Dutch Bros, the drive-thru coffee chain based in Tempe, wrapped up 2025 with its strongest financial performance yet, reporting about $1.64 billion in revenue and $117.3 million in net income. The company said it opened 154 new shops last year and is planning an even larger expansion in 2026 with at least 181 more locations.
Record Year By The Numbers
According to Nasdaq, total revenues grew 27.9% from 2024 to $1.64 billion, while adjusted EBITDA rose to about $302.6 million for 2025. Systemwide same-shop sales increased 5.6%, and Dutch Bros ended the year with 1,136 shops after adding 154 locations across 22 states.
2026 Buildout: More Shops, Bigger Targets
Management told investors it expects to pick up the pace in 2026, projecting at least 181 new shops and a revenue target near $2 billion. That growth story spilled over into local headlines when KTAR News 92.3 FM spotlighted Dutch Bros' record year and its aggressive outlook for the year ahead.
Tempe Hub Becomes Home Base
Arizona sits at the center of the company’s expansion strategy. Dutch Bros has been building out a corporate presence in the Phoenix area and leased office space at Tempe's Liberty Center to serve as a training and operations hub. Hoodline previously dug into the new Tempe corporate hub and the plan to station a significant share of support staff in the Valley.
What The Guidance Signals To Investors
Dutch Bros told investors it expects 2026 revenue of about $2.0$2.03 billion, adjusted EBITDA of $355$365 million and capital spending of $270$290 million while continuing to open new shops. The company also flagged initiatives, from a widening food program to conversions of acquired shops, that management says will help sustain unit economics as the chain scales, per Nasdaq.
Racing Growth, Rising Coffee Costs
Analysts and the earnings call transcript pointed to near-term margin pressure from elevated coffee costs even as average unit volumes hit record levels, so Dutch Bros is trying to balance rapid openings with careful margin management. A conference-call summary from Motley Fool notes AUVs of roughly $2.1 million and highlights the commodity headwinds investors will be tracking into 2026.
