Dutch Bros (BROS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Dutch Bros published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Dutch Bros reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, per fully exchanged share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• GAAP EPS is per share of Class A common stock and uses net income attributable to Dutch Bros Inc. ($27.2 million); total net income of $37.2 million includes $10.1 million attributable to non-controlling interests.
• On July 27, 2026 Dutch Bros reacquired 32 franchised locations in Arizona (the Phoenix East Valley franchise) for about $63.5 million, so their sales now count as company-operated revenue.

Source: Dutch Bros Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Dutch Bros splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Dutch Bros's Company-operated shops revenue was $515 million in Q3 2026, up 31% from $393 million in Q3 2025, 94% of total revenue.
• Dutch Bros's Franchising and other revenue was $34.8 million in Q3 2026, up 13% from $30.8 million in Q3 2025, 6% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The last quote is Dutch Bros' 2027 shop-opening goal; the others are for 2026.

In its Q3 2026 release, Dutch Bros said:

“Total revenues are now projected to be at least $2.1 billion.”

“Same shop sales growth is now estimated to be at least 5%.”

“Capital expenditures are now estimated to be between $370 million and $390 million.”

“Total system shop openings are estimated to be approximately 250.”

Source: Dutch Bros Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BROS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS per Class A share, each as first reported in that quarter's release.

We do not hold a confirmed date for Dutch Bros's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Dutch Bros grew total revenues 29.8% to $549.8 million in Q3 2026. Company-operated shops brought in $515.0 million, about 94% of the total, and franchising and other $34.8 million. Systemwide sales, which include franchised shops, were $702.2 million. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Most of the growth came from new shops. Company-operated shops revenue rose $101.4 million from newly opened shops not yet in the comparable base and reacquired franchise shop sales, and $20.7 million from a 5.4% rise in same shop sales. Company-operated same shop sales were made up of a 4.4% increase in ticket and a 1.0% increase in customer visits; systemwide same shop sales rose 4.4%. (Dutch Bros Form 10-Q, Q3 2026, Nov 5, 2026; Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Dutch Bros opened 48 shops in the quarter, 42 of them company-operated, and took over 30 franchised shops through the Phoenix East Valley reacquisition, which it bought for about $63.5 million. It ended September with 1,273 shops: 960 company-operated and 313 franchised. At the end of 2025 it operated in 25 states. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026; Dutch Bros Form 10-Q, Q3 2026, Nov 5, 2026; Dutch Bros Form 10-K, 2025, Feb 13, 2026)

Dutch Rewards loyalty members accounted for 74% of customer visits, up from 72%. Company-operated shops average unit volume was $2.2 million, against $2.0 million a year earlier. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Dutch Bros reported GAAP diluted EPS of $0.20 per Class A share in Q3 2026, up from $0.14, and adjusted net income per fully exchanged share of $0.25, up from $0.19. The adjusted figure excludes $7.0 million of equity-based compensation, $1.2 million of acquisitions-related costs and TRA remeasurements, net of income tax effects, and is calculated per fully exchanged share of diluted common stock. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Of Dutch Bros' net income, $10.1 million of the $37.2 million total was attributable to non-controlling interests, leaving $27.2 million for Class A holders over 138,178 thousand diluted Class A shares. Income tax expense was $8.8 million on pre-tax income of $46.0 million. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Company-operated shop contribution margin, a non-GAAP measure, was 28.1%, up from 27.8%: labor costs fell to 26.7% of shop revenue from 27.5% and beverage, food and packaging costs to 25.6% from 25.9%, while occupancy and other costs rose to 18.0% from 17.0%. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Dutch Bros publishes a full-year outlook in each release. With Q3 2026 results it raised 2026 guidance to total revenues of at least $2.1 billion, same shop sales growth of at least 5% and Adjusted EBITDA of approximately $380 million, set capital expenditures at $370 million to $390 million, and kept at least 185 system shop openings. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

Dutch Bros also gave a first 2027 target of approximately 250 system shop openings. CEO Christine Barone said the company is testing new hot food platforms and piloting delivery. (Dutch Bros Q3 2026 release (8-K Exhibit 99.1), Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Dutch Bros, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Dutch Bros's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BROS is on is BROS a buy or a sell?, what analysts expect next is on the BROS forecast, and what the company does is on the Dutch Bros (BROS) stock page.

Every number on this page can be traced to a document Dutch Bros published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.