Dutch Bros Inc.

Q2 total revenues were $551 million, up 32% year over year. Company-operated same shop sales increased 8.3% and system same shop sales increased 5.8%; company-operated shop revenue was $510 million, up 34%, and company-operated shop contribution was $156 million, up 32%, with contribution margin at approximately 31%. Adjusted EBITDA was $114 million, up 28%, and adjusted EPS was $0.33 versus $0.26 last year. For 2026, management raised guidance to revenue of $2.1 billion to $2.13 billion, system same shop sales growth of 5% to 6%, adjusted EBITDA of $385 million to $390 million, and capital expenditures of $350 million to $370 million. Management also said it is trending toward the midpoint of comp guidance, expects Q3 system same shop sales growth of approximately 4% to 5%, and still expects at least 150 system shop openings in 2026.

Christine Barone emphasized that Dutch Bros is winning through a people-led culture, strong brand execution, and a development engine that is supporting national expansion. She highlighted 8 consecutive quarters of transaction growth and 13 straight quarters of positive comp sales, saying the company’s playbook is working across food, beverage innovation, rewards, merch, and operational improvements. Her tone was confident and constructive, especially on the long-term path to 4,000 shops in 2029 and on the performance of newer markets like Chicago.

Joshua Guenser said Q2 results came in above expectations, driven by marketing execution and continued traction in the company’s sales drivers. He gave specific financials: revenues of $551 million, adjusted EBITDA of $114 million, adjusted EPS of $0.33, and company-operated contribution margin of about 31%. He noted beverage, food, and packaging costs were 26.1% of company-operated shop revenue, up 80 basis points year over year due mainly to coffee and food rollout costs; labor was 25.4%, down 120 basis points; occupancy and other costs were 16.3%, up 50 basis points; and adjusted SG&A was $72 million or 13.2% of total revenue, with 90 basis points of leverage. He also said liquidity was about $699 million, including $269 million in cash and cash equivalents, and that the Phoenix franchise acquisition cost $63.5 million with about $25 million of incremental revenue and about $5 million of incremental adjusted EBITDA expected in the back half of 2026.

Analysts focused on the implied second-half comp deceleration, and management said the main drivers were tougher transaction comparisons, the roll-off of pricing, and the food rollout lap hitting ticket. Questions also centered on the widening company versus franchise sales gap, with management explaining that newer company-operated vintages and earlier food rollout timing are benefiting company stores more, while franchise food rollout starts later and about 350 shops will not be able to run the hot food program. Other questions covered Mist, with management saying it is drawing traffic in both afternoon and morning dayparts, has strong repeat and can also pull from lemonade and Rebel, which helped justify making it permanent.