Coffee Prices Are High. Why Ground Coffee Is Holding Up Better Than K-Cups.
Raw coffee costs have eased from last year's highs, but remain historically elevated.

Dutch Bros Inc., in collaboration with its subsidiaries, operates and licenses drive-thru establishments throughout the United States. The company's business model is ...
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Est. EPS $0.24 · Revenue $548.84M · 10 analysts
Est. EPS $0.24 · Revenue $570.08M · 9 analysts
Est. EPS $0.96 · Revenue $2.13B · 10 analysts
Est. EPS $0.23 · Revenue $588.45M · 6 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $1.6B | +27.9% | +18.6% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $79.8M | +126.5% | +132.4% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +25.9% | -2.5% | +20.1% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +9.8% | +18.8% | +65.3% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +4.9% | +77.1% | +95.9% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $54.4M | +120.3% | +44.0% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +3.3% | +72.3% | +21.4% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 160.0% | -8.8% | -9.2% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 1.49x | -15.7% | +1.2% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $3.0B | +20.3% | +8.7% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | 0.63 vs 0.69 | -8.5% | 0.28 vs 0.24 | +17.4% |
| Revenue Surprise | $1.6B vs $1.6B | +1.2% | $550.9M vs $548.8M | +0.4% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Gillett Stephen | director | Class A Common Stock | A | 775 | — |
| Aug 20, 2026 | Gillett Stephen | director | Restricted Stock Units | D | 775 | — |
| Aug 20, 2026 | Hart Gerard Johan | director | Class A Common Stock | A | 775 | — |
| Aug 20, 2026 | Hart Gerard Johan | director | Restricted Stock Units | D | 775 | — |
| Aug 20, 2026 | MARCHISOTTO KORY | director | Class A Common Stock | A | 775 | — |
Operator: Thank you for standing by and welcome to the Dutch Bros Inc. Second Quarter 26 Earnings Conference Call and Webcast. This conference call and webcast is being recorded today, 08/05/2026 at 5PM Eastern Time and will be available for replay shortly after it has concluded. Following the company's presentation, we will open the lines for questions and instructions to queue up will be provided at that time. I would now like to turn the call over to Neil Patel Dutch Bros. Director, Investor Relations. Please go ahead. Neil Patel: Good afternoon. I am joined by Christine Barone, CEO and president and Joshua Guenser, CFO. We issued our earnings press release for the quarter ended 06/30/2026 after the market closed today. The earnings press release along with a supplemental information deck have been posted to our Investor Relations website at investors.dutchpros.com. Please be aware that all statements in our prepared remarks and in response to your questions other than those of historical fact are forward looking statements and are subject to risks, uncertainties and assumptions that may cause actual results to differ materially. They are qualified by the cautionary statements in our earnings press release and the risk factors in our latest SEC filings. Including our most recent annual report on Form 10 ks And quarterly report on Form 10 Q. We assume no obligation to update any forward looking statements. We will also reference non GAAP financial measures on today's call. As a reminder, non GAAP measures are neither substitutes for nor superior to measures that are prepared under GAAP. Please review the reconciliation of non GAAP measures to compare GAAP results in our earnings press release. During the question and answer portion of today's call, please limit yourself to 1 question and avoid multipart questions that we can accommodate as many participants as possible. With that, I would like to turn the call over to Christine. Christine Barone: Thank you, Neil, and good afternoon, everyone. Dutch Bros continues to be powered by a differentiated people led culture expanding customer occasions, and a real estate development engine that is unlocking new growth opportunities across the country. The success of our strategy was evident in Q2 as we delivered our 8th consecutive quarter of transaction growth. And again delivered strong comp sales that have compounded year over year. Durable growth built on an already strong base. In fact, Q2 marked our 13th straight quarter of positive comp sales, This performance is the product of years of foundational investment. Not 1 lever, but a full playbook we have built deliberately, and are executing with intention. This gives us incredible confidence in our ability to continue growing the business for the long term. Based on our performance so far this year, and the recent acquisition of 1 of our Phoenix franchisees, we are raising our full year guidance. Turning to our Q2 results, Total revenues increased …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Christine Barone | Chief Executive Officer, President & Director | USD 2,737,006 | Female | 1974 | Active |
Travis Boersma | Co-Founder & Executive Chairman of the Board | USD 1,800,385 | Male | 1972 | Active |
Joshua Guenser | Chief Financial Officer | USD 1,392,702 | Male | 1979 | Active |
Tana Davila | Chief Marketing Officer | USD 1,172,492 | Female | 1983 | Active |
Victoria J. Tullett | Chief Legal Officer & Company Secretary | USD 916,785 | Female | 1968 | Active |
Venki Krishnababu | Chief Technology & Information Officer | — | Male | — | Active |
Andrew Conway | Senior Vice President of Operations Systems and Standard | — | — | 1981 | Active |
Brian Cahoe | Chief Development Officer | — | Male | — | Active |
Nicholas Daddario | Chief Accounting Officer | — | Male | 1970 | Active |
Neil Patel | Senior Manager of Investor Relations | — | — | — | Active |
Raw coffee costs have eased from last year's highs, but remain historically elevated.

Dutch Bros' 22% monthly decline likely reflects margin and expansion concerns. Yet transaction growth, digital engagement and new-market strength support its outlook.

Coffee prices surge to six-month highs on supply concerns from Brazil and Colombia, with Super El Niño posing further upside risk into 2026–2027. Starbucks (SBUX) launches Pumpkin Spice Latte season amid intensified competition from Dutch Bros (BROS), First Watch (FWRG), Dunkin, Krispy Kreme (DNUT), and Panera.

BROS raises its 2026 outlook after strong Q2 growth, with traffic and expansion supporting sales while rising costs remain a key risk.

BROS' strong growth and transaction gains support its outlook, but a rich valuation and rising costs leave less room for execution errors.
