Dutch Bros: A Mispriced Coffee Stock with a Mature Growth Playbook

Dutch Bros reported Q3 2025 revenue of $424 million, up 25% YoY, with systemwide same-shop sales rising 5.7% and company-operated comps up 7.4%. The company opened 38 new shops, bringing the system to over 1,080 locations. Profit margins fell from 29.5% to 28%, but overall margins are improving despite higher costs. Dutch Bros aims to grow revenue by 20% annually and push shop-level margins to 30% while investing in stores.