Dutch Bros Inc. reported second-quarter 2026 revenue from company-operated locations of $510 million, up 34% year over year, while company-operated shop contribution rose 32% to nearly $156 million. Company-operated shop contribution margin came in at 30.6%, or approximately 31%, down 50 basis points from 31.1% a year ago, as beverage, food and packaging expenses climbed to 26.1% of company-operated shop revenues, up 80 basis points, on higher coffee costs and the food rollout. Management expects coffee inflation to remain a headwind in the second half, with its 2026 outlook incorporating about 60 basis points of COGS pressure, while the shift toward build-to-suit leases is expected to add roughly 50 basis points of occupancy pressure. Those drags were partly offset by labor costs falling 120 basis points as a percentage of company-operated shop revenues on sales leverage and adjusted SG&A dropping to 13.2% of revenues, generating 90 basis points of leverage, with management now expecting roughly 90 basis points of adjusted SG&A leverage for the full year. Company-operated same-shop sales increased 8.3% in the second quarter on 3.4% transaction growth, and the midpoint of the $385-$390 million adjusted EBITDA guidance incorporates roughly 20 basis points of year-over-year margin compression from higher coffee and occupancy costs, partly offset by SG&A leverage.
Dutch Bros IncQ2 revenue up 34% and same-shop sales up 8.3%, but coffee-cost inflation squeezed shop margin to ~31% and guidance embeds ~60bp COGS pressure.
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