NYSE$BROS
Dutch Bros Inc. · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Dutch Bros reported exceptional Q3 2024 performance, driven by strategic initiatives and operational execution.
Dutch Bros Inc. reported a strong third quarter in 2024, with a 28% increase in revenue to $338.2 million. Systemwide same shop sales grew by 2.7%. The company opened 38 new shops and raised its revenue and adjusted EBITDA guidance for the year.
- Total revenues grew by 27.9% to $338.2 million compared to the same period in 2023.
- Systemwide same shop sales increased by 2.7% relative to the same period in 2023.
- Opened 38 new shops, 33 of which were company-operated, across 11 states.
- Net income was $21.7 million compared to $13.4 million in the same period of 2023.
Headline financials
Revenue & EPS history
Dutch Bros · Revenue · Quarterly
$338M
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 revised its 2024 outlook, projecting total revenues between $1.255 billion and $1.260 billion and adjusted EBITDA between $215 million and $220 million.
Tailwinds
- Total revenues are now projected to be between $1.255 billion and $1.260 billion, up from the prior range of $1.215 billion to $1.230 billion.
- Total system shop openings in 2024 are now expected to be 150, consistent with the previously communicated outlook at the lower end of 150 to 165.
- Same shop sales growth for 2024 is expected to be approximately 4.25%, from low single digits previously.
- Adjusted SG&A is estimated to be between $195 million and $200 million, from $190 million to $200 million previously.
- Adjusted EBITDA is now estimated to be between $215 million and $220 million, up from the prior range of $200 million to $210 million.
Headwinds
- Capital expenditures are estimated to be between $245 million to $265 million, down from the prior range of $270 million to $290 million.
- Same shop sales growth for the fourth quarter of 2024 is expected to be between 1% and 2%.
- Unspecified risks related to general economic conditions.
- Unspecified risks related to commodity inflation.
- Unspecified risks related to increased labor costs.
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 2024
+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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