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Dutch Bros vs Shake Shack: BROS and SHAK compared
Dutch Bros is the larger company: $550M of revenue in its latest quarter (Q3 2026) against $423M for Shake Shack (Q3 2026). Dutch Bros is growing faster (+30% against +15% a year earlier). Dutch Bros is more profitable, with an operating margin of 9.6% against 5.1%.
Where the money goes: BROS and SHAK
Dutch Bros (BROS) · Q3 2026
Dutch Bros, Q3 2026: revenue $550M (+30% year over year), operating margin 9.6%, net earnings $27.2M, operating cash flow $100M. The chart follows the revenue to costs, profit and cash.
Shake Shack (SHAK) · Q3 2026
Shake Shack, Q3 2026: revenue $423M (+15% year over year), operating margin 5.1%, net earnings $16.5M, operating cash flow $70.6M. The chart follows the revenue to costs, profit and cash.
| Dutch Bros (BROS) | Shake Shack (SHAK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $550M | $423M |
| Revenue growth, Y/Y | +30% | +15% |
| Operating margin | 9.6% | 5.1% |
| Net earnings | $27.2M | $16.5M |
| Net margin | 4.9% | 3.9% |
| Operating cash flow | $100M | $70.6M |
| Free cash flow | $14.8M | $13.1M |
| Market value | $4.7B | $3.0B |
| P/E | 50.5× | 63.6× |
| Analysts’ mean target | $62.64 | $81.42 |
Where the revenue comes from
Dutch Bros
- Company-operated shops: $515M (94%)
- Franchising and other: $34.8M (6%)
Shake Shack
- Shack sales: $408M (96%)
- Licensing revenue: $15.2M (4%)
Questions
Which is bigger, Dutch Bros or Shake Shack?
Dutch Bros is the larger company: $550M of revenue in its latest quarter (Q3 2026) against $423M for Shake Shack (Q3 2026).
Is Dutch Bros or Shake Shack growing faster?
Dutch Bros is growing faster (+30% against +15% a year earlier).
Which is more profitable, Dutch Bros or Shake Shack?
Dutch Bros is more profitable, with an operating margin of 9.6% against 5.1%.
More: Dutch Bros earnings · how Dutch Bros makes money · Shake Shack earnings · how Shake Shack makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.