Dutch Bros Q3 Revenue Jumps 29.8% to $549.8 Million; Lifts 2027 Shop Goal
Dutch Bros kept one of the fastest growth rates in U.S. beverage QSR, pairing 29.8% revenue growth with another quarter of positive same-shop sales and an accelerated 2027 build plan.
Tempe, Arizona-based Dutch Bros reported total revenues of $549.8 million for the third quarter ended Sept. 30, 2026, up 29.8% from $423.6 million a year earlier, according to its earnings release filed with an 8-K Wednesday. Net income was $37.2 million, versus $27.3 million. Diluted EPS was $0.20, versus $0.14. Adjusted EBITDA grew 29.6% to $101.1 million.
Company-operated same-shop sales rose 5.4%, with company-operated same-shop visits up 1.0%. Systemwide same-shop sales rose 4.4%, and systemwide visits rose 0.4%. The company opened 48 new shops, including 42 company-operated. On July 27, 2026, it reacquired Phoenix East Valley franchise rights covering 32 locations.
Outlook and management
CEO and President Christine Barone said the quarter was the company’s fourteenth consecutive period of positive same-shop sales and ninth consecutive period of same-shop visit growth. Dutch Bros announced an accelerated 2027 system shop opening goal of 250 shops. Adjusted EBITDA for 2026 is now estimated at $380 million, the company said.
The shop count and same-shop visit streak matter because Dutch Bros still derives most of its story from unit growth rather than ticket inflation alone. Management’s decision to pull forward the 2027 opening goal to 250 system shops signals confidence that labor, real estate and beverage demand can support a faster build without breaking unit economics.
Reacquiring the Phoenix East Valley franchise consolidates 32 shops into the company-operated base, which should raise near-term revenue and Adjusted EBITDA while adding integration work. Investors will watch whether company-operated margins hold as the mix shifts.
Why it matters
For a growth restaurant name, Dutch Bros’ combination of high-20s revenue growth, mid-single-digit same-shop gains and a higher 2027 unit target is the core thesis check. The franchise buyback adds near-term complexity but concentrates more economics in company-operated shops—the mix retail investors already prize in the story.
By the numbers
- Q3 revenue: $549.8 million, up 29.8%
- Net income: $37.2 million
- Diluted EPS: $0.20
- Adjusted EBITDA: $101.1 million, up 29.6%
- Company-operated same-shop sales: +5.4%
- New shops opened: 48
Sources
- Dutch Bros Form 8-K with third-quarter 2026 financial results, filed Nov. 4, 2026 (accession 0001866581-26-000178)
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