• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Dutch Bros Inc. Reports Second Quarter 2024 Financial Results

    8/7/24 4:05:00 PM ET
    $BROS
    Restaurants
    Consumer Discretionary
    Get the next $BROS alert in real time by email

    Achieves $325 million in Revenues in Quarter, a 30% Increase Year-over-Year

    36 New Shop Openings During Quarter, Surpasses 900th Shop Milestone

    Raises Revenue and Adj. EBITDA Guidance

    Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company"))), one of the fastest-growing brands in the quick service beverage industry in the United States by location count, today reported financial results for the second quarter ended June 30, 2024.

    Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, "Our quarterly performance demonstrates the long runway ahead for Dutch Bros as we once again delivered strong top-line and profitability growth. Revenue rose 30%, including a 4.1% increase in system same-shop sales, and was underpinned by excellent margin flow through. With strong results 2024 to date despite the volatile consumer backdrop and expectations for a robust second half to the year, we are pleased to be raising our annual guidance."

    Barone continued, "The traffic-driving initiatives that we began implementing in 2023 are continuing to drive our business momentum. Approximately 67% of all transactions during the second quarter came through Dutch Rewards members, as our enhanced app is enabling us to efficiently and effectively connect with our loyal customers. We are also seeing phenomenal traction driving awareness in new markets through paid advertising and plan to further invest in this opportunity."

    Barone concluded, "We also continued with successful new shop openings and our mobile order roll-out. We added 36 shops in the second quarter, marking the 12th consecutive quarter of 30 or more new shop openings. As of June 30th, we had 38 shops in Arizona, California, and Texas with mobile order capabilities and have since expanded the rollout to approximately 200 shops as of the end of July. We are increasingly optimistic that we will have mobile order capabilities in a majority of our shops by year-end."

    Second Quarter 2024 Highlights

    • Opened 36 new shops, 30 of which were company-operated, across 13 states.
    • Total revenues grew 30.0% to $324.9 million as compared to $249.9 million in the same period of 2023.
    • System same shop sales1 increased 4.1% relative to the same period in 2023, inclusive of the impact of our fortressing strategy, where some sales are being transferred from existing shops to new shops. Company-operated same shop sales increased 5.2%, relative to the same period of 2023.
    • Company-operated shop revenues increased 33.6% to $295.3 million, as compared to $221.0 million in the same period of 2023.
    • Company-operated shop gross profit was $70.0 million as compared to $52.1 million in the same period of 2023. In the second quarter of 2024, company-operated shop gross margin, which includes 150bps of pre-opening costs, was 23.7%, a year-over-year increase of 10bps.
    • Company-operated shop contribution2, a non-GAAP financial measure, grew 36.1% to $91.1 million as compared to $66.9 million in the same period of 2023. In the second quarter of 2024, company-operated shop contribution margin, which includes 150bps of pre-opening costs, was 30.8%, a year-over-year increase of 50 bps.
    • Selling, general, and administrative expenses were $58.1 million (17.9% of revenue) as compared to $51.7 million (20.7% of revenue) in the same period of 2023.
    • Adjusted selling, general, and administrative expenses2, a non-GAAP financial measure, were $47.6 million (14.6% of revenue) as compared to $38.9 million (15.6% of revenue) in the same period of 2023.
    • Net income was $22.2 million as compared to $9.7 million in the same period of 2023.
    • Adjusted EBITDA2, a non-GAAP financial measure, grew 34.1% to $65.2 million as compared to $48.6 million in the same period of 2023.
    • Adjusted net income2, a non-GAAP financial measure, was $31.2 million as compared to $20.9 million in the same period of 2023.
    • Net income per share of Class A and Class D common stock - diluted was $0.12 as compared to $0.05 per share in the same period of 2023.
    • Adjusted net income per fully exchanged share of diluted common stock2, a non-GAAP financial measure, was $0.19 as compared to $0.13 in the same period of 2023.

    Revised 2024 Outlook

    • Total revenues are now projected to be between $1.215 billion and $1.230 billion, up from the prior range of $1.20 billion and $1.215 billion.
    • Same shop sales growth is expected to remain in the low single digits.
    • Adjusted EBITDA3 is now estimated to be between $200 million and $210 million, up from the prior range of $195 million to $205 million and Adjusted SG&A3 is estimated to be between $190 million and $200 million, up from the prior range of $183 million and $189 million.
    • Total system shop openings in 2024 are now expected to be at the lower end of the previously communicated range of 150 to 165.
    • Capital Expenditures are estimated to be between $270 million to $290 million from the prior range of $280 million to $320 million.

    _________________

     

    1

    Same shop sales is defined in the section "Select Financial Metrics".

    2

    Reconciliation of GAAP to non-GAAP results is provided in the section "Non-GAAP Financial Measures".

    3

    We have not reconciled guidance for Adjusted EBITDA or Adjusted SG&A to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.

    Conference Call and Webcast Today

    Christine Barone, Chief Executive Officer and President, and Josh Guenser, Chief Financial Officer, will host a conference call and webcast today at 5:00 p.m. Eastern Time (ET) to discuss financial results for the second quarter ended June 30, 2024.

    Event: Second Quarter 2024 Conference Call and Webcast

    Date: Wednesday, August 7, 2024

    Time: 5:00 p.m. ET

    Dial In: 1-201-493-6779

    Webcast: https://investors.dutchbros.com under "Events & Presentations".

    The webcast will be archived shortly after the conference call has concluded. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under "Events & Presentations".

    About Dutch Bros Inc.

    Dutch Bros Inc. (NYSE:BROS) is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the "Dutch Luv" at 912 locations across 18 states as of June 30, 2024.

    To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee on Instagram, Facebook, X, and TikTok, and download the Dutch Bros app to earn points and score rewards!

