Dutch Bros shares drop 18.3% after hours, Q3 revenue rises 29.8%

Dutch Bros (BROS) said third-quarter revenue rose 29.8% to $549.84 million, below the $558.36 million consensus estimate, while adjusted earnings of 25 cents per share were in line with the 25 cents consensus estimate.

Shares fell 18.3% in after-hours trading as of 5:32 p.m. ET, from a regular-session close of $43.96.

Dutch Bros sells specialty beverages through drive-thru shops and had 1,273 locations as of Sept. 30, 2026. The company said in a regulatory filing that it reported results for the quarter ended Sept. 30, 2026, and that it opened 48 new shops, 42 of them company-operated.

Here's how the company did:

• Adjusted EPS: 25 cents vs. 19 cents a year earlier, in line with the 25 cents consensus estimate
• Revenue: $549.84 million vs. $423.58 million a year earlier, below the $558.36 million consensus estimate
• Net income: $37.2 million vs. $27.3 million a year earlier
• Adjusted EBITDA: $101.1 million vs. $78.0 million a year earlier

Revenue has risen in each of the last three quarters, from $423.6 million to $550.9 million, according to its SEC filings.

Company-operated same shop sales rose 5.4%, and systemwide same shop sales rose 4.4%. Company-operated same shop customer visits rose 1.0%, and systemwide same shop customer visits rose 0.4%.

Guidance for 2026

The company now projects 2026 total revenues of at least $2.1 billion, same shop sales growth of at least 5%, and adjusted EBITDA of about $380 million.

It now estimates capital expenditures of between $370 million and $390 million. Its forecast of at least 185 total system shop openings is unchanged.

For 2027, the company expects about 250 total system shop openings.

Acquisition and management comment

The company reacquired the franchise rights and assets of the Phoenix East Valley franchise, consisting of 32 locations, on July 27, 2026.

Chief Executive Officer and President Christine Barone said, “Dutch Bros continues to gain share in the high-growth beverage category. In the third quarter, we achieved our fourteenth consecutive quarter of positive same shop sales and ninth consecutive quarter of same shop customer visit growth.”