Dutch Bros Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Company-operated Shops Results
Results for our company-operated shops segment were as follows:
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |||||
| (dollars in thousands; unaudited) | $ | % | $ | % | $ | % | $ | % |
| Company-operated shops revenues | 515,006 | 100.0 | 392,833 | 100.0 | 1,454,094 | 100.0 | 1,099,754 | 100.0 |
| Beverage, food, and packaging costs | 132,064 | 25.6 | 101,875 | 25.9 | 377,494 | 26.0 | 279,722 | 25.4 |
| Labor costs | 137,636 | 26.7 | 108,098 | 27.5 | 379,401 | 26.0 | 298,807 | 27.2 |
| Occupancy and other costs | 92,804 | 18.0 | 66,696 | 17.0 | 252,674 | 17.4 | 180,607 | 16.4 |
| Pre-opening costs | 8,026 | 1.6 | 6,933 | 1.8 | 22,775 | 1.6 | 17,086 | 1.6 |
| Depreciation and amortization | 34,997 | 6.8 | 26,796 | 6.8 | 103,188 | 7.1 | 77,047 | 7.0 |
| Company-operated shops costs and expenses | 405,527 | 78.7 | 310,398 | 79.0 | 1,135,532 | 78.1 | 853,269 | 77.6 |
| Company-operated shops gross profit | 109,479 | 21.3 | 82,435 | 21.0 | 318,562 | 21.9 | 246,485 | 22.4 |
| Company-operated shops contribution | 144,476 | 28.1 | 109,231 | 27.8 | 421,750 | 29.0 | 323,532 | 29.4 |
Company-operated Shops Segment Performance
Company-operated Shops Revenue
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Company-operated shops revenue | $515,006 | $392,833 | $122,173 | 31.1% | $1,454,094 | $1,099,754 | $354,340 | 32.2% |
Company-operated shops revenue increased $101.4 million from newly opened shops not yet in the comparable shop base and reacquired franchise shop sales; and $20.7 million from a 5.4% increase in same shop sales.
Company-operated shops revenue increased $271.3 million primarily from newly opened shops not yet in the comparable shop base and $83.1 million from a 7.9% increase in same shop sales.
Beverage, Food, and Packaging Costs
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Beverage, food and packaging costs | $132,064 | $101,875 | $30,189 | 29.6% | $377,494 | $279,722 | $97,772 | 35.0% |
| As a percentage of company-operated shops revenues | 25.6% | 25.9% | N/A | (30) bps | 26.0% | 25.4% | N/A | 60 bps |
As a percentage of company-operated shops revenues, beverage, food and packaging costs decreased by 30 basis points. This was primarily due to the collection of tariff refunds partially offset by the costs associated with our new food program, which typically carry a higher cost margin than beverages.
As a percentage of company-operated shops revenues, beverage, food and packaging costs increased by 60 basis points. This was primarily due to an increase in coffee costs and the costs associated with our new food program, partially offset by the collection of tariff refunds.
Labor Costs
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Labor costs | $137,636 | $108,098 | $29,538 | 27.3% | $379,401 | $298,807 | $80,594 | 27.0% |
| As a percentage of company-operated shops revenues | 26.7% | 27.5% | N/A | (80) bps | 26.0% | 27.2% | N/A | (120) bps |
As a percentage of company-operated shops revenues, labor costs decreased by 80 basis points and 120 basis points for the three and nine months ended September 30, 2026, respectively. The decreases were primarily due to sales leverage and the impact of pricing.
Occupancy and Other Costs
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Occupancy and other costs | $92,804 | $66,696 | $26,108 | 39.1% | $252,674 | $180,607 | $72,067 | 39.9% |
| As a percentage of company-operated shops revenues | 18.0% | 17.0% | N/A | 100 bps | 17.4% | 16.4% | N/A | 100 bps |
As a percentage of company-operated shops revenues, occupancy and other costs increased by 100 basis points for the three and nine months ended September 30, 2026, primarily due to higher rent on new shops as we shifted more of our portfolio to build-to-suit leases, and higher expenses on utilities and other operating expenses.
Pre-opening Costs
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Pre-opening costs | $8,026 | $6,933 | $1,093 | 15.8% | $22,775 | $17,086 | $5,689 | 33.3% |
| As a percentage of company-operated shops revenues | 1.6% | 1.8% | N/A | (20) bps | 1.6% | 1.6% | N/A | — bps |
| New company-operated shops opened | 42 | 34 | 8 | 23.5% | 119 | 89 | 30 | 33.7% |
| Pre-opening costs per new company-operated shop | $191 | $204 | $(13) | (6.4)% | $191 | $192 | $(1) | (0.5)% |
The increase in pre-opening costs was primarily driven by increased travel for setup and training teams, and lease expense related to unopened shops in the three and nine months ended September 30, 2026 as compared to the same period in 2025.
Depreciation and Amortization
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Depreciation and amortization | $34,997 | $26,796 | $8,201 | 30.6% | $103,188 | $77,047 | $26,141 | 33.9% |
| As a percentage of company-operated shops revenues | 6.8% | 6.8% | N/A | — bps | 7.1% | 7.0% | N/A | 10 bps |
The increase in depreciation and amortization was primarily driven by the increase in the number of company-operated shops including reacquired franchise shops in the current period compared to the prior period.
The increase in depreciation and amortization was primarily driven by the increase in the number of company-operated shops in the current period compared to the prior period and an adjustment recorded in 2026 as a result of our evaluation of the useful lives of certain shop related assets previously placed into service.
Company-operated Shops Gross Profit and Contribution
The factors described above resulted in a gross profit margin increase of 30 basis points for the three months ended September 30, 2026 and a decrease of 50 basis points for the nine months ended September 30, 2026 compared to 2025, respectively.
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2026 · 2025 · 2026 v. 2025 · 2026 · 2025 · 2026 v. 2025 | ||||||||
| Company-operated shops gross profit | $109,479 | $82,435 | $27,044 | 32.8% | $318,562 | $246,485 | $72,077 | 29.2% |
| As a percentage of company-operated shops revenues | 21.3% | 21.0% | N/A | 30 bps | 21.9% | 22.4% | N/A | (50) bps |
| Company-operated shops contribution | $144,476 | $109,231 | $35,245 | 32.3% | $421,750 | $323,532 | $98,218 | 30.4% |
| As a percentage of company-operated shops revenues | 28.1% | 27.8% | N/A | 30 bps | 29.0% | 29.4% | N/A | (40) bps |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.