    Dutch Bros, our Windmill logo, Dutch Bros. Blue Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this Earnings Release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Earnings Release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

    Forward-Looking Statements

    In addition to historical information, this release contains a number of "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, information and expectations regarding Dutch Bros' leadership transitions, estimated capital expenditures, Dutch Bros' possible or assumed future results of operations, including guidance for 2024, new shop openings, business strategies, and potential growth opportunities. These statements are based on Dutch Bros' current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words "estimates," "projected," "expects," "should," "guidance," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Dutch Bros' control that could cause actual results to differ materially from the results discussed in the forward-looking statements, including those related to current expectations regarding Dutch Bros' leadership performance, the effectiveness of our marketing initiatives, general economic conditions, commodity inflation, increased labor costs, disruptions in our supply chain, ability to hire and retain employees, and other risks, including those described under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 23, 2024, and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the three months ended June 30, 2024. Forward-looking statements contained in this press release are made as of this date, and Dutch Bros undertakes no duty to update such information except as required under applicable law.

    DUTCH BROS INC.

    Condensed Consolidated Statements of Operations

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

    (in thousands, except per share amounts; unaudited)

     

    2024

     

    2023

     

    2024

     

    2023

    REVENUES

     

     

     

     

     

     

     

     

    Company-operated shops

     

    $

    295,268

     

     

    $

    220,952

     

     

    $

    543,353

     

     

    $

    394,116

     

    Franchising and other

     

     

    29,650

     

     

     

    28,927

     

     

     

    56,664

     

     

     

    53,030

     

    Total revenues

     

     

    324,918

     

     

     

    249,879

     

     

     

    600,017

     

     

     

    447,146

     

     

     

     

     

     

     

     

     

     

    COSTS AND EXPENSES

     

     

     

     

     

     

     

     

    Cost of sales

     

     

    234,637

     

     

     

    178,636

     

     

     

    437,887

     

     

     

    330,159

     

    Selling, general and administrative

     

     

    58,097

     

     

     

    51,662

     

     

     

    104,330

     

     

     

    97,638

     

    Total costs and expenses

     

     

    292,734

     

     

     

    230,298

     

     

     

    542,217

     

     

     

    427,797

     

     

     

     

     

     

     

     

     

     

    INCOME FROM OPERATIONS

     

     

    32,184

     

     

     

    19,581

     

     

     

    57,800

     

     

     

    19,349

     

     

     

     

     

     

     

     

     

     

    OTHER EXPENSE

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    (6,997

    )

     

     

    (9,058

    )

     

     

    (13,390

    )

     

     

    (16,944

    )

    Other income, net

     

     

    829

     

     

     

    1,039

     

     

     

    6,593

     

     

     

    2,346

     

    Total other expense

     

     

    (6,168

    )

     

     

    (8,019

    )

     

     

    (6,797

    )

     

     

    (14,598

    )

     

     

     

     

     

     

     

     

     

    INCOME BEFORE INCOME TAXES

     

     

    26,016

     

     

     

    11,562

     

     

     

    51,003

     

     

     

    4,751

     

    Income tax expense

     

     

    3,860

     

     

     

    1,851

     

     

     

    12,632

     

     

     

    4,431

     

    NET INCOME

     

    $

    22,156

     

     

    $

    9,711

     

     

    $

    38,371

     

     

    $

    320

     

    Less: Net income attributable to non-controlling interests

     

     

    10,216

     

     

     

    6,959

     

     

     

    19,369

     

     

     

    1,410

     

    NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC.

     

    $

    11,940

     

     

    $

    2,752

     

     

    $

    19,002

     

     

    $

    (1,090

    )

    Net income (loss) per share of Class A and Class D common stock:

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.12

     

     

    $

    0.05

     

     

    $

    0.21

     

     

    $

    (0.02

    )

    Diluted

     

    $

    0.12

     

     

    $

    0.05

     

     

    $

    0.20

     

     

    $

    (0.02

    )

    Weighted-average shares of Class A and Class D common stock outstanding:

     

     

     

     

     

     

     

     

    Basic

     

     

    101,965

     

     

     

    56,734

     

     

     

    92,647

     

     

     

    56,699

     

    Diluted

     

     

    102,356

     

     

     

    57,428

     

     

     

    93,049

     

     

     

    56,699

     

    DUTCH BROS INC.

    Segment Financials

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

    (in thousands; unaudited)

     

    2024

     

    2023

     

    2024

     

    2023

    Revenues:

     

     

     

     

     

     

     

     

    Company-operated shops

     

    $

    295,268

     

     

    $

    220,952

     

     

    $

    543,353

     

     

    $

    394,116

     

    Franchising and other

     

     

    29,650

     

     

     

    28,927

     

     

     

    56,664

     

     

     

    53,030

     

    Total revenues

     

     

    324,918

     

     

     

    249,879

     

     

     

    600,017

     

     

     

    447,146

     

    Cost of Sales:

     

     

     

     

     

     

     

     

    Company-operated shops

     

     

    225,252

     

     

     

    168,873

     

     

     

    419,032

     

     

     

    313,165

     

    Franchising and other

     

     

    9,385

     

     

     

    9,763

     

     

     

    18,855

     

     

     

    16,994

     

    Total cost of sales

     

     

    234,637

     

     

     

    178,636

     

     

     

    437,887

     

     

     

    330,159

     

    Segment gross profit:

     

     

     

     

     

     

     

     

    Company-operated shops

     

     

    70,016

     

     

     

    52,079

     

     

     

    124,321

     

     

     

    80,951

     

    Franchising and other

     

     

    20,265

     

     

     

    19,164

     

     

     

    37,809

     

     

     

    36,036

     

    Total gross profit

     

     

    90,281

     

     

     

    71,243

     

     

     

    162,130

     

     

     

    116,987

     

    Depreciation and amortization:

     

     

     

     

     

     

     

     

    Company-operated shops

     

     

    21,038

     

     

     

    14,799

     

     

     

    40,732

     

     

     

    27,800

     

    Franchising and other

     

     

    1,077

     

     

     

    1,297

     

     

     

    2,372

     

     

     

    2,658

     

    All other ¹

     

     

    235

     

     

     

    420

     

     

     

    499

     

     

     

    837

     

    Total depreciation and amortization

     

     

    22,350

     

     

     

    16,516

     

     

     

    43,603

     

     

     

    31,295

     

    Segment contribution:

     

