On this page of StockholderLetter.com we present the latest annual shareholder letter from Dutch Bros Inc. — ticker symbol BROS. Reading current and past BROS letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
GROWTH STRATEGIES GROW OUR PEOPLE Enhance compelling futures GROW OUR SHOP BASE Open new shops and execute on massive whitespace GROW OUR TRANSACTIONS Serve more customers and develop sales layers GROW OUR MARGINS Deliver long-term margin expansion
2024 ANOTHER YEAR OF GROWTH TOTAL REVENUES* 41% *DOLLARS IN MILLIONS $1,281 A TOT LR NU EVE AG ES C R $966 $739 $498 $327 2020 2021 2022 SYSTEMWIDE SAME SHOP SALES TRANSACTIONS TICKET 2023 2024 SYSTEMWIDE SHOPS G UNIT R OWTH 18% +151 UNITS 982 831 7.3% 5.4% (4.5%) (0.1%) 2023 2024 TOTAL SSS: TOTAL SSS: +2.8% +5.3% 2023 2024
2024 BUSINESS HIGHLIGHTS 1. Launched mobile order functionality and rolled out to 96% of shops 2. 68% of transactions attributed to Dutch Rewards members in 2024 (up from 65% in 2023) 3. Experienced momentum across foundational traffic drivers (Dutch Rewards, Innovation, Paid Advertising) with multi-year visibility 4. Launched test of expanded food program 5. Accelerated new shop productivity and strengthened AUVs1 1- Average Unit Volumes (AUVs) are determined based on the systemwide net sales for any trailing twelve-month period for systemwide shops that have been open a minimum of 15 months. Systemwide AUVs are calculated by dividing the net sales by the total number of systemwide shops.
 • shareholder letter icon 3/31/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 BROS Stockholder Letter
 • stockholder letter icon 4/1/2024 BROS Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon BROS Benford's Law Stock Score = 47


BROS Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT

GROWTH STRATEGIES
GROW OUR PEOPLE
Enhance compelling futures
GROW OUR SHOP BASE
Open new shops and execute on
massive whitespace
GROW OUR
TRANSACTIONS
Serve more customers and
develop sales layers
GROW OUR MARGINS
Deliver long-term margin
expansion

2024
ANOTHER YEAR
OF GROWTH
TOTAL REVENUES*
41%
*DOLLARS IN MILLIONS
$1,281
A
TOT
LR
NU
EVE
AG
ES C
R
$966
$739
$498
$327
2020
2021
2022
SYSTEMWIDE SAME SHOP SALES
TRANSACTIONS
TICKET
2023
2024
SYSTEMWIDE SHOPS
G
UNIT
R
OWTH
18%
+151 UNITS
982
831
7.3%
5.4%
(4.5%)
(0.1%)
2023
2024
TOTAL SSS:
TOTAL SSS:
+2.8%
+5.3%
2023
2024

2024
BUSINESS
HIGHLIGHTS
1. Launched mobile order functionality
and rolled out to 96% of shops
2. 68% of transactions attributed to Dutch Rewards
members in 2024 (up from 65% in 2023)
3. Experienced momentum across foundational
traffic drivers (Dutch Rewards, Innovation, Paid
Advertising) with multi-year visibility
4. Launched test of expanded food program
5. Accelerated new shop productivity and
strengthened AUVs1
1- Average Unit Volumes (AUVs) are determined based on the systemwide net sales for any trailing
twelve-month period for systemwide shops that have been open a minimum of 15 months.
Systemwide AUVs are calculated by dividing the net sales by the total number of systemwide shops.



shareholder letter icon 3/31/2025 Letter Continued (Full PDF)
 

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