Dutch Bros Inc. (BROS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Dutch Bros Inc. (Bros) ha revolucionado la industria del café con su marca electrizante y un modelo de negocio innovador que va mucho más allá de simplemente servir bebidas. Desde sus humildes comienzos en la zona rural de Oregon hasta convertirse en un $ 1 mil millones Compañía que cotiza en bolsa, Dutch Bros ha creado un enfoque único que transforma la experiencia tradicional de la cafetería en un fenómeno de alta energía e impulsado por la comunidad. Su lienzo de modelo de negocio revela un plan estratégico que combina un servicio al cliente apasionado, franquicias estratégicas y una cultura que resuena profundamente con los consumidores jóvenes y dinámicos que buscan algo más que una solución de cafeína.

Dutch Bros Inc. (Bros) - Modelo de negocio: asociaciones clave

Proveedores y tostadores de granos de café

Dutch Bros obtiene granos de café de múltiples proveedores, con asociaciones clave que incluyen:

Proveedor	Volumen anual	Detalles del contrato
Importadores de café de cosecha sostenible	1.2 millones de libras anuales	Contrato de sostenibilidad a largo plazo
Farmer Brothers Company	850,000 libras anuales	Asociación comercial directa

Socios de franquicia y equipos de desarrollo

Detalles de la red de franquicias de Bros holandeses:

• Franquicias totales a partir del cuarto trimestre 2023: 687 ubicaciones
• Tasa de expansión de la franquicia: 15-20% año tras año
• Rango de inversión de franquicias: $ 450,000 - $ 750,000 por unidad

Fabricantes de equipos para máquinas de café

Fabricante	Tipo de equipo	Inversión anual
La Marzocco	Máquinas de espresso	$ 2.3 millones
Nuova Simonelli	Equipo de elaboración de cerveza comercial	$ 1.7 millones

Distribuidores locales de alimentos y bebidas

Las asociaciones de distribución incluyen:

• Alimentos de EE. UU.: Socio de distribución nacional primaria
• Sysco Corporation: Red de distribución secundaria
• Distribuidores regionales en 14 estados occidentales

Tecnología y compañías de desarrollo de aplicaciones móviles

Detalles de la asociación tecnológica:

Pareja	Servicio	Inversión tecnológica anual
Soldar	Plataforma de compromiso de aplicaciones móviles	$ 1.2 millones
Olo	Infraestructura de pedidos digitales	$850,000

Dutch Bros Inc. (Bros) - Modelo de negocio: actividades clave

Producción de café y bebidas

Dutch Bros opera 756 cafeterías de drive-thru a partir del tercer trimestre de 2023. El volumen anual de producción de bebidas alcanzó aproximadamente 129 millones de bebidas en 2022.

Métrica de producción	Datos 2022
Total de bebidas producidas	129 millones
Número de variedades de bebidas	50+ bebidas únicas
Bebidas diarias promedio por ubicación	475 bebidas

Operaciones de servicio y servicio de transmisión

Dutch Bros mantiene 756 ubicaciones en 16 estados, con el 98% de las ubicaciones con servicio de transmisión.

• Tiempo promedio de transacción de transmisión: 90 segundos
• Duración promedio de interacción del cliente: 2-3 minutos
• Horas de servicio pico: 6:00 am - 10:00 am

Gestión de franquicias y expansión

A partir del tercer trimestre de 2023, Dutch Bros opera 756 ubicaciones totales, con 97% propiedad de la compañía y 3% franquiciadas.

Franquicia métrica	2023 datos
Ubicaciones totales	756
Ubicaciones propiedad de la compañía	733
Ubicaciones franquiciadas	23

Marketing de marca y diseño de experiencia al cliente

El gasto de marketing en 2022 totalizaron $ 52.3 millones, lo que representa el 6.8% de los ingresos totales.

• Seguidores de redes sociales: 1.2 millones
• Participantes anuales del programa de fidelización del cliente: 350,000
• Descargas de aplicaciones móviles: 500,000

Capacitación de empleados y desarrollo cultural

Dutch Bros emplea a aproximadamente 5.200 miembros del equipo a partir de 2023.

