Dutch Bros — Feb 12, 2026 release

We also saw exceptional adjusted EBITDA growth of 49%, which significantly outpaced topline momentum and enabled continued investment in our people and the initiatives driving our growth.” Josh Guenser, Chief Financial Officer of Dutch Bros, concluded, “Our confidence in delivering our goal of 2,029 shops in 2029 has never been higher, as we expanded our footprint into seven contiguous states while delivering record AUVs of $2.1 million in 2025.” Dutch Bros Inc. | Earnings Release | 1 Full Year 2025 Highlights • Opened 154 new shops, 141 of which were company-operated, across 22 states. • Total revenues grew 27.9% to $1.64 billion as compared to $1.28 billion in 2024. • System same shop sales 1 increased 5.6% and systemwide same shop transactions increased 3.2% compared to 2024. Company-operated same shop sales 1 and transactions increased 7.4% and 5.4%, respectively, compared to 2024. • Net income was $117.3 million as compared to $66.5 million in 2024. • Adjusted EBITDA 2 , a non-GAAP financial measure, increased 31.4% to $302.6 million as compared to $230.3 million in 2024. 2026 Guidance • Total revenues are projected to be between approximately $2 billion and $2.03 billion. • Same shop sales 1 growth is estimated to be in the range of 3% to 5%. • Adjusted EBITDA 3 is estimated to be between $355 million and $365 million, which includes the continued impact of elevated coffee costs, partially offset by leverage on Adjusted SG&A. • Capital expenditures are estimated to be between