Filing Flows › Dutch Bros (BROS) › Q2 2026 › vs Q2 2025
Dutch Bros (BROS) Q2 2026 vs Q2 2025 (year over year)
Dutch Bros's revenue rose $135M (+32%) from $416M in Q2 2025 to $551M in Q2 2026. The biggest changes: Company-operated shops +$130M (+34%); Franchising and other +$5.5M (+16%). Operating margin 12.8% against 13.1% (-0.4 pts).
Dutch Bros, Q2 2026: revenue $551M (+32% year over year), operating margin 12.8%, net earnings $37.4M, operating cash flow $112M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 12.8% | 13.1% | -0.4 pts |
| Net margin | 6.8% | 6.2% | +0.6 pts |
| Free cash flow margin | 7.2% | 8.6% | -1.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Company-operated shops | $510M | $380M | $130M | +34% |
| Franchising and other | $40.8M | $35.3M | $5.5M | +16% |
| Revenue | $551M | $416M | $135M | +32% |
| Operating profit | $70.4M | $54.7M | $15.7M | +29% |
| Costs & expenses | $480M | $361M | $119M | +33% |
| Pre-tax earnings | $64.2M | $45.6M | $18.6M | +41% |
| Other expense, net | $6.2M | $9.1M | −$2.9M | -32% |
| Cost of revenue | $400M | $296M | $104M | +35% |
| SG&A | $80.7M | $65.4M | $15.3M | +23% |
| Net earnings | $37.4M | $25.6M | $11.8M | +46% |
| Minority interests | $14.2M | $12.7M | $1.5M | +11% |
| Income tax | $12.6M | $7.2M | $5.4M | +74% |
| Depreciation & amortization | $35.5M | $27.9M | $7.6M | +27% |
| Share-based compensation | $6.9M | $4.7M | $2.2M | +47% |
| Working capital & other | $32.4M | $31.7M | $730K | +2% |
| Operating cash flow | $112M | $89.9M | $22.3M | +25% |
| Free cash flow (OCF − capex) | $39.9M | $35.7M | $4.2M | +12% |
| Capital expenditures | $72.3M | $54.2M | $18.1M | +33% |
Questions
How much did Dutch Bros's revenue grow year over year in Q2 2026?
Dutch Bros's revenue rose $135M (+32%) from $416M in Q2 2025 to $551M in Q2 2026.
What drove Dutch Bros's revenue change in Q2 2026?
Company-operated shops +$130M (+34%); Franchising and other +$5.5M (+16%).