Métrica de entrenamiento	2023 datos
Total de empleados	5,200
Horas de capacitación anuales por empleado	40 horas
Duración de incorporación de nuevos empleados	2 semanas

Dutch Bros Inc. (Bros) - Modelo de negocio: recursos clave

Formulaciones de mezcla de café y recetas

Dutch Bros mantiene una mezcla de café patentada procedente de importadores de café de cosecha sostenible. Volumen anual de adquisición de café: 4.2 millones de libras en 2022.

Métricas de abastecimiento de café	Datos 2022
Adquisición total de café	4.2 millones de libras
Socio de abastecimiento de café primario	Importadores de café de cosecha sostenible

Cultura de marca fuerte y lealtad del cliente

Métricas de lealtad del cliente a partir de 2023:

• Membresía del programa de lealtad: 1.3 millones de miembros activos
• Frecuencia promedio de visita al cliente: 3.7 veces al mes
• Tasa de retención de clientes: 68%

Fuerza laboral entrenada y enérgica

Métricas de la fuerza laboral	2023 datos
Total de empleados	5,700
Inversión de capacitación anual	$ 2.3 millones
Promedio de la tenencia del empleado	2.4 años

Ubicaciones inmobiliarias estratégicas

Distribución de ubicación a partir del cuarto trimestre 2023:

• Ubicaciones totales de transmisión: 687
• Estados con presencia: 16
• Inversión inmobiliaria anual: $ 42.6 millones

Infraestructura del programa de pedidos digitales y de fidelización

Métricas de plataforma digital	2023 datos
Descargas de aplicaciones móviles	780,000
Porcentaje de pedido digital	37%
Inversión anual de plataforma digital	$ 6.5 millones

Dutch Bros Inc. (Bros) - Modelo de negocio: propuestas de valor

Experiencia de servicio al cliente de alta energía y de alta energía

El tiempo de servicio de Bros holandés promedia 45-60 segundos por transacción del cliente. La compañía emplea a aproximadamente 4,500 empleados en 756 ubicaciones a partir del cuarto trimestre de 2023.

Métrico de servicio	Actuación
Tiempo de transacción promedio	45-60 segundos
Total de empleados	4,500
Ubicaciones totales	756

Ofertas de bebidas únicas y personalizables

Dutch Bros ofrece más de 50 combinaciones únicas de bebidas con perfiles de sabor patentados.

• Bebidas de café especializadas
• Bebidas energéticas
• Batidos
• Bebidas a base de té
• Bebidas de edición limitada de temporada

Marca centrada en la comunidad con cultura de compañía positiva

Dutch Bros donó $ 3.2 millones a organizaciones benéficas locales en 2022, lo que representa el 1.5% de los ingresos anuales.

Modelo de transmisión rápida y conveniente

El 98% de las ubicaciones de Bros holandesas operan exclusivamente a través del servicio de transmisión. Volumen diario promedio del cliente por ubicación: 350-400 clientes.

Métrico de transmisión	Actuación
Ubicaciones con transmisión	98%
Clientes diarios por ubicación	350-400

Bebidas de café especializadas consistentemente de alta calidad

Dutch Bros Fuente de granos de café Arábica Premium, con un presupuesto anual de adquisición de café de aproximadamente $ 12.5 millones.

• Frijoles de café de comercio directo 100%
• Técnicas de tostado patentadas
• Estándares de control de calidad consistentes

Dutch Bros Inc. (Bros) - Modelo de negocios: relaciones con los clientes

Programa de fidelización de aplicaciones móviles

La aplicación móvil Dutch Bros se lanzó en 2021 con 150,000 descargas iniciales. A partir del cuarto trimestre de 2023, la aplicación tiene 750,000 usuarios activos. Los miembros del programa de fidelización reciben:

• Bebida gratis en el cumpleaños
• Puntos por compra
• Recompensas exclusivas

Métrico	Valor
Descargas de aplicaciones	750,000
Usuarios activos mensuales promedio	425,000
Penetración del programa de fidelización	62%

