Dutch Bros (NYSE:BROS) Posts Earnings Results

Dutch Bros (NYSE:BROS) posted its quarterly earnings data on Thursday. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.07, FiscalAI reports. The company had revenue of $443.61 million during the quarter, compared to analyst estimates of $424.44 million. Dutch Bros had a return on equity of 9.75% and a net margin of 4.87%.The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter last year, the company earned $0.07 EPS.

Here are the key takeaways from Dutch Bros’ conference call:

• Dutch Bros reported strong 2025 results—$1.64 billion in revenue (up 28%) and $303 million in Adjusted EBITDA (up 31%), with record system-wide AUVs of $2.1M and Q4 system same‑shop sales growth of 7.7%.
• Aggressive unit growth—system shop count reached 1,136 after 154 openings in 2025, management targets 2,029 shops by 2029 and now expects at least 181 shop openings in 2026 (including 20 Clutch conversions), while average CapEx per shop declined to ~$1.3M in Q4.
• Transaction drivers scaling—Order Ahead hit ~14% mix in Q4, Dutch Rewards surpassed 15 million members (≈72% of transactions), CPG rollout is live, and the new food program (expanded to ~300 shops) has shown roughly a 4% comp lift in pilot locations.
• Margin and commodity headwinds—elevated coffee costs pressured COGS in 2025 and are expected to cause ~200 basis points of COGS pressure in Q1 2026 and ~80bps for the full year, contributing to modest Adjusted EBITDA margin pressure in 2026 (Adj. EBITDA guide $355–365M).
• Strong liquidity and cash generation—approximately $705 million total liquidity ( ~$269M cash and ~$435M undrawn revolver), consistent net cash additions and free cash flow for a second consecutive year; 2026 CapEx guided to $270–290M.

Dutch Bros Stock Up 5.0%

BROS stock opened at $53.38 on Friday. The business’s 50-day moving average price is $60.05 and its 200-day moving average price is $59.36. The stock has a market cap of $8.78 billion, a P/E ratio of 83.41, a PEG ratio of 2.14 and a beta of 2.54. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Dutch Bros has a twelve month low of $47.16 and a twelve month high of $86.88.

Insider Buying and Selling

In other news, major shareholder Dm Individual Aggregator, Llc sold 648,089 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $55.44, for a total value of $35,930,054.16. Following the completion of the sale, the insider directly owned 9,817 shares of the company’s stock, valued at $544,254.48. This represents a 98.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Travis Boersma sold 1,678,616 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $55.44, for a total transaction of $93,062,471.04. Following the sale, the chairman owned 9,817 shares in the company, valued at $544,254.48. The trade was a 99.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,465,214 shares of company stock worth $189,800,291. 42.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Dutch Bros

Institutional investors have recently bought and sold shares of the business. Marshall Wace LLP raised its holdings in Dutch Bros by 15.1% during the fourth quarter. Marshall Wace LLP now owns 3,098,288 shares of the company’s stock valued at $189,677,000 after acquiring an additional 407,528 shares during the period. Invesco Ltd. grew its position in shares of Dutch Bros by 4.0% during the third quarter. Invesco Ltd. now owns 2,426,657 shares of the company’s stock worth $127,011,000 after purchasing an additional 93,515 shares in the last quarter. State Street Corp raised its stake in Dutch Bros by 1.8% during the 4th quarter. State Street Corp now owns 2,020,112 shares of the company’s stock valued at $123,671,000 after purchasing an additional 35,854 shares during the period. Qube Research & Technologies Ltd lifted its holdings in Dutch Bros by 11.2% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,943,641 shares of the company’s stock worth $101,730,000 after purchasing an additional 196,316 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in Dutch Bros in the 4th quarter worth approximately $113,880,000. Hedge funds and other institutional investors own 85.54% of the company’s stock.

Analyst Ratings Changes

BROS has been the subject of a number of recent analyst reports. UBS Group restated a “buy” rating on shares of Dutch Bros in a report on Monday. Royal Bank Of Canada reissued an “outperform” rating and issued a $75.00 target price on shares of Dutch Bros in a report on Friday. Zacks Research cut Dutch Bros from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dutch Bros in a research report on Wednesday, January 21st. Finally, Piper Sandler dropped their price objective on shares of Dutch Bros from $73.00 to $63.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.05.

Key Stories Impacting Dutch Bros

Here are the key news stories impacting Dutch Bros this week:

• Positive Sentiment: Q4 results beat expectations — Dutch Bros reported an earnings and revenue beat with accelerating comps and strong operating metrics, which sparked the immediate rally. Dutch Bros Q4 Results (Business Wire)
• Positive Sentiment: Same-store sales and brand momentum — Management highlighted 7.7% same-store sales growth and rising brand penetration, supporting sustainable sales growth beyond new-store additions. Dutch Bros drives Q4 momentum (NRN)
• Positive Sentiment: Aggressive store rollout and M&A to speed market entry — Dutch Bros reiterated accelerated expansion (targeting ~2,029 locations by 2029 and ~181+ new shops in 2026) and recently acquired Clutch Coffee to help enter new markets faster — a growth catalyst for long-term revenue. Dutch Bros growth thesis (Seeking Alpha)
• Positive Sentiment: Analyst support and price-target momentum — Street buyers and recent analyst notes (e.g., TD Cowen reaffirmation) added conviction after the quarter, helping sentiment and buy-side interest. Dutch Bros stock reaction & analyst notes (Benzinga)
• Positive Sentiment: Unusually heavy call buying — Options flow showed a large increase in call purchases, signaling speculative or institutional bullish positioning ahead of/after the print (noted in market flow data).
• Neutral Sentiment: Guidance and margin outlook are mixed — Management guides for strong revenue (~$2B) but flags margin pressure from coffee input costs and food expansion; the company expects only modest margin contraction (~60 bps), which investors will monitor. Margin/guidance discussion (Seeking Alpha)
• Negative Sentiment: High valuation and execution risk — BROS trades at a rich multiple (P/E well above peers), so upside depends on continued high-single/low-double-digit unit growth and margin stability.
• Negative Sentiment: Insider selling and leverage noted in filings — Recent aggregated insider dispositions and rising liabilities highlighted in data summaries could be a caution for some investors; watch future insider activity and balance-sheet trends. QuiverQuant: Q4 results & insider data

About Dutch Bros

Dutch Bros Coffee, trading on the NYSE under the ticker BROS, is an American drive-through coffee chain known for its quick-service model and community-focused brand. Founded in 1992 by brothers Dane and Travis Boersma in Grants Pass, Oregon, the company began as a single coffee stand and has since expanded its footprint across numerous U.S. markets. Dutch Bros specializes in handcrafted espresso drinks, drip coffee, cold brew, energy drinks, smoothies, teas, and a variety of signature “Dutch Freeze” and “Dutch Frost” blended beverages.

The company operates a mix of company-owned and franchised locations, placing a strong emphasis on speed and customer engagement.