BROS · Dutch Bros Inc.

Dutch Bros Inc. delivered strong Q1 2026 results, driven by 30.8% revenue growth to $464.4 million, primarily from company-operated shops which rose to $429.1 million from $326.4 million year-over-year. Systemwide same shop sales grew 8.3%, with 5.1% transaction growth and 3.2% ticket growth, while company-operated shops saw even stronger 10.6% same shop sales increase including 6.9% transactions. This marked the seventh consecutive quarter of transaction growth, reflecting robust customer engagement across markets and dayparts, as highlighted by CEO Christine Barone. Adjusted EBITDA expanded 26.2% to $79.4 million, supported by segment contribution of $144.3 million. Net income improved slightly to $23.7 million, with diluted EPS stable at $0.13. The company opened 41 new shops, bringing total locations to 1,177 across 25 states. Management raised full-year 2026 guidance, now projecting revenues of $2.05-$2.08 billion, same shop sales growth of 4-6%, Adjusted EBITDA of $370-$380 million, and at least 185 system shop openings, signaling confidence in sustained momentum into Q2. CFO Josh Guenser noted the strong trajectory. Operating cash flow strengthened to $84.7 million, funding investments, with cash at $263.5 million as of March 31, 2026. Dutch Rewards transactions reached 74% of total, underscoring loyalty program impact.