Every material Form 8-K Dutch Bros has filed with the SEC since August 07, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Dutch Bros said Chief Legal Officer Victoria Tullett will retire in 2027 and move to a Strategic Advisor role effective January 1, 2027, ending her executive officer status. Kira Druyan, formerly Senior Vice President, Deputy General Counsel and Chief Ethics & Compliance Officer at Starbucks, will succeed her as Chief Legal Officer on or about January 1, 2027. The filing describes a planned executive transition and does not include financial results or guidance.
Victoria Tullett notified the company on November 4, 2026, of her decision to retire in 2027.
Tullett becomes Strategic Advisor effective January 1, 2027, and will no longer be an executive officer.
Kira Druyan is appointed Incoming Chief Legal Officer, reporting to CEO Christine Barone, and will assume the role on or about January 1, 2027.
Tullett is eligible for severance under the company's Amended and Restated Severance and Change in Control Plan, as described in the March 31, 2026 proxy statement.
Dutch Bros reported third quarter 2026 results on November 4, 2026, with total revenues up 29.8% to $549.8 million and net income of $37.2 million, compared with $27.3 million a year earlier. The company also updated its 2026 guidance, now projecting at least $2.1 billion in total revenues and approximately $380 million in Adjusted EBITDA, and set a 2027 system shop opening goal of approximately 250.
Q3 2026 total revenues were $549.8 million, up from $423.6 million in Q3 2025.
Diluted earnings per Class A share were $0.20, up from $0.14 in the prior-year quarter.
Adjusted EBITDA was $101.1 million, up 29.6% from $78.0 million; company-operated same shop sales rose 5.4%.
2026 guidance: revenues of at least $2.1 billion, same shop sales growth of at least 5%, Adjusted EBITDA of approximately $380 million, and capital expenditures of $370 million to $390 million.
Dutch Bros reported second-quarter 2026 revenue of $550.9 million, up 32.5% from a year earlier, with net income of $51.6 million, up from $38.4 million. The company raised its full-year 2026 guidance for total revenues, same shop sales growth and Adjusted EBITDA, which excludes the Salad and Go transaction announced the same day. Shareholders also face a separate agreement to acquire real estate and site assets tied to up to 65 Salad and Go locations, with closing expected in the third quarter of 2026.
Q2 2026 total revenues were $550.9 million, up from $415.8 million, and Adjusted EBITDA was $113.7 million, up 27.8% from $89.0 million.
Net income was $51.6 million, compared with $38.4 million in the second quarter of 2025; diluted EPS was $0.28, compared with $0.20.
2026 guidance now calls for total revenues of about $2.1 billion to $2.13 billion, same shop sales growth of 5% to 6%, and Adjusted EBITDA of $385 million to $390 million.
On August 4, 2026, Dutch Bros agreed to acquire real estate and site assets of up to 65 Salad and Go locations in Arizona, Nevada, Oklahoma and Texas; closing is expected in the third quarter of 2026.
Dutch Bros reported first-quarter 2026 results on May 6, 2026, with total revenues up 30.8% to $464.4 million and net income of $23.7 million, compared with $22.5 million a year earlier. The company raised its full-year 2026 guidance for total revenues, same shop sales growth, adjusted EBITDA and shop openings, while capital expenditure guidance was unchanged.
Total revenues grew 30.8% to $464.4 million from $355.2 million in the first quarter of 2025.
Net income was $23.7 million versus $22.5 million; diluted EPS was $0.13 in both periods.
Adjusted EBITDA grew 26.2% to $79.4 million from $62.9 million.
2026 guidance now calls for total revenues of $2.05 billion to $2.08 billion, adjusted EBITDA of $370 million to $380 million, same shop sales growth of 4% to 6%, and at least 185 total shop openings.
Dutch Bros reported fourth-quarter and full-year 2025 results on February 12, 2026. Fourth-quarter revenue grew 29.4% year over year to $443.6 million, and net income rose to $29.2 million from $6.4 million, while the company also issued 2026 guidance of $2 billion to $2.03 billion in total revenue and $355 million to $365 million in Adjusted EBITDA.
Q4 2025 total revenues rose 29.4% to $443.6 million, versus $342.8 million in Q4 2024.
Q4 2025 net income was $29.2 million, versus $6.4 million a year earlier; Adjusted EBITDA rose 48.8% to $72.6 million.
Full-year 2025 revenue was $1.64 billion and net income was $117.3 million.
2026 guidance: total revenues of about $2 billion to $2.03 billion, same shop sales growth of 3% to 5%, and Adjusted EBITDA of $355 million to $365 million, including the continued impact of elevated coffee costs.
