Dutch Bros Shares Fall 18 Percent After Guidance Cut Despite Revenue Rise

Dutch Bros shares plunged 18.2 percent to $35.92 immediately after the company reported third quarter 2026 results, according to StockStory. Revenue rose 29.8 percent from a year earlier to $549.8 million, in line with estimates, but the company cut its full year guidance.

The report, published on Wednesday, November 4, 2026, paired a solid reported quarter with a weaker outlook. That split is what the market reacted to: the third quarter revenue and adjusted earnings met the estimates the reports carried, while the full year revenue and profit guidance came in below consensus.

Revenue in line, earnings close to estimates

Third quarter revenue was $549.8 million, up 29.8 percent from a year earlier. The figure was roughly in line with the consensus estimate of about $548.6 million to $548.8 million.

Adjusted earnings per share were $0.25, edging past or matching consensus estimates of $0.24 to $0.25. GAAP earnings per share were $0.20, in line with estimates of $0.21 in the reports, a cent below that estimate on the figures as published.

Income from operations was $52.8 million, up 27.3 percent from $41.5 million a year earlier. That is an increase of $11.3 million on the year earlier figure, on the numbers in the report.

On the reported quarter alone, the company grew revenue by almost 30 percent and grew operating income by more than a quarter. The guidance cut, not the reported top line, drove the share move that followed.

Guidance cut below consensus

Dutch Bros lowered its full year 2026 revenue guidance to at least $2.1 billion. That is below consensus of roughly $2.13 billion, a gap of about $30 million against the consensus figure in the reports.

The company cut full year adjusted EBITDA guidance to approximately $380 million, from a prior range of $385 million to $390 million. The new figure sits $5 million below the low end of the prior range and $10 million below its high end.

Capital expenditure guidance moved the other way. The company raised it to between $370 million and $390 million. The report therefore combined lower expected profit, revenue guidance below consensus, and higher planned capital spending.

Shares fell sharply after hours

Shares plunged 18.2 percent to $35.92 immediately after the results, StockStory reported. MarketCatalyst reported that shares fell about 17 percent in after hours trading to $36.40, from a $43.99 close. Both figures are reported here as the outlets stated them, and both describe the same sharp fall on the same evening.

The size of the move stands against a reported quarter that met estimates. Revenue of $549.8 million matched the consensus range, adjusted earnings of $0.25 matched or edged past estimates, and operating income rose 27.3 percent. What changed in the report was the outlook for the rest of the year: at least $2.1 billion of revenue against about $2.13 billion expected, and about $380 million of adjusted EBITDA against a prior $385 million to $390 million range.

The next test in the company own numbers is that full year guidance. The revenue floor of $2.1 billion and the adjusted EBITDA figure of about $380 million are now the marks the full year results will be read against.