acquisition from one of its Phoenix franchisees in raising full-year guidance.
- The Company reported its thirteenth consecutive quarter of positive same shop sales growth and eighth consecutive quarter of same shop transaction growth.
Concerns
- Company-operated shops gross profit margin was 24.2%, compared with 24.3% in the same period of 2025.
- Company-operated shops contribution margin was 30.6%, compared with 31.1% in the same period of 2025.
- Beverage, food and packaging costs were 26.1% of company-operated shops revenue, compared with 25.3% in the same period of 2025.
- Pre-opening costs were $ 8,408, compared with $ 4,542 in the same period of 2025.
- 2026 guidance excludes any impact from the Salad and Go TM transaction announced on August 5, 2026.
- The Company did not reconcile Adjusted EBITDA guidance to the corresponding U.S. GAAP financial measure.
What to watch
- Execution against total revenues guidance of between approximately $2.1 billion and $2.13 billion.
- Delivery of same shop sales growth estimated at 5% to 6%.
- Delivery of Adjusted EBITDA guidance of between $385 million and $390 million.
- Capital expenditures estimated at between $350 million and $370 million.
- Progress toward estimated total system shop openings of at least 185.
- Effects of the Phoenix franchisee acquisition and the excluded Salad and Go TM transaction.
Analysis
Dutch Bros reported a strong second quarter ended June 30, 2026. Total revenues grew 32.5% to $550.9 million from $415.8 million in the same period of 2025. Company-operated shops generated $ 510,031 of revenue and franchising and other generated $ 40,820. The Company opened 48 new shops, including 44 company-operated shops, and reported 1,225 locations as of June 30, 2026.
Underlying sales trends were positive. Company-operated same shop sales increased 8.3% and company-operated same shop transactions increased 3.4% relative to the same period of 2025. Systemwide same shop sales increased 5.8%, while systemwide same shop transactions increased 1.7%. Management described this as the thirteenth consecutive quarter of positive same shop sales growth and the eighth consecutive quarter of same shop transaction growth.
Profitability increased in dollar terms. Income from operations was $ 70,405 compared with $ 54,659, while net income was $51.6 million compared with $38.4 million. Net income attributable to Dutch Bros Inc. was $ 37,410 compared with $ 25,624, and diluted net income per share was $ 0.28 compared with $ 0.20. Adjusted EBITDA grew 27.8% to $113.7 million from $89.0 million. Margin performance requires attention: company-operated shops gross profit margin was 24.2% compared with 24.3%, and company-operated shops contribution margin was 30.6% compared with 31.1%.
Cost mix reflected higher beverage, food and packaging costs and pre-opening costs as a percentage of company-operated shops revenue. Beverage, food and packaging costs were 26.1% compared with 25.3%, while pre-opening costs were 1.6% compared with 1.2%. Labor costs were 25.4% compared with 26.6%, and occupancy and other costs were 16.3% compared with 15.8%. These reported cost ratios frame the balance between accelerated unit development and shop-level margins.
Management raised 2026 guidance for total revenues to between approximately $2.1 billion and $2.13 billion, same shop sales growth to 5% to 6%, and Adjusted EBITDA to between $385 million and $390 million. Capital expenditures are estimated at between $350 million and $370 million, and total system shop openings remain estimated at at least 185. The revised outlook excludes any impact from the Salad and Go TM transaction announced on August 5, 2026. No prior outlook was provided for comparison.
Management, verbatim
Our second quarter performance reflects the strength of the Dutch Bros brand, powered by our differentiated people-led culture and our compelling value proposition that continues to resonate with customers. The success of our strategy was evident in the second quarter as we delivered our thirteenth consecutive quarter of positive same shop sales growth and our eighth consecutive quarter of same shop transaction growth. We also maintained exceptionally strong development momentum, while AUVs climbed to record levels. This performance is the result of years of foundational investments across the business, giving us tremendous confidence in our ability to continue growing Dutch Bros for the long-term.
Christine Barone, Chief Executive Officer and President of Dutch Bros
Based on the performance so far this year and the recent acquisition from one of our Phoenix franchisees, we are increasing our full-year guidance on Total Revenues, Systemwide Same Shop Sales Growth and Adjusted EBITDA. We enter the second half of the year from a position of strength, with a focused plan, strong visibility into our growth initiatives, and a clear path to turning the significant whitespace ahead of us into durable growth.
Josh Guenser, Chief Financial Officer of Dutch Bros
Not in the filing
stated, not guessed- Previous-release outlook and prior-guidance comparisons.
- Consolidated gross profit and consolidated gross margin.
- Quarter-over-quarter comparisons for reported metrics.
- Cash balance.
- Debt balance.
- Operating cash flow.
- Free cash flow.
- Share repurchases.
- Dividends.
- Adjusted EBITDA reconciliation and detailed non-GAAP statement, because the provided filing text ends before the reconciliation.
- Full company-operated shops results table footnote and reconciliation, because the provided filing text ends mid-footnote.
- Adjusted EBITDA guidance reconciliation to the corresponding U.S. GAAP measure, which the Company stated is unavailable without unreasonable effort.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.