Dutch Bros Inc. · NYSE:BROS
Dutch Bros — Q3 2025 Earnings Presentation
16 slides from Dutch Bros's earnings presentation
Slide 1: Supplemental Earnings Slides Q3 2025
Supplemental Earnings Slides Q3 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 1081 ($M) (UNITS) $424 950 $85M 14% $338 25% 114 759 645 18% $85M $393 QUARTERLY FINANCIALS $308 27% 305 322 $30 $31 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Company-Operated Franchised Company-Operated Franchised COMPANY-OPERATED SHOP ADJUSTED NET INCOME AND ADJUSTED CONTRIBUTION MARGIN 1
Slide 5: Same Shop Sales
SAME SHOP SALES SAME SHOP SALES VS PRIOR PERIODS 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Systemwide Same Shop Sales (2.0)% 3.8% 4.0% 5.0% 2.8% 10.0% 4.1% 2.7% 6.9% 5.3% 4.7% 6.1% 5.7% Transactions (8.3)% (2.6)% (5.5)% (0.4)% (4.5)% 1.2% (2.0)% 0.8% 2.3% (0.1)% 1.3% 3.7% 4.7% Ticket 6.3
Slide 6: Company-Operated Shop Results
COMPANY-OPERATED SHOP RESULTS Three Months Ended September 30, 2025 2024 ($ in millions) $ % $ % Company-operated shop revenue $392.8 100.0% $308.3 100.0% Beverage, food and packaging 101.9 25.9 78.1 25.3 Labor costs 108.1 27.5 85.1 27.6 Occupancy and other costs 66.7 17.0 50.7 16.4 Pre-opening cost
Slide 7: Outlook
OUTLOOK FY 2025 Outlook Total System New Shop Openings Targeted to be 160 Revenue between $1.61 billion to $1.615 billion Same Shop Sales Growth Approximately 5% Adjusted EBITDA1 between $285 million to $290 million Capital Expenditures between $240 million to $260 million 2025 Outlook is Derived Fr
Slide 8: SG&A Leverage
SG&A LEVERAGE 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Total revenues $197,267 $249,879 $264,507 $254,123 $275,099 $324,918 $338,212 $342,786 $ 355,152 $ 415,813 $ 423,584 Selling, general, and administrative 1 $45,976 $51,662 $50,490 $56,946 $46,194 $58,097 $57,536 $72,170 $
Slide 9: Appendix
APPENDIX
Slide 10: 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 Q3 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 670 695 725 759 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 982 1012 1043 1081 Company-O
Slide 11: Common Units Outstanding
COMMON UNITS OUTSTANDING The following table summarizes the ownership interest in Dutch Bros OpCo1: September 30, 2025 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 127,031 71.6% Dutch Bros OpCo Class A common units held by non-controlling interes
Slide 12: 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 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net income (loss) $(9,391) $9,711 $13,401 $(3,769) $16,215 $22,156 $21,712 $6,367 $ 22,480 $38,357 $ 27,283 Depreciation and amortization 14,779 16,516 18,116 19,724 21,253 22,350 23,881 25,521 26,430 27,
Slide 14: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION Three Months Ended September 30, ($ in thousands) 2025 2024 Net income $27,283 $21,712 Equity-based compensation 4,648 2,961 Expenses associated with equity offering — — Expenses associated with 2022 credit facility refinancing — — Sale of Aircraft — (550) Organiza
Slide 15: 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 15
Slide 16: - TRAV BOERSMA
47'S ABOUT ie) FUN, ITS ABOUT PEOPLE © AND IT'S ABOUT GREAT COFFEE. ™....