Dutch Bros Inc (BROS) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros, Inc. fourth-quarter 2025 earnings conference call and webcast. This conference call and webcast is being recorded today, February 12, 2026 at 5:00 PM Eastern Time and will be available for replay shortly after it's concluded. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Dutch Bros, Inc. 2025 年第四季財報電話會議和網路直播。本次電話會議和網路直播將於美國東部時間 2026 年 2 月 12 日下午 5:00 進行錄製，會議結束後不久即可重播。（操作說明）

I would now like to turn the call over to Neil Patel, Dutch Bros Senior Manager, Investor Relations. Please go ahead.

現在我將把電話交給Dutch Bros投資者關係高級經理Neil Patel。請繼續。

Good afternoon, and welcome. I'm joined by Christine Barone, CEO and President; and Josh Guenser, CFO. We issued our earnings press release for the quarter and year ended December 31, 2025, after the market closed today. The earnings press release, along with the supplemental information deck have been posted to our Investor Relations website at investors.dutchbros.com.

下午好，歡迎。和我一起的有執行長兼總裁克里斯汀·巴羅內，以及財務長喬許·根瑟。今天股市收盤後，我們發布了截至 2025 年 12 月 31 日的季度和年度獲利新聞稿。獲利新聞稿及補充資訊文件已發佈在我們的投資者關係網站 investors.dutchbros.com 上。

Please be aware that all statements in our prepared remarks and in response to your questions other than those of historical fact are forward-looking statements and are subject to risks, uncertainties and assumptions that may cause actual results to differ materially.

請注意，除歷史事實外，我們在準備好的發言稿和對您問題的回答中的所有陳述均為前瞻性陳述，並受風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與預期結果存在重大差異。

They are qualified by the cautionary statements in our earnings press release and the risk factors in our latest SEC filings, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q. We assume no obligation to update any forward-looking statements. We will also reference non-GAAP financial measures on today's call. As a reminder, non-GAAP measures are neither substitute for nor superior to measures that are prepared under GAAP.

它們受到我們獲利新聞稿中的警示性聲明以及我們最新提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素的限制。我們不承擔更新任何前瞻性陳述的義務。我們也將在今天的電話會議上提及非GAAP財務指標。需要提醒的是，非GAAP指標既不能取代也不能優於根據GAAP編製的指標。

Please review the reconciliation of non-GAAP measures to comparable GAAP results in our earnings press release. During the question-and-answer portion of today's call, please limit yourself to one question. With that, I would like to turn the call over to Christine.

請查閱我們獲利新聞稿中關於非GAAP指標與可比較GAAP結果的調節表。在今天電話會議的問答環節，請每位提問者只提出一個問題。接下來，我想把電話交給克莉絲汀。

Thank you, Neil, and good afternoon, everyone. Dutch Bros remains a powerful growth engine. And as we enter our fifth full year as a public company, our growth story is exceptional, both in terms of the results we are delivering and the expansive future potential that lies ahead.

謝謝你，尼爾，大家下午好。Dutch Bros 仍然是一股強勁的成長引擎。在我們作為一家上市公司進入第五個完整年度之際，我們的成長故事堪稱卓越，無論是在我們取得的業績方面，還是在未來廣闊的發展潛力方面。

Our fourth quarter and full year 2025 results demonstrate the strong momentum we have in delivering our long-term strategy and were primarily driven by standout transaction growth of 5.4% in Q4. 2025 revenues grew an outstanding 28%, reaching $1.64 billion and have more than doubled since the end of 2022.

我們2025年第四季和全年業績表明，我們在實現長期策略方面擁有強勁勢頭，這主要得益於第四季度5.4%的出色交易成長。 2025年營收實現了驚人的28%的成長，達到16.4億美元，比2022年底成長了一倍多。

Our stellar 2025 performance was driven by 16% new shop growth, from 154 new shop openings, along with system same-shop sales growth of 5.6% for the year. 2025 new shop productivity remains elevated as the refinements we undertook in our development process over the course of the past couple of years are clearly evident in our results.

我們2025年的卓越業績主要得益於新店開幕154家，成長16%，以及系統同店銷售額5.6%的成長。 2025年新店的獲利能力依然保持高位，這得益於過去幾年我們在發展過程中所做的改進，這些改進已在業績中得到充分體現。

Throughout the year, new shop openings were consistently strong in both existing and in more markets, showing our ability to successfully densify and become the routine while still fostering the brand love to welcome long lines of customers.

全年新店開幕情況在現有市場和更多市場都保持強勁勢頭，這表明我們有能力成功地提高密度並使其成為常規，同時仍然培養品牌喜愛度，從而吸引顧客排隊。

2025 adjusted EBITDA grew 31%, reaching $303 million and outpaced revenue growth, fueled by exceptional transaction growth and new shop performance, compelling four-wall economics with company-operated contribution margin at 28.9% representing over 400 basis points of margin expansion since 2022.

2025 年調整後 EBITDA 成長 31%，達到 3.03 億美元，超過了收入成長，這得益於交易量和新店業績的顯著增長，以及令人信服的四牆經濟效益，公司自營貢獻毛利率為 28.9%，較 2022 年增長超過 400 個基點。

And over the same time period, adjusted EBITDA has grown more than threefold to over $300 million marking a significant milestone over my three years at Dutch Bros. This meaningful achievement underscores the strength of our durable model, reinforcing the confidence I have in the long-term opportunity ahead.

