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Core Insights - Dutch Bros reported revenue of $443.61 million for Q4 2025, a year-over-year increase of 29.4%, with an EPS of $0.17 compared to $0.07 a year ago, exceeding the Zacks Consensus Estimate by 3.95% [1] - The company experienced a significant EPS surprise of 70% against the consensus estimate of $0.10 [1] Financial Performance - The stock has returned -14.4% over the past month, underperforming the Zacks S&P 500 composite, which changed by -0.3% [3] - Dutch Bros holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3] Operational Metrics - Total shop count at the end of the period was 1,136, slightly below the average estimate of 1,142 [4] - Franchised shop count was 325, compared to the average estimate of 331, while company-operated shops totaled 811, close to the estimate of 812 [4] - System same shop sales and transactions increased by 7.7%, outperforming the estimated 4.6% [4] - Company-operated same shop sales and transactions rose by 9.7%, exceeding the estimated 5.3% [4] New Openings and Revenue Breakdown - Total net new shop openings were 55, below the average estimate of 62 [4] - Company-operated new openings were 52, compared to the estimate of 54, while franchised new openings were only 3 against the estimate of 8 [4] - Revenues from franchising and other sources reached $34.04 million, surpassing the average estimate of $30.46 million, marking a 19% year-over-year increase [4] - Revenues from company-operated shops were $409.58 million, exceeding the estimate of $396.52 million, representing a 30.4% year-over-year change [4]

Core Insights - Dutch Bros has shown a significant rebound in growth, with a 29% year-over-year revenue increase in Q4, reaching $443.6 million, marking its fastest growth rate in nearly a year [2][3] - The company reported a remarkable 143% surge in adjusted earnings per share (EPS) to $0.17, driven by strong same-store sales and transaction growth [3][5] - Dutch Bros continues to expand its footprint, opening 55 new shops in Q4, bringing the total to 1,136 locations, with a target of 2,029 by 2029 [7] Financial Performance - The company's same-store sales increased by 7.7%, with transactions improving by 5.4%, while company-operated shops saw even better performance with 9.7% same-store sales growth [5] - Dutch Bros achieved an average unit volume (AUV) of $2.1 million, surpassing Starbucks' AUV of $1.8 million [6] - The company is projecting revenue of approximately $2 billion for 2026, indicating a 23% growth, alongside a forecast for same-store sales growth of 3% to 5% [7] Market Position - Dutch Bros' stock has experienced a decline of 21% over the past year due to broader industry challenges, but recent results have revived investor confidence, with a 14% increase in after-hours trading [2][9] - The stock is currently priced at 102 times earnings, with a forward price/earnings-to-growth (PEG) ratio of 0.34, suggesting it may be undervalued [10] - CEO Christine Barone emphasized the company's strong culture and innovative approach as key drivers of its success, reinforcing the brand's strength [9]

Core Insights - Dutch Bros (BROS) reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, and showing an increase from $0.07 per share a year ago, resulting in an earnings surprise of +70.00% [1] - The company achieved revenues of $443.61 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.95% and up from $342.79 million year-over-year [2] Earnings Performance - Dutch Bros has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] - The company’s shares have declined approximately 12.6% since the beginning of the year, contrasting with the S&P 500's gain of 1.4% [3] Future Outlook - The future performance of Dutch Bros stock will largely depend on management's commentary during the earnings call and the earnings outlook for upcoming quarters [4][6] - Current consensus EPS estimate for the next quarter is $0.16 on revenues of $443.62 million, and for the current fiscal year, it is $0.86 on revenues of $2.03 billion [7] Industry Context - The Retail - Restaurants industry, to which Dutch Bros belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Dutch Bros may also be influenced by the overall industry outlook, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-K ______________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-40798 ______________________________ DUTCH BROS INC. ...

