Coffee chain Dutch Bros (NYSE: BROS) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 32.5% year on year to $550.9 million. The company’s full-year revenue guidance of $2.12 billion at the midpoint came in 1.5% above analysts’ estimates. Its GAAP profit of $0.28 per share was in line with analysts’ consensus estimates.
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Dutch Bros (BROS) Q2 CY2026 Highlights:
- Revenue: $550.9 million vs analyst estimates of $526.3 million (32.5% year-on-year growth, 4.7% beat)
- EPS (GAAP): $0.28 vs analyst estimates of $0.28 (in line)
- Adjusted EBITDA: $113.7 million vs analyst estimates of $106.1 million (20.6% margin, 7.1% beat)
- The company lifted its revenue guidance for the full year to $2.12 billion at the midpoint from $2.07 billion, a 2.4% increase
- EBITDA guidance for the full year is $387.5 million at the midpoint, above analyst estimates of $378.3 million
- Operating Margin: 12.8%, in line with the same quarter last year
- Locations: 1,225 at quarter end, up from 1,043 in the same quarter last year
- Same-Store Sales rose 5.8% year on year, in line with the same quarter last year
- Market Capitalization: $8.8 billion
Company Overview
Started in 1992 by two brothers as a single pushcart, Dutch Bros (NYSE: BROS) is a dynamic coffee chain that’s captured the hearts of coffee enthusiasts across the United States.
Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.
With $1.88 billion in revenue over the past 12 months, Dutch Bros is a mid-sized restaurant chain, which sometimes brings disadvantages compared to larger competitors benefiting from better brand awareness and economies of scale. On the bright side, it can still flex high growth rates because it’s working from a smaller revenue base.
As you can see below, Dutch Bros grew its sales at an incredible 36.9% compounded annual growth rate over the last seven years as it opened new restaurants and increased sales at existing, established dining locations.
This quarter, Dutch Bros reported wonderful year-on-year revenue growth of 32.5%, and its $550.9 million of revenue exceeded Wall Street’s estimates by 4.7%.
Looking ahead, sell-side analysts expect revenue to grow 23.6% over the next 12 months, a deceleration versus the last seven years. Still, this projection is admirable and indicates the market is forecasting success for its menu offerings.
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Restaurant Performance
Number of Restaurants
The number of dining locations a restaurant chain operates is a critical driver of how quickly company-level sales can grow.
Dutch Bros sported 1,225 locations in the latest quarter. Over the last two years, it has opened new restaurants at a rapid clip by averaging 16.4% annual growth, among the fastest in the restaurant sector. This gives it a chance to become a large, scaled business over time.
When a chain opens new restaurants, it usually means it’s investing for growth because there’s healthy demand for its meals and there are markets where its concepts have few or no locations.
Same-Store Sales
The change in a company’s restaurant base only tells one side of the story. The other is the performance of its existing locations, which informs management teams whether they should expand or downsize their physical footprints. Same-store sales gives us insight into this topic because it measures organic growth at restaurants open for at least a year.
Dutch Bros has been one of the most successful restaurant chains over the last two years thanks to skyrocketing demand within its existing dining locations. On average, the company has posted exceptional year-on-year same-store sales growth of 6%. This performance along with its meaningful buildout of new restaurants suggests it’s playing some aggressive offense.
In the latest quarter, Dutch Bros’s same-store sales rose 5.8% year on year. This performance was more or less in line with its historical levels.
Key Takeaways from Dutch Bros’s Q2 Results
We were impressed by how significantly Dutch Bros blew past analysts’ revenue expectations this quarter. We were also glad its EBITDA outperformed Wall Street’s estimates. Zooming out, we think this was a solid print. The market seemed to be hoping for more, and the stock traded down 7.8% to $59.26 immediately after reporting.
So should you invest in Dutch Bros right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
