Filing Flows › Dutch Bros (BROS) › Q3 2026 › vs Q3 2025
Dutch Bros (BROS) Q3 2026 vs Q3 2025 (year over year)
Dutch Bros's revenue rose $126M (+30%) from $424M in Q3 2025 to $550M in Q3 2026. The biggest changes: Company-operated shops +$122M (+31%); Franchising and other +$4.1M (+13%). Operating margin 9.6% against 9.8% (-0.2 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.6% | 9.8% | -0.2 pts |
| Net margin | 4.9% | 4.1% | +0.8 pts |
| Free cash flow margin | 2.7% | 4.5% | -1.8 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Company-operated shops | $515M | $393M | $122M | +31% |
| Franchising and other | $34.8M | $30.8M | $4.1M | +13% |
| Revenue | $550M | $424M | $126M | +30% |
| Operating profit | $52.8M | $41.5M | $11.3M | +27% |
| Costs & expenses | $497M | $382M | $115M | +30% |
| Pre-tax earnings | $46.0M | $34.9M | $11.1M | +32% |
| Other expense, net | $6.8M | $6.5M | $233K | +4% |
| Cost of revenue | $418M | $317M | $101M | +32% |
| SG&A | $79.0M | $65.3M | $13.7M | +21% |
| Net earnings | $27.2M | $17.5M | $9.7M | +55% |
| Minority interests | $10.1M | $9.8M | $283K | +3% |
| Income tax | $8.8M | $7.7M | $1.1M | +15% |
| Depreciation & amortization | $39.3M | $29.1M | $10.3M | +35% |
| Share-based compensation | $7.0M | $4.6M | $2.3M | +50% |
| Working capital & other | $26.6M | $37.9M | −$11.3M | -30% |
| Operating cash flow | $100M | $89.1M | $11.0M | +12% |
| Free cash flow (OCF − capex) | $14.8M | $18.9M | −$4.1M | -22% |
| Capital expenditures | $85.3M | $70.2M | $15.1M | +21% |
Questions
How much did Dutch Bros's revenue grow year over year in Q3 2026?
Dutch Bros's revenue rose $126M (+30%) from $424M in Q3 2025 to $550M in Q3 2026.
What drove Dutch Bros's revenue change in Q3 2026?
Company-operated shops +$122M (+31%); Franchising and other +$4.1M (+13%).