     

     

     

     

     

     

     

    Company-operated shops

     

     

    91,054

     

     

     

    66,878

     

     

     

    165,053

     

     

     

    108,751

     

    Franchising and other

     

     

    21,342

     

     

     

    20,461

     

     

     

    40,181

     

     

     

    38,694

     

    Total segment contribution

     

     

    112,396

     

     

     

    87,339

     

     

     

    205,234

     

     

     

    147,445

     

    Selling, general and administrative

     

     

    (58,097

    )

     

     

    (51,662

    )

     

     

    (104,330

    )

     

     

    (97,638

    )

    Interest expense, net

     

     

    (6,997

    )

     

     

    (9,058

    )

     

     

    (13,390

    )

     

     

    (16,944

    )

    Other income, net

     

     

    829

     

     

     

    1,039

     

     

     

    6,593

     

     

     

    2,346

     

    Income before income taxes

     

    $

    26,016

     

     

    $

    11,562

     

     

    $

    51,003

     

     

    $

    4,751

    _________________

     

    1

    All other depreciation and amortization is included in selling, general and administrative expenses and is not part of the segment contribution calculations.

    DUTCH BROS INC.

    Company-Operated Shop Results

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    (in thousands; unaudited)

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

    Company-operated shops revenue

     

    295,268

     

    100.0

     

    220,952

     

    100.0

     

    543,353

     

    100.0

     

    394,116

     

    100.0

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Beverage, food and packaging costs

     

    75,147

     

    25.5

     

    59,433

     

    26.8

     

    138,863

     

    25.5

     

    108,385

     

    27.6

    Labor costs

     

    80,236

     

    27.2

     

    58,735

     

    26.6

     

    145,663

     

    26.8

     

    107,284

     

    27.2

    Occupancy and other costs

     

    44,277

     

    15.0

     

    32,642

     

    14.8

     

    85,773

     

    15.8

     

    63,201

     

    16.0

    Pre-opening costs

     

    4,554

     

    1.5

     

    3,264

     

    1.5

     

    8,001

     

    1.5

     

    6,495

     

    1.6

    Depreciation and amortization

     

    21,038

     

    7.1

     

    14,799

     

    6.7

     

    40,732

     

    7.5

     

    27,800

     

    7.1

    Company-operated shop costs and expenses

     

    225,252

     

    76.3

     

    168,873

     

    76.4

     

    419,032

     

    77.1

     

    313,165

     

    79.5

    Company-operated shops gross profit

     

    70,016

     

    23.7

     

    52,079

     

    23.6

     

    124,321

     

    22.9

     

    80,951

     

    20.5

    Company-operated shops contribution 1

     

    91,054

     

    30.8

     

    66,878

     

    30.3

     

    165,053

     

    30.4

     

    108,751

     

    27.6

    _________________

     

    1

    Reconciliation of GAAP to non-GAAP results is provided in the section "Non-GAAP Financial Measures".

    DUTCH BROS INC.

    Summary Cash Flows Data

     

     

     

    Six Months Ended

    June 30,

    (in thousands; unaudited)

     

    2024

     

    2023

    Net cash provided by operating activities

     

    $

    100,729

     

     

    $

    45,843

     

    Net cash used in investing activities

     

     

    (113,240

    )

     

     

    (102,058

    )

    Net cash provided by financing activities

     

     

    139,888

     

     

     

    59,754

     

    Net increase in cash and cash equivalents

     

    $

    127,377

     

     

    $

    3,539

     

    Cash and cash equivalents at beginning of period

     

     

    133,545

     

     

     

    20,178

     

    Cash and cash equivalents at end of period

     

    $

    260,922

     

     

    $

    23,717

     

    DUTCH BROS INC.

    Condensed Consolidated Balance Sheets

     

    (in thousands; unaudited)

     

    June 30,

    2024

     

    December 31,

    2023

    ASSETS

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

     

    $

    260,922

     

    $

    133,545

     

    Accounts receivable, net

     

     

    12,338

     

     

    9,124

     

    Inventories, net

     

     

    46,651

     

     

    46,953

     

    Prepaid expenses and other current assets

     

     

    14,700

     

     

    15,637

     

    Total current assets

     

     

    334,611

     

     

    205,259

     

    Property and equipment, net

     

     

    627,500

     

     

    542,440

     

    Finance lease right-of-use assets, net

     

     

    380,999

     

     

    382,734

     

    Operating lease right-of-use assets, net

     

     

    282,838

     

     

    199,673

     

    Intangibles, net

     

     

    3,963

     

     

    5,415

     

    Goodwill

     

     

    21,629

     

     

    21,629

     

    Deferred income tax assets, net

     

     

    721,691

     

     

    402,995

     

    Other long-term assets

     

     

    4,055

     

     

    3,865

     

    Total assets

     

    $

    2,377,286

     

    $

    1,764,010

     

    LIABILITIES AND EQUITY

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable

     

    $

    36,092

     

    $

    29,957

     

    Accrued compensation and benefits

     

     

    31,842

     

     

    31,405

     

    Other accrued liabilities

     

     

    19,293

     

     

    15,770

     

    Other current liabilities

     

     

    5,873

     

     

    6,423

     

    Deferred revenue

     

     

    31,405

     

     

    30,349

     

    Current portion of finance lease liabilities

     

     

    11,927

     

     

    9,482

     

    Current portion of operating lease liabilities

     

     

    2,483

     

     

    10,239

     

    Current portion of long-term debt

     

     

    14,182

     

     

    4,491

     

    Total current liabilities

     

     

    153,097

     

     

    138,116

     

    Deferred revenue, net of current portion

     

     

    7,115

     

     

    6,676

     

    Finance lease liabilities, net of current portion

     

     

    370,412

     

     

    367,775

     

    Operating lease liabilities, net of current portion

     

     

    282,873

     

     

    191,419

     

    Long-term debt, net of current portion

     

     

    228,966

     

     

    93,175

     

    Tax receivable agreements liability

     

     

    605,003

     

     

    290,920

     

    Other long-term liabilities

     

     

    8

     

     

    8

     

    Total liabilities

     

     

    1,647,474

     

     

    1,088,089

     

    Equity:

     

     

     

     

    Common stock

     

     

    1

     

     

    2

     

    Additional paid in capital

     

     

    504,657

     

     

    379,391

     

    Accumulated other comprehensive income

     

     

    1,072

     

     

    544

     

    Retained earnings (accumulated deficit)

     

     

    3,410

     

     

    (15,592

    )

    Total stockholders' equity attributable to Dutch Bros Inc.

     

     

    509,140

     

     

    364,345

     

    Non-controlling interests

     

     

    220,672

     

     

    311,576

     

    Total equity

     

     

    729,812

     

     

    675,921

     

    Total liabilities and equity

     

    $

    2,377,286

     

    $

    1,764,010

     

    DUTCH BROS INC.

    Select Financial Metrics

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

    (in thousands, except number of shops data; unaudited)

     

    2024

     

    2023

     

    2024

     

    2023

    Shop count, beginning of period

     

     

     

     

     

     

     

     

    Company-operated

     

     

    582

     

     

     

    438

     

     

     

    542

     

     

     

    396

     

    Franchised

     

     

    294

     

     

     

    278

     

     

     

    289

     

     

     

    275

     

     

     

     

    876

     

     

     

    716

     

     

     

    831

     

     

     

    671

     

    Company-operated new openings

     

     

    30

     

     

     

    35

     

     

     

    70

     

     

     

    77

     

    Franchised new openings

     

     

    6

     

     

     

    3

     

     

     

    11

     

     

     

    6

     

    Shop count, end of period

     

     

     

     

     

     

     

     

    Company-operated

     

     

    612

     

     

     

    473

     

     

     

    612

     

     

     

    473

     

    Franchised

     

     

    300

     

     

     

    281

     

     

     

    300

     

     

     

    281

     

    Total shop count

     

     

    912

     

     

     

    754

     

     

     

    912

     

     

     

    754

     

     

     

     

     

     

     

     

     

     

    Systemwide AUV 1

     

     

    N/A

     

     

     

    N/A

     

     

    $

    2,005

     

     

    $

    1,928

     

    Company-operated shops AUV 1

     

     

    N/A

     

     

     

    N/A

     

     

    $

    1,923

     

     

    $

    1,880

     

     

     

     

     

     

     

     

     

     

    Systemwide same shop sales 2, 3

     

     

    4.1

    %

     

     

    3.8

    %

     

     

    6.8

    %

     

     

    1.1

    %

    Company-operated same shop sales 2

     

     

    5.2

    %

     

     

    1.6

    %

     

     

    7.8

    %

     

     

    (0.8

    )%

     

     

     

     

     

     

     

     

     

    Systemwide sales 3

     

    $

    466,432

     

     

    $

    375,216

     

     

    $

    863,985

     

     

    $

    677,998

     

    Company-operated operating weeks 4

     

     

    7,709

     

     

     

    5,854

     

     

     

    14,983

     

     

     

    11,176

     

    Franchising and other operating weeks 4

     

     

    3,842

     

     

     

    3,632

     

     

     

    7,621

     

     

     

    7,178

     

    Dutch Rewards transactions as a percentage of total transactions 5

     

     

    66.7

    %

     

     

    64.6

    %

     

     

    66.6

    %

     

     

    64.8

    %

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    (in thousands; unaudited)

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

    Company-operated shop revenues

     

    295,268

     

    100.0

     

    220,952

     

    100.0

     

    543,353

     

    100.0

     

    394,116

     

    100.0

    Company-operated gross profit

     

    70,016

     

    23.7

     

    52,079

     

    23.6

     

    124,321

     

    22.9

     

    80,951

     

    20.5

    Company-operated shop contribution 6

     

    91,054

     

    30.8

     

    66,878

     

    30.3

     

    165,053

     

    30.4

     

    108,751

     

    27.6

    Selling, general, and administrative expenses

     

    58,097

     

    17.9

     

    51,662

     

    20.7

     

    104,330

     

    17.4

     

    97,638

     

    21.8

    Adjusted selling, general, and administrative expenses 6

     

    47,584

     

    14.6

     

    38,918

     

    15.6

     

    88,053

     

    14.7

     

    75,157

     

    16.8

    Net income

     

    22,156

     

    6.8

     

    9,711

     

    3.9

     

    38,371

     

    6.4

     

    320

     

    0.1

    Adjusted EBITDA 6

     

    65,159

     

    20.1

     

    48,599

     

    19.4

     

    117,699

     

    19.6

     

    72,479

     

    16.2

    ___________

     

    1

    AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the systemwide and company-operated shop net sales by the total number of systemwide and company-operated shops, respectively. Management uses this metric as an indicator of shop growth and future expectations of mature locations.

     

    2

    Same shop sales reflects the change in year-over-year sales for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period. Management uses this metric as an indicator of shop growth and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table.

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Systemwide shop base

     

    671

     

    538

     

    641

     

    503

    Company-operated shop base

     

    396

     

    276

     

    370

     

    246

    3

    Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under GAAP. Management uses these metrics as indicators of our system's overall financial health, growth and future expansion prospects.

     

    4

    Company-operated and franchise shops operating weeks are calculated based on the number operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the end date of the periods presented. The operating weeks calculations reflect re-acquired franchises through 2022. Management uses these metrics as indicators of our system's overall financial health, growth and future expansion prospects.

     

    5

    Dutch Rewards is our digitally-based rewards program available exclusively through the Dutch Rewards app. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans.

     

    6

    Reconciliation of GAAP to non-GAAP results is provided in the section "Non-GAAP Financial Measures".

    Non-GAAP Financial Measures

    In addition to disclosing financial results in accordance with U.S. GAAP, this release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

    Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related income tax effects where applicable. Income tax effects have been calculated based on the combined total non-GAAP adjustments using our total effective tax rate. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.

    Company-operated shop contribution (in dollars and as a percentage of revenue)

    Definition and/or calculation

    Company-operated segment gross profit, before company-operated shop depreciation and amortization. Company-operated shop contribution in dollars (as defined), taken as a percentage of company-operated shop revenue.