Compromiso de las redes sociales

Métricas de redes sociales de Bros holandeses a partir de enero de 2024:

Plataforma	Seguidores	Tasa de compromiso
Instagram	1.2 millones	4.3%
Tiktok	850,000	6.7%
Facebook	500,000	2.9%

Interacciones personalizadas del cliente

El programa de capacitación de Bros holandeses enfatiza:

• Memorización del nombre del cliente
• Recomendaciones de bebidas personalizadas
• Scripts de interacción individual

Patrocinios de eventos comunitarios

Tipo de evento	Patrocinios anuales	Inversión
Eventos de caridad locales	127	$ 2.3 millones
Deportes juveniles	86	$ 1.5 millones
Recaudación de fondos comunitarios	214	$ 3.7 millones

Personalidad de marca consistente

Métricas de experiencia del cliente:

• Tiempo promedio de interacción con el cliente: 2.5 minutos
• Tasa de satisfacción del cliente: 88%
• Tasa de cliente repetida: 72%

Dutch Bros Inc. (Bros) - Modelo de negocio: canales

Ubicaciones de truco

A partir del cuarto trimestre de 2023, Dutch Bros opera 824 ubicaciones de drive-thru en 16 estados de EE. UU. La compañía planea expandirse a 1.200 ubicaciones para 2025.

Año	Ubicaciones de truco	Estados cubiertos
2022	688	14
2023	824	16

Pedido de aplicaciones móviles

La aplicación móvil Dutch Bros tiene 1,2 millones de usuarios activos a diciembre de 2023. Los pedidos móviles representan el 22% de las transacciones totales.

• Conteo de descarga de la aplicación: 3.4 millones
• Valor promedio de pedido móvil: $ 8.75
• Tasa de participación del programa de fidelización móvil: 67%

Ventanas de servicio

Aproximadamente el 15% de las ubicaciones de los Bros holandeses cuentan con ventanas de servicio, principalmente en áreas urbanas y de tráfico de pies altos.

Plataformas de entrega de terceros

Dutch Bros se asocia con Doordash y Uber Eats. La entrega representa el 8% del total de ventas, generando $ 42.3 millones en ingresos en 2023.

Plataforma de entrega	Contribución de ventas	Valor de pedido promedio
Doordash	5.2%	$9.40
Uber come	2.8%	$8.90

Marketing en redes sociales

Dutch Bros mantiene 2.1 millones de seguidores de Instagram y 850,000 seguidores de Tiktok a partir de enero de 2024.

• Tasa de compromiso de Instagram: 4.3%
• Vistas de video de Tiktok por mes: 12.6 millones
• Presupuesto de marketing en redes sociales: $ 3.2 millones anuales

Dutch Bros Inc. (Bros) - Modelo de negocio: segmentos de clientes

Adultos jóvenes y millennials

A partir del cuarto trimestre de 2023, Dutch Bros se dirige a la demografía de 18 a 40 años que representa el 45.6% de su base de clientes. Gasto promedio por cliente en este segmento: $ 7.25 por visita.

Grupo de edad	Porcentaje de la base de clientes	Frecuencia de visita promedio
18-24 años	22.3%	3.7 visitas por semana
25-40 años	23.3%	2.9 visitas por semana

Entusiastas del café

Segmento de mercado de café especializado valorado en $ 35.84 mil millones en 2023. Los bros holandeses capturan aproximadamente el 2.7% de este segmento de mercado.

• Preferencia de café artesanal: 67% de los clientes objetivo
• La voluntad de pagar la prima por calidad: $ 1.50- $ 2.25 por encima de los precios del café estándar

Consumidores de alimentos de servicio rápido

Tamaño del mercado de restaurantes de servicio rápido: $ 295.4 mil millones en 2023. Ventas de bebidas bros holandesas: $ 687.2 millones en 2023.

