Dutch Bros Inc. is a Tempe, Arizona-headquartered drive-thru specialty beverage company founded in 1992 in Grants Pass, Oregon by the Boersma brothers, now operating 1,225 shops across 25 U.S. states (888 company-operated and 337 franchised) with a "fun-loving, mind-blowing" culture centered on the Dutch Luv® brand ethos and a fully customizable menu anchored by the Dutch Bros Rebel® energy drink, Myst Energy Refresher™, specialty coffee, nitrogen-infused cold brew, tea, lemonade, and soda. For the second quarter ended June 30, 2026, the Company generated total revenues of $550.9 million, up 32.5 percent year-over-year from $415.8 million, with company-operated same shop sales growth of 8.3 percent (transactions up 3.4 percent) and systemwide same shop sales growth of 5.8 percent (transactions up 1.7 percent), marking the thirteenth consecutive quarter of positive same shop sales growth and the eighth consecutive quarter of transaction growth. Net income of $51.6 million was up 34.4 percent from $38.4 million, and Adjusted EBITDA of $113.7 million (20.6 percent margin) was up 27.8 percent from $89.0 million (21.4 percent margin). The Company opened 48 new shops (44 company-operated) in Q2 2026 and entered an agreement to acquire the real estate and site assets of up to 65 Salad and Go™ locations across Arizona, Nevada, Oklahoma, and Texas (closing expected Q3 2026). Full-year 2026 guidance was raised to $2.10-2.13 billion in total revenues, 5-6 percent systemwide same shop sales growth, $385-390 million Adjusted EBITDA, $350-370 million capital expenditures, and at least 185 total system shop openings.
The investment thesis rests on three variables. The same shop sales compounding trajectory is the load-bearing organic variable, with the thirteenth consecutive quarter of positive systemwide same shop sales (5.8 percent in Q2 2026, driven by 1.7 percent transaction growth and 4.1 percent ticket growth) and the company-operated same shop sales at 8.3 percent (3.4 percent transaction, 4.9 percent ticket), and the strategic intent is to sustain the same shop momentum through menu innovation, speed of service, and the people-led culture. The unit growth and AUV expansion trajectory is the load-bearing development variable, with 48 net new shops in Q2 2026 (44 company-operated) bringing the system to 1,225 shops, AUVs climbing to record levels, and the Salad and Go acquisition adding up to 65 incremental real estate sites, and the strategic intent is to convert the real estate pipeline into high-AUV company-operated shops. The Adjusted EBITDA margin trajectory is the load-bearing profitability variable, with Q2 2026 Adjusted EBITDA margin of 20.6 percent (down 80 basis points year-over-year from 21.4 percent) but absolute Adjusted EBITDA up 27.8 percent to $113.7 million, and the strategic intent is to leverage the fixed-cost base as the shop base scales toward the 4,000+ long-term target.