Dutch Bros reported third-quarter 2026 revenue of $549.8 million, up 30% year over year, and opened 48 new shops in the quarter. The stock fell more than 18% after the company lowered its full-year profit outlook. Executive Chairman and Co-Founder Travis Boersma sold $267 million in shares during the weeks surrounding the earnings release.
Dutch Bros operates a network of drive-through coffee shops across the western and southern United States through a combination of company-operated locations and licensed shops, rather than a traditional franchise model with a Franchise Disclosure Document.
For the third quarter of 2026, the company reported net income of $37.2 million. Systemwide sales reached $702.2 million, a gain of 21.7% compared to the same period in 2025. The quarter covers the period ended September 30, 2026, with results reported on November 4.
Revenue and Same-Shop Sales Rise Across Company and Licensed Shops
Dutch Bros posted revenues of $549.8 million for Q3 2026, essentially in line with the analyst consensus and representing a 30% year-over-year increase. Adjusted earnings per share of $0.25 exceeded the estimate of $0.24. Same-shop sales growth reached 5.4% at company-operated locations and 4.4% across the full system.
During the quarter, Dutch Bros opened 48 new shops, 42 of which were company-operated, extending a pace of unit growth that has taken the brand from a regional Oregon chain to a network of more than 1,000 locations spread across more than 20 states, with its heaviest concentration in the western and southwestern United States.
Co-Founder Sold $267 Million in Shares in the Weeks Around the Q3 Release
Between October 20 and November 4, 2026, Travis Boersma, Executive Chairman and Co-Founder of Dutch Bros, sold shares totaling approximately $267 million, according to SEC filings. One disclosed transaction involved 962,828 shares sold at an average price of $44.55 per share for approximately $42.9 million, a transaction that reduced his ownership stake by roughly 34%.
A separate sale of 393,768 shares was recorded on November 3. Insider sales of this scale, particularly in close proximity to a quarterly earnings release, draw attention from investors and financial analysts. Transactions made under a pre-scheduled Rule 10b5-1 trading plan are established in advance and disclosed publicly through SEC filings; Dutch Bros had not provided additional comment on the sales as of this writing.
Lowered Full-Year Profit Guidance Outweighs the Q3 Beat for Investors
Despite the quarterly beats on revenue and adjusted earnings per share, Dutch Bros revised its full-year 2026 profit outlook downward. The guidance reduction drove the after-hours stock decline of more than 18%, as investors weighed the company’s near-term profitability trajectory against its continued unit expansion.
The tension between rapid shop openings, rising labor and input costs, and margin improvement is a pattern that has emerged across a number of QSR operators in 2026. Dutch Bros has opened hundreds of locations over the past three years, and the cost structure associated with that growth has been a recurring focus in its earnings discussions. The company had not issued a revised full-year revenue forecast as of the date of publication.
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