Dutch Bros Inc. · NYSE:BROS
Dutch Bros — Q1 2026 Earnings Presentation
10 slides from Dutch Bros's earnings presentation, May 6, 2026
Slide 1: Supplemental Earnings Slides Q1 2026
Supplemental Earnings Slides Q1 2026
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: Quarterly Financials
QUARTERLY FINANCIALS REVENUE ($M) $444 $464 $416 $424 $325 $338 $343 $355 $275 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ADJUSTED EBITDA1 ($M) $89 $78 $73 $79 $65 $64 $63 $53 $49 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 SYSTEM SHOPS (UNITS
Slide 4: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR PERIODS 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Systemwide Same Shop Sales 10.0% 4.1% 2.7% 6.9% 5.3% 4.7% 6.1% 5.7% 7.7% 5.6% 8.3% Transactions 1.2% (2.0)% 0.8% 2.3% (0.1)% 1.3% 3.7% 4.7% 5.4% 3.2% 5.1% Ticket 8.8% 6.1% 1.9% 4.6% 5.4% 3.4% 2.4% 1.0% 2
Slide 5: Outlook
OUTLOOK FY 2026 Outlook Total System New Shop Openings at least 185 Revenue between $2.05 billion and $2.08 billion Same Shop Sales Growth approximately 4% to 6% Adjusted EBITDA1 between $370 million and $380 million Capital Expenditures between $270 million and $290 million 2026 Outlook is Derived
Slide 6: Appendix
Dutch Bros APPENDIX ——i
Slide 7: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: March 31, 2026 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 127,293 71.6% Dutch Bros OpCo Class A common units held by non-controlling interest ho
Slide 8: Non-GAAP Adjustments
NON-GAAP ADJUSTMENTS Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, which are included in the GAAP to non-GAAP reconciliations on the following slides. Equity-based compensation — Non-cash expenses related to the grant and vesting of
Slide 9: SG&A Leverage
SG&A LEVERAGE 2024 2025 2026 ($ in thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Total revenues $275,099 $324,918 $338,212 $342,786 $1,281,015 $ 355,152 $ 415,813 $ 423,584 $ 443,610 $ 1,638,159 $ 464,412 Selling, general, and administrative 1 $46,194 $58,097 $57,536 $72,170 $234,036 $58,921 $65,385 $
Slide 10: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 2024 2025 2026 ($ in thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Net income (loss) $16,215 $22,156 $21,712 $ 6,367 $ 66,450 $22,480 $38,357 $27,283 $29,155 $ 117,275 $23,664 Depreciation and amortization 21,253 22,350 23,881 25,521 93,005 26,430 27,893 29,066 31,744 11