Earnings

Dutch Bros Raises 2026 Outlook, Targets Approximately 250 Shop Openings In 2027

Third-quarter revenue grew 29.8% to $549.8 million, but customer visits rose just 0.4% systemwide and price carried most of the sales gain.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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Dutch Bros Raises 2026 Outlook, Targets Approximately 250 Shop Openings In 2027

Dutch Bros, the drive-thru coffee and energy-drink chain, raised its 2026 outlook and set a 2027 goal of approximately 250 system shop openings, after third-quarter revenue climbed 29.8% to $549.8 million from $423.6 million a year earlier. The company reported the results Wednesday in an 8-K, and the growth leaned heavily on higher prices rather than more customers.

Price carried the sales gain

Company-operated same shop sales rose 5.4% in the quarter, while company-operated same shop visits rose only 1.0%, down from 6.8% a year earlier. Ticket, the average spend per visit, rose 4.4% at those shops, according to the release tables.

Systemwide, same shop sales rose 4.4% and visits rose 0.4%, against 4.7% a year earlier. Net income reached $37.2 million, versus $27.3 million, and adjusted EBITDA grew 29.6% to $101.1 million.

CEO Christine Barone said the quarter was the company's "fourteenth consecutive quarter of positive same shop sales and ninth consecutive quarter of same shop customer visit growth." Dutch Bros Rewards app visits made up 74% of the total, up from 72%.

A bigger 2026 outlook

Management now projects 2026 revenue of at least $2.1 billion, same shop sales growth of at least 5% and adjusted EBITDA of approximately $380 million. Capital spending is estimated at $370 million to $390 million. The forecast of at least 185 system shop openings this year is unchanged.

For 2027, the company guides to approximately 250 system shop openings. Barone pointed to faster beverage innovation, tests of hot food, digital upgrades and a delivery pilot as growth drivers.

Shops, franchises and the stock

Dutch Bros operates and franchises drive-thru shops selling coffee, its Rebel energy drink, teas, lemonades and smoothies. It opened 48 shops in the quarter, 42 of them company-operated, and finished September with 1,273 shops. On July 27, 2026, it completed the reacquisition of the 32-location Phoenix East Valley franchise.

Shares had fallen 28% since the start of the year, according to an AP earnings report.

Barone and CFO Joshua Guenser host the earnings call at 5:00 p.m. ET Wednesday.

Sources

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