Financial Data and Key Metrics Changes - For the full year 2025, total revenues reached $1.64 billion, representing a growth of 28% compared to the previous year, and more than doubling since the end of 2022 [6][23] - Adjusted EBITDA for 2025 grew by 31% to $303 million, outpacing revenue growth [7][23] - System same-shop sales growth was 5.6% for the year, with Q4 showing a growth of 7.7% [6][24] - Company-operated contribution margin was approximately 29% for 2025, reflecting over 400 basis points of margin expansion since 2022 [7][23] Business Line Data and Key Metrics Changes - New shop growth contributed significantly, with 154 new shop openings in 2025, leading to a total of 1,136 system-wide shops [6][24] - Company-operated same-shop sales growth in Q4 was 9.7%, driven by strong transaction growth of 7.6% [27] - System-wide average unit volumes (AUVs) reached a record $2.1 million, indicating strong shop-level economics [8][23] Market Data and Key Metrics Changes - The company expanded into seven contiguous states, including North Carolina, increasing its market presence to 25 states [11] - The new food program has been rolled out to over 300 shops across 11 states, with plans for completion by the end of 2026 [19] Company Strategy and Development Direction - The company aims to reach 2,029 shops by 2029, with a clear strategy focused on growth through people and brand investment [9][19] - A shift towards a foundational top-of-the-funnel paid advertising engine has been implemented to enhance brand awareness [14] - The company is also focusing on expanding its CPG platform, which includes creamers and ready-to-drink offerings, to drive long-term growth [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate competitive pressures and maintain traffic strength, citing strong same-shop sales performance [38] - The company anticipates continued transaction growth in 2026, with expectations of opening at least 181 new system shops [12][27] - Management acknowledged commodity cost pressures but remains optimistic about achieving long-term contribution margin goals [24][29] Other Important Information - The company has built a strong pipeline of regional operator candidates, increasing from approximately 400 to 475 since the end of 2022 [10] - The loyalty program, Dutch Rewards, surpassed 15 million members, with 72% of system transactions attributed to it [16] Q&A Session Summary Question: How will the company protect traffic during competitive pressures? - Management highlighted the strength of their value proposition and service quality, expressing confidence in maintaining traffic strength despite competition [38] Question: What is the mandate for the new Chief Shops Officer? - The focus will be on supporting baristas and enhancing operational initiatives, including the food program and mobile ordering [40] Question: What metrics can be shared regarding the food program's impact? - Management is tracking various operational metrics and is pleased with the initial results, indicating a long-term strategy for food offerings [46] Question: How does the company view the Clutch acquisition? - The acquisition is seen as a capital-efficient way to expand into new markets, with plans for conversion and opening in Q2 and Q3 [60][84] Question: What is the outlook for competition in specific markets? - Management noted that they are not currently seeing pressures on site availability or costs due to competition, maintaining a strong position in real estate [71]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues grew by 28%, reaching $1.64 billion, more than doubling since the end of 2022 [6][23] - Adjusted EBITDA for 2025 increased by 31%, reaching $303 million, outpacing revenue growth [7][23] - System same-shop sales growth was 5.6% for the year, with Q4 same-shop sales growth at 7.7% [6][24] Business Line Data and Key Metrics Changes - New shop growth contributed 16% to overall performance, with 154 new shop openings in 2025 [6][24] - Company-operated same-shop sales growth was 9.7% in Q4, driven by strong transaction growth of 7.6% [24][28] - Company-operated contribution margin improved to 27.6% in Q4, reflecting effective cost management despite rising coffee costs [28][30] Market Data and Key Metrics Changes - System-wide average unit volumes (AUVs) reached a record $2.1 million, indicating strong shop-level economics [8][23] - The company expanded into seven contiguous states, increasing its system shop footprint to 25 states and 1,136 shops [11][12] Company Strategy and Development Direction - The company aims to reach 2,029 shops by 2029, with a clear strategy focused on expanding its shop footprint and enhancing customer experience [9][19] - A significant focus on brand awareness through paid advertising and the rollout of a consumer packaged goods (CPG) platform is expected to drive long-term growth [14][15] - The company is also enhancing its food program, which has shown promising results in terms of transaction and ticket lift [19][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate competitive pressures and maintain strong transaction growth, citing a robust value proposition [38][55] - The company anticipates continued momentum into 2026, with expectations of opening at least 181 new system shops [12][27] - Management acknowledged potential headwinds from elevated coffee costs but remains optimistic about achieving long-term margin goals [23][29] Other Important Information - The company has successfully generated free cash flow for two consecutive years, reinforcing its financial stability [32][34] - The average capital expenditure per shop decreased from $1.8 million in Q4 2024 to $1.3 million in Q4 2025, reflecting improved efficiency in shop openings [30][70] Q&A Session Summary Question: How does the company plan to protect traffic during competitive pressures? - Management highlighted the strength of their value proposition and service quality, expressing confidence in maintaining traffic despite competition [38] Question: What is the mandate for the new Chief Shops Officer? - The focus will be on supporting Broistas and enhancing operational initiatives, including the food program and mobile ordering [40] Question: What metrics are being tracked for the food program? - Management is monitoring Broista satisfaction, customer feedback, and operational metrics to assess the food program's success [46] Question: How does the company view the Clutch acquisition? - The acquisition is seen as a capital-efficient way to expand into new markets, with plans for conversion to Dutch Bros locations [59][81] Question: What is the outlook for competition in specific markets? - Management noted that they are not currently experiencing pressures on site availability or build costs, maintaining a strong position in real estate [70]

