NYSE$BROS
Dutch Bros Inc. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Dutch Bros reported a strong Q2 2023 with significant revenue growth and margin expansion.
Dutch Bros Inc. reported a 34% increase in quarterly revenue to $250 million, driven by new shop openings and systemwide same shop sales growth of 3.8%. The company opened 38 new shops, bringing the total to 754. Company-operated shop gross margin improved to 23.6%, and net income was $9.7 million, a significant increase compared to the previous year. Leadership transition was announced, with Christine Barone set to become CEO on January 1, 2024.
- Total revenues grew by 34.1% to $249.9 million compared to the same period in 2022.
- System same shop sales increased by 3.8%.
- Opened 38 new shops, bringing the total shop count to 754.
- Net income was $9.7 million, compared to a loss of $(1.8) million in the same period of 2022.
Headline financials
Revenue & EPS history
Dutch Bros · Revenue · Quarterly
$250M
Revenue by segment
Dutch Bros · $250M total across 2 segments · Q2 2023
- Company-operated shops$221M+37.7%88.4%
- Franchising and other$28.9M+11.8%11.6%
Forward guidance
Dutch Bros provided guidance for the year 2023, expecting at least 150 total system shop openings with at least 130 being company-operated. Total revenues are projected to be at the lower end of the previously communicated range of $950 million to $1 billion. Same shop sales growth is estimated to remain in the low single digits. Adjusted EBITDA is now estimated to be between $135 million and $140 million. Capital expenditures are estimated to be in the range of $225 million to $250 million.
Tailwinds
- Total system shop openings in 2023 are expected to remain at least 150, of which at least 130 shops will be company-operated.
- Adjusted EBITDA is now estimated to be between $135 million and $140 million, up from at least $125 million.
- Reflects stronger than expected year-to-date profitability trends.
- Improved traffic trends
- Q3 pricing actions.
Headwinds
- Total revenues are projected to be at the lower end of the previously communicated range of $950 million to $1 billion.
- Reflects current new shop AUV trends of approximately $1.7 million.
- Same shop sales growth is estimated to remain in the low single digits.
- Revised revenue expectations.
- Increased levels of investment in support of key priorities.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
+1.6%
Avg return
Earnings day
+3.5%
Avg return
5 days after
+3.0%
Avg return
30 days after
61%
11 / 18 earnings
Positive
+33.1%
Q3 2024
Best reaction
-38.5%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -9.2% | -14.2% | -6.0% | |
| Q4 2025 | +4.7% | +5.1% | -6.9% | |
| Q3 2025 | -4.2% | +0.8% | +5.2% | |
| Q1 2025 | +8.9% | +18.6% | +23.4% | |
| Q4 2024 | +29.1% | +31.9% | -3.4% | |
| Q3 2024 | +33.1% | +44.0% | +64.0% | |
| Q2 2024 | -19.9% | -22.8% | -15.6% | |
| Q1 2024 | +12.1% | +27.1% | +36.2% | |
| Q4 2023 | +1.0% | +6.2% | +23.7% | |
| Q3 2023 | +1.1% | +3.5% | +3.6% | |
| Q2 2023 | +18.2% | +19.4% | -4.0% | |
| Q1 2023 | -11.5% | -19.4% | -6.3% | |
| Q4 2022 | -8.9% | -12.1% | -23.3% | |
| Q3 2022 | +10.7% | +2.3% | +0.2% | |
| Q2 2022 | +8.9% | +10.9% | -12.9% | |
| Q1 2022 | -38.5% | -37.5% | -15.7% | |
| Q4 2021 | -8.3% | +2.4% | +14.6% | |
| Q3 2021 | +2.2% | -3.1% | -22.1% | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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