NYSE$BROS
Dutch Bros Inc. · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Dutch Bros' financial performance in Q3 2022 was marked by record shop openings and significant revenue growth.
Dutch Bros Inc. reported a 53% increase in revenue to $198.6 million, driven by a record 38 new shop openings. The company also raised its annual revenue guidance and is targeting 150 new shop openings for 2023.
- Opened a record 38 new shops, 34 of which were company-operated, across 11 states.
- Total revenues grew 53.0% to $198.6 million as compared to the same period of 2021.
- System same shop sales grew 1.7% as compared to the same period in 2021 and 11.4% on a 3-year stacked basis.
- Net income was $1.6 million as compared to a net loss of $(116.8) million in the same period of 2021.
Headline financials
Revenue & EPS history
Dutch Bros · Revenue · Quarterly
$199M
Revenue by segment
Dutch Bros · $199M total across 2 segments · Q3 2022
- Company-operated shops$174M+59.7%87.3%
- Franchising and other$25.1M+18.9%12.7%
Forward guidance
Dutch Bros is raising guidance for total revenues and reaffirming other elements of its full-year 2022 outlook.
Tailwinds
- Total system shop openings in 2022 are expected to be at least 130, of which at least 110 shops will be company-operated.
- In 2023, total system shop openings are expected to be at least 150.
- Total revenues are now projected to be at least $725 million.
- Adjusted EBITDA is estimated to be at least $90 million.
- Capital expenditures are estimated to be in the range of $175 million to $200 million, which includes approximately $15 million to $20 million for our new roasting facility that we project will open in late 2023 / early 2024.
Headwinds
- Same shop sales growth is estimated to be approximately flat.
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 Q3 2022
+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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