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- **Revenue surge**: 25% YoY growth, 4.7% transaction growth, 7.4% company-operated same-shop sales.
- **Food program lift**: 4% comp (25% from transactions), 160 shops with food by Q3.
- **Mobile order momentum**: 13% mix, newer markets at double system average.
- **2026 growth**: 175 new shops, 5% system same-shop sales guidance.
- **Cost headwinds**: Coffee costs elevated, 50bps Q4 labor margin impact.

**【CEO Summary Section】**
- Q3 revenue grew 25% YoY, driven by transaction growth of 4.7% system-wide and 6.8% in company-operated shops.
- 175 new system shops projected for 2026, with pipeline approvals at 30+ sites/month.
- Food program rollout in 160 shops by Q3, contributing 4% comp lift (25% from transactions).
- Mobile order mix reached 13%, with newer markets at double the system average.
- Dutch Rewards program accounts for 72% of transactions, up 5% YoY.

**【CFO Financial Commentary】**
- Q3 revenue: $424M (+25% YoY), adjusted EBITDA: $78M (+22% YoY).
- Full year 2025 guidance: Total revenue $1.61B-$1.615B, system same-shop sales +5%.
- Capital expenditures: $240M-$260M, with 2026 shop openings at 175.
- Coffee costs expected to remain elevated, with 50bps labor margin impact in Q4.

**【Q&A Key Highlights】**
- Food rollout: 4% comp lift (25% from transactions), with 25% of shops unable to support hot food.
- Mobile order: 13% mix, newer markets at double system average.
- Paid advertising: Early-stage, focused on brand awareness and Dutch Rewards on-ramp.
- CPG rollout: 2026 regional launch following shop openings.
- Labor costs: 27.5% of COGS, with 50bps Q4 regulatory headwind.


Dutch Bros Inc. (BROS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BROS

BROS fundamentals

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