Financial Data and Key Metrics Changes - For the full year 2025, total revenues grew by 28%, reaching $1.64 billion, more than doubling since the end of 2022 [4][20] - Adjusted EBITDA increased by 31% to $303 million, outpacing revenue growth [5][20] - System same-shop sales growth was 5.6% for the year, with Q4 same-shop sales growth at 7.7% [6][20] Business Line Data and Key Metrics Changes - New shop growth contributed 16% with 154 new shop openings in 2025 [4][20] - Company-operated same-shop sales growth was 9.7% in Q4, driven by strong transaction growth of 7.6% [25][20] - Company-operated contribution margin was approximately 27.6% in Q4, reflecting a 24% increase year-over-year [26][20] Market Data and Key Metrics Changes - System-wide average unit volumes (AUVs) reached a record $2.1 million, indicating strong shop-level economics [6][20] - The company expanded into seven contiguous states, increasing its system shop footprint to 25 states and 1,136 shops [10][20] Company Strategy and Development Direction - The company aims to reach 2,029 shops by 2029, with a clear strategy focused on long-term growth through people and brand investment [7][17] - A significant focus on enhancing brand awareness through a top-of-the-funnel paid advertising engine and the rollout of the Dutch Bros CPG platform [12][13] - The company is also expanding its food program, which has shown promising results in driving incremental beverage occasions [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate commodity cost headwinds and maintain a long-term contribution margin goal of approximately 30% [20][31] - The company anticipates continued transaction growth in 2026, with system same-shop sales growth projected at 3%-5% [23][31] - Management highlighted the importance of their people and operational excellence in driving future growth [8][17] Other Important Information - The company reported approximately $705 million in total liquidity as of December 31, including $269 million in cash [29][31] - The average capital expenditure per shop decreased from $1.8 million in Q4 2024 to $1.3 million in Q4 2025 [30][68] Q&A Session Summary Question: How will the company protect traffic during competitive pressures? - Management highlighted the strength of their value proposition and confidence in their service and product quality, noting strong same-shop sales growth [34][35] Question: What is the mandate for the new Chief Shops Officer? - The focus will be on supporting baristas and enhancing initiatives like the food program and mobile ordering [37][38] Question: What are the expectations for new store productivity? - Management expects strong performance from new shops, with a target of $1.8 million in AUVs [46][49] Question: How is the food program impacting margins? - The food program is expected to be dollar accretive but may pressure overall margins due to elevated costs [55][57] Question: What are the learnings from the new walk-up store in Los Angeles? - Initial results are promising, and the company sees potential for urban expansion through this model [75][76] Question: Is the company actively seeking acquisition opportunities like Clutch? - Management confirmed they are open to conversion opportunities and view them as a productive use of capital [63][64]

Core Insights - Dutch Bros Inc reported strong fourth-quarter financial results, with revenue of $443.61 million, representing a year-over-year increase of 29.4%, surpassing the Street consensus estimate of $424.75 million [2] - The company achieved earnings per share of 17 cents, exceeding the consensus estimate of 10 cents per share [2] Financial Performance - Same-store sales growth for the fourth quarter was 7.7%, marking 19 consecutive years of positive same-store sales growth [3] - Full fiscal year revenue reached $1.64 billion, up 27.9% year-over-year, with same-store sales growth of 5.6% for the full year [4] Expansion and Growth Strategy - Dutch Bros opened 55 new stores in the fourth quarter across 17 states, totaling 154 new stores opened in the full fiscal year across 22 states [3] - The company plans to open at least 181 new stores in 2026, with revenue guidance for 2026 projected between $2 billion and $2.03 billion, aligning with the Street consensus estimate [5] Market Performance - Following the earnings report, Dutch Bros stock rose 10.78% to $55.30 in after-hours trading, within a 52-week trading range of $47.16 to $86.88 [6]

DISCLAIMER Forward-Looking Statements. Statements in this presentation and the accompanying oral presentation that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding the Company's future results of operations or financial condition, including guidance for 2026, new shop openings, business strategy and plans, objectives of management for future operations, and potential growth opportunities. Words such as "an ...