Dutch Bros Inc. lowered its 2026 adjusted EBITDA forecast even as third-quarter revenue rose 29.8%, and shares of the U.S. drive-through beverage chain fell 21.4% Thursday.
The stock closed at $34.57, down from $43.99 Wednesday, according to LSEG data displayed on Dutch Bros’ investor site.
Third-quarter revenue reached $549.8 million, up from a year earlier. Net income increased to $37.2 million from $27.3 million. The higher quarterly figures came alongside a reduction in the company’s full-year adjusted EBITDA target, a non-GAAP earnings measure.
Dutch Bros now expects about $380 million in adjusted EBITDA for 2026. In August, it had projected $385 million to $390 million. The new figure is $5 million below the low end of that earlier range.
The company’s latest forecast calls for at least $2.1 billion in annual revenue and at least 5% growth in systemwide same-shop sales. Its August outlook had projected revenue of $2.1 billion to $2.13 billion and same-shop sales growth of 5% to 6%.
Dutch Bros said it plans to open about 250 system shops in 2027.
