Dutch Bros shares slip after Q2 beat and raised outlook fail to satisfy investors

Dutch Bros reported second-quarter results ahead of Wall Street estimates and raised its full-year revenue and adjusted EBITDA guidance, yet the shares declined as investors focused on moderating growth expectations and the stock's rich valuation. The Oregon-based drive-thru coffee chain posted revenue of $550.9 million for the quarter ended June 2026, up 32.5% from a year earlier and above the $526.3 million analyst consensus, while GAAP earnings per share were $0.28, matching expectations. Adjusted EBITDA reached $113.7 million, beating the $106.1 million forecast and producing a 20.6% margin. Management increased its full-year revenue forecast to about $2.12 billion at the midpoint from $2.07 billion previously, roughly 1.5% above sell-side consensus at the time of the report, and lifted its adjusted EBITDA outlook to around $387.5 million from levels above analysts' $378.3 million estimate. Same-store sales rose 5.8%, unchanged from the year-ago pace, suggesting steady demand at existing locations even as Dutch Bros rapidly expands its footprint. The chain ended the quarter with 1,225 shops, up from 1,043 a year earlier, after reaching 1,177 units across 25 states by March 31, 2026. Investors appeared to take a more cautious view as revenue growth is projected at about 23.6% over the next 12 months, below the 36.9% compounded annual growth rate of the past seven years, leaving little room for disappointment for a company valued at about $8.8 billion before the results.