Dutch Bros reports strong Q4 growth; opening 'at least' 160 shops in 2025
Dutch Bros ended its fiscal year on a high note, with better-than-expected earnings and revenue amid store as well as transaction growth.
The drive-thru coffee chain continued its aggressive expansion in 2024, opening 151 new shops (128 of which were company-operated) across 18 states, for a total of 982 locations as of Dec. 31, 2024. In February, Dutch Bros opened its 1,000th outpost, in Orlando, Fla.
In 2025, the company said it expects to open “at least” 160 locations, representing system growth of 16%. The openings will include entry in some cities, executives said on the earnings call. Dutch Bros has said it sees the potential for up to 4,000 shops.
Dutch Bros' net income totaled $6.4 million for the quarter ended Dec. 31, compared to a net loss of $3.8 million in the year-ago period. Adjusted earnings per share came in at $0.07, ahead of analyst estimates of $0.02 per share.
Total revenues jumped 34.9% to $342.8 million, way out in front of estimates of $317.8 million.
System same shop sales and transactions increased 6.9% and 2.3%, respectively, compared to the same period in 2023. Members of the chain’s loyalty program, Dutch Rewards, accounted for 71% of the chain’s transactions
Company-operated same shop sales and transactions increased 9.5% and 5.2%
“We believe our brand is resonating with customers, as we delivered 2.3% system same shop transaction growth, the largest year-over-year increase in over two years,” said Dutch Bros president and CEO Christine Barone. “Our efforts to develop our foundational transaction drivers - innovation, paid media, and our Dutch Rewards loyalty program - are working. We believe these efforts are contributing to current momentum and that there is considerable runway for further growth."
For the full year, total revenues grew 32.6% to $1.28 billion, up from $965.8 million in 2023.
Dutch Bros expects revenue for 2025 between $1.555 billion and $1.575 billion, more than analyst estimates.
