NYSE$BROS
Dutch Bros Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Dutch Bros reported strong Q4 2023 results with significant revenue growth and new shop openings.
Dutch Bros Inc. reported a 25.9% increase in total revenues, reaching $254.1 million for the fourth quarter of 2023. The company opened 37 new shops, with system same shop sales increasing by 5.0%. Despite the revenue growth, the company reported a net loss of $3.8 million.
- Total revenues grew by 25.9% to $254.1 million compared to Q4 2022.
- System same shop sales increased by 5.0%, and company-operated same shop sales increased by 4.6%.
- Opened 37 new shops, 32 of which were company-operated.
- Net loss was $3.8 million, compared to $2.8 million in the same period of 2022.
Headline financials
Revenue & EPS history
Dutch Bros · Revenue · Quarterly
$254M
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 anticipates total system shop openings between 150 to 165 and projects total revenues between $1.190 billion and $1.205 billion for 2024.
Tailwinds
- Total system shop openings are expected to be in the range of 150 to 165.
- Total revenues are projected to be between $1.190 billion and $1.205 billion.
- Same shop sales growth is estimated to be in the low single digits.
- Adjusted EBITDA is estimated to be between $185 million to $195 million.
- Adjusted SG&A is estimated to be between $183 million and $189 million.
Headwinds
- Costs related to the support center expansion in Arizona will be excluded from Adjusted EBITDA and Adjusted SG&A.
- Capital Expenditures are estimated to be between $280 million to $320 million, primarily related to new shop construction.
- This estimate includes approximately $10 million in incremental spend related to our roasting facility.
- This estimate includes $6 million to $10 million in capital expenditures related to the Arizona office expansion.
- Stock based compensation, which is also excluded from Adjusted EBITDA and Adjusted SG&A, is estimated to be in the range of $12 million to $17 million.
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 Q4 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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