10-Q · May 6, 2026
Dutch Bros Inc. posted a strong Q1 2026 performance with revenue of $464.4 million, surpassing market expectations by 3.4%, and achieving an EPS of $0.16, exceeding estimates by 6.67%. The company continues to expand…
Earnings analysis · 10-Q
BROS earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Dutch Bros delivered $549.839 million of revenue and $0.25 of EPS, with revenue approximately 29.7% above 2025 Q3 and EPS ahead of the $0.24 consensus estimate. Revenue was broadly stable sequentially versus $551…
Read full summary
Dutch Bros delivered $549.839 million of revenue and $0.25 of EPS, with revenue approximately 29.7% above 2025 Q3 and EPS ahead of the $0.24 consensus estimate. Revenue was broadly stable sequentially versus $551 million in 2026 Q2, while current-quarter gross margin, operating margin, free cash flow, and segment results were not included in the supplied filing extract. The principal risks are labor and commodity inflation, $195.3 million of disclosed debt exposure, and newly emphasized food-ingredient and acquisition-related risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.25
What stood out
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Revenue Growth Remained Strong
Revenue was $549.839 million, up approximately 29.7% from $424 million in 2025 Q3, although slightly below $551 million in 2026 Q2.
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EPS Beat Estimates
Actual EPS was $0.25 versus the $0.24 consensus estimate, a $0.01 beat, but below $0.28 in the immediately preceding quarter and above $0.14 in 2025 Q3.
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Large Operating Workforce
Management reported approximately 28,000 hourly workers as of September 30, 2026, providing significant operating scale but also exposure to wage inflation and staffing costs.
What to watch
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Wage Inflation and Labor Costs
Minimum-wage increases in several states are expected to become effective in the fourth quarter of 2026 or later. Dutch Bros employed approximately 28,000 hourly workers as of September 30, 2026, amplifying potential labor-cost pressure.
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Floating-Rate Debt Exposure
The company had $50.0 million of revolving loans and $145.3 million outstanding under its term loan facility. A 1% increase in term-loan interest rates would increase annual interest expense by approximately $2.0 million, excluding swaps.
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Food-Ingredient Regulation
The filing adds expanded exposure to nutrition, food-additive, and health-perception regulation, including an FDA proposed rule in August 2026 concerning GRAS ingredients and ongoing reviews of food chemicals. Failure to secure comparable alternatives could adversely affect results and financial position.
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Acquisition Execution Risk
The filing identifies acquisition and strategic-partnership risks, including possible cash funding, additional debt, dilution, integration costs, and accounting charges. These transactions could divert management and adversely affect results if integration fails.
Management's outlook
The provided 10-Q extract does not include explicit quantitative revenue or EPS guidance. Prior-year guidance information was disclosed in the separate November 4, 2026 earnings release rather than in the supplied 10-Q text.
Earlier filings 4
10-K · February 13, 2026
Dutch Bros positions itself as a high-growth drive-thru-first beverage operator with 1,136 shops (811 company-operated, 325 franchise) as of December 31, 2025, and emphasizes growth via Dutch Rewards, order-ahead, food…
10-Q · May 8, 2025
Dutch Bros reported Q1 revenue of $355,152,000, up 29.1% year-over-year and 3.5% sequentially. Operating income improved to $31,072,000 (8.8% operating margin) while diluted EPS was $0.13; operating cash flow was…
10-Q · May 8, 2024
Dutch Bros reported total revenue of $275,099,000 for the quarter ended March 31, 2024 and GAAP diluted EPS of $0.08 (vs. diluted loss of $(0.07) in Q1 2023). Gross margin expanded to 26.1% and operating income was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.