Dutch Bros Inc. · NYSE:BROS
Dutch Bros — Q4 2025 Earnings Presentation
17 slides from Dutch Bros's earnings presentation, Feb 12, 2026
Slide 1: Supplemental Earnings Slides Q4 2025
Supplemental Earnings Slides Q4 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 154 1136 ($M) $444 (UNITS) 982 $101M 16% $343 29% 141 811 670 21% $410 $95M QUARTERLY FINANCIALS $314 30% 312 325 $29 $34 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Company-Operated Franchised Company-Operated Franchised COMPANY-OPERATED SHOP ADJUSTED NET INCOME AND ADJUSTED CONTRIBUTION MARGIN 1
Slide 5: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR PERIODS 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Systemwide Same Shop Sales (2.0)% 3.8% 4.0% 5.0% 2.8% 10.0% 4.1% 2.7% 6.9% 5.3% 4.7% 6.1% 5.7% 7.7% 5.6% Transactions (8.3)% (2.6)% (5.5)% (0.4)% (4.5)% 1.2% (2.0)% 0.8% 2.3% (0.1)% 1.3% 3.7%
Slide 6: Company-Operated Shop Results
COMPANY-OPERATED SHOP RESULTS Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 ($ in millions) $ % $ % $ % $ % Company-operated shop revenue $409.6 100.0% $314.2 100.0% $1,509.3 100.0% $1,165.8 100.0% Beverage, food and packaging 110.6 27.0 79.8 25.4 390.3 25.9 296.8 25.5
Slide 7: Outlook
OUTLOOK FY 2026 Outlook Total System New Shop Openings at least 181 Revenue between $2 billion and $2.03 billion Same Shop Sales Growth approximately 3% to 5% Adjusted EBITDA1 between $355 million and $365 million Capital Expenditures between $270 million and $290 million 2026 Outlook is Derived Fro
Slide 8: SG&A Leverage
SG&A LEVERAGE 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Total revenues $197,267 $249,879 $264,507 $254,123 $965,776 $275,099 $324,918 $338,212 $342,786 $1,281,015 $355,152 $415,813 $423,584 $443,610 $1,638,159 Selling, general, and administrative 1 $45,976 $51,662
Slide 9: Appendix
APPENDIX
Slide 10: Income Statement - Segments
INCOME STATEMENT - SEGMENTS Three Months Ended December 31, Year Ended December 31, ($ in thousands) 2025 2024 2025 2024 Revenues Company-operated shops $409,575 $314,182 $1,509,329 $1,165,830 Franchising and other 34,035 28,604 128,830 115,185 Total revenues $443,610 $342,786 $1,638,159 $1,281,015
Slide 11: Summary Quarterly Data
SUMMARY QUARTERLY DATA 2022 2023 2024 2025 ($ in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 670 695 725 759 811 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 982 1,012 1,043 1,081 1,136 Company-Oper
Slide 12: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: December 31, 2025 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 127,054 71.6% Dutch Bros OpCo Class A common units held by non-controlling interest
Slide 13: 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 14: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Net income (loss) $(9,391) $9,711 $13,401 $(3,769) $ 9,952 $16,215 $22,156 $21,712 $6,367 $66,450 $22,480 $38,357 $27,283 $29,155 $117,275 Depreciation and amortization 14,779 16,516 18,116 19
Slide 15: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Three Months Ended December 31, ($ in thousands) 2025 2024 Net income $29,155 $6,367 Equity-based compensation 4,509 3,262 Expenses associated with equity offering — — Expenses associated with 2022 credit facility refinancing — — TRAs remeasurements (4,767) 1,440 S
Slide 16: Contact Information
CONTACT INFORMATION INVESTOR CONTACT Neil Patel neil.patel@dutchbros.com (480)-447-2282 MEDIA CONTACT Erin Gray erin.gray@dutchbros.com (480)-382-7228 16
Slide 17: - TRAV BOERSMA
47'S ABOUT ie) FUN, ITS ABOUT PEOPLE © AND IT'S ABOUT GREAT COFFEE. ™....