Jun 2026 (Q2 FY26) — Aug 5, 2026
Dutch Bros Q2 FY26 — Strong Comp Sales and Raised Full-Year Guidance
Read the full callDutch Bros (BROS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Dutch Bros earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 551 | +32.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.8 | −0.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 37.4 | +46.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 26 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Food program rollout | broader test and rollout | Mar 2025 | By the end of Q2, we completed the rollout of our new food program across approximately 750 system shops, ahead of schedule. | Achieved |
| Adjusted EBITDA | $355 million to $365 million | Dec 2025 | Adjusted EBITDA is now estimated to be in the range of $385 million to $390 million. | Revised Up |
| Adjusted SG&A | $73 million to $74 million | Jun 2026 | Our full year guidance contemplates Q3 adjusted SG&A of $73 million to $74 million. | New |
6 of Dutch Bros Inc.'s 46 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 43 more targets are in the full ledger.
Claimed
- Total revenues increased an outstanding 32% to $551 million.
- Adjusted EBITDA was up 28% to $114 million.
- Company-operated same-shop sales grew an impressive 8.3% with 3.4% transaction growth.
- Opened 48 new system shops, reinforcing confidence in the pipeline to reach 2,029 shops by 2029.
- Dutch Rewards penetration reached over 73% of transactions, delivering its strongest contribution to comp sales.
Qualified
- Beverage, food, and packaging costs were 26.1% of company-operated shop revenue, up 80 basis points year-over-year, primarily due to higher coffee costs and the food program rollout.
- Occupancy and other costs were 16.3% of company-operated shop revenue, up 50 basis points year-over-year, driven by higher rent on new build-to-suit leases.
- Preopening expenses were 1.6% of company-operated shop revenue, up 40 basis points year-over-year, primarily due to an increased number of shop openings.
- Full-year 2026 guidance contemplates approximately 20 basis points of year-over-year net adjusted EBITDA margin pressure.
Price
$42.86 +4.13% · +$1.7
Performance −21.9% 1Y
1Y: $54.91 on 17 Oct 2025 → $42.86. High $73.31 (1 Jul 2026), low $37.28 (12 Oct 2026).
- Previous close
- $41.16
- 52-week range
- $37.28 – $73.31
- One year
- −23.60%
Overview
- Symbol
- BROS
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 26 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Food program rollout | broader test and rollout | Mar 2025 | By the end of Q2, we completed the rollout of our new food program across approximately 750 system shops, ahead of schedule. | Achieved |
| Adjusted EBITDA | $355 million to $365 million | Dec 2025 | Adjusted EBITDA is now estimated to be in the range of $385 million to $390 million. | Revised Up |
| Adjusted SG&A | $73 million to $74 million | Jun 2026 | Our full year guidance contemplates Q3 adjusted SG&A of $73 million to $74 million. | New |
Claimed
- Total revenues increased an outstanding 32% to $551 million.
- Adjusted EBITDA was up 28% to $114 million.
- Company-operated same-shop sales grew an impressive 8.3% with 3.4% transaction growth.
- Opened 48 new system shops, reinforcing confidence in the pipeline to reach 2,029 shops by 2029.
- Dutch Rewards penetration reached over 73% of transactions, delivering its strongest contribution to comp sales.
Qualified
- Beverage, food, and packaging costs were 26.1% of company-operated shop revenue, up 80 basis points year-over-year, primarily due to higher coffee costs and the food program rollout.
- Occupancy and other costs were 16.3% of company-operated shop revenue, up 50 basis points year-over-year, driven by higher rent on new build-to-suit leases.
- Preopening expenses were 1.6% of company-operated shop revenue, up 40 basis points year-over-year, primarily due to an increased number of shop openings.
- Full-year 2026 guidance contemplates approximately 20 basis points of year-over-year net adjusted EBITDA margin pressure.
The full ledger
Open Dutch Bros Inc.’s full ledger
A free account opens 5 company ledgers a month. All 46 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
Dutch Bros earnings calls (BROS)
Financials
What the filings say
Net profit, year on year: +46% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 338 | 343 | 355 | 416 | 424 | 444 | 464 | 551 |
| Expenses | 306 | 327 | 324 | 361 | 382 | 410 | 430 | 480 |
| Operating profit | 33 | 16 | 31 | 55 | 41 | 34 | 34 | 70 |
| Operating margin | 9.6% | 4.6% | 8.8% | 13.2% | 9.8% | 7.7% | 7.4% | 12.8% |
| Other income | -6 | — | -7 | -9 | -7 | -3 | -7 | -6 |
| Net profit | 13 | 4 | 15 | 26 | 17 | 21 | 16 | 37 |
| EPS ($ per share) | 0.11 | — | 0.13 | 0.20 | 0.14 | — | 0.13 | 0.28 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Reserves | — | 0 | -13 | -17 | -16 | 20 | 100 |
| Total liabilities | — | 184 | 340 | 934 | 1,088 | 1,737 | 2,111 |
| Fixed assets | — | 165 | 302 | 365 | 542 | 684 | 825 |
| Total assets | — | 260 | 554 | 1,186 | 1,764 | 2,501 | 3,009 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 57 | 54 | 80 | 60 | 140 | 246 | 296 |
| Cash from investing | -40 | -46 | -121 | -193 | -227 | -212 | -241 |
| Cash from financing | -13 | 8 | 28 | 134 | 201 | 125 | -78 |
| Net cash flow | 4 | 16 | -13 | 2 | 113 | 160 | -24 |
| Capital expenditure | -39 | -41 | -118 | -188 | -228 | -222 | -241 |
| Free cash flow | 17 | 13 | -38 | -128 | -89 | 25 | 54 |
BROS revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Franchising and Other | 9% | 8% | 8% | 8% | 7% | 8% | 8% | 7% | +15.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
145 filings between Nov 1, 2025 and Aug 20, 2026.
