NYSE$BROS
Dutch Bros Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported a strong Q3 2023 with significant growth in revenue, shop openings, and same shop sales.
Dutch Bros Inc. reported a successful third quarter in 2023, marked by record revenue of $265 million, a 33% increase year-over-year. The company opened 39 new systemwide shops and achieved a 4.0% increase in systemwide same shop sales. They also updated their 2023 guidance, increasing the range for adjusted EBITDA.
- Opened 39 new shops systemwide, including entry into Alabama and Kentucky.
- Increased total revenues by 33.2% to $264.5 million compared to the same period in 2022.
- System same shop sales increased by 4.0%.
- Net income was $13.4 million, compared to $1.6 million in the same period of 2022.
Headline financials
Revenue & EPS history
Dutch Bros · Revenue · Quarterly
$265M
Revenue by segment
Dutch Bros · $265M total across 2 segments · Q3 2023
- Company-operated shops$236M+36.3%89.4%
- Franchising and other$28M+11.5%10.6%
Forward guidance
Dutch Bros provided its outlook for the year 2023, expecting to open at least 150 new shops, with at least 130 being company-operated. They anticipate revenue to be at the lower end of the $950 million to $1 billion range and have increased their Adjusted EBITDA estimate to be between $150 million to $155 million.
Tailwinds
- Expect to open at least 150 new shops, with at least 130 being company-operated.
- Expect system same shop sales growth in the low single digits.
- Estimate Adjusted EBITDA to be between $150 million to $155 million.
- Expect capital expenditures to be in the range of $225 million to $250 million.
- Expect to spend approximately $15 million to $20 million for a new roasting facility, which is projected to open in 2024.
Headwinds
- Expect revenue would be at the lower end of the range of $950 million to $1 billion.
- Increased shop labor investments in the range of $1.5 million to $2.0 million.
- Intend to make certain investments in business building activities throughout the fourth quarter.
- General economic conditions could impact results.
- Commodity inflation and increased labor costs could impact results.
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 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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