Dutch Bros Raises 2026 Revenue Forecast to $2.1 Billion; Shares Fall 3.71%
Key Facts
Dutch Bros raised its fiscal 2026 revenue forecast to at least $2.1 billion after reporting revenue of $549.8 million in the third quarter ended September 30, up 29.8% from the same period in 2025. The company reported its results on November 4 and said it expected full-year same-store sales growth of at least 5%. It estimated adjusted earnings before interest, taxes, depreciation and amortization at about $380 million for the same year. In the November 12 session, the company's shares fell 3.71% and closed at $33.71. The developments combine a higher annual forecast and an extensive expansion plan with weaker daily share performance in that session.
Quarterly revenue was $549.8 million, compared with $423.6 million in the third quarter of 2025, according to the company's statement. At company-operated Dutch Bros stores, same-store sales rose 5.4% and customer visits increased 1.0% year over year. Systemwide same-store sales rose 4.4%, while visits increased 0.4%. The gap between sales growth and visit growth points to different performance trends at company-operated stores and across the broader network. The figures provided did not include a breakdown showing how much pricing or product mix contributed to sales growth.
The company opened 48 new stores in the third quarter, including 42 company-operated locations. It had 1,273 stores in operation as of September 30, across 27 U.S. states, including 960 company-operated stores and 313 franchised locations. In this context, the company maintained its estimate of at least 185 systemwide openings in 2026 and expects about 250 openings in 2027. The plan continues to add locations to an already established network, while the quarterly figures show that most new openings during the period were company-operated. The pace of expansion will remain tied to executing the openings and sustaining the same-store sales growth the company expects.
Chief Executive Christine Barone said the company had achieved its "fourteenth consecutive quarter of positive same-store sales growth, and its ninth consecutive quarter of customer visit growth at these stores." The company linked this performance to continued share gains in the fast-growing beverage category, alongside ongoing sales and visit growth. The statement puts sustained demand at the center of management's account of the results, alongside network expansion. In operating cash flow, net cash generated from operating activities totaled $297.033 million in the nine months ended September 30, 2026, compared with $215.906 million in the same period of 2025. This comparison provides additional context on cash performance over the nine months, alongside the quarterly results and full-year guidance.
The company said revenue from company-operated stores reached $515.006 million in the third quarter, up 31.1% from $392.833 million a year earlier. It attributed $101.4 million of the increase to new stores not yet included in the comparison base and sales from reacquired franchise locations, while $20.7 million was attributed to 5.4% same-store sales growth. On July 27, the company reacquired the franchise rights and assets of 32 locations in Arizona for about $63.5 million in cash, after the franchisee decided to retire. Gross margin at company-operated stores was 21.3%, compared with 21.0% in the year-earlier quarter, while their contribution rose to $144.476 million from $109.231 million. The company said the cost of beverages, food and packaging as a percentage of revenue at these stores fell 30 basis points year over year, attributing the decline mainly to the collection of tariff refunds, partly offset by costs from the new food program.
In the November 12 session, BROS shares traded between $33.54 and $35.42 before closing at $33.71, down 3.71%, according to the price record. The move came after the results and guidance were announced on November 4, not on the day of their release. Regarding upcoming operating initiatives, the company said it would continue developing new beverages, testing hot food platforms, strengthening digital capabilities and piloting delivery. Its stated priorities therefore include product development and digital services alongside its store-opening plan. The estimates of at least 185 store openings in 2026 and about 250 in 2027 remain part of the guidance the company announced.