Dutch Bros (BROS) Q3 FY2026 earnings: revenue $550 million, up 29.8% on the year

Dutch Bros Inc. (BROS) reported revenue of $550 million for Q3 FY2026, the quarter ended 30 September 2026, up 29.8% on the same quarter a year earlier. Net income was $27 million, up 55.2% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$550 million

+29.8% on the year · -0.2% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

9.6%

9.8% a year earlier

Q4 FY2024Q3 FY2026

Net income

$27 million

+55.2% on the year · -27.4% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.20

+42.9% on the year · -28.6% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 lowered, 1 new, 1 kept.

Revenue rose 29.8% year over year: Total revenues were $549.8 million, against $423.6 million a year earlier. Income from operations was $52.8 million, against $41.5 million.
Adjusted EBITDA rose 29.6%: Adjusted EBITDA was $101.1 million, 18.4% of revenue, against $78.0 million and the same 18.4% margin. Adjusted net income was $44.1 million, against $33.5 million.
Net income and diluted EPS higher: Net income was $37.2 million, against $27.3 million. Diluted EPS was $0.20, against $0.14. Net income attributable to Dutch Bros Inc. was $27.2 million, against $17.5 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	550	551	424	-0.2%	+29.8%
Cost of revenue	418	400	317	+4.6%	+32.0%
Gross profit	132	151	107	-12.8%	+23.4%
Gross margin	24.0%	27.4%	25.2%
Selling, general and administrative	79.0	80.7	65.3	-2.1%	+20.9%
Operating income	52.8	70.4	41.5	-25.0%	+27.3%
Operating margin	9.6%	12.8%	9.8%
Income tax	8.8	12.6	7.7	-30.2%	+15.0%
Net income	27.2	37.4	17.5	-27.4%	+55.2%
Net margin	4.9%	6.8%	4.1%
Diluted EPS	$0.20	$0.28	$0.14	-28.6%	+42.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	100	112	89.1	-10.8%	+12.3%
Capital expenditure	85.3	72.3	70.2	+18.0%	+21.5%
Free cash flow	14.8	39.9	18.9	-62.9%	-21.7%
Free cash flow margin	2.7%	7.2%	4.5%
Cash from investing	-159	-72.2	-70.2
Cash from financing	-15.3	-34.9	-6.1
Depreciation and amortisation	39.3	35.5	29.1	+10.9%	+35.3%
Share-based compensation	7.0	6.9	4.6	+1.1%	+49.6%
Diluted shares, weighted	138m	135m	127m	+2.5%	+8.5%
Shares outstanding at period end	175m	175m	165m	+0.0%	+6.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	830	798	657	+4.0%	+26.4%
Non-controlling interest	179	177	208	+1.1%	-14.0%
Debt	200	201	202	-0.5%	-1.4%
Operating lease liabilities	664	573	413	+15.9%	+60.6%
Finance lease liabilities	391	395	391	-1.0%	-0.0%
Other liabilities	1,248	1,234	1,051	+1.1%	+18.8%
Total liabilities and equity	3,511	3,377	2,922	+4.0%	+20.2%
Fixed assets	982	905	789	+8.5%	+24.4%
Goodwill	36.7	21.6	21.6	+69.8%	+69.8%
Intangible assets	26.9	1.1	1.8	+2,317.3%	+1,424.2%
Cash and equivalents	195	269	267	-27.6%	-27.2%
Receivables	15.8	18.9	14.3	-16.4%	+10.2%
Inventory	42.0	41.3	45.3	+1.8%	-7.3%
Other assets	2,213	2,120	1,782	+4.4%	+24.2%
Total assets	3,511	3,377	2,922	+4.0%	+20.2%

Questions

What was Dutch Bros' revenue in Q3 FY2026?

Dutch Bros (BROS) reported revenue of $550 million for Q3 FY2026, the quarter ended 30 September 2026, up 29.8% on the same quarter a year earlier.

How much did Dutch Bros earn in Q3 FY2026?

Net income for Q3 FY2026 was $27 million, up 55.2% on the year, and diluted earnings per share $0.20.

When did Dutch Bros report Q3 FY2026 results?

Dutch Bros filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	140	152	186	199	202	197	250	265	254	275	325	338	343	355	416	424	444	464	551	550
Cost of revenue	107	121	141	148	147	152	179	189	195	203	235	248	255	265	296	317	336	357	400	418
Gross profit	33.0	31.0	45.0	50.6	54.4	45.7	71.2	75.2	59.1	71.8	90.3	90.1	88.0	90.0	120	107	107	107	151	132
Gross margin	24%	20%	24%	25%	27%	23%	29%	28%	23%	26%	28%	27%	26%	25%	29%	25%	24%	23%	27%	24%
SG&A	41.8	45.2	42.3	45.4	50.6	46.0	51.7	50.5	56.9	46.2	58.1	57.5	72.2	58.9	65.4	65.3	73.2	73.2	80.7	79.0
Operating income	-8.8	-14.2	2.7	5.2	3.8	-0.2	19.6	24.7	2.2	25.6	32.2	32.5	15.8	31.1	54.7	41.5	34.0	34.3	70.4	52.8
Operating margin	-6%	-9%	1%	3%	2%	-0%	8%	9%	1%	9%	10%	10%	5%	9%	13%	10%	8%	7%	13%	10%
Net income	-50.6	-4.9	-0.9	1.8	-0.7	-3.8	2.8	4.2	-1.4	7.1	11.9	12.6	3.6	15.4	25.6	17.5	21.4	16.1	37.4	27.2
Net margin	-36%	-3%	-0%	1%	-0%	-2%	1%	2%	-1%	3%	4%	4%	1%	4%	6%	4%	5%	3%	7%	5%
Diluted EPS	n/a	-$0.10	-$0.02	$0.03	-$0.01	-$0.07	$0.05	$0.07	-$0.02	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17	$0.13	$0.28	$0.20
Operating cash flow	8.1	-0.8	17.5	26.1	17.1	3.1	42.8	49.1	45.0	41.2	59.5	83.5	62.2	36.9	89.9	89.1	79.6	84.7	112	100
Capital expenditure	44.3	40.0	43.9	50.8	53.2	43.3	59.0	65.4	60.7	57.5	64.4	57.1	42.8	45.6	54.2	70.2	71.2	57.0	72.3	85.3
Free cash flow	-36.3	-40.7	-26.4	-24.7	-36.1	-40.2	-16.3	-16.4	-15.7	-16.3	-4.9	26.4	19.5	-8.7	35.7	18.9	8.5	27.7	39.9	14.8
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	154m	164m	165m	165m	165m	175m	175m	175m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.