10-K · February 13, 2026
Dutch Bros positions itself as a high-growth drive-thru-first beverage operator with 1,136 shops (811 company-operated, 325 franchise) as of December 31, 2025, and emphasizes growth via Dutch Rewards, order-ahead, food…
Earnings analysis · 10-Q
BROS earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Dutch Bros Inc. posted a strong Q1 2026 performance with revenue of $464.4 million, surpassing market expectations by 3.4%, and achieving an EPS of $0.16, exceeding estimates by 6.67%. The company continues to expand…
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Dutch Bros Inc. posted a strong Q1 2026 performance with revenue of $464.4 million, surpassing market expectations by 3.4%, and achieving an EPS of $0.16, exceeding estimates by 6.67%. The company continues to expand its footprint with significant increases in both revenue and same-shop sales, reflecting its growth strategy and consumer demand.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.16
- Gross margin
- 20%
- Operating margin
- 28.3%
- Segment
- Company-operated Shops
- Segment
- Franchising and Other
What stood out
-
Revenue Growth Ahead of Expectations
Revenue for Q1 2026 reached $464.4M, up 30.8% from $355M in Q1 2025, exceeding expectations by 3.4%.
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Earnings Surpass Consensus
Reported EPS of $0.16 exceeds the estimated $0.15, reflecting improved profitability.
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Strong Same Shop Sales Growth
Company-operated same shop sales grew 10.6%, substantially higher than the 6.9% in the prior year.
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Expansion of Store Count
Total shop count increased by 16.3% year-over-year to 1,177 shops as of March 31, 2026.
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Increase in Operating Cash Flow
Net cash provided by operating activities surged by 129.7%, reaching $84.7M in Q1 2026.
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Franchising Segment Growth
Franchising revenue increased by 23.1% to $35.4M, driven by higher franchise partner sales.
What to watch
-
Labor Cost Pressures
Labor costs rose by 25.6% year-over-year to $112.3M, impacting profit margins.
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Increasing Commodity Prices
Beverage, food, and packaging costs increased by 38.0%, rising to $112.3M due to inflation.
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Higher Occupancy Costs
Occupancy and other costs increased by 42.4%, contributing to overall expense inflation.
Management's outlook
Management raised full-year revenue guidance to between $2.05 billion and $2.08 billion.
Earlier filings 4
10-Q · May 8, 2025
Dutch Bros reported Q1 revenue of $355,152,000, up 29.1% year-over-year and 3.5% sequentially. Operating income improved to $31,072,000 (8.8% operating margin) while diluted EPS was $0.13; operating cash flow was…
10-Q · May 8, 2024
Dutch Bros reported total revenue of $275,099,000 for the quarter ended March 31, 2024 and GAAP diluted EPS of $0.08 (vs. diluted loss of $(0.07) in Q1 2023). Gross margin expanded to 26.1% and operating income was…
10-Q · November 8, 2023
Dutch Bros reported Q3 revenue of $264,507 (in thousands), up 33.2% from $198,648 in Q3 2022, with operating income rising to $24,694 (in thousands) from $5,178. Gross margin expanded to ~28.4% and diluted EPS increased…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.