Dutch Bros reported third-quarter 2025 results on November 5, 2025, with total revenue up 25.2% to $423.6 million and net income of $27.3 million, compared with $21.7 million a year earlier. The company raised its full-year 2025 total revenue guidance to between $1.61 billion and $1.615 billion, while its Adjusted EBITDA guidance of $285 million to $290 million was unchanged.
Q3 2025 total revenue rose 25.2% to $423.6 million from $338.2 million; diluted EPS was $0.14 versus $0.11
Systemwide same shop sales rose 5.7%, with transactions up 4.7%; the company says the trend continued through October
2025 total revenue guidance raised to $1.61 billion to $1.615 billion; same shop sales growth now expected at about 5%
Company-operated shops gross margin was 21.0%, down 120 basis points year over year
Dutch Bros reported second-quarter 2025 results on August 6, 2025, with total revenues up 28.0% year over year to $415.8 million and net income of $38.4 million, compared with $22.2 million a year earlier. The company also raised its full-year 2025 guidance for total revenues, same shop sales growth and adjusted EBITDA.
Total revenues rose 28.0% to $415.8 million from $324.9 million in Q2 2024.
Diluted net income per share was $0.20, compared with $0.12 a year earlier.
2025 guidance now calls for total revenues of $1.59 billion to $1.60 billion and adjusted EBITDA of $285 million to $290 million.
Same shop sales growth guidance is now approximately 4.5%; the company opened 31 new shops in Q2.
Dutch Bros subsidiaries entered into an amended and restated $650 million senior secured credit facility with JPMorgan Chase Bank, N.A. as administrative agent, effective May 29, 2025, which replaces the 2022 facility. The new facility expires May 29, 2030, and on the effective date the borrowers drew the full $150 million term loan and $50 million in revolving loans. The facility includes leverage and coverage covenants and restrictions on additional debt, liens, acquisitions, and restricted payments, which shareholders may want to track.
Replaces the 2022 Credit Facility, which was repaid and terminated, with a facility expiring May 29, 2030.
Provides up to $650 million in credit: a $500 million revolving facility and a term loan of up to $150 million.
On May 29, 2025, the Loan Parties drew the full $150 million term loan and $50 million in revolving loans.
Quarterly commitment fee of 0.20% to 0.45% on unused revolver capacity; accordion option of up to the greater of $230 million or 80% of EBITDAR.
Dutch Bros said its President of Operations, Sumitro Ghosh, will leave the company effective June 2, 2025, and the role will be eliminated. Ghosh is eligible for severance under the company's existing severance and change in control plan, as described in its March 31, 2025 proxy statement.
Sumitro Ghosh's service as President of Operations concludes effective June 2, 2025.
The company will eliminate the President of Operations role after his departure.
Ghosh is eligible for severance benefits under the Amended and Restated Severance and Change in Control Plan.
Dutch Bros designated Nicholas Daddario as its principal accounting officer, effective May 13, 2025, after he served as Chief Accounting Officer since January 2025. At the May 13 annual meeting, shareholders elected all ten director nominees and ratified KPMG LLP as auditor, and approved executive pay on an advisory basis.
Daddario, age 56, has a base salary of $350,000 and a target annual cash bonus of 45% of base salary
Equity awards include a one-time restricted stock unit grant of $150,000 and an eligible annual grant of $300,000
Ten directors were elected, including Travis Boersma and Christine Barone; KPMG LLP was ratified for fiscal 2025 with 443,279,090 votes for
Approximately 92.8% of voting power was represented at the May 13, 2025 annual meeting
Dutch Bros reported first quarter 2025 total revenues of $355.2 million, up 29.1% from $275.1 million a year earlier, and net income of $22.5 million versus $16.2 million. The company said 2025 total revenues, system same shop sales growth and adjusted EBITDA are trending toward the top half of the ranges it gave last quarter, which points to stronger expected results for shareholders.
Q1 2025 total revenues rose 29.1% to $355.2 million from $275.1 million
Diluted net income per share was $0.13 versus $0.08; adjusted EBITDA grew 19.7% to $62.9 million
Company-operated shops contribution margin was 29.4%, down 40 bps year over year
2025 guidance: total revenues $1.555 billion to $1.575 billion; adjusted EBITDA $265 million to $275 million, now trending toward the top half
Dutch Bros Inc. appointed Kory Marchisotto, Chief Marketing Officer of e.l.f. Beauty, to its Board of Directors effective February 18, 2025, filling a vacancy created when the board expanded to ten members. The board determined she is independent under NYSE rules, and the filing reports no related-party transactions requiring disclosure.
