| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 423.58 | 1.9% | 25.2% |
| Total Income | 423.58 | 1.9% | 25.2% |
| Expenditure | 382.09 | 5.8% | 25.0% |
| PBT | — | ||
| Net Profit | 17.50 | 31.7% | 38.5% |
| OPM | 9.79% | 3.35pp | 0.18pp |
| NPM | 4.13% | 2.03pp | 0.39pp |
| EPS | 0.14 | 30.0% | 27.3% |
Dutch Bros Inc. Reports Q3 2025 Revenue Growth of 25.2% Y-o-Y
04 May 2026 · 4 May, 7:56 am
Summary
Dutch Bros Inc. reported strong financial results for the third quarter of 2025, with total revenues increasing by 25.2% to $423.6 million. Systemwide same shop sales grew by 5.7%, driven by a 4.7% increase in transactions. Company-operated shops saw a revenue increase of 27.4%, reaching $392.8 million. Based on the results through the third quarter and continued strength into October, the company is raising its full-year guidance for total revenues and same shop sales growth.
Key Highlights
- 1
Dutch Bros Inc. achieved a 25.2% increase in total revenues, reaching $423.6 million compared to $338.2 million in the same period of 2024.
- 2
Systemwide same shop sales increased by 5.7%, with a 4.7% rise in systemwide same shop transactions relative to Q3 2024.
- 3
Company-operated shops revenues grew by 27.4% to $392.8 million, up from $308.3 million in the same period last year.
- 4
Net income for the quarter was $27.3 million, compared to $21.7 million in the third quarter of 2024.
- 5
Adjusted EBITDA increased by 22.3% to $78.0 million, as compared to $63.8 million in the same period of 2024.
- 6
The company opened 38 new shops in Q3 2025, with 34 being company-operated, across 17 states.
- 7
The company is raising its full-year guidance for total revenues and same shop sales growth.
Management Comments
Christine Barone
Dutch Bros continues to exceed expectations, driven by the passion our broistas bring to our shops everyday, a focused set of transaction-driving initiatives that provide multi-year growth visibility, and the strength of our new shop openings and pipeline. Our third quarter results reaffirm the strength of our differentiated strategy and the exciting road ahead. We delivered revenue growth of 25%, system same shop sales growth of 5.7%, and company-operated same shop sales growth of 7.4%. The third quarter marks our fifth consecutive quarter of positive transaction growth, elevating Dutch Bros to a category of its own. New shop productivity remains elevated, systemwide AUVs are at record highs, and the strong system same shop sales performance through October continues to build the confidence we have in our trajectory of 2,029 shops in 2029. Based on our results through the third quarter and the strength that has continued through October, we are raising our full-year guidance for total revenues and same shop sales growth, reflecting the confidence we have in the long-term durability of our model and the effectiveness of our transaction driving initiatives.
Informational and educational content only. Not investment advice.