Dutch Bros delivered another strong quarter of double-digit growth, raising its full-year guidance as it accelerates expansion across the U.S.
The fast-growing drive-thru coffee chain opened 38 new shops in the third quarter, 34 of them company-operated, bringing its total to 1,081 locations across 24 states.
Dutch Bros plans to open around 160 stores this year and 175 more in 2026, with a long-term target of 2,029 shops by 2029.
Revenue rose 25.2% year-on-year to $423.6 million, ahead of analyst estimates of $411.1 million.
Net income climbed to $27.3 million, up from $21.7 million a year earlier, while adjusted earnings per share of $0.19 beat expectations of $0.17.
Company-operated same-store sales increased 7.4%, with transactions up 6.8%. Systemwide, same-store sales rose 5.7% and transactions 4.7%.
“The third quarter marks our fifth consecutive quarter of positive transaction growth, elevating Dutch Bros to a category of its own,” said president and CEO Christine Barone.
“New shop productivity remains elevated, systemwide AUVs are at record highs, and strong same-store performance through October gives us confidence in our path to 2,029 shops by 2029.”
The company is also testing an expanded food menu, now available in about 160 locations, and expects to roll it out chainwide by the end of next year.
Early results show a roughly 4% comparable sales lift in stores offering food, with about a quarter driven by higher transaction volume.
On the back of its strong third-quarter results and continued momentum into October, Dutch Bros raised its full-year revenue outlook to between $1.61 billion and $1.615 billion, with same-store sales growth now expected at around 5%.
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