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Dutch Bros
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Latest analysis
Updated Aug 6, 2026
Dutch Bros posts 6.9% systemwide SSS and 31.7% revenue growth in H1 2026, then acquires 31 Arizona franchise locations and signs deal for up to 65 Salad and Go sites post-quarter.
Dutch Bros delivered company-operated same-shop sales of 9.3% in H1 2026 — driven by both ticket (+4.3%) and traffic (+5.0%) — while expanding its shop count 17.4% year-over-year to 1,225 locations. Labor as a percentage of company-operated revenue improved 120 basis points, demonstrating meaningful sales leverage, though food and packaging costs rose 90 basis points on coffee cost inflation and the new food program. Two post-quarter moves signal a strategic pivot toward greater system ownership and category adjacency: the $63.5 million refranchise buyback of 31 Arizona locations and a signed agreement to acquire up to 65 Salad and Go real estate sites.
Tone: bullishRevenue
$1.6B
BROS 10-K · FY 2025
Employees
23,000
Revenue FY2024
$1.3B
EBITDA margin
19%
Profile
BROS 10-K Item 1 · Feb 13, 2026Dutch Bros is a high-growth operator and franchisor of drive-thru beverage shops across 25 U.S. states, offering hand-crafted coffee, energy drinks, and customizable refreshments. Founded in 1992, the company operates a predominantly company-operated model supplemented by a long-tenured franchise base. Its differentiated model centers on speed, quality, and a community-driven customer experience delivered through a drive-thru-first shop format.
Read filing description ↓ Collapse description ↑
Dutch 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. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States. As of December 31, 2025, we had 1,136 shops, of which 811 were company-operated and 325 were franchise, across 25 states. Dutch Bros is more than just the products we serve: we are dedicated to making differences in the lives of our employees, customers, and the communities in which we operate. Our people are the key to our success and our broistas are the face of Dutch Bros, delivering on our core values of SPEED, QUALITY, and SERVICE. We sell a wide range of customizable hot, iced, and blended beverages, as well as certain food offerings. Coffee-based beverages make up approximately 50% of our menu mix, with our proprietary Dutch Bros Rebel energy drink comprising approximately 25% and refreshments and other items comprising the remaining approximately 25%. Customization is at the core of what we do, and we encourage our customers to make their drinks their own through the addition of flavors and other modifiers. We utilize Dutch Rewards, our app-based digital loyalty program, to communicate and interact directly with our customers and drive transactions. In 2025, approximately 72% of all transactions were attributable to Dutch Rewards members.
Primary products
- Coffee-based beverages
- Dutch Bros Rebel energy drink
- Refreshments (teas, lemonades, smoothies, sodas)
- Freeze blended beverages
- Cold brew
- Food offerings
Business segments
End markets
Geographies
“Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased approximately 27.9% in 2025 versus 2024, driven by new shop openings and same-shop sales growth of 5.6% systemwide.
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