Q4 2025 Dutch Bros Inc Earnings Call Transcript
Key Points
- Dutch Bros Inc (BROS) reported a 28% increase in revenues for 2025, reaching $1.64 billion, more than doubling since the end of 2022.
- The company achieved a 16% growth in new shop openings, with 154 new locations, contributing to a system same-shop sales growth of 5.6% for the year.
- Adjusted EBITDA grew by 31% to $303 million, outpacing revenue growth and marking a significant milestone for the company.
- System-wide average unit volumes (AUVs) reached a record $2.1 million, reflecting strong brand resonance and effective development execution.
- The company plans to open at least 181 new system shops in 2026, including the acquisition of 20 Clutch Coffee Bar locations, accelerating its presence in the Carolinas.
- Despite strong growth, Dutch Bros Inc (BROS) faces headwinds from elevated coffee costs, impacting margins and expected to continue into 2026.
- The company anticipates approximately 80 basis points of total cost of goods sold (COGS) pressure in 2026, with significant impact in Q1.
- There is a potential margin pressure from the continued rollout of the new food program, which, while dollar accretive, may impact overall margins.
- The shift to build-to-suit leases is expected to increase occupancy and other costs as a percentage of revenue in 2026.
- Approximately 300 legacy shops may not be able to accommodate the new food program, potentially limiting the full impact of this initiative.
Thank you for standing by, and welcome to the Dutch Bros, Inc. fourth-quarter 2025 earnings conference call and webcast. This conference call and webcast is being recorded today, February 12, 2026 at 5:00 PM Eastern Time and will be available for replay shortly after it's concluded. (Operator Instructions)
I would now like to turn the call over to Neil Patel, Dutch Bros Senior Manager, Investor Relations. Please go ahead.
Good afternoon, and welcome. I'm joined by Christine Barone, CEO and President; and Josh Guenser, CFO. We issued our earnings press release for the quarter and year ended December 31, 2025, after the market closed today. The earnings press release, along with the supplemental information deck have been posted to our Investor Relations website at investors.dutchbros.com.
Please be aware that all statements in our prepared remarks and in response to your questions other than those of historical fact are forward-looking statements and are subject to risks,
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