Dutch Bros — Nov 5, 2025 release

The third quarter marks our fifth consecutive quarter of positive transaction growth, elevating Dutch Bros to a category of its own. New shop productivity remains elevated, systemwide AUVs are at record highs, and the strong system same shop sales performance through October continues to build the confidence we have in our trajectory of 2,029 shops in 2029.” Barone concluded, “Based on our results through the third quarter and the strength that has continued through October, we are raising our full-year guidance for total revenues and same shop sales growth, reflecting the confidence we have in the long-term durability of our model and the effectiveness of our transaction driving initiatives.” Third Quarter 2025 Highlights • Opened 38 new shops, 34 of which were company-operated, across 17 states. • Total revenues grew 25.2% to $423.6 million as compared to $338.2 million in the same period of 2024. • Systemwide same shop sales 1 increased 5.7% and systemwide same shop transactions increased 4.7% relative to the same period in 2024. Company-operated same shop sales 1 increased 7.4% and company-operated same shop transactions increased 6.8% relative to the same period of 2024. • Company-operated shops revenues increased 27.4% to $392.8 million as compared to $308.3 million in the same period of 2024. • Company-operated shops gross profit was $82.4 million as compared to $68.4 million in the same period of 2024. In the third quarter of 2025, company-operated shops gross margin, which includes 180 bps of pre-opening costs, was