Dutch Bros sales jump 32%; ups 2026 expansion to ‘at least’ 185 shops
Dutch Bros maintained momentum in its first quarter, with growth driven by both transaction volume and strong same-shop performance as it continues to expand its footprint.
The drive-thru coffee chain reported better-than-expected first-quarter revenue and earnings. It also raised its full-year guidance and reaffirmed its commitment to long-term growth store growth.
“Our path to 2,029 shops in 2029 remains very clear,” Dutch Bros CEO Christine Barone said on the company’s earnings call. “This reflects the positive impact of our real estate pipeline work. Moving forward, we remain confident we can continue to accelerate our long-term shop openings as our market planning and real estate investments pay off.”
Barone added that Dutch Bros has no shortage of potential sites for new builds, and also has a “healthy” pipeline of attractive conversion opportunities.
“These include sites from limited service operators, smaller emerging growth concepts and legacy beverage brands,” she told analysts.
Dutch Bros, which opened 41 new locations during the quarter, said it now expects to open “at least” 185 shops during fiscal 2026.
Dutch Bros reported net income of $23.7 million, with earnings per share of $0.16, for the quarter ended March 31, compared to $22.5 million, with earnings per share of $0.14, in the year-ago period. Analysts had expected earnings per share of $0.15.
Total revenues grew 30.8% to $464.4 million, topping analysts' estimates of $450 million. Systemwide same-shop sales increased 8.3%, with a 5.1% rise in transactions, marking the seventh consecutive quarter of transaction growth. (Company-operated same-shop sales increased 10.6%, with transactions up 6.9%.)
"We delivered exceptionally strong results this quarter, highlighted by 31% revenue growth and an outstanding 8.3% increase in system same shop sales, driven by our seventh consecutive quarter of transaction growth,” Barone said in the earnings statement. “We’re seeing this strength in existing and new markets, throughout dayparts and customer segments. Our teams continue to bring the electric energy, kindness, and connection that define the Dutch Bros experience and earn unrivaled customer engagement.”
Based on its strong first-quarter performance and the performance it has seen into the second quarter, Dutch Bros CFO Josh Guenser said the company was raising its fiscal-full guidance.
"The trajectory of Dutch Bros remains incredibly strong," he added.
For fiscal 2026, total revenues are now projected to be between approximately $2.05 billion and $2.08 billion, up from $2 billion to $2.03 billion in previous estimates. Same-shop sales growth expected to be in the range of 4% to 6%, up from 3% to 5% previously.
As of March 31, Dutch Bros had 1,177 locations across 25 states.
