Dutch Bros (BROS.N): What‘s Brewing for 2026? Expect Solid Print and Guide

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Dutch Bros (BROS.N): What‘s Brewing for 2026? Expect Solid Print and Guide

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22 Jul 2026 17:00:00 ET │ 16 pages

Dutch Bros (BROS.N)

What’s Brewing for 2Q26? Expect Solid Print and Guide

CITI'S TAKE

We’re not expecting much by way of upside surprises with 2Q results but

still believe updates continue backing the thesis that growing brand Buy

awareness and discreet comp drivers can support BROS comp

Price (22 Jul 26 16:00) US$64.94growth/share gains despite competitive activity ramping. We also believe

the competition creep thesis and share overhang can start dissipating once Target price US$85.00

the largest quick-service brand launches energy (likely early Aug). Guidance Expected share price return 30.9%

for ’26 continues to appear conservative, and valuation remains attractive

for the growth (<25x our CY27E EBITDA), meaning room for positive re- Expected dividend yield 0.0%

rating as investor confidence builds that BROS can grow through the Expected total return 30.9%

competitive ramp. Market Cap US$11,342M

Key topics/questions into 2Q26, due 8/5 AMC, call 5PM ET. (1) Impact from

ramping competitive intrusion into specialty beverage and/or energy? Is there a need

to alter new product news and/or LTO cadence? (2) Consumer adoption of food Price Performance

relative to internal expectations (~4% comp lift at stores where offered) and has the

(RIC: BROS.N, BB: BROS US)macro backdrop (e.g., gas prices) influenced uptake? (3) Mix of Myst and has it

worked to draw in new customer or occasions? (4) Shifts in new store cost

expectations given incremental competition for sites appear to be growing from

both smaller regional chains and national brands expanding footprints in smaller

format stores? (5) Contribution from CPG channel to revenue and brand awareness?