Dutch Bros (BROS) investor relations material

Executive summary

• Q1 2026 revenue reached $464.4 million, up 31% year-over-year, driven by new shop openings, innovation, and strong same shop sales growth.

• Adjusted EBITDA increased 26.2% to $79.4 million, with a margin of 17.1%.

• Net income rose to $23.7 million, with diluted EPS of $0.13.

• Systemwide shop count grew to 1,177 by Q1 2026, with 41 new shops opened in the quarter.

• Raised full-year guidance for revenue, shop openings, same shop sales growth, and adjusted EBITDA.

Financial highlights

• Total revenues reached $464.4 million, a 31% increase over Q1 2025.

• Company-operated shop revenues were $429.1 million, up 31.4% year-over-year; franchising and other revenue was $35.4 million.

• Systemwide same shop sales grew 8.3%; company-operated same shop sales up 10.6%.

• Adjusted EBITDA was $79.4 million (17.1% margin); adjusted EPS was $0.16, up from $0.14.

• Operating cash flow increased to $84.7 million, up 129.7% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $2.05–$2.08 billion (25–27% YoY growth).

• At least 185 system shop openings expected in 2026.

• System same shop sales growth projected at 4–6%.

• Adjusted EBITDA guidance increased to $370–$380 million.

• CapEx guidance unchanged at $270–$290 million.