    Usefulness to management and investors

    This non-GAAP measure is used by our management in making performance decisions without the impact of non-cash depreciation and amortization charges. This is a standard metric used across our industry by investors.

    EBITDA, Adjusted EBITDA (in dollars and as a percentage of revenue)

    EBITDA — definition and/or calculation

    Net income before interest expense (net of interest income), income tax expense, and depreciation and amortization expense.

    Adjusted EBITDA — definition and/or calculation

    Defined as EBITDA (as defined above), excluding equity-based compensation, expenses associated with equity offerings, executive transitions, (gain) loss on the remeasurement of the liability related to the TRAs, legal proceedings, sale of aircraft, and organization realignment and restructuring costs.

    Adjusted EBITDA in dollars (as defined), taken as a percentage of total revenue.

    Usefulness to management and investors

    These non-GAAP measures are supplemental operating performance measures we believe facilitate comparisons to historical performance and competitors' operating results. We believe these non-GAAP measures presented provide investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance.

    Adjusted selling, general, and administrative (in dollars and as a percentage of revenue)

    Definition and/or calculation

    Selling, general, and administrative expenses, excluding depreciation and amortization, equity-based compensation expense, expenses associated with equity offerings, executive transitions, legal proceedings, and organization realignment and restructuring costs.

    Adjusted selling, general, and administrative in dollars (as defined), taken as a percentage of total revenue.

    Usefulness to management and investors

    This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe the non-GAAP measure presented provides investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because it excludes items that may not be indicative of our ongoing operating performance.

    Adjusted net income

    Definition and/or calculation

    Net income, excluding equity-based compensation expense, expenses associated with equity offerings, executive transitions, (gain) loss on the remeasurement of the liability related to the TRAs, legal proceedings, sale of aircraft, organization realignment and restructuring costs, and income tax effects of items excluded from net income.

    Usefulness to management and investors

    This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.

    Adjusted fully exchanged weighted-average shares of diluted common stock outstanding

    Definition and/or calculation

    Weighted-average shares of Class A and Class D common stock outstanding - basic with addition of dilutive impacts of restricted stock awards and units, as well as the assumed exchange of the weighted-average shares of Class B and Class C common stock.

    Usefulness to management and investors

    This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By adding in the assumed full exchange of all of our outstanding Class B and Class C common stock, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.

    Adjusted net income per fully exchanged share of diluted common stock

    Definition and/or calculation

    Net income per share of Class A and Class D common stock - diluted, excluding per share impacts of equity-based compensation expense, expenses associated with equity offerings, executives transition costs, (gain) loss on the remeasurement of the liability related to the TRAs, legal proceedings, sale of aircraft, organization realignment and restructuring costs, income tax effects of items excluded from net income, and removal of per share impacts of controlling and non-controlling interests.

    Usefulness to management and investors

    This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By assuming the full exchange of all of our outstanding Class B and Class C common stock and related net income adjustments, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period.

    Non-GAAP adjustments

    Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, as described above.

    Equity-based compensation

    Non-cash expenses related to the grant and vesting of stock awards, including restricted stock awards and restricted stock units in Dutch Bros Inc. to certain eligible employees.

    Expenses associated with equity offerings

    Costs incurred as a result of our equity offerings, including secondary offerings by TSG Consumer Partners, L.P. and certain of its affiliates. These costs include, but are not limited to, legal fees, consulting fees, tax fees, and accounting fees.

    Executive transitions

    Employee severance and related benefit costs, as well as sign-on bonus(es) for several executive level transitions occurring in 2022 and 2023, and amortized through the first quarter of 2024.

    TRAs remeasurements

    (Gain) loss impacts related to adjustments of our TRAs liabilities.

    Legal proceedings

    Loss accrual related to certain legal disputes.

    Sale of aircraft

    Gain impact related to the sale of the Company airplane to our Co-Founder.

    Organization realignment and restructuring

    Fees and costs, including consulting, employee-related and other costs, in connection with our comprehensive initiative to develop and implement a long-term strategy involving changes to our organizational structure to support our growth, and the resulting realignment activities that have occurred in 2023 and 2024, and are expected to continue for at least the next year. Given this strategic initiative's magnitude and scope, the Company does not expect such costs will recur in the foreseeable future. The Company does not consider such costs reflective of the ongoing costs necessary to operate its business.

    Dilutive effects of restricted stock awards and units

    Addition of incremental shares of restricted stock awards and units calculated under the treasury stock method, when they are dilutive for the calculation of weighted-average shares on a non-GAAP basis.

    Assumed exchange of weighted-average Class B and Class C shares of common stock

    Weighted-average shares of Class B and Class C common stock that are assumed to be exchanged for Class A common stock.

    Removal of per share impacts of controlling and non-controlling interests

    Removal of the net income allocated to controlling and non-controlling interests to align the numerator of the net income per share to the denominator, which assumes the full exchange of shares of Class B and Class C common stock.

    Supplemental Reconciliations of GAAP Actuals to Non-GAAP Actuals

    Following are the reconciliations of the most comparable GAAP financial measure to non-GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    (in thousands; unaudited)

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

    Company-operated shop gross profit

     

    70,016

     

    23.7

     

    52,079

     

    23.6

     

    124,321

     

    22.9

     

    80,951

     

    20.5

    Depreciation and amortization

     

    21,038

     

    7.1

     

    14,799

     

    6.7

     

    40,732

     

    7.5

     

    27,800

     

    7.1

    Company-operated shop contribution

     

    91,054

     

    30.8

     

    66,878

     

    30.3

     

    165,053

     

    30.4

     

    108,751

     

    27.6

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    (in thousands; unaudited)

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

    Net income

     

    22,156

     

     

    6.8

     

     

    9,711

     

     

    3.9

     

     

    38,371

     

     

    6.4

     

     

    320

     

     

    0.1

     

    Depreciation and amortization

     

    22,350

     

     

    6.9

     

     

    16,516

     

     

    6.7

     

     

    43,603

     

     

    7.3

     

     

    31,295

     

