Filing Flows › Dutch Bros (BROS) › Q3 2026 › vs Q2 2026
Dutch Bros (BROS) Q3 2026 vs Q2 2026 (quarter over quarter)
Dutch Bros's revenue fell $1.0M (-0.2%) from $551M in Q2 2026 to $550M in Q3 2026. The biggest changes: Franchising and other −$6.0M (-15%); Company-operated shops +$5.0M (+1%). Operating margin 9.6% against 12.8% (-3.2 pts).
Dutch Bros, Q3 2026: revenue $550M (+30% year over year), operating margin 9.6%, net earnings $27.2M, operating cash flow $100M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 9.6% | 12.8% | -3.2 pts |
| Net margin | 4.9% | 6.8% | -1.9 pts |
| Free cash flow margin | 2.7% | 7.2% | -4.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Company-operated shops | $515M | $510M | $5.0M | +1% |
| Franchising and other | $34.8M | $40.8M | −$6.0M | -15% |
| Revenue | $550M | $551M | −$1.0M | -0.2% |
| Operating profit | $52.8M | $70.4M | −$17.6M | -25% |
| Costs & expenses | $497M | $480M | $16.6M | +3% |
| Pre-tax earnings | $46.0M | $64.2M | −$18.2M | -28% |
| Other expense, net | $6.8M | $6.2M | $602K | +10% |
| Cost of revenue | $418M | $400M | $18.3M | +5% |
| SG&A | $79.0M | $80.7M | −$1.7M | -2% |
| Net earnings | $27.2M | $37.4M | −$10.3M | -27% |
| Minority interests | $10.1M | $14.2M | −$4.1M | -29% |
| Income tax | $8.8M | $12.6M | −$3.8M | -30% |
| Depreciation & amortization | $39.3M | $35.5M | $3.9M | +11% |
| Share-based compensation | $7.0M | $6.9M | $76K | +1% |
| Working capital & other | $26.6M | $32.4M | −$5.8M | -18% |
| Operating cash flow | $100M | $112M | −$12.1M | -11% |
| Free cash flow (OCF − capex) | $14.8M | $39.9M | −$25.1M | -63% |
| Capital expenditures | $85.3M | $72.3M | $13.0M | +18% |
Questions
How much did Dutch Bros's revenue grow quarter over quarter in Q3 2026?
Dutch Bros's revenue fell $1.0M (-0.2%) from $551M in Q2 2026 to $550M in Q3 2026.
What drove Dutch Bros's revenue change in Q3 2026?
Franchising and other −$6.0M (-15%); Company-operated shops +$5.0M (+1%).