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Dutch Bros (BROS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Dutch Bros (BROS) Q3 2026 earnings results →

Q3 2026 Revenue up 30% year over year to $550M · 5¢ of every $1 of revenue kept as net profit · operating margin 9.6%

Dutch Bros made $550M in Q3 2026 (+30% Y/Y): Company-operated shops $515M, Franchising and other $34.8M. Operating margin 9.6%, net earnings $27.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$550M
Year over year+30%
Operating margin9.6%
Net earnings$27.2M
Operating cash flow$100M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $549.8M in Q3 2026, up 30% year over year and roughly flat from the previous quarter. Company-operated shops was the largest line at 94% of revenue. Company-operated shops added $122.2M year over year (up 31%), 97% of the total change.

Operating profit was $52.8M, a 9.6% margin (down 0.2 points year over year). Of the extra revenue versus Q3 2025, 9% reached operating profit, below the 10% margin then. Total costs grew 30% against revenue growth of 30%. The fastest-growing cost line was Cost of revenue (+32%). Net earnings were $27.2M, up 55% year over year. The effective tax rate was 19.1%.

Operating cash flow was $100.1M (up 12% year over year), 269% of net income including minority interests. Non-cash charges added back $39.3M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $16.6M. Capital expenditures of $85.3M left free cash flow of $14.8M.

Quarterly history

Dutch Bros revenue by quarterDutch Bros revenue by quarter$355MQ1 2025$416MQ2 2025$424MQ3 2025$444MQ4 2025$464MQ1 2026$551MQ2 2026$550MQ3 2026
Dutch Bros net earnings by quarterDutch Bros net earnings by quarter$15.4MQ1 2025$25.6MQ2 2025$17.5MQ3 2025$21.4MQ4 2025$16.1MQ1 2026$37.4MQ2 2026$27.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$550M+30%9.6%$27.2M$100M
Q2 202610-QAug 6, 2026$551M+32%12.8%$37.4M$112M
Q1 202610-QMay 6, 2026$464M+31%7.4%$16.1M$84.7M
Q4 202510-KFeb 13, 2026$444M+29%7.7%$21.4M$79.6M
Q3 202510-QNov 6, 2025$424M+25%9.8%$17.5M$89.1M
Q2 202510-QAug 7, 2025$416M+28%13.1%$25.6M$89.9M
Q1 202510-QMay 8, 2025$355M+29%8.7%$15.4M$36.9M

Charts

Dutch Bros: revenue growth, year over year and quarter over quarterDutch Bros: revenue growth, year over year and quarter over quarterY/YQ/Q+29%Q1 2025+28%+17%Q2 2025+25%+2%Q3 2025+29%+5%Q4 2025+31%+5%Q1 2026+32%+19%Q2 2026+30%0%Q3 2026
Latest (Q3 2026): Y/Y +30%, Q/Q 0%.
Dutch Bros: where the cash came from (+) and went (−), TTM to Q3 2026Dutch Bros: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$377MCapital spending−$286MOther investing−$93.3MCash drawn (+) / kept (−)$72.6MPartners−$26.1MNet borrowing (+) / repaid (−)−$22.3MOther financing−$14.0MTaxes on employees’ shares−$7.9MAsset & business sales$83K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Dutch Bros: profit against cash, quarter by quarterDutch Bros: profit against cash, quarter by quarterNet incomeOperating cash flow$6.4M$62.2MQ4 2024$22.5M$36.9MQ1 2025$38.4M$89.9MQ2 2025$27.3M$89.1MQ3 2025$29.2M$79.6MQ4 2025$23.7M$84.7MQ1 2026$51.6M$112MQ2 2026$37.2M$100MQ3 2026
Latest (Q3 2026): Net income $37.2M, Operating cash flow $100M.
Dutch Bros: diluted shares by fiscal yearDutch Bros: diluted shares by fiscal year46MFY202152MFY202262MFY2023104MFY2024126MFY2025
+174.2% since FY2021: more shares outstanding (issuance, stock pay).
Dutch Bros: long-term debt falling due (FY2025)Dutch Bros: long-term debt falling due (FY2025)$3.9M2026$5.7M2027$7.5M2028$11.2M2029$170M2030$4.2MLater
Cash $269M, short-term investments —, long-term debt $202M at 2025-12-31.
Dutch Bros in its industry: growth against margin (6 companies, SIC 5810)Dutch Bros in its industry: growth against margin (6 companies, SIC 5810)revenue growth, year over year →↑ operating marginmedian +15%median 10%SBUXWENSHAKCNNEBRCBBROS (+30%, 10%)
Retail-Eating & Drinking Places; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Dutch Bros

Dutch Bros Inc. is a Delaware corporation, and its Class A common stock trades on the New York Stock Exchange under the symbol “BROS”. Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high- QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States.

In its own words, from its 10-K, filed Feb 13, 2026.

Dutch Bros against its Retail-Eating & Drinking Places peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +15%. Operating margin: 9.6% against the peers' median 6.5%.

CompanyQuarterRevenueY/YOp. margin
BROS Dutch BrosQ3 2026$550M+30%9.6%
SBUX StarbucksQ4 FY26$9.1B-4%10.8%
WEN Wendy'sQ3 2026$547M-0.5%10.2%
SHAK Shake ShackQ3 2026$423M+15%5.1%
SDOT Sadot GroupQ2 2025$114M—1.5%
CNNE Cannae HoldingsQ2 2026$102M-7%-55.6%
BRCB Black Rock Coffee BarQ2 2026$63.0M+25%6.5%

Source: Dutch Bros 10-Q on SEC EDGAR · CIK 1866581 · Retail-Eating & Drinking Places

Guidance and outlook

Dutch Bros Revenue: guidance against what was reportedDutch Bros Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$1.3BFY2025$1.6BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Dutch Bros: what its forward-looking statements are about (10-Q filed 2026-11-05)Dutch Bros: what its forward-looking statements are about (10-Q filed 2026-11-05)Demand1Costs1Margins1Financing1
4 statements; tone +0.00 (−1 all cautious, +1 all confident); 3 hedged.
Dutch Bros: outlook statements against the filing beforeDutch Bros: outlook statements against the filing beforeConfident1Cautious1

13F: who owns BROS and who is buying

Largest holders of BROS (13F)Largest holders of BROS (13F)FMR LLC$1.2BBlackRock$1.1BPrice T Rowe Associates$689MVanguard Group$679MVanguard Capital Management LLC$436MVanguard Portfolio Management LLC$426MT. Rowe Price Investment Manageme…$306MState Street$277MWellington Management Group LLP$222MBaillie Gifford$197M
Funds' net buying of BROS by quarter (13F)Funds' net buying of BROS by quarter (13F)−$30.9M2024-09$49.2M2024-12−$40.2M2025-03$322M2025-06$606M2025-09−$24.8M2025-12$646M2026-03−$234M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BROS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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