Arizona-based drive-through cafe chain Dutch Bros. Coffee reported a 29% spike in year-over-year revenue in Q4 2025, while full-year sales soared north of $1.6 billion across the company’s 1,136 locations in 25 states.
“Dutch Bros not only delivered a record-breaking year, but reinforced our well-defined path of sustainable, profitable growth,” said Christine Barone, Dutch Bros. CEO and President. “This continued growth is a powerful testament to our culture, proving that the playbook of authentic human connection, industry-leading innovation, and incredible depth in field leadership is the ultimate engine for scaling this business.”
Adjusted EBITDA was up by nearly 50% to $72.6 million in Q4 and $302 million for the year.
The company has been around for nearly two decades, but rapid growth over recent years has positioned Dutch Bros. as a rising alternative to fast-service coffee giants like Starbucks and Dunkin’. Its success has come against stronger interest in beverage-focused QSRs, from “dirty soda” shops like Swig to extensions like Chick-fil-a’s Daybreak and upgraded drink programs from McDonald’s.
The chain opened 154 new locations in 2025 (141 of which are company-operated), breaking into seven new states in the process. It remains on track to nearly double its current store count, targeting a total of 2,029 stores by 2029.
Systemwide, same-shop sales grew 5.6% in the full-year 2025, with transaction growth up 3.2%. That figure was 7.4% and 5.4%, respectively, for company-operated stores.
Management has backed up that ambition by noting record average unit volume (AUV) of $2.1 million; compare that, the company noted, to Starbucks’ AUV of $1.8 million in 2024. Dutch Bros. is expecting store count to rise a further 16% this year (at least 181 system shop openings), some of which will be converted former Clutch Coffee Bar locations after the North Carolina-based chain was acquired by Dutch Bros. in January.
Beyond building more shops, Dutch Bros. is looking to retail CPG as the next plank in its multi-channel platform. As previously reported, the brand is collaborating with Trilliant Nutrition on a multi-format family of packaged and RTD coffee products, including bottled versions of some of its most popular signature drinks. Meanwhile, the chain is expected to fully integrate this year a new food program piloted in 2025. The program has already contributed to higher-ring transactions, the company said.
But innovation may also lead to unexpected places: after a walk-up window in downtown Los Angeles became the company’s best-performing location shortly after opening in November, the company hinted that more such venues could be on the way, specifically in dense urban areas that aren’t ideal for drive-through service. The L.A. window has over-indexed on online ordering by nearly three times compared to regular locations.
Dutch Bros. is projecting total revenue of $2 billion to $2.03 billion in 2026, with same-shop growth of 3% to 5%.