Open market
decisions to buy or sellPurchases
$205.5K
2 purchases by 1 insider
Sales
$633.18M
69 sales by 4 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 48
- Option exercise — converted options into shares
- 17
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 other filings, 4 conversions.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Boersma Travis | — | $315.33M | Jun 11, 2026 |
| DM Trust Aggregator, LLC | — | $200.37M | Jun 11, 2026 |
| DM Individual Aggregator, LLC | — | $114.96M | Jun 11, 2026 |
| Barone Christine | — | $2.53M | Jun 10, 2026 |
| Penegor Todd Allan | $205.5K | — | Aug 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 20, 2026 | Maw Scott Harlan Director | Option exercise | 775 | $0 |
| Aug 20, 2026 | Miller Ann M Director | Option exercise | 775 | $0 |
| Aug 20, 2026 | Penegor Todd Allan Director | Option exercise | 775 | $0 |
| Aug 20, 2026 | Hart Gerard Johan Director | Option exercise | 775 | $0 |
| Aug 20, 2026 | Gillett Stephen Director | Option exercise | 775 | $0 |
| Aug 20, 2026 | Cone C. David Director | Option exercise | 775 | $0 |
| Aug 20, 2026 | MARCHISOTTO KORY Director | Option exercise | 775 | $0 |
| Aug 13, 2026 | Penegor Todd Allan Director | Purchase | 2,000 | $103.1K |
| Jul 1, 2026 | DAVILA TANA Chief Marketing Officer | Tax withheld | 2,367 | $173.5K |
| Jul 1, 2026 | DAVILA TANA Chief Marketing Officer | Option exercise | 5,655 | — |
| Jul 1, 2026 | DAVILA TANA Chief Marketing Officer | Option exercise | 8,787 | — |
| Jul 1, 2026 | DAVILA TANA Chief Marketing Officer | Tax withheld | 3,678 | $269.6K |
| Jun 11, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 124,771 | $7.79M |
| Jun 11, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 29,135 | $1.87M |
| Jun 11, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 226,120 | $14.35M |
| Jun 11, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 124,771 | $7.79M |
| Jun 11, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 233,690 | $14.60M |
| Jun 11, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 120,729 | $7.66M |
| Jun 11, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 120,729 | $7.66M |
| Jun 11, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 29,135 | $1.87M |
| Jun 11, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 15,555 | $997.1K |
| Jun 11, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 233,690 | $14.60M |
| Jun 11, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 226,120 | $14.35M |
| Jun 11, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 15,555 | $997.1K |
| Jun 10, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 13,598 | $830.6K |
| Jun 10, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 247,456 | $14.93M |
| Jun 10, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 27,413 | $1.67M |
| Jun 10, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 27,413 | $1.67M |
| Jun 10, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 461,532 | $27.85M |
| Jun 10, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 247,456 | $14.93M |
| Jun 10, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 461,532 | $27.85M |
| Jun 10, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 13,598 | $830.6K |
| Jun 10, 2026 | Barone Christine CEO and President | Sale 10b5-1 plan | 42,031 | $2.53M |
| Jun 1, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 155,692 | $9.07M |
| Jun 1, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 291,607 | $16.99M |
| Jun 1, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 155,692 | $9.07M |
| Jun 1, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 291,607 | $16.99M |
| May 29, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 197,338 | $11.50M |
| May 29, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 105,362 | $6.14M |
| May 29, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 105,362 | $6.14M |
| May 29, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 197,338 | $11.50M |
| May 28, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 71,399 | $4.01M |
| May 28, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 133,728 | $7.51M |
| May 28, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 71,399 | $4.01M |
| May 28, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 133,728 | $7.51M |
| May 27, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 189,655 | $10.66M |
| May 27, 2026 | DM Trust Aggregator, LLC 10% owner | Sale 10b5-1 plan | 355,217 | $19.97M |
| May 27, 2026 | Boersma Travis Executive Chairman of Board | Sale 10b5-1 plan | 355,217 | $19.97M |
| May 27, 2026 | DM Individual Aggregator, LLC 10% owner | Sale 10b5-1 plan | 189,655 | $10.66M |
| May 15, 2026 | Penegor Todd Allan Director | Purchase | 2,000 | $102.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for Dutch Bros Inc.
Free account. Everything above stays public.
Write why you follow Dutch Bros Inc. and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading