Dutch Bros Raises 2026 Outlook After Q2 Beat

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Summary · why it matters

Dutch Bros Inc. raised its 2026 revenue guidance to $2.10-$2.13 billion from $2.05-$2.08 billion and adjusted EBITDA guidance to $385-$390 million from $370-$380 million after second-quarter results beat expectations. Systemwide same-shop sales growth is now expected at 5-6%, narrowed upward from the prior 4-6% range. Second-quarter adjusted earnings of 33 cents per share topped the Zacks Consensus Estimate of 29 cents, while revenues of $550.9 million beat the $524 million consensus and rose 32.5% year over year. Company-operated same-shop sales rose 8.3%, supported by 3.4% transaction growth and a 4.9% increase in ticket. The company expects at least 185 system shop openings in 2026 after opening 48 shops in the second quarter, and the Phoenix franchise acquisition adds 31 locations. Management expects effective pricing to fall below 1 percentage point in the second half, putting more weight on frequency, food, digital engagement and shop maturation. Coffee and occupancy costs remain pressure points, with about 60 basis points of deleverage from cost of goods sold and roughly 50 basis points from occupancy expected in 2026.

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Consumer Discretionary▲ · 3 stocks
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