Dutch Bros Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues increased 29.8% year-over-year to $549.8 million for the quarter ended September 30, 2026, compared to $423.6 million in the same period of 2025.
• Net income was $37.2 million for the quarter, up from $27.3 million in the prior year period.
• Adjusted EBITDA grew 29.6% to $101.1 million for the quarter, compared to $78.0 million in the prior year period.
• Company-operated same shop sales increased 5.4% year-over-year, while systemwide same shop sales increased 4.4%.
• Company-operated same shop customer visits increased 1.0% year-over-year, and systemwide same shop customer visits increased 0.4%.
• For the nine months ended September 30, 2026, total revenues were $1.565 billion compared to $1.195 billion in the prior year period.
• Net income for the nine months ended September 30, 2026, was $112.5 million, compared to $88.1 million in the prior year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $294.1 million, compared to $229.9 million in the prior year period.
• Company-operated shops contribution margin was 28.1% for the quarter, up from 27.8% in the prior year period.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $297.0 million, compared to $215.9 million in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $307.9 million, compared to $169.9 million in the prior year period.
• Cash and cash equivalents at the end of the period were $194.6 million, down from $269.4 million at the beginning of the period.
• Total assets were $3.511 billion as of September 30, 2026, compared to $3.009 billion as of December 31, 2025.
• Total liabilities were $2.502 billion as of September 30, 2026, compared to $2.111 billion as of December 31, 2025.
• Deferred revenue was $52.3 million (current) and $6.7 million (non-current) as of September 30, 2026.
• Long-term debt, net of current portion, was $192.9 million as of September 30, 2026, compared to $196.3 million as of December 31, 2025.
• Tax receivable agreements liability, net of current portion, was $973.1 million as of September 30, 2026, compared to $813.4 million as of December 31, 2025.

Guidance and Future Outlook:

• 2026 total revenue guidance is now projected to be at least $2.1 billion.
• 2026 same shop sales growth is now estimated to be at least 5%.
• 2026 Adjusted EBITDA is now estimated to be approximately $380 million.
• 2026 capital expenditures are now estimated to be between $370 million and $390 million.
• 2026 total system shop openings are estimated to be at least 185.
• 2027 total system shop openings are estimated to be approximately 250.

Business Segments and Product Lines:

• The company opened 48 new shops in the third quarter, 42 of which were company-operated.
• Completed the reacquisition of franchise rights and assets of the Phoenix East Valley franchise, consisting of 32 locations, on July 27, 2026.
• As of September 30, 2026, the company operated 1,273 locations.
• The company is testing new hot food platforms and piloting delivery services.
• The company is accelerating its pace of beverage innovation and enhancing digital capabilities.
• Dutch Rewards customer visits accounted for 74% of total customer visits in the third quarter of 2026, up from 72% in the prior year period.

Market and Competitive Landscape:

• Dutch Bros continues to gain share in the high-growth beverage category.
• The company achieved its fourteenth consecutive quarter of positive same shop sales.
• The company achieved its ninth consecutive quarter of same shop customer visit growth.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in consumer preference, commodity inflation, increased labor costs, and the ability to hire and retain employees.
• Risks include the ability to navigate evolving macroeconomic conditions, disruptions in the supply chain, and the effects of disruption between the U.S. and its trading partners due to military conflicts or tariffs.
• Risks include the success of food offering sales, the ability to acquire suitable new shop sites, and the integration of acquired businesses.

Management Commentary and Tone:

• Christine Barone, CEO and President, stated that the results are a testament to the strength of the brand, the people-led culture, and the strategic focus on expanding customer occasions.
• Barone noted that investments in people, tools, and processes have enabled seamless execution and strengthened the business foundation.
• Management expressed confidence in unlocking new growth opportunities across the business in 2027.

Other Key Points:

• The reacquisition of the Phoenix East Valley franchise (32 locations) contributed to the shop count and sales metrics.
• The company hosts a conference call and webcast on November 4, 2026, at 5:00 p.m. ET to discuss results.
• Earnings presentation slides will be published on the company's investor website.
• The company serves a wide variety of unique, handcrafted beverages including the exclusive Dutch Bros Rebel® energy drink and Myst Energy Refresher™.
• The Dutch Bros Foundation® makes contributions to causes across the country through local giving and annual nation-wide initiatives.