Dutch Bros(US:BROS)2026-02-12 21:06Financial Performance - Fourth quarter 2025 total revenues increased by 29.4% to $443.6 million compared to $342.8 million in the same period of 2024[6] - Net income for the fourth quarter was $29.2 million, up from $6.4 million in the same period of 2024[6] - Adjusted EBITDA rose by 48.8% to $72.6 million compared to $48.8 million in the fourth quarter of 2024[6] - For the full year 2025, total revenues reached $1.64 billion, a 27.9% increase from $1.28 billion in 2024[9] - Full year net income was $117.3 million, compared to $66.5 million in 2024[9] - Adjusted EBITDA for the year ended December 31, 2025, was $302,554, up 31.3% from $230,283 in 2024, indicating an 18.5% margin[64] - The company reported a net income before income taxes of $31.1 million for Q4 2025, significantly up from $7.5 million in Q4 2024[21] - Net income for Q4 2025 reached $29,155, a significant increase of 357.5% compared to $6,367 in the prior year[32] - Net income per diluted share for Q4 2025 was $0.17, compared to $0.03 in Q4 2024, reflecting strong earnings growth[66] Operational Growth - The company opened 55 new shops in the fourth quarter and a total of 154 new shops in 2025[6][9] - The company aims to achieve 2,029 shops by 2029, having expanded its footprint into seven contiguous states[5] - The company-operated shop count increased to 811 by the end of 2025, up from 670 at the end of 2024, marking a 20.9% growth[30] - The systemwide shop base grew to 912 from 754 year-over-year, indicating a 20.9% increase[32] - The company-operated shop base expanded to 612 from 473, reflecting a 29.4% growth[32] Revenue and Sales Metrics - System same shop sales grew by 7.7% and company-operated same shop sales increased by 9.7% year-over-year in the fourth quarter[6] - Company-operated shop revenues were $409.6 million, up 30.4% from $314.2 million in the same quarter last year[24] - The total segment contribution increased to $137.6 million, representing a 21.7% growth compared to $113.1 million in Q4 2024[21] - Systemwide same shop sales growth was 7.7% for Q4 2025, compared to 6.9% in Q4 2024[30] - The average unit volume (AUV) for company-operated shops was $2,061 for the year ended December 31, 2025, compared to $1,933 in 2024[30] Cash Flow and Assets - Net cash provided by operating activities for the year ended December 31, 2025, was $295.5 million, compared to $246.4 million in 2024, reflecting a 19.9% increase[26] - Cash and cash equivalents at the end of 2025 were $269.4 million, down from $293.4 million at the end of 2024[28] - Total assets increased to $3.0 billion as of December 31, 2025, compared to $2.5 billion in 2024, reflecting a 20.3% growth[28] Cost Management - Selling, general, and administrative expenses were $73,171, representing 16.5% of revenues, down from 21.1% in the previous year[32] - Total organization realignment and restructuring costs for the year were $8,238, down from $17,876 in 2024, indicating improved operational efficiency[65] Future Guidance - The guidance for 2026 projects total revenues between $2 billion and $2.03 billion, with same shop sales growth estimated at 3% to 5%[9] - Adjusted EBITDA for 2026 is estimated to be between $355 million and $365 million[9] - Future guidance indicates a focus on operational efficiency and strategic growth, with expectations for continued revenue increases[32]