Característica de segmento	Porcentaje
Uso de thru	82.4%
Preferencia de pedido móvil	37.6%

Viajeros y viajeros de carretera

Estrategia de ubicación dirigida a áreas de alto tráfico. 78.3% de las ubicaciones situadas cerca de las principales rutas de cercanías.

• Tráfico diario promedio de cercanías cerca de las ubicaciones de Bros holandeses: 12,500 vehículos
• Ventas de la hora pico de la mañana: 42.6% de los ingresos diarios

Individuos orientados a la comunidad

Las métricas de participación comunitaria muestran 63.5% de lealtad del cliente a través de patrocinios locales y eventos de caridad.

Métrica de compromiso de la comunidad	Valor
Patrocinios de eventos locales	247 eventos en 2023
Donaciones caritativas	$ 3.2 millones en 2023

Dutch Bros Inc. (Bros) - Modelo de negocio: Estructura de costos

Adquisición de grano e ingredientes de café

Costos anuales de adquisición de granos de café: $ 45.3 millones en 2022

Categoría de ingredientes	Gasto anual
Granos de café	$ 45.3 millones
Productos lácteos	$ 12.7 millones
Jarabes y saborizantes	$ 8.5 millones

Salario de empleados y capacitación

Costos laborales totales en 2022: $ 197.6 millones

• Salario promedio por hora: $ 15.25
• Inversión de capacitación anual: $ 3.2 millones
• Asignación de beneficios para empleados: $ 22.4 millones

Mantenimiento de bienes raíces e instalaciones

Gastos anuales de bienes raíces y mantenimiento: $ 36.8 millones

Categoría de gastos	Costo anual
Arrendamiento y alquiler	$ 24.5 millones
Mantenimiento de la instalación	$ 12.3 millones

Marketing y desarrollo de la marca

Gastos de marketing en 2022: $ 28.6 millones

• Gasto de marketing digital: $ 12.4 millones
• Publicidad tradicional: $ 9.2 millones
• Eventos de activación de marca: $ 7 millones

Tecnología e infraestructura digital

Inversión tecnológica en 2022: $ 15.7 millones

Categoría de tecnología	Inversión anual
Desarrollo de aplicaciones móviles	$ 5.3 millones
Sistemas de punto de venta	$ 4.2 millones
Ciberseguridad	$ 3.8 millones
Infraestructura en la nube	$ 2.4 millones

Dutch Bros Inc. (Bros) - Modelo de negocio: flujos de ingresos

Ventas de café y bebidas

A partir del cuarto trimestre de 2023, Dutch Bros reportó ingresos totales de $ 712.3 millones. Las ventas de café y bebidas representaban aproximadamente el 85% de los ingresos totales, equivalentes a aproximadamente $ 605.6 millones anuales.

Categoría de productos	Porcentaje de ventas	Ingresos anuales estimados
Bebidas calientes	42%	$ 299.4 millones
Bebidas frías	43%	$ 306.2 millones

Venta de productos y productos de marca y marca

Las ventas de mercancías generaron aproximadamente $ 35.6 millones en 2023, lo que representa el 5% de los ingresos totales.

• Drinkware de marca
• Prenda de vestir
• Accesorios

Tarifas de licencia de franquicia

A diciembre de 2023, Dutch Bros tenía 689 ubicaciones totales, con 693 acuerdos de franquicia firmados. Las tarifas de licencia de franquicias generaron aproximadamente $ 15.7 millones en 2023.

Tipo de tarifa de franquicia	Cantidad	Porcentaje de ingresos
Tarifa de franquicia inicial	$ 40,000 por ubicación	1.2%
Tarifas de regalías en curso	5% de las ventas brutas	0.8%

Monetización del programa de fidelización

El programa de lealtad de Bros holandés, holandés, generó un estimado de $ 22.4 millones en ingresos adicionales a través de una mayor participación del cliente y compras repetidas en 2023.

Servicios de catering y eventos especiales

Los servicios de catering y eventos especiales contribuyeron aproximadamente $ 33.5 millones a los ingresos totales en 2023, lo que representa el 4.7% de los ingresos comerciales generales.

