BROS earnings analysis
What we found in BROS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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%.
- Earnings Surpass Consensus
- Reported EPS of $0.16 exceeds the estimated $0.15, reflecting improved profitability.
- Strong Same Shop Sales Growth
- Company-operated same shop sales grew 10.6%, substantially higher than the 6.9% in the prior year.
- Expansion of Store Count
- Total shop count increased by 16.3% year-over-year to 1,177 shops as of March 31, 2026.
- Increase in Operating Cash Flow
- Net cash provided by operating activities surged by 129.7%, reaching $84.7M in Q1 2026.
- Franchising Segment Growth
- Franchising revenue increased by 23.1% to $35.4M, driven by higher franchise partner sales.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Labor Cost Pressures
- Labor costs rose by 25.6% year-over-year to $112.3M, impacting profit margins.
- Increasing Commodity Prices
- Beverage, food, and packaging costs increased by 38.0%, rising to $112.3M due to inflation.
- Higher Occupancy Costs
- Occupancy and other costs increased by 42.4%, contributing to overall expense inflation.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.16
- Gross margin
- 20%
- Operating margin
- 28.3%
- Segment
- Company-operated Shops
- Segment
- Franchising and Other
What they said about what is next.
Management raised full-year revenue guidance to between $2.05 billion and $2.08 billion.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing BROS makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever