Dutch Bros To Open 180 Stores At Minimum In 2026

Dutch Bros Inc. reported fourth-quarter earnings that significantly exceeded Wall Street expectations, capping off a fiscal year defined by accelerating unit growth and robust margin expansion. The Oregon-based operator delivered its 19th consecutive year of positive same-store sales growth, underscoring the durability of its drive-thru model in a volatile consumer environment.

In the quarter ended December 31, total revenues rose 29.4% to $443.6 million, comfortably surpassing the consensus estimate of $424.7 million. Net income surged to $29.2 million, or $0.17 per adjusted share, compared to $6.4 million in the prior-year period. Analysts had forecasted earnings of just $0.10 per share.

The company continues to execute a rapid footprint expansion strategy. Dutch Bros opened 55 new locations in the fourth quarter and 154 for the full year, bringing its total portfolio to 1,136 shops across 25 states.

Management signaled no intention of moderating this pace, issuing guidance for "at least" 180 new shop openings in 2026. CFO Josh Guenser noted that the company’s confidence in reaching its long-term target of 2,029 shops by 2029 "has never been higher." Guenser cited the successful entry into seven new contiguous states and record Average Unit Volumes (AUVs) of $2.1 million as key indicators of the brand's portability.

Growth has not come at the expense of profitability. Adjusted EBITDA grew 49% in the fourth quarter, significantly outpacing top-line revenue growth. Systemwide same-shop sales increased 7.7%, driven by a 5.4% increase in transactions—a critical metric indicating that the brand is gaining traffic share even as competitors struggle with declining footfall.

For the full year 2025, total revenues grew 27.9% to $1.64 billion, with net income nearly doubling to $117.3 million from $66.5 million in 2024.

CEO Christine Barone attributed the performance to a disciplined focus on culture and operational execution.

“The results of our fourth quarter and full year 2025 show that five years into our journey as a public company, Dutch Bros not only delivered a record-breaking year, but reinforced our well-defined path of sustainable, profitable growth,” Barone stated. She emphasized that the company's investments in personnel and innovation remain the "ultimate engine" for scaling the business in the coming fiscal year.