Tipo de evento	Ingresos promedio por evento	Eventos anuales estimados
Eventos corporativos	$1,200	8,500
Fiestas privadas	$450	12,000

Dutch Bros Inc. (BROS) - Canvas Business Model: Value Propositions

You're focused on what makes this concept stick in the market, and honestly, the value proposition is where the rubber meets the road for Dutch Bros Inc. It's not just about coffee; it's about the entire transaction experience.

Unparalleled speed and convenience via drive-thru model

The core value is built around the drive-thru only model, which is designed for efficiency. In the 2025 Drive-Thru Study, Dutch Bros led the Beverage category with an order accuracy rating of 96%. Overall customer satisfaction in that same study hit 98%, tying for the top spot across all measured segments. This focus on streamlined service seems to be working, as systemwide same-shop transactions increased by 4.7% in the third quarter of 2025 compared to the prior year period. For company-operated shops specifically, same-shop transactions grew by 5.9% in the second quarter of 2025. The company is actively working on throughput, rolling out speed dashboards to field operations teams to help them monitor and improve service times. Furthermore, data from January 2025 showed a small but meaningful uptick in morning visits, with the 6:00 a.m. to 11:00 a.m. daypart growing to account for 29.5% of daily visits, up from 28.4% the year prior.

Here's a quick look at how the operational scale supports this value delivery as of mid-to-late 2025:

Metric	Value (As of Late 2025 Data)	Context
Total System Shop Count (Q1 2025 End)	1,012 locations	Represents a 15.5% increase from the prior year period.
Systemwide AUV (Q1 2025)	$2.026 million	Up from $1.995 million, showing new shops are performing well.
Company-Operated Shop Contribution Margin (Q2 2025)	31.1%	Indicates strong unit-level economics supporting the model.
Targeted System Shop Openings (FY 2025)	At least 160 new shops	Maintains an aggressive expansion pace.

Highly personalized, friendly Broista-led customer experience

The interaction is a key differentiator, moving away from the traditional café model. The company's culture emphasizes cheerful interactions led by its staff, referred to as Broistas. This focus on connection is reflected in the 98% satisfaction rating achieved in the 2025 Drive-Thru Study. You see this commitment to repeat engagement through the loyalty program, where Dutch Rewards transactions climbed to 71.8% of total transactions in the first quarter of 2025, an increase from 66.5% in the first quarter of 2024. This suggests customers are returning frequently to engage with the brand experience.

Extensive menu of customizable, non-coffee beverages

The menu leans heavily into variety and customization, which appeals directly to younger consumers. About 80% of Dutch Bros Inc. sales come from cold and energy drinks, rather than traditional hot coffee. The core offerings include proprietary Blue Rebel energy drinks, teas, smoothies, shakes, lemonades, cocoa, and sparkling sodas, alongside espresso-based drinks. The level of personalization is significant; the mobile app features a "secret menu" with over one hundred listed variations on core drink types, allowing for over 9,000+ potential drink variations through options like alternative milks or adjusting espresso shots.

Affordable premium beverages for a younger demographic

The pricing strategy targets value-conscious consumers, especially Gen Z and Millennials, who form the core demographic. You can purchase beverages for anywhere between $1.50 and $4.00. To put that in perspective, a medium 24-ounce drink costs less than a Starbucks tall but is the same size as a Starbucks venti, making it both larger and more affordable for the premium experience. This value proposition helps support strong unit economics; shop-level margins are near 30%, and the company-operated shop contribution margin was 31.1% in the second quarter of 2025. The brand was noted as the highest-scoring QSR consumer brand among the Gen Z demographic, and the only coffee brand to rank in the top 10 overall.

Dutch Bros Inc. (BROS) - Canvas Business Model: Customer Relationships

You're looking at how Dutch Bros Inc. keeps customers coming back, which is key since they are in a heavy growth phase, aiming for 2,029 shops by 2029. The relationship starts right at the service window, where the broistas aim for that high-touch, personal interaction. This human element is what sets the tone before any digital engagement even happens.

The company's transaction growth in the third quarter of 2025 shows this strategy is working, even while they open new locations. System transaction growth hit 4.7% in Q3 2025, and company-operated transaction growth was even stronger at 6.8% for the same period. This traffic growth is what fuels the whole model.

The real engine for retention, though, is the automated loyalty loop you see here. It's a powerful on-ramp for digital use, and the numbers prove it's sticky. Here's a quick look at the latest digital adoption metrics as of Q3 2025:

Metric	Latest Period Data (Q3 2025)	Prior Period Data (Q2 2025)
Dutch Rewards Penetration (System Transactions)	72%	71.6%
Order Ahead Program (System Transactions)	13%	Data not explicitly in Q3 table, but Q2 was not provided in the same format.

Automated loyalty via Dutch Rewards is massive; it accounted for 72% of all system transactions in Q3 2025. Honestly, that's a huge chunk of the business, representing a five-point improvement year-over-year for that quarter. Back in Q2 2025, the penetration was 71.6% of total transactions, up from 66.7% in Q2 2024, showing consistent upward momentum in loyalty adoption.

The mobile app is the delivery mechanism for segmented offers, which deepens that automated relationship. The Order Ahead program, which feeds into this ecosystem, reached 13% of system transactions by the end of Q3 2025. Management is focused on leveraging segmentation to drive frequency and personalization through this channel.

You also see community-driven engagement, which is part of the brand's DNA, often showing up in local fundraising efforts. While I don't have a specific dollar amount for total fundraising in 2025, the brand culture supports this local connection.

• - Dutch Rewards penetration: 72% of system transactions (Q3 2025).
• - Order Ahead transactions: 13% of system transactions (Q3 2025).
• - System transaction growth: 4.7% (Q3 2025).
• - Company-operated transaction growth: 6.8% (Q3 2025).

Finance: draft the Q4 2025 customer retention impact report by January 15th.

Dutch Bros Inc. (BROS) - Canvas Business Model: Channels

The physical presence of Dutch Bros Inc. is anchored by its drive-thru shop format, which serves as the primary, high-volume channel for beverage sales.

As of the third quarter of 2025, the total system shop count reached 1,081 locations across 17 states, reflecting a 14% year-over-year increase in the footprint. The company maintains a strategic focus on company-operated locations, which form the majority of the system.

Here's the quick math on the physical channel breakdown for Q3 2025:

Channel Component	Metric	Value (Q3 2025)
Total System Shops	Total Count	1,081
Company-Operated Shops	Shop Count	759
Franchised Shops	Shop Count	322
Order Ahead (Mobile App)	Transaction Mix	13%
Dutch Rewards Program	Transaction Mix	72%

The company-operated shops are the core of the current operation, with 759 locations in Q3 2025, while franchised drive-thru shops represent the minority of the system at 322 locations.

Digital channels are increasingly important for driving frequency and capturing future volume. The Dutch Rewards mobile app is a key component here, serving as the primary on-ramp for digital ordering.

• - Dutch Rewards penetration accounted for 72% of system transactions in Q3 2025, a five-point year-over-year improvement.
• - The Order Ahead feature, integrated within the app, reached a 13% mix of total system transactions in Q3 2025.
• - Some newer markets using the Order Ahead feature were nearing a 26% mix by the end of the third quarter.

Looking ahead, Dutch Bros Inc. is establishing a new retail distribution channel for Consumer Packaged Goods (CPG) products. This move is structured as a licensing agreement with Trilliant Food & Nutrition, LLC.

The CPG distribution plan targets:

• - Launch of first retail packaged coffees in 2026.
• - Distribution through over 50,000 retail outlets across the U.S.

This CPG channel is designed to build brand awareness in geographic areas where the physical drive-thru footprint is currently under-represented.

Dutch Bros Inc. (BROS) - Canvas Business Model: Customer Segments

You're looking at the core groups Dutch Bros Inc. is serving right now, late in 2025. It's a mix of young energy, on-the-go efficiency, and deep digital loyalty.

Younger consumers (Gen Z/Millennials) seeking value and experience

This group, typically aged 16-35, is central to the Dutch Bros Inc. story. They are drawn to the brand's culture and the ability to heavily customize their drinks. To be fair, the pricing strategy is set to capture this value-conscious demographic, offering what feels like a luxury beverage for a reasonable price. The product mix heavily favors this segment's preference, with about 80% of sales coming from cold and energy drinks, not traditional hot coffee. Data from Dutch Rewards members shows that around 56% of those users are under the age of 25.

• Primary age range: 16-35.
• 56% of Dutch Rewards customers under age 25.
• Brand ranked #1 with Gen Z consumers.
• 80% of sales from cold/energy drinks.

Commuters prioritizing speed and convenience

The entire operational setup targets customers who need speed. Nearly all Dutch Bros Inc. shops operate as drive-thru only locations, which is the key to serving the commuter lifestyle. This model is designed for quick service and connection, helping them fit into busy schedules. The emphasis on throughput is clear in their recent performance metrics, which show strong transaction growth.

Loyal, high-frequency Dutch Rewards members

The digital ecosystem is locking in repeat business. The Dutch Rewards program is a massive driver of current sales volume. In the second quarter of 2025, transactions tied to Dutch Rewards hit 71.6% of total system transactions. That's a significant jump from the prior year period. For the first quarter of 2025, the figure was 72% of system transactions. The company is actively growing this base, adding 1 million new Dutch Rewards sign-ups in the third quarter of 2025 alone.

Here's a quick look at how digital engagement is translating to transactions as of late 2025:

Metric	Percentage / Amount	Period / Date
Dutch Rewards Transaction Penetration	71.6%	Q2 2025
Dutch Rewards Transaction Penetration	72%	Q1 2025
New Dutch Rewards Sign-ups	1 million	Q3 2025
Transactions from Loyalty Members	Roughly 67%	Q3 2025
Order Ahead Transaction Penetration	13%	Q3 2025

Customers in new, underserved Western and Southern US markets

Dutch Bros Inc. is still heavily concentrated in the West, but the growth story is about moving East and South. As of October 15, 2025, the system has 1,088 locations across 24 states. The company planned to open at least 160 new shops in 2025, and added 38 shops in the third quarter of 2025, bringing the total to 1,081 system-wide. The long-term view is aggressive, targeting over 4,000 US stores within the next 10 to 15 years. The current footprint shows a clear focus on the West and Sun Belt areas.

The top three markets by location count as of late 2025 illustrate this geographic concentration:

• Texas: 225 locations (21% of total).
• California: 215 locations (20% of total).
• Oregon: 157 locations (14% of total).

The company is approving more than 30 new sites per month, setting up for a projected 175 new system shops in 2026. Finance: draft 13-week cash view by Friday.

Dutch Bros Inc. (BROS) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving the aggressive growth strategy at Dutch Bros Inc. as of late 2025. The cost structure is heavily weighted toward capital deployment for new locations and the direct operating costs of running those company-operated shops.

Capital Expenditures (CapEx) remain a massive cost driver, reflecting the commitment to rapid physical expansion. For the full fiscal year 2025, Dutch Bros Inc. continues to project capital expenditures within the $\text{\$240 million}$ to $\text{\$260 million}$ range, primarily funding the construction of new drive-thru locations. This high CapEx supports the plan to open at least $\text{160}$ new shops systemwide in 2025. To be fair, the average CapEx per shop has been trending down, moving from approximately $\text{\$1.67 million}$ in Q1 2025 to about $\text{\$1.4 million}$ per shop in Q3 2025, showing some efficiency gains in build-out.

Direct operating costs are significant, especially as the company scales. Raw material costs, specifically for beverage, food, and packaging, were reported at $\text{25.3\%}$ of company-operated shop revenue in Q2 2025, though this ticked up slightly to $\text{25.9\%}$ in Q3 2025, partly due to higher coffee costs. Labor costs are the other major component of the per-shop expense base. For Q2 2025, labor costs stood at $\text{26.6\%}$ of company-operated shop revenue, which was favorable year-over-year, but this figure rose to $\text{27.5\%}$ in Q3 2025, reflecting investments to support the growth cadence.

The aggressive expansion cadence naturally inflates Pre-opening expenses. These costs are incurred before a new shop starts generating revenue, and they spike when the opening schedule accelerates. In Q3 2025, pre-opening expenses represented $\text{1.8\%}$ of company-operated shop revenue, which was $\text{60}$ basis points higher year-over-year because more shops were opening in new markets requiring additional training resources. Honestly, you can see the immediate impact of this expansion push on near-term margins.

Here's a quick look at how those key variable costs have shifted across the first three quarters of 2025:

Cost Category	Q1 2025 (% of Co-Op Revenue)	Q2 2025 (% of Co-Op Revenue)	Q3 2025 (% of Co-Op Revenue)
Beverage, Food & Packaging	$\text{25.0\%}$	$\text{25.3\%}$	$\text{25.9\%}$
Labor Costs	$\text{27.4\%}$	$\text{26.6\%}$	$\text{27.5\%}$
Pre-opening Expenses	$\text{1.7\%}$	$\text{1.2\%}$ (Implied)	$\text{1.8\%}$

You should also note the other fixed and semi-fixed costs associated with running the shop footprint:

• Occupancy and other costs were $\text{16.5\%}$ of company-operated shop revenue in Q2 2025.
• Depreciation and amortization was $\text{7.5\%}$ of company-operated shop revenue in Q1 2025.
• Adjusted Selling, General and Administrative (SG&A) expenses were $\text{14.1\%}$ of total revenue in Q2 2025.
• The company expects to achieve approximately $\text{110}$ basis points of Adjusted SG&A leverage for the full year 2025.

The cost structure is defintely a balancing act between heavy upfront investment and managing the variable costs of goods and labor as transaction growth continues.

Dutch Bros Inc. (BROS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Dutch Bros Inc. brings in cash as of late 2025. The structure is heavily weighted toward direct sales, which is typical for a rapidly scaling, company-controlled brand.

• - Sales from company-operated shops (bulk of revenue)
• - Total projected revenue for FY2025 is $1.59 billion to $1.60 billion
• - Franchise royalties and fees from franchised locations
• - Future revenue from CPG packaged coffee product sales

The company-operated segment is definitely the engine room for Dutch Bros Inc. revenue. For example, in the second quarter of 2025, revenue from these company-operated shops hit $380.5 million out of a total system revenue of $416 million for that period. By the third quarter of 2025, company-operated shop revenue grew further to $392.8 million.

Here's a quick look at the revenue components based on the latest reported quarterly figures:

Revenue Component	Q2 2025 Value	Q3 2025 Value	Supporting Metric
Company-Operated Shop Revenue	$380.5 million	$392.8 million	Company-Operated Shops: 725 (as of Q2 2025)
Total System Revenue	$416 million	$423.6 million	Total System Shops: 1,043 (as of Q2 2025)
Implied Franchise Revenue	N/A	Approximately $30.8 million	Total Revenue less Company-Operated Revenue for Q3 2025

The franchise stream, while smaller, is a steady source of income through royalties and fees. For the third quarter of 2025, if you take the total revenue of $423.6 million and subtract the company-operated revenue of $392.8 million, you get an implied franchise contribution of about $30.8 million for that quarter. Franchise growth is more measured; for instance, franchised shops increased modestly from 300 to 318 locations between Q2 2024 and Q2 2025.

Looking ahead, Dutch Bros Inc. is setting up a new revenue channel. They announced plans to enter the consumer packaged goods (CPG) space via a licensing deal with Trilliant Food & Nutrition. You shouldn't expect this to hit the 2025 numbers, though; the plan is for an early rollout of retail packaged coffee in Q1 2026, with a broader rollout throughout that year. Currently, food offerings contribute around 2% of revenue, but management sees this moving up considerably.

The latest full-year projection for 2025 revenue is set between $1.59 billion and $1.60 billion, reflecting growth of approximately 21% to 23% over fiscal 2024's reported revenue of $1.28 billion.