Dutch Bros Inc. · NYSE:BROS
Dutch Bros — Q2 2025 Earnings Presentation
20 slides from Dutch Bros's earnings presentation, Aug 6, 2025
Slide 1: Supplemental Earnings Slides Q2 2025
Supplemental Earnings Slides Q2 2025 1
Slide 2: Disclaimer
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 o
Slide 3: Dutch Bros is a fun loving, mind-blowing company
“DUTCH BROS IS A FUN LOVING, MIND-BLOWING COMPANY MAKING A MASSIVE DIFFERENCE, ONE CUP AT A TIME.”
Slide 4: Quarterly Financials
SHOPS REVENUE 131 ($M) (UNITS) 1043 $416 $91M 912 14% $325 28% 113 725 612 18% $85M $381 QUARTERLY FINANCIALS $295 29% 300 318 $30 $35 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Company-Operated Franchised Company-Operated Franchised COMPANY-OPERATED SHOP ADJUSTED NET INCOME AND ADJUSTED CONTRIBUTION MARGIN 1
Slide 5: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR PERIODS 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Systemwide Same Shop Sales (2.0)% 3.8% 4.0% 5.0% 2.8% 10.0% 4.1% 2.7% 6.9% 5.3% 4.7% 6.1% Transactions (8.3)% (2.6)% (5.5)% (0.4)% (4.5)% 1.2% (2.0)% 0.8% 2.3% (0.1)% 1.3% 3.7% Ticket 6.3% 6.4% 9.5% 5
Slide 6: Company-Operated Shop Results
COMPANY-OPERATED SHOP RESULTS Three Months Ended June 30, 2025 2024 ($ in millions) $ % $ % Company-operated shop revenue $380.5 100.0% $295.3 100.0% Beverage, food and packaging 96.5 25.3 75.1 25.5 Labor costs 101.3 26.6 80.2 27.2 Occupancy and other costs 60.0 15.8 44.3 15.0 Pre-opening costs 4.5
Slide 7: Outlook
OUTLOOK FY 2025 Outlook Total System New Shop Openings At least 160 Revenue between $1.59 billion to $1.60 billion Same Shop Sales Growth Approximately 4.5% Adjusted EBITDA1 between $285 million to $290 million Capital Expenditures between $240 million to $260 million 2025 Outlook is Derived From Re
Slide 8: SG&A Leverage
SG&A LEVERAGE 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total revenues $197,267 $249,879 $264,507 $254,123 $275,099 $324,918 $338,212 $342,786 $ 355,152 $ 415,813 Selling, general, and administrative 1 $45,976 $51,662 $50,490 $56,946 $46,194 $58,097 $57,536 $72,170 $58,921 $65,38
Slide 9: Appendix
APPENDIX
Slide 10: Income Statement
INCOME STATEMENT Three Months Ended June 30, ($ in thousands; except per share data) 2025 2024 Revenues Company-operated stores $380,500 $295,268 Franchising and other 35,313 29,650 Total revenues $415,813 $324,918 Costs and expenses Cost of sales 295,769 234,637 Selling, general and administrative
Slide 11: Income Statement - Segments
INCOME STATEMENT - SEGMENTS Three Months Ended June 30, (in thousands) 2025 2024 Revenues Company-operated shops $380,500 $295,268 Franchising and other 35,313 29,650 Total revenues $415,813 $324,918 Cost of sales Company-operated shops Beverage, food & packaging 96,468 75,147 Labor costs 101,270 80
Slide 12: Select Financial Metrics
SELECT FINANCIAL METRICS Three Months Ended June 30, Six Months Ended June 30, (in thousands, except number of shops data) 2025 2024 2025 2024 Shop count, beginning of period Company-operated 695 582 670 542 Franchised 317 294 312 289 1,012 876 982 831 Company-operated new openings 30 30 55 70 Franc
Slide 13: Select Financial Metrics (Cont'd)
SELECT FINANCIAL METRICS (CONT'D) 1 AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the systemwide and company-operated shop net sales by the total nu
Slide 14: Summary Quarterly Data
SUMMARY QUARTERLY DATA 2022 2023 2024 2025 ($ in millions; except Shop Count) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 670 695 725 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 982 1012 1043 Company-Operated Shop
Slide 15: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: June 30, 2025 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 126,932 71.5% Dutch Bros OpCo Class A common units held by non-controlling interest hol
Slide 16: Non-GAAP Adjustments
NON-GAAP ADJUSTMENTS Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, which are included in the GAAP to non-GAAP reconciliations on the following slides. Equity-based compensation — Non-cash expenses related to the grant and vesting of
Slide 17: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net income (loss) $(9,391) $ 9,711 $13,401 $(3,769) $16,215 $22,156 $21,712 $6,367 $ 22,480 $ 38,357 Depreciation and amortization 14,779 16,516 18,116 19,724 21,253 22,350 23,881 25,521 26,430 27,893 Intere
Slide 18: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Three Months Ended June 30, ($ in thousands) 2025 2024 Net income $38,357 $22,156 Equity-based compensation 4,671 3,326 Expenses associated with equity offering — 528 Expenses associated with 2022 credit facility refinancing 2,000 — Sale of Aircraft — (752) Organiz
Slide 19: Contact Information
CONTACT INFORMATION INVESTOR CONTACT Jeff Priester ICR investors@dutchbros.com (332) 242-4370 MEDIA CONTACT Jessica Liddell ICR Jessica.Liddell@icrinc.com (203) 682-8208 19
Slide 20: - TRAV BOERSMA
47'S ABOUT ie) FUN, ITS ABOUT PEOPLE © AND IT'S ABOUT GREAT COFFEE. ™....