Dutch Bros Inc. (BROS) SEC Filings & Earnings Calls

Minimum wage increases

“We expect pressures from minimum wage increases to continue to affect our operating results in the foreseeable future.” · word for word

Input cost inflation (coffee, food)

“As a percentage of company-operated shops revenues, beverage, food and packaging costs increased by 80 basis points” · word for word

Consumer discretionary spending sensitivity

“As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in macroeconomic conditions.” · word for word

Regulatory risk from food additives and GLP-1 drugs

“Government regulation and customer consumption habits may impact our business as a result of changes in attitudes regarding diet and health (including use of weight-loss or appetite-suppressing drugs such as those commonly known as GLP-1s)” · word for word

Acquisition integration risk for Salad and Go locations; subject to approvals.

“closing is expected to occur in the third quarter of 2026 and is subject to applicable approvals and other customary closing conditions” · word for word

Coffee cost inflation

“beverage, food and packaging costs increased by 120 basis points. This was primarily due to an increase in coffee costs” · word for word

Minimum wage pressure

“We expect pressures from minimum wage increases to continue to affect our operating results in the foreseeable future.” · word for word

Macroeconomic uncertainty on consumer spending

“As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in macroeconomic conditions.” · word for word

Controlled Company Governance Risk

“As of March 20, 2026, our Co-Founder beneficially owned approximately 73.1% of the combined voting power of our issued and outstanding Common Stock. As a result, we are a 'controlled company' within the meaning of the NYSE corporate governance standards.” · word for word

Coffee commodity cost inflation

“The price of coffee increased significantly during 2024 and further increased during the year ended December 31, 2025, and we expect it may remain elevated or continue increasing during 2026.” · word for word

Consumer discretionary spending pressure

“Our financial results could be adversely affected by a shift in consumer spending away from outside-the-home beverages, decreases in general discretionary consumer spending (including due to higher gas prices, inflation or lack of consumer confidence).” · word for word

Supply chain disruption

“We have experienced disruptions in our supply chain for certain products including cups, canning supplies, lids, espresso machines and restaurant equipment parts, and certain building materials and supplies.” · word for word

Elevated coffee costs expected to persist in 2026, partially offset by SG&A leverage.

“Adjusted EBITDA guidance includes the continued impact of elevated coffee costs, partially offset by leverage on Adjusted SG&A.”

Tariff cost pressure on coffee and goods

“Current or future tariffs or other restrictive trade measures may significantly raise the costs of our imported green coffee beans and other goods, which may adversely impact our product offerings, operational expenses, and construction costs.” · word for word

Health/regulatory risk from menu labeling and additives

“Legislation and regulations requiring the display and provision of nutritional information for our menu offerings, and new information, attitudes, or regulations regarding additives, diet and health or adverse opinions about the health effects of consuming our menu offerings, could affect consumer preferences and negatively impact our business, financial con” · word for word

Margin pressure from pre-opening costs and investments in new shops.

“Company-operated shops contribution margin decreased 170 bps to 27.8% due to pre-opening costs.”

Execution risk in opening 160+ new shops annually.

“Targeting 160 new shops in 2025 and ~175 in 2026.”