     

    7.0

     

    Interest expense, net

     

    6,997

     

     

    2.2

     

     

    9,058

     

     

    3.6

     

     

    13,390

     

     

    2.2

     

     

    16,944

     

     

    3.8

     

    Income tax expense

     

    3,860

     

     

    1.1

     

     

    1,851

     

     

    0.7

     

     

    12,632

     

     

    2.1

     

     

    4,431

     

     

    1.0

     

    EBITDA

     

    55,363

     

     

    17.0

     

     

    37,136

     

     

    14.9

     

     

    107,996

     

     

    18.0

     

     

    52,990

     

     

    11.9

     

    Equity-based compensation

     

    3,326

     

     

    1.0

     

     

    10,149

     

     

    4.1

     

     

    5,259

     

     

    0.9

     

     

    19,319

     

     

    4.3

     

    Expenses associated with equity offerings

     

    528

     

     

    0.2

     

     

    —

     

     

    —

     

     

    1,489

     

     

    0.2

     

     

    —

     

     

    —

     

    Executive transitions

     

    —

     

     

    —

     

     

    225

     

     

    0.1

     

     

    75

     

     

    —

     

     

    375

     

     

    0.1

     

    TRAs remeasurements

     

    —

     

     

    —

     

     

    (861

    )

     

    (0.5

    )

     

    (5,687

    )

     

    (0.9

    )

     

    (2,155

    )

     

    (0.5

    )

    Legal proceedings

     

    —

     

     

    —

     

     

    1,950

     

     

    0.8

     

     

    —

     

     

    —

     

     

    1,950

     

     

    0.4

     

    Sale of aircraft

     

    (752

    )

     

    (0.2

    )

     

    —

     

     

    —

     

     

    (752

    )

     

    (0.1

    )

     

    —

     

     

    —

     

    Organization realignment and restructuring:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Employee-related costs

     

    6,664

     

     

    2.1

     

     

    —

     

     

    —

     

     

    9,289

     

     

    1.5

     

     

    —

     

     

    —

     

    Other costs

     

    30

     

     

    —

     

     

    —

     

     

    —

     

     

    30

     

     

    —

     

     

    —

     

     

    —

     

    Total organization realignment and restructuring

     

    6,694

     

     

    2.1

     

     

    —

     

     

    —

     

     

    9,319

     

     

    1.5

     

     

    —

     

     

    —

     

    Adjusted EBITDA

     

    65,159

     

     

    20.1

     

     

    48,599

     

     

    19.4

     

     

    117,699

     

     

    19.6

     

     

    72,479

     

     

    16.2

     

     

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    (in thousands; unaudited)

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

     

    $

     

    %

    Selling, general, and administrative

     

    58,097

     

     

    17.9

     

     

    51,662

     

     

    20.7

     

     

    104,330

     

     

    17.4

     

     

    97,638

     

     

    21.8

     

    Depreciation and amortization

     

    (235

    )

     

    (0.1

    )

     

    (420

    )

     

    (0.1

    )

     

    (499

    )

     

    (0.1

    )

     

    (837

    )

     

    (0.2

    )

    Equity-based compensation

     

    (3,056

    )

     

    (0.9

    )

     

    (10,149

    )

     

    (4.1

    )

     

    (4,895

    )

     

    (0.9

    )

     

    (19,319

    )

     

    (4.3

    )

    Expenses associated with equity offerings

     

    (528

    )

     

    (0.2

    )

     

    —

     

     

    —

     

     

    (1,489

    )

     

    (0.2

    )

     

    —

     

     

    —

     

    Executive transitions

     

    —

     

     

    —

     

     

    (225

    )

     

    (0.1

    )

     

    (75

    )

     

    —

     

     

    (375

    )

     

    (0.1

    )

    Legal proceedings

     

    —

     

     

    —

     

     

    (1,950

    )

     

    (0.8

    )

     

    —

     

     

    —

     

     

    (1,950

    )

     

    (0.4

    )

    Organization realignment and restructuring:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Employee-related costs

     

    (6,664

    )

     

    (2.1

    )

     

    —

     

     

    —

     

     

    (9,289

    )

     

    (1.5

    )

     

    —

     

     

    —

     

    Other costs

     

    (30

    )

     

    —

     

     

    —

     

     

    —

     

     

    (30

    )

     

    —

     

     

    —

     

     

    —

     

    Total organization realignment and restructuring

     

    (6,694

    )

     

    (2.1

    )

     

    —

     

     

    —

     

     

    (9,319

    )

     

    (1.5

    )

     

    —

     

     

    —

     

    Adjusted selling, general, and administrative

     

    47,584

     

     

    14.6

     

     

    38,918

     

     

    15.6

     

     

    88,053

     

     

    14.7

     

     

    75,157

     

     

    16.8

     

     

     

    Three Months Ended June 30,

    (in thousands; unaudited)

     

    2024

     

    2023

    Net income

     

    $

    22,156

     

     

    $

    9,711

     

    Equity-based compensation

     

     

    3,326

     

     

     

    10,149

     

    Expenses associated with equity offerings

     

     

    528

     

     

     

    —

     

    Executive transitions

     

     

    —

     

     

     

    225

     

    TRAs remeasurements

     

     

    —

     

     

     

    (861

    )

    Legal proceedings

     

     

    —

     

     

     

    1,950

     

    Sale of aircraft

     

     

    (752

    )

     

     

    —

     

    Organization realignment and restructuring:

     

     

     

     

    Employee-related costs

     

     

    6,664

     

     

     

    —

     

    Other costs

     

     

    30

     

     

     

    —

     

    Subtotal: Organization realignment and restructuring

     

     

    6,694

     

     

     

    —

     

    Income tax effects

     

     

    (770

    )

     

     

    (284

    )

    Adjusted net income

     

    $

    31,182

     

     

    $

    20,890

     

     

     

    Three Months Ended June 30,

    (in thousands, except per share amounts; unaudited)

     

    2024

     

    2023

    Weighted-average shares of Class A and Class D common stock outstanding - basic

     

     

    101,965

     

     

    56,734

     

    Dilutive effects of restricted stock awards and units

     

     

    391

     

     

    694

     

    Weighted-average shares of Class A and Class D common stock outstanding - diluted

     

     

    102,356

     

     

    57,428

     

    Assumed exchange of weighted-average Class B and Class C shares of common stock

     

     

    63,828

     

     

    105,756

     

    Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted

     

     

    166,184

     

     

    163,184

     

     

     

     

     

     

    Net income per share of Class A and Class D common stock - diluted

     

    $

    0.12

     

    $

    0.05

     

    Controlling and non-controlling interest adjustments

     

     

    0.01

     

     

    0.02

     

    Equity-based compensation

     

     

    0.02

     

     

    0.06

     

    Expenses associated with equity offerings

     

     

    —

     

     

    —

     

    Executive transitions

     

     

    —

     

     

    —

     

    TRAs remeasurements

     

     

    —

     

     

    (0.01

    )

    Legal proceedings

     

     

    —

     

     

    0.01

     

    Sale of aircraft

     

     

    —

     

     

    —

     

    Organization realignment and restructuring:

     

     

     

     

    Employee-related costs

     

     

    0.04

     

     

    —

     

    Other costs

     

     

    —

     

     

    —

     

    Subtotal: Organization realignment and restructuring

     

     

    0.04

     

     

    —

     

    Income tax effects

     

     

    —

     

     

    —

     

    Adjusted net income per fully exchanged share of diluted common stock

     

    $

    0.19

     

    $

    0.13

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240807966434/en/

    Get the next $BROS alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BROS

    DatePrice TargetRatingAnalyst
    3/26/2025$80.00Overweight
    Wells Fargo
    3/24/2025$82.00Overweight
    Morgan Stanley
    1/7/2025$38.00 → $70.00Equal Weight → Overweight
    Barclays
    1/6/2025$60.00 → $70.00Neutral → Outperform
    Robert W. Baird
    8/19/2024$41.00 → $36.00Overweight → Neutral
    Piper Sandler
    8/15/2024$39.00Neutral → Buy
    UBS
    8/8/2024Neutral → Buy
    Guggenheim
    8/8/2024$50.00 → $47.00Buy
    TD Cowen
    More analyst ratings

    $BROS
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Large owner Dm Trust Aggregator, Llc converted options into 1,074,350 shares, increasing direct ownership by 30% to 4,619,968 units (SEC Form 4)

      4 - Dutch Bros Inc. (0001866581) (Issuer)

      4/30/25 11:51:23 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Large owner Dm Individual Aggregator, Llc converted options into 675,650 shares, increasing direct ownership by 30% to 2,905,459 units (SEC Form 4)

      4 - Dutch Bros Inc. (0001866581) (Issuer)

      4/30/25 11:50:06 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Executive Chairman of Board Boersma Travis converted options into 1,750,000 shares (SEC Form 4)

      4 - Dutch Bros Inc. (0001866581) (Issuer)

      4/30/25 11:48:23 AM ET
      $BROS
      Restaurants
      Consumer Discretionary

    $BROS
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by Dutch Bros Inc.

      SC 13G/A - Dutch Bros Inc. (0001866581) (Subject)

      11/14/24 4:21:31 PM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Dutch Bros Inc.

      SC 13G/A - Dutch Bros Inc. (0001866581) (Subject)

      11/14/24 1:28:34 PM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Dutch Bros Inc.

      SC 13G/A - Dutch Bros Inc. (0001866581) (Subject)

      11/13/24 1:56:36 PM ET
      $BROS
      Restaurants
      Consumer Discretionary

    $BROS
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Dutch Bros Inc. Reports First Quarter 2025 Financial Results

      Achieves 29% Year-Over-Year Revenue Growth in the First Quarter Delivers 4.7% System and 6.9% Company-Operated Same Shop Sales Growth in the First Quarter Continues Momentum with Another Quarter of Positive Transaction Growth Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company")), one of the fastest-growing brands in the U.S. quick service beverage industry, today reported financial results for the first quarter ended March 31, 2025. Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, "Our business continues to operate from a position of strength, and we are well-positioned to thrive in this dynamic environment. The enthusiasm for our brand, the loyalty o

      5/7/25 4:05:00 PM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Dutch Bros Inc. to Host First Quarter 2025 Conference Call and Webcast on May 7

      Dutch Bros Inc. ("Dutch Bros") (NYSE:BROS), one of the fastest-growing brands in the U.S. quick service beverage industry, today announced that Christine Barone, Chief Executive Officer and President, and Joshua Guenser, Chief Financial Officer, will host a conference call and webcast to review financial results for the first quarter, which ended on March 31, 2025. The conference call and webcast will take place on Wednesday, May 7, 2025 at 5:00 p.m. Eastern Time (ET). Dutch Bros will report financial results for the first quarter 2025 after the market close that same day. Event: First Quarter 2025 Conference Call and Webcast Date: Wednesday, May 7, 2025 Time: 5:00 p.m. ET Dial In: 1-201-

      4/23/25 9:00:00 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Dutch Bros Inc. Outlined Long-Term Growth Strategy at Inaugural Investor Day

      Expanded Total Addressable Market to 7,000+ System Shops Nationwide Set Goal of 2,029 System Shops in 2029 Reiterated Prior Long-Term Growth Algorithm; Issued New Long-Term Company-Operated Shop Contribution Margin Goal Announced Appointment of Brian Cahoe as Chief Development Officer Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company")), one of the fastest-growing brands in the U.S. quick service beverage industry, today hosted an Investor Day at its support center in Tempe, AZ. The event was also webcast live. During the presentation, the Dutch Bros management team provided updates on the business and its long-term growth goals. "We are pleased to deliver quarter-to-date Q1 sam

      3/27/25 4:05:00 PM ET
      $BROS
      $YUM
      Restaurants
      Consumer Discretionary

    $BROS
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Wells Fargo initiated coverage on Dutch Bros with a new price target

      Wells Fargo initiated coverage of Dutch Bros with a rating of Overweight and set a new price target of $80.00

      3/26/25 7:49:16 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Morgan Stanley initiated coverage on Dutch Bros with a new price target

      Morgan Stanley initiated coverage of Dutch Bros with a rating of Overweight and set a new price target of $82.00

      3/24/25 8:37:49 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Dutch Bros upgraded by Barclays with a new price target

      Barclays upgraded Dutch Bros from Equal Weight to Overweight and set a new price target of $70.00 from $38.00 previously

      1/7/25 7:43:54 AM ET
      $BROS
      Restaurants
      Consumer Discretionary

    $BROS
    SEC Filings

    See more
    • Dutch Bros Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Dutch Bros Inc. (0001866581) (Filer)

      5/7/25 4:20:39 PM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • SEC Form SCHEDULE 13G filed by Dutch Bros Inc.

