Dutch Bros Perks Up 2025 Forecast After Robust Q2, Moves HQ to Tempe

TEMPE, Ariz., (August 12, 2025) — Dutch Bros Inc. (NYSE: BROS), one of the fastest-growing brands in the U.S. quick-service beverage industry, reported robust second quarter results, raised its full-year guidance, and detailed progress on key strategic initiatives, including its headquarters relocation to Arizona and the expansion of its food program.

For the quarter ended June 30, 2025, the company generated revenue of $415.8 million, a 28 percent increase from $324.9 million in the same period last year. Same-store sales grew 6.1 percent systemwide, with company-operated stores reporting a 7.8 percent gain. Revenue from company-operated shops totaled $380.5 million, up 28.9 percent from $295.3 million a year earlier. Gross profit reached $92.6 million, with gross margin improving to 24.3 percent, up 60 basis points, and contribution margin rising to 31.1 percent. Selling, general, and administrative expenses were $65.4 million, or 15.7 percent of revenue, while adjusted SG&A came in at $58.7 million, or 14.1 percent of revenue.

Net income climbed to $38.4 million from $22.2 million in the second quarter of 2024. Adjusted EBITDA rose 36.6 percent year-over-year to $89 million, and adjusted earnings per share reached $0.26, compared to $0.19 a year earlier and well above analyst expectations. Dutch Bros expanded its footprint during the quarter by opening 31 new shops across 13 states, including 30 company-operated locations.

Based on this performance, the company has raised its 2025 full-year guidance. Total revenue is now expected to range between $1.59 billion and $1.60 billion, up from the prior forecast of $1.56 billion to $1.58 billion. Same-store sales growth is projected at approximately 4.5 percent, and adjusted EBITDA is anticipated between $285 million and $290 million. Dutch Bros continues to expect at least 160 new shop openings this year, with capital expenditures remaining in the range of $240 million to $260 million.

“Our business continues to fire on all cylinders, guided by a focused strategy, strong execution, and our amazing people,” said CEO Christine Barone. “The momentum in our business remains strong, and our second quarter results were outstanding across multiple fronts. Based on these results and our strengthened conviction in our full-year performance, I am pleased to announce that we are raising our full-year guidance for total revenues, same-shop sales growth, and adjusted EBITDA.”

A significant milestone in the quarter was the announcement of Dutch Bros’ headquarters move from Grants Pass, Oregon to Tempe, Arizona. The company has leased an entire building in Tempe and expects to move approximately 40 percent of its corporate roles to the Valley. Relocation expenditures in Q2 totaled $8.5 million, with total costs for the move projected at $41 million.

Dutch Bros also advanced its food program initiative, which began in Arizona and has now expanded to 64 company-operated shops in select markets across Kansas, Missouri, and Oklahoma. The menu includes both sweet and savory items aimed at boosting morning traffic. Barone noted that early results indicate incremental growth from the expanded food offering, and testing will continue through 2025. Expanding the program will require the installation of kitchen equipment in stores. In addition, the company plans to roll out packaged coffee and other branded retail products in markets where it has a strong store concentration, such as Arizona.

Founded in 1992 in Grants Pass, Dutch Bros has grown into a high-volume drive-thru beverage chain recognized for speed, service, and quality. As of June 30, 2025, the company operated 1,043 locations across 19 states. A conference call and webcast hosted by Barone and CFO Joshua Guenser was held on August 6 to review the results. The replay and presentation are available on the company’s investor relations website.