Dutch Bros Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
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Key Performance Indicators
The key performance indicators that we use to effectively manage and evaluate our business are as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (dollars in thousands; unaudited) | 2025 | 2024 | 2025 | 2024 |
| Shop count, beginning of period | ||||
| Company-operated | 695 | 582 | 670 | 542 |
| Franchised | 317 | 294 | 312 | 289 |
| Total shop count | 1,012 | 876 | 982 | 831 |
| Company-operated new openings | 30 | 30 | 55 | 70 |
| Franchised new openings | 1 | 6 | 6 | 11 |
| Shop count, end of period | ||||
| Company-operated | 725 | 612 | 725 | 612 |
| Franchised | 318 | 300 | 318 | 300 |
| Total shop count | 1,043 | 912 | 1,043 | 912 |
| Systemwide AUV 1 | N/A | N/A | $2,053 | $2,005 |
| Company-operated shops AUV 1 | N/A | N/A | $1,982 | $1,923 |
| Systemwide same shop sales 2, 3 | 6.1% | 4.1% | 5.3% | 6.8% |
| Ticket | 2.4% | 6.1% | 3.0% | 7.4% |
| Transactions | 3.7% | (2.0)% | 2.3% | (0.6)% |
| Company-operated same shop sales 2 | 7.8% | 5.2% | 7.2% | 7.8% |
| Ticket | 1.9% | 6.0% | 2.6% | 7.0% |
| Transactions | 5.9% | (0.8)% | 4.6% | 0.8% |
| Systemwide sales 3 | $571,273 | $466,432 | $1,060,945 | $863,985 |
| Company-operated shops operating weeks 4 | 9,184 | 7,709 | 17,921 | 14,983 |
| Franchising shops operating weeks 4 | 4,119 | 3,842 | 8,130 | 7,621 |
| Dutch Rewards transactions as a percentage of total transactions 5 | 71.6% | 66.7% | 71.7% | 66.6% |
| Three Months Ended June 30, · Six Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| (dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % |
| Company-operated shops revenues | 380,500 | 100.0 | 295,268 | 100.0 | 706,921 | 100.0 | 543,353 | 100.0 |
| Company-operated shops gross profit | 92,552 | 24.3 | 70,016 | 23.7 | 164,050 | 23.2 | 124,321 | 22.9 |
| Company-operated shops contribution 6 | 118,236 | 31.1 | 91,054 | 30.8 | 214,301 | 30.3 | 165,053 | 30.4 |
| Selling, general, and administrative expenses | 65,385 | 15.7 | 58,097 | 17.9 | 124,306 | 16.1 | 104,330 | 17.4 |
| Adjusted selling, general, and administrative expenses 6 | 58,709 | 14.1 | 47,584 | 14.6 | 112,206 | 14.6 | 88,053 | 14.7 |
| Net income | 38,357 | 9.2 | 22,156 | 6.8 | 60,837 | 7.9 | 38,371 | 6.4 |
| Adjusted EBITDA 6 | 89,003 | 21.4 | 65,159 | 20.1 | 151,909 | 19.7 | 117,699 | 19.6 |
1 AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the systemwide and company-operated shops net sales by the total number of systemwide and company-operated shops, respectively. Management uses these metrics as an indicator of shop growth and future expectations of mature locations.
2 Same shop sales represents the estimated percentage change in year-over-year sales, for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period. Same shop sales can be impacted by changes in customer transaction counts and by changes in the per-ticket amounts. Management uses these metrics as an indicator of shop growth and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table.
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (unaudited) | 2025 | 2024 | 2025 | 2024 |
| Systemwide shop base | 831 | 671 | 794 | 641 |
| Company-operated shops base | 542 | 396 | 510 | 370 |
3 Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchise partners. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.
4 Company-operated and franchise shops operating weeks are calculated based on the number of operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the period end date. The operating weeks calculations reflect re-acquired franchises through 2022. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.
5 Dutch Rewards is our digitally based rewards program available exclusively through the Dutch Rewards app. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans.
6 Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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