Dutch Bros, Inc. Class A (BROS)

Dutch Bros' stock has been impacted by several events in the past six months. In November 2024, the stock saw a significant jump after the company reported strong third-quarter earnings, surpassing revenue and EBITDA expectations. In the first quarter of 2026, Dutch Bros reported strong financial results, exceeding analysts' expectations for both earnings per share and revenue, with revenue rising 31% year-over-year and same-shop sales growing 8.3%. The company also raised its full-year guidance for revenues, sales, earnings, and expected store openings following the strong Q1 performance. A notable strategic move was the acquisition of Clutch Coffee Bar in January 2026, with plans to renovate and reopen these locations under the Dutch Bros brand.

Dutch Bros' business experiences seasonal fluctuations, with higher nominal system sales typically occurring in the summer months. This seasonality impacts the company's revenue and shop gross profit margins, particularly in its second and third fiscal quarters. The company also leverages seasonal offerings and a high level of customization in its menu to drive consistent demand throughout the year. Over 80% of the company's products sold are cold drinks, which may contribute to higher sales during warmer periods.

Dutch Bros Inc. is a publicly traded drive-thru coffee chain in the United States, focusing on hand-crafted beverages within the Consumer Cyclical sector. The company's revenue is primarily generated from company-operated shops and includes a diverse product lineup of coffee, energy drinks, teas, lemonades and smoothies.

As of March 31, 2026, Dutch Bros operates 1,177 systemwide shops across 25 states in the United States, with 844 company-operated and 333 franchised locations. The company has a strong presence primarily in the Western United States but has expanded eastward to states like Florida. Key states with a high concentration of Dutch Bros locations include California (239), Texas (228), and Oregon (157). Dutch Bros has aggressive expansion plans, aiming to open approximately 181 stores in 2026 and targeting 2,029 stores by 2029, with a long-term goal of 4,000 coffee shops in the next 10-15 years.

Dutch Bros has seen its brand reputation strengthen considerably in the past year. The company's unaided brand awareness has more than doubled in the last 18 months, driven by community events, paid advertising, and social media engagement. The Dutch Rewards loyalty program is a core traffic engine, with rewards members accounting for 74% of all transactions. The company is also recognized as a desirable employer, receiving over 780,000 applications for just 19,000 shop roles in 2025.

Dutch Bros Inc. has a mixed ownership structure, with a significant portion held by institutional investors including The Vanguard Group, Inc., BlackRock, Inc., FMR LLC, T. Rowe Price Group, Inc., and Baillie Gifford & Co. Co-founder Travis Boersma retains a substantial economic interest and holds approximately 74% of the voting power through a multi-class share structure.