Key takeaways (today): Revenue +25% YoY to $423.6M; adjusted EPS $0.19 vs. ~$0.17 expected; system same‑shop sales +5.7%; FY25 revenue outlook lifted; 160 shop openings targeted in 2025 and ~175 in 2026. 1
What happened today
Dutch Bros (NYSE: BROS) reported third‑quarter 2025 results after the bell, delivering 25% year‑over‑year revenue growth to $423.6 million and systemwide same‑shop sales up 5.7% (company‑operated +7.4%). Management said this marked the fifth consecutive quarter of positive transaction growth and noted systemwide AUVs at record highs. 1
The company raised full‑year 2025 revenue guidance to $1.61B–$1.615B (from the prior $1.59B–$1.60B range communicated with Q2 results), reiterated adjusted EBITDA of $285M–$290M, and maintained capex at $240M–$260M. Dutch Bros continues to target ~160 total system shop openings in 2025 and ~175 in 2026. 1
CEO Christine Barone said the quarter reflected “our fifth consecutive quarter of positive transaction growth,” underscoring momentum heading into Q4. 1
By the numbers (Q3 2025)
- Revenue: $423.6M (+25.2% YoY). 1
- GAAP diluted EPS:$0.14 (vs. $0.11 YoY). 1
- Adjusted EPS:$0.19 (vs. ~$0.17 consensus preview). 1
- Same‑shop sales:+5.7% systemwide; +7.4% company‑operated; transaction growth +4.7% systemwide and +6.8% company‑operated. 1
- Shop development:38 new shops opened in Q3 (34 company‑operated) across 17 states; 1,081 locations in 24 states as of Sep. 30, 2025. 1
- Profitability mix: Adjusted EBITDA $78.0M (+22.3% YoY); company‑operated revenue $392.8M (+27.4% YoY). 1
Beat vs. expectations: Multiple outlets pegged consensus at ~$414–$415M revenue and ~$0.17 EPS, implying top‑ and bottom‑line beats on today’s print ($423.6M / $0.19 adjusted EPS). 2
Guidance & 2026 outlook (updated today)
- FY25 revenue:$1.61B–$1.615B (raised).
- FY25 same‑shop sales: ~+5%.
- FY25 adjusted EBITDA:$285M–$290M (unchanged).
- FY25 capex:$240M–$260M (unchanged).
- Openings:~160 total system shops in 2025; ~175 targeted in 2026. 1
Context: The revenue range was previously $1.59B–$1.60B after Q2; today’s update pushes that higher. 3
How the stock is trading today
Into the print and after hours, BROS shares were volatile. As of the latest tick, the stock traded around the mid‑$50s with intraday range roughly $52.68–$58.00 and heavy volume versus average. The 52‑week range stands at $32.69–$86.77. 4
Analyst snapshot: Ahead of results, consensus looked for ~$414.7M revenue and $0.17 EPS; 12‑month price targets recently hovered in the mid‑to‑upper $70s (directional, varies by source). 2
Why it matters to investors
- Transactions are driving: Dutch Bros’ strategy continues to grow traffic, not just ticket, a healthier mix for long‑term share gains. 1
- Unit expansion intact: With 1,081 shops and a clear pipeline, Dutch Bros is still in early innings of national build‑out relative to larger peers. 1
- Profit algorithm: Despite pre‑opening costs pressuring some margins, SG&A leverage and scale should support the $285M–$290M adjusted EBITDA goal. 1
What to watch next (today)
- Earnings call:5:00 p.m. ET, Nov. 5 — prepared remarks and Q&A with CEO Christine Barone and CFO Joshua Guenser; slides to post on the IR site. Expect color on Q4 traffic, mobile order adoption, and the 2026 build cadence. 1
Quick FAQ
What moved BROS today? A Q3 beat on revenue and adjusted EPS plus a raised FY25 sales outlook. 1
How big is Dutch Bros now?1,081 locations across 24 states as of Sept. 30, 2025. 1
Where is the stock trading relative to history? Well below the 52‑week high ($86.77) but above the 52‑week low ($32.69). 4
Disclosure: This article is for informational purposes only and is not investment advice. Always do your own research.