Board increased to ten members on February 13, 2025; Marchisotto appointed effective February 18, 2025, to serve until the 2025 annual meeting
Marchisotto has served as Senior Vice President and Chief Marketing Officer of e.l.f. Beauty since 2019
She will receive director cash retainers and equity grants under the company's Director Compensation Policy, and the company entered its standard indemnification agreement with her
Dutch Bros reported fourth-quarter 2024 revenue of $342.8 million, up 34.9% from a year earlier, and net income of $6.4 million, compared with a net loss of $3.8 million in the same period of 2023. The company also gave initial 2025 guidance of $1.555 billion to $1.575 billion in total revenue and $265 million to $275 million in Adjusted EBITDA, which it says reflects elevated coffee costs.
Q4 2024 total revenues rose 34.9% to $342.8 million; diluted EPS was $0.03 versus $(0.02) a year earlier.
Full-year 2024 revenues were $1.28 billion, up 32.6%, and net income was $66.5 million versus $10.0 million in 2023.
2025 guidance: total revenues of $1.555 billion to $1.575 billion; Adjusted EBITDA of $265 million to $275 million; at least 160 shop openings; same shop sales growth of 2% to 4%.
Dutch Bros subsidiaries notified JPMorgan Chase Bank that they will draw $50 million on the delayed draw term loan on February 4, 2025, to use the funds before that portion expires, with proceeds for general corporate purposes including building new shops. The company also revised CEO Christine Barone's compensation, raising her base salary to $850,000 and setting a target bonus of 110% of salary, which matters to shareholders because it adds debt and changes executive pay.
$50 million draw on the delayed draw term loan, scheduled for February 4, 2025
After the draw, no amounts remain available under the delayed draw term loan; facility matures February 28, 2027
Barone's base salary increased to $850,000, with target bonus of 110% and maximum of 220% of salary, effective January 1, 2025
Annual restricted stock unit award with a value of $3,000,000, with 50% vesting over three years and 50% vesting on the third anniversary subject to performance conditions
Dutch Bros announced it plans to open its 1,000th shop in February 2025, in the Orlando market, and will hold its first Investor Day on March 27, 2025, in Phoenix. The filing contains no financial results, so the announcement gives shareholders milestone and event information rather than new performance data.
The 1,000th shop is expected to open in February 2025 in the Orlando market; the company had 982 locations across 18 states as of December 31, 2024.
Investor Day is set for Thursday, March 27, 2025, from 8:00 a.m. to 2:00 p.m. Pacific Time in Phoenix, AZ, with a webcast available.
CEO Christine Barone and senior leadership are scheduled to present, followed by a question-and-answer session.
The company will also hold a fireside chat at the 27th Annual ICR Conference on Tuesday, January 14, 2025, at 9:00 AM Eastern time.
Dutch Bros reported third-quarter 2024 revenue of $338.2 million, up 27.9% from a year earlier, and net income of $21.7 million, up from $13.4 million. The company raised its 2024 revenue and adjusted EBITDA guidance, but company-operated shop gross margin fell 190 basis points to 22.2%. The filing also amended CEO Christine Barone's severance terms and set a new pay structure for Executive Chairman Travis Boersma.
Q3 2024 total revenues were $338.2 million, up 27.9% from $264.5 million; diluted EPS was $0.11 versus $0.07.
2024 total revenue guidance was raised to $1.255 billion to $1.260 billion, from $1.215 billion to $1.230 billion.
2024 adjusted EBITDA guidance was raised to $215 million to $220 million, from $200 million to $210 million.
Effective January 1, 2025, Boersma's target annual cash bonus is 10% of base salary, with a maximum of 20%; his base salary stays at $1,500,000.
Dutch Bros reported second-quarter 2024 results on August 7, 2024, with total revenue up 30.0% year over year and net income rising to $22.2 million from $9.7 million. The company raised its 2024 revenue and Adjusted EBITDA guidance and lowered its capital expenditure range, which indicates higher expected operating results for shareholders.
Total revenues were $324.9 million, up 30.0% from $249.9 million a year earlier.
Net income was $22.2 million, or $0.12 per diluted share, versus $9.7 million, or $0.05, in Q2 2023.
2024 total revenue guidance was raised to $1.215 billion to $1.230 billion, from $1.20 billion to $1.215 billion.
2024 Adjusted EBITDA guidance was raised to $200 million to $210 million, from $195 million to $205 million.
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