Filing Flows › Dutch Bros (BROS) › Q1 2026
Dutch Bros (BROS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Dutch Bros (BROS) reported revenue of $464M for the first quarter 2026 (Q1 2026), +31% from a year earlier and +5% from the quarter before. Operating margin was 7.4%, net earnings $16.1M (3.5% of revenue).
Dutch Bros, Q1 2026: revenue $464M (+31% year over year), operating margin 7.4%, net earnings $16.1M, operating cash flow $84.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $464M | +5% | +31% |
| Operating profit | $34.3M | +1% | +10% |
| Net earnings | $16.1M | -25% | +5% |
| Operating cash flow | $84.7M | +6% | +130% |
| Free cash flow | $27.7M | +227% | — |
What changed
Revenue was $464.4M in Q1 2026, up 31% year over year and up 5% from the previous quarter. Company-operated shops was the largest line at 92% of revenue. Company-operated shops added $102.6M year over year (up 31%), 94% of the total change. Other declined 15%.
Operating profit was $34.3M, a 7.4% margin (down 1.4 points year over year). Of the extra revenue versus Q1 2025, 3% reached operating profit, below the 9% margin then. Total costs grew 33% against revenue growth of 31%. The fastest-growing cost line was Cost of revenue (+35%). Net earnings were $16.1M, up 5% year over year. The effective tax rate was 12.4%.
Operating cash flow was $84.7M (up 130% year over year), 358% of net income including minority interests. Non-cash charges added back $38.3M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $17.5M. Capital expenditures of $57.0M left free cash flow of $27.7M.
Questions
What was Dutch Bros' revenue in the first quarter 2026?
Dutch Bros (BROS) reported revenue of $464M for the first quarter 2026 (Q1 2026), +31% from a year earlier and +5% from the quarter before.
Was Dutch Bros profitable in the first quarter 2026?
Operating profit was $34.3M (7.4% of revenue) and net earnings $16.1M.
Source: Dutch Bros 10-Q on SEC EDGAR.