---
schema_version: "secwatch.filing_event.v1"
accession: "0001866581-23-000128"
form_type: "8-K"
ticker: "BROS"
cik: "0001866581"
company_name: "Dutch Bros Inc."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T17:36:13.645941+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Dutch Bros Q3 revenue +33% to $265M; raises FY adj. EBITDA guidance to $150-155M

## Summary
- Revenue $264.5M (+33.2% YoY); net income $13.4M vs $1.6M; adj. EPS $0.14 vs $0.09.
- System same shop sales +4.0%; company-operated shop contribution margin 31.0% (+540 bps).
- Opened 39 new shops in Q3, total 794; reaffirms ≥150 new shops in 2023.
- 2023 guidance: revenue at lower end of $950M-$1B; adj. EBITDA raised to $150-155M (up $15M).
- Board changes: Shelley Broader and Charles Esserman resigned; C. David Cone and Sean Sullivan appointed.

## SEC filing metadata
- accession: 0001866581-23-000128
- form_type: 8-K
- ticker: BROS
- cik: 0001866581
- company_name: Dutch Bros Inc.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/0001866581-23-000128-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/bros-20231102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001866581-23-000128
- JSON: https://secwatch.observer/filing/0001866581-23-000128.json
- Plain text: https://secwatch.observer/filing/0001866581-23-000128.txt

## Key facts
- Earnings Releases
  Dutch Bros Inc. reported the third quarter ended September 30, 2023 results: revenue $264.5 million, net income $13.4 million, EPS $0.07.
  - Period: the third quarter ended September 30, 2023
  - Revenue: $264.5 million
  - Net income: $13.4 million
  - EPS: $0.07
  - Result: reported results
  source text: EX-99.1 (EX-99.1) --- Dutch Bros Inc. Reports Third Quarter 2023 Financial Results and Announces Two New Directors Opened 39 New Systemwide Shops in Q3 2023 Record Revenue of $265 million, a 33% Increase Year-over-Year Updates 2023 Guidance, Increases Range for Adjusted EBITDA GRANTS PASS, Ore. - November 7, 2023 - Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/0001866581-23-000128-index.htm
- Executive change
  Charles Esserman resigned as Director at Dutch Bros Inc..
  - Action: resigned
  - Role: Director
  source text: On November 3, 2023, Charles Esserman resigned from the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/0001866581-23-000128-index.htm
- Executive change
  C. David Cone was appointed as Director at Dutch Bros Inc..
  - Action: appointed
  - Role: Director
  source text: On November 3, 2023, the Board appointed C. David Cone to fill the vacancy created by Ms. Broader’s departure and to serve as a member of the Board until the Company’s 2024 annual meeting of stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation, or removal.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/0001866581-23-000128-index.htm
- Executive change
  Sean Sullivan was appointed as Director at Dutch Bros Inc..
  - Action: designated
  - Role: Director
  source text: On November 3, 2023, the TSG Investors designated Sean Sullivan to fill the vacancy on the Board created by Mr. Esserman’s resignation and to serve as a Class C Director until the Company’s 2024 annual meeting of stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation, or removal.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/0001866581-23-000128-index.htm
- Executive change
  Shelley Broader resigned as Director at Dutch Bros Inc..
  - Action: resigned
  - Role: Director
  source text: On November 2, 2023, Shelley Broader resigned from the Board of Directors (the “Board”) of Dutch Bros Inc. (the “Company”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866581/000186658123000128/0001866581-23-000128-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.