Dutch Bros Inc. Reports 32.6% Revenue Growth to $1.3 Billion for Fiscal Year 2024

Dutch Bros Inc. reported significant financial growth for the fiscal year ending December 31, 2024, achieving total revenues of $1.3 billion, a 32.6% increase from $965.8 million in 2023. The company also recorded a net income of $66.5 million, translating to earnings of $0.34 per diluted share, compared to a net income of $10 million, or $0.03 per diluted share, in the previous year. This performance reflects a strong recovery and expansion strategy, with the company opening 151 new shops, a growth of approximately 18% in its total shop count, which reached 982 locations across 18 states.

The company’s operational metrics showed positive trends, with systemwide average unit volume (AUV) increasing to $2,018, up from $1,973 in 2023. Same-shop sales also improved, with a 5.3% increase across the system and a 6.8% increase in company-operated shops. The Dutch Rewards loyalty program continued to gain traction, accounting for approximately 68% of all transactions, up from 65% in 2023. The introduction of mobile ordering functionality in over 95% of shops is expected to further enhance customer engagement and operational efficiency.

Strategically, Dutch Bros has made significant investments in its infrastructure, including the opening of a second roasting facility in Melissa, Texas, which is anticipated to bolster supply chain resilience. The company also underwent a leadership transition, welcoming new executives in key positions, including the Chief Executive Officer and Chief Financial Officer, which is expected to drive future growth and operational improvements. Additionally, the company has been proactive in addressing rising labor costs due to minimum wage increases in several states, implementing price adjustments and operational efficiencies to mitigate these impacts.

As of December 31, 2024, Dutch Bros employed approximately 26,000 individuals, with 18,000 in company-operated shops. The company’s total liabilities stood at $1.7 billion, with a significant portion attributed to tax receivable agreements (TRAs) amounting to $627.8 million. The company anticipates continued growth, targeting a mid-teens annual new shop growth rate, while also planning to invest between $240 million to $260 million in capital expenditures for 2025, primarily for new shop openings and supply chain enhancements.

Looking ahead, Dutch Bros remains optimistic about its growth trajectory, despite potential macroeconomic challenges such as inflation and changing consumer spending patterns. The company plans to leverage its strong brand, innovative product offerings, and customer loyalty initiatives to sustain its competitive advantage in the quick-service beverage industry.