      SCHEDULE 13G - Dutch Bros Inc. (0001866581) (Subject)

      4/30/25 6:30:44 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • SEC Form DEFA14A filed by Dutch Bros Inc.

      DEFA14A - Dutch Bros Inc. (0001866581) (Filer)

      3/31/25 4:10:19 PM ET
      $BROS
      Restaurants
      Consumer Discretionary

    $BROS
    Leadership Updates

    Live Leadership Updates

    See more
    • Dutch Bros Inc. Outlined Long-Term Growth Strategy at Inaugural Investor Day

      Expanded Total Addressable Market to 7,000+ System Shops Nationwide Set Goal of 2,029 System Shops in 2029 Reiterated Prior Long-Term Growth Algorithm; Issued New Long-Term Company-Operated Shop Contribution Margin Goal Announced Appointment of Brian Cahoe as Chief Development Officer Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company")), one of the fastest-growing brands in the U.S. quick service beverage industry, today hosted an Investor Day at its support center in Tempe, AZ. The event was also webcast live. During the presentation, the Dutch Bros management team provided updates on the business and its long-term growth goals. "We are pleased to deliver quarter-to-date Q1 sam

      3/27/25 4:05:00 PM ET
      $BROS
      $YUM
      Restaurants
      Consumer Discretionary
    • Global Marketing Executive Kory Marchisotto Joins Dutch Bros Board of Directors

      Dutch Bros Inc. (NYSE:BROS, "Dutch Bros")), a west coast-based drive-thru beverage company focused on making a massive difference one cup at a time, has announced the appointment of Kory Marchisotto to its Board of Directors, where she will serve as an independent director. Marchisotto brings an expertise in connecting with Gen Z and Gen Alpha customers, developed from her decades of executive experience at several noted beauty brands including her current role as Chief Marketing Officer at e.l.f. Beauty (NYSE:ELF). "Kory has been called ‘a bold disruptor with a kind heart' and I couldn't agree more," said Christine Barone, CEO and president of Dutch Bros. "She deeply understands the needs

      2/18/25 4:05:00 PM ET
      $BROS
      $ELF
      Restaurants
      Consumer Discretionary
      Package Goods/Cosmetics
    • Former Wendy's CEO Joins Dutch Bros Board of Directors

      Dutch Bros Inc. (NYSE:BROS, "Dutch Bros"))), a west coast-based drive-thru beverage company focused on making a massive difference one cup at a time, has announced the appointment of Todd Penegor to its Board of Directors, where he will serve as an independent director. Penegor brings extensive executive leadership experience from his tenure as President and CEO of The Wendy's Company (NASDAQ:WEN), along with previous roles at Kellanova (formerly Kellogg Company) (NYSE:K) and Ford Motor Company (NYSE:F). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240624176723/en/Todd Penegor (Photo: Business Wire) "Todd is a values-based lea

      6/24/24 4:05:00 PM ET
      $BALL
      $BROS
      $F
      $K
      Containers/Packaging
      Industrials
      Restaurants
      Consumer Discretionary

    $BROS
    Financials

    Live finance-specific insights

    See more
    • Dutch Bros Inc. Reports First Quarter 2025 Financial Results

      Achieves 29% Year-Over-Year Revenue Growth in the First Quarter Delivers 4.7% System and 6.9% Company-Operated Same Shop Sales Growth in the First Quarter Continues Momentum with Another Quarter of Positive Transaction Growth Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company")), one of the fastest-growing brands in the U.S. quick service beverage industry, today reported financial results for the first quarter ended March 31, 2025. Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, "Our business continues to operate from a position of strength, and we are well-positioned to thrive in this dynamic environment. The enthusiasm for our brand, the loyalty o

      5/7/25 4:05:00 PM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Dutch Bros Inc. to Host First Quarter 2025 Conference Call and Webcast on May 7

      Dutch Bros Inc. ("Dutch Bros") (NYSE:BROS), one of the fastest-growing brands in the U.S. quick service beverage industry, today announced that Christine Barone, Chief Executive Officer and President, and Joshua Guenser, Chief Financial Officer, will host a conference call and webcast to review financial results for the first quarter, which ended on March 31, 2025. The conference call and webcast will take place on Wednesday, May 7, 2025 at 5:00 p.m. Eastern Time (ET). Dutch Bros will report financial results for the first quarter 2025 after the market close that same day. Event: First Quarter 2025 Conference Call and Webcast Date: Wednesday, May 7, 2025 Time: 5:00 p.m. ET Dial In: 1-201-

      4/23/25 9:00:00 AM ET
      $BROS
      Restaurants
      Consumer Discretionary
    • Dutch Bros Inc. to Present its Long-Term Growth Strategy at 2025 Investor Day

      Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company")), one of the fastest-growing brands in the U.S. quick service beverage industry, today will host its inaugural Investor Day at its support center in Tempe, AZ. During the event, the Dutch Bros management team will share an update on the business, including the Company's strategic vision, long-term growth strategy, and multi-year sales drivers. For those not attending the event, details for accessing the live webcast are provided below. Webcast Information Event: March 2025 Investor Day Webcast Date: Thursday, March 27, 2025 Time: 8:00 a.m. PT Webcast: https://investors.dutchbros.com under "Events & Presentations". The webcast

      3/27/25 8:00:00 AM ET
      $BROS
      Restaurants
      Consumer Discretionary