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Dutch Bros Inc. Reports First Quarter 2025 Financial Results, Revenues Grew Nearly 30%

By: Alexis Rubinstein, Managing Editor - Coffee Network

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Dutch Bros Inc. Reports First Quarter 2025 Financial Results, Revenues Grew Nearly 30% 

 

CoffeeNetwork (New York) - Dutch Bros Inc. (NYSE: BROS; one of the fastest-growing brands in the U.S. quick service beverage industry, today reported financial results for the first quarter ended March 31, 2025.

Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, “Our business continues to operate from a position of strength, and we are well-positioned to thrive in this dynamic environment. The enthusiasm for our brand, the loyalty of our customers, the passion of our team and a clear vision for our future give us great confidence.”

Barone continued, “We delivered exceptional results in the first quarter, starting 2025 on a high note with continued momentum. In the quarter, we drove an impressive 29% revenue growth and system same shop sales growth of 4.7%, which includes positive transaction growth. Company-operated same shop sales grew 6.9%. Our brand continues to resonate with our customers, giving us confidence that our foundational transaction drivers are working and propelling us forward. We have a clear roadmap ahead of us and are well-positioned to continue generating sustainable long-term growth.”

Josh Guenser, Chief Financial Officer of Dutch Bros, stated, “We are optimistic about our ability to navigate evolving macroeconomic conditions with robust four-wall economics and excellent cash-on-cash returns. Given the strong performance in the first quarter and the continued momentum into the second quarter, 2025 total revenues, same shop sales growth and adjusted EBITDA are trending towards the top half of the ranges we provided last quarter.”

First Quarter 2025 Highlights

  • Opened 30 new shops, 25 of which were company-operated, across 11 states.
  • Total revenues grew 29.1% to $355.2 million as compared to $275.1 million in the same period of 2024.
  • System same shop sales and transactions increased 4.7% and 1.3%, respectively, relative to the same period in 2024. Company-operated same shop sales and transactions increased 6.9% and 3.7%, respectively, relative to the same period of 2024.
  • Company-operated shops revenues increased 31.6% to $326.4 million as compared to $248.1 million in the same period of 2024.
  • Company-operated shops gross profit was $71.5 million as compared to $54.3 million in the same period of 2024. In the first quarter of 2025, company-operated shops gross margin, which includes 170 bps of pre-opening costs, was 21.9%, flat year-over-year.
  • Company-operated shops contribution, a non-GAAP financial measure, grew 29.8% to $96.1 million as compared to $74.0 million in the same period of 2024. In the first quarter of 2025, company-operated shops contribution margin, which includes 170 bps of pre-opening costs, was 29.4%, a year-over-year decrease of 40 bps.
  • Selling, general, and administrative expenses were $58.9 million (16.6% of revenue) as compared to $46.2 million (16.8% of revenue) in the same period of 2024.
  • Adjusted selling, general, and administrative expenses, a non-GAAP financial measure, were $53.5 million (15.1% of revenue) as compared to $40.4 million (14.7% of revenue) in the same period of 2024.
  • Net income was $22.5 million as compared to $16.2 million in the same period of 2024.
  • Adjusted EBITDA, a non-GAAP financial measure, grew 19.7% to $62.9 million as compared to $52.5 million in the same period of 2024.
  • Adjusted net income, a non-GAAP financial measure, was $24.8 million as compared to $16.5 million in the same period of 2024.
  • Net income per share of Class A and Class D common stock - diluted was $0.13 as compared to $0.08 per share in the same period of 2024.
  • Adjusted net income per fully exchanged share of diluted common stock2, a non-GAAP financial measure, was $0.14 as compared to $0.09 in the same period of 2024.

2025 Guidance

Given the strong performance in the first quarter and continued momentum into the second quarter, 2025 total revenues, system same shop sales growth and adjusted EBITDA are trending towards the top half of the previously communicated ranges below:

Total revenues are estimated to be between $1.555 billion and $1.575 billion.

Same shop sales growth is estimated to be in the range of 2% to 4%.

Adjusted EBITDA is estimated to be between $265 million and $275 million, which assumes the impact of elevated coffee costs, partially offset by approximately 90 basis points of Adjusted SG&A leverage year-over-year.

Total system shop openings in 2025 are estimated to be at least 160. Capital expenditures are estimated to be between $240 million to $260 million.

Alexis Rubinstein

 

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