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.
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.
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.
CEO Christine Barone said the quarter reflected “our fifth consecutive quarter of positive transaction growth,” underscoring momentum heading into Q4. Business Wire
By the numbers (Q3 2025)
- Revenue: $423.6M (+25.2% YoY).
- GAAP diluted EPS:$0.14 (vs. $0.11 YoY).
- Adjusted EPS:$0.19 (vs. ~$0.17 consensus preview).
- Same‑shop sales:+5.7% systemwide; +7.4% company‑operated; transaction growth +4.7% systemwide and +6.8% company‑operated.
- 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.
- Profitability mix: Adjusted EBITDA $78.0M (+22.3% YoY); company‑operated revenue $392.8M (+27.4% YoY).
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).
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.
Context: The revenue range was previously $1.59B–$1.60B after Q2; today’s update pushes that higher.
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.
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).
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.
- 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.
- Profit algorithm: Despite pre‑opening costs pressuring some margins, SG&A leverage and scale should support the $285M–$290M adjusted EBITDA goal.
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.
Quick FAQ
What moved BROS today? A Q3 beat on revenue and adjusted EPS plus a raised FY25 sales outlook.
How big is Dutch Bros now?1,081 locations across 24 states as of Sept. 30, 2025.
Where is the stock trading relative to history? Well below the 52‑week high ($86.77) but above the 52‑week low ($32.69).
Disclosure: This article is for informational purposes only and is not investment advice. Always do your own research.
