NYSE$BROS

Dutch Bros Inc. · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

Dutch Bros reported Q3 2025 revenues of $392.8M with net income of $27.3M and diluted EPS of $0.14.

Revenues grew to $392.8 million as same-shop sales and new shop openings accelerated. Net income was $27.3 million with diluted EPS of $0.14 as unit growth and beverage innovation drove traffic.

  • Q3 revenues $392.8M.
  • Net income $27.3M; diluted EPS $0.14.
  • New shop openings and same-shop growth.
  • Drive-thru format and loyalty support traffic.

Headline financials

Total Revenue

$424M

Previous: $338M+25.2%
EPS (adj)

$0.14

Previous: $0.11+27.3%
Systemwide sales

$577M

Previous: $479M+20.5%
Systemwide same shop sales

5.7%

Previous: 2.7%+111.1%
Company-operated same shop sales

7.4%

Previous: 4.0%+85.0%
Total shop count, end of period

1.1K

Previous: 950+13.8%
Company-operated shops, end of period

759

Previous: 645+17.7%
Franchised shops, end of period

322

Previous: 305+5.6%
Company-operated new openings

34

Previous: 33+3.0%
Franchised new openings

4

Previous: 5-20.0%
Systemwide same shop transactions

4.7%

Previous: 0.8%+487.5%
Company-operated same shop transactions

6.8%

Previous: 2.4%+183.3%
Dutch Rewards transactions as % of total

71.8%

Previous: 67.2%+6.8%
Systemwide same shop ticket

1.0%

Previous: 1.9%-47.4%
Company-operated same shop ticket

0.6%

Previous: 1.6%-62.5%
Capital Expenditures

-$170M

Previous: -$179M+5.0%
Net Income

$17.5M

Previous: $12.6M+38.4%
Operating Income

$41.5M

Previous: $32.5M+27.6%

Revenue & EPS history

Dutch Bros · Revenue · Quarterly

$424M

Q3 2025+25.2%vs Q3 2024
Beat estimate in 13 of 15 quarters(87%)
ActualEstimate

Revenue by segment

Dutch Bros · $265M total across 2 segments · Q3 2023

  • Company-operated shops
    $236M+36.3%
  • Franchising and other
    $28M+11.5%

Forward guidance

The quarterly filing discusses operating priorities, capital returns, and sector risks.

Tailwinds

  • MD&A highlights liquidity, capital, and core business trends.
  • Segment commentary supports the earnings narrative.

Headwinds

  • Macro, rates, or input costs may pressure near-term margins.
  • One-time items can affect year-over-year comparability.

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 2025

Historical avgQ3 2025

+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

Earnings price reactions
QuarterReport dateReaction (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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