Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a BROS research report →
Price Chart
About the company
Dutch Bros Inc. , in collaboration with its subsidiaries, operates and licenses drive-thru establishments throughout the United States. The company's business model is divided into two primary divisions: its directly owned and managed shops, and its franchising and other related ventures.
- CEO
- Christine Barone
- IPO
- 2021
- Employees
- 27,000
- HQ
- Tempe, AZ, US
AI snapshot
Six angles, distilled from the data.
The stock remains in a damaged multi-month downtrend, trading well below its 200-day and 50-day averages. It is also sitting near the 52-week low, which keeps the setup in a repair phase rather than a confirmed recovery.
Street sentiment stays constructive, with a Buy consensus and a $70.62 average target versus a $38.23 last close. Recent calls have turned more cautious on valuation, with several firms cutting targets from prior levels even as Buy and Overweight ratings largely held.
The company has beaten EPS in 6 of the last 7 quarters, including 3.7% and 6.7% surprises in the last two reports. Next quarter is set against a $0.22 EPS estimate, so shareholders should watch whether traffic and margin discipline can keep the beat streak intact.
Recent insider activity leans positive, but most of the volume is automatic award-related paperwork rather than discretionary trading. The only clear open-market signal was a 2,000-share purchase by director Todd Allan Penegor, which adds a modest bullish note.
Profitability is solid for a growth concept, with a 25.1% gross margin, 12.88% operating margin, and 4.91% net margin. Growth remains strong at 32.5% revenue growth and 37.3% earnings growth, while cash generation was healthy at $295.5 million of operating cash flow and $536.7 million of free cash flow in 2025.
BROS still screens as a premium growth restaurant name, with a 44.98 P/E and a consensus target above the current share price. The setup favors investors who want faster top-line growth than mature peers, but the valuation leaves less room for execution slips.
- Market Cap
- $6.61B
- P/E
- 53.10
- PEG
- 1.00
- P/S
- 4.78
- P/B
- 6.45
- EV/EBITDA
- 33.49
- Div Yield
- 0.00%
- Gross Margin
- 25.02%
- Op Margin
- 9.66%
- Net Margin
- 4.91%
- ROE
- 13.05%
- ROIC
- 4.81%
Latest fiscal year · YoY change
- Revenue
- $1.64B+27.9%
- Gross Profit
- $423.95M+24.6%
- Op Income
- $161.18M
- Net Income
- $79.84M+126.5%
- EPS
- $0.64+106.5%
- OCF Growth
- +19.9%
- FCF Growth
- +120.3%
- Beta
- 2.29
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Dutch Bros reported a strong Q2 with 32% revenue growth, 8.3% company-operated comp sales, and raised full-year 2026 guidance on continued transaction momentum and the Phoenix acquisition.· August 5, 2026
- Total revenue rose 32% to $551 million; adjusted EBITDA increased 28% to $114 million; adjusted EPS was $0.33 versus $0.26 a year ago.
- Company-operated same shop sales grew 8.3% with 3.4% transaction growth; system same shop sales grew 5.8% with 1.7% transaction growth.
- The company opened 48 new shops in Q2 and said it remains very confident in opening at least 150 system shops in 2026.
- Food rollout was ahead of schedule across about 750 system shops, and Mist was made a permanent menu item after strong trial and repeat performance.
- Management raised full-year guidance, citing strong execution and the acquisition of 31 Phoenix franchise locations.
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.
The bullish case from the call is that Dutch Bros is still comping positively while scaling rapidly, with transaction growth, AUVs, and new shop productivity all moving in the right direction. Management sounded confident that food, Mist, rewards segmentation, and throughput improvements can keep driving incremental occasions and transactions, while newer markets are already outperforming expectations.
The main risks raised were slower second-half comps as pricing steps down and food rollout laps are absorbed, plus cost pressure from higher coffee and occupancy costs. There is also a structural company-versus-franchise performance gap, and management acknowledged that a large number of franchise shops cannot support the hot food program, which could keep the spread wider.
AI summary of the company's earnings call · Paraphrased · Not investment advice
of shares held by institutions
543 13F filers
Congressional trading
Senate and House stock disclosures for BROS, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Fmr LLC | 16.72M | ▲ 7.16M |
| Blackrock, Inc. | 14.66M | ▲ 784.86K |
| Vanguard Group Inc | 11.09M | ▼ 150.78K |
| Price T Rowe Associates Inc | 9.59M | ▲ 1.96M |
| Vanguard Capital Management LLC | 6.07M | ▲ 376.48K |
| Vanguard Portfolio Management LLC | 5.94M | ▲ 466.06K |
| T. Rowe Price Investment Management, Inc. | 4.27M | ▼ 364.52K |
| State Street Corp | 3.85M | ▲ 71.81K |
| Wellington Management Group Llp | 3.09M | ▲ 851.08K |
| Baillie Gifford & Co | 2.74M | ▼ 255.33K |
| Geode Capital Management, LLC | 2.48M | ▼ 46.57K |
| Citadel Advisors LLC | 2.21M | ▲ 204.00K |
Held by 426 ETFs
Biggest fund positions in BROS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 20, 26 | Gillett Stephen | other | 775 |
| Aug 20, 26 | Gillett Stephen | other | 775 |
| Aug 20, 26 | Hart Gerard Johan | other | 775 |
| Aug 20, 26 | Hart Gerard Johan | other | 775 |
| Aug 20, 26 | MARCHISOTTO KORY | other | 775 |
| Aug 20, 26 | MARCHISOTTO KORY | other | 775 |
| Aug 20, 26 | Miller Ann M | other | 775 |
| Aug 20, 26 | Miller Ann M | other | 775 |
| Aug 20, 26 | Penegor Todd Allan | other | 775 |
| Aug 20, 26 | Penegor Todd Allan | other | 775 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our BROS coverage
Recent articles, reports, and earnings notes.
Want a deeper read on BROS?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Dutch Bros (BROS) Stock Declines While Market Improves: Some Information for Investors
zacks.com · Oct 5
Why Dutch Bros Stock Dropped 21% in September
fool.com · Oct 4
Should You Avoid Dutch Bros Stock, Even at a 52-Week Low?
fool.com · Oct 2
Dutch Bros CFO on Keeping a ‘Scrappy' Mindset While Building a National Brand
wsj.com · Oct 2
Fast-Growing Dutch Bros Coffee, Known for Drive-Throughs, Wants to Cater to Walkers
wsj.com · Oct 2
CHAIRMAN AND CEO DAVID ELLISON ANNOUNCES YNON KREIZ CO-CEO OF THE ANTICIPATED COMBINED PARAMOUNT AND WARNER BROS. DISCOVERY AT CLOSING TO HELP BUILD THE NEXT-GENERATION GLOBAL MEDIA COMPANY
prnewswire.com · Sep 30
DA Davidson Cut Its Dutch Bros Target. It Still Sees Big Upside From Here
247wallst.com · Sep 30
Dutch Bros Stock Is Down 49% From Its High Despite Revenue Rising 32%. Should You Buy Now or Stay Away?
fool.com · Sep 29
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 6, 2026 · Live quote · Not investment advice