同期，調整後的 EBITDA 成長了三倍多，超過 3 億美元，這標誌著我在 Dutch Bros. 的三年裡取得了重大里程碑式的成就。這項意義重大的成就凸顯了我們永續模式的優勢，也增強了我對未來長期發展機會的信心。

Focusing on Q4, our results maintain the strength of the prior three quarters with broad-based outperformance across the business across geographies and across dayparts with our brand continuing to resonate with customers. Q4 total revenues grew 29%, driven by healthy new shop performance system same-shop sales growth of 7.7% and company-operated same-shop sales growth of 9.7%, with both of these metrics led by strong transaction growth.

第四季業績延續了前三個季度的強勁勢頭，業務在各個地區和各個時段均實現了全面超額收益，我們的品牌繼續受到客戶的認可。第四季總營收成長 29%，主要得益於新店業績良好，同店銷售額成長 7.7%，公司自營同店銷售額成長 9.7%，這兩項指標均由強勁的交易成長帶動。

System-wide AUVs reached a record $2.1 million, reflecting the strength of our people pipeline, the love for our brand, and the superior development execution engine we've refined and built over the past few years. Against this backdrop of impressive growth, we are transitioning smoothly into the next chapter of the brand's journey with a clear rallying goal to reach 2,029 shops in 2029.

系統範圍內的 AUV 金額達到了創紀錄的 210 萬美元，這反映了我們強大的人才儲備、對我們品牌的喜愛，以及我們在過去幾年中不斷完善和構建的卓越開發執行引擎。在如此令人矚目的成長背景下，我們正平穩地過渡到品牌發展歷程的下一個篇章，並制定了一個明確的目標，即到 2029 年開設 2029 家門市。

The progress the team made throughout 2025, including the acceleration of our shop pipeline and investments in our capabilities, leaves me with tremendous confidence in this brand and this team's ability to drive share-taking growth for many years to come. As we leave a very successful 2025 behind and enter 2026 at full speed, I wanted to recognize and sincerely thank our teams for making this past year a resounding success.

團隊在 2025 年的進展，包括加快門市擴張步伐和加大能力投入，讓我對這個品牌和這個團隊在未來多年推動市場份額增長的能力充滿信心。在告別碩果累累的 2025 年，全力邁入 2026 年之際，我想表彰並真誠感謝我們的團隊，正是他們的努力才使得過去的一年取得了巨大的成功。

Our people, the heart of our brand, remain the foundation of our differentiated shop experience. They've been our shining strength for more than 30 years and our people will continue to drive us forward for years to come. Our Boise's ability to deliver a unique experience has been central to our growth and mission of being a fun loving, mind-blowing company that makes a massive difference one cup at a time. That commitment continues to be a defining driver of our success.

我們的員工是我們品牌的核心，也是我們打造差異化購物體驗的基礎。30多年來，他們一直是我們的強大後盾，未來幾年，我們的員工也將繼續推動我們前進。我們博伊西店能夠提供獨特的體驗，這對於我們成為一家充滿樂趣、令人驚嘆的公司，並一次一杯地創造巨大改變而言，至關重要。這項承諾一直是推動我們成功的關鍵因素。

In 2025, we began the year with approximately 400 regional operator candidates in our pipeline and ended with approximately 475, a figure that has nearly doubled since the end of 2022. During that period, we have nearly doubled our system shop count and more than doubled our company-operated shop count, which now represents over 70% of our system shop base. We believe this pace of expansion and our goal of reaching 2,029 shops in 2029 is only possible with the depth and readiness of our people who continue to scale our shop footprint with love, energy, and kindness.

2025 年，我們年初有大約 400 個區域運營商候選項目，年底時大約有 475 個，這一數字自 2022 年底以來幾乎翻了一番。在此期間，我們的系統維修店數量幾乎翻了一番，公司自營維修店數量更是翻了一番多，目前已占我們係統維修店總數的 70% 以上。我們相信，這種擴張速度以及我們在 2029 年達到 2029 家門市的目標，只有依靠我們員工的深度和準備，他們繼續用愛、活力和善良擴大我們的門市規模，才能實現。

Turning to shop growth, 2025 was a landmark year, setting the foundation for what's ahead. We expanded into seven contiguous states, including our entry into North Carolina in Q4, bringing our system shop footprint to 25 states and 1,136 system-wide shops. In 2025, we accelerated the growth of our shop pipeline while significantly lowering our average CapEx per shop, providing improved visibility and confidence for shop openings in future years.

就店鋪發展而言，2025 年是一個具有里程碑意義的年份，為未來的發展奠定了基礎。我們已擴展到七個相鄰的州，包括第四季度進入北卡羅來納州，使我們的系統商店覆蓋範圍達到 25 個州和 1,136 個系統商店。2025 年，我們加快了門市擴張步伐，同時大幅降低了每家門市的平均資本支出，從而提高了未來幾年門市開幕的可見度和信心。

During the year, the number of shops in our pipeline accelerated substantially with shop approvals more than doubling versus 2024. Given this improved visibility, -- the road to 2,029 shops in 2029 remains very clear.

年內，我們籌備中的店鋪數量大幅增加，店鋪審核數量比 2024 年翻了一番還多。鑑於這種可視性的提高，到 2029 年實現 2,029 家門市的目標仍然非常清晰。

In Q4, we opened a walk-up shop in downtown Los Angeles. This shop provides a valuable platform for insights into urban dense corridors where drive-thrus are harder to build. Since opening in late November, this non-drive-thru location has been our top-performing shop and has an order ahead mix at over 3x the system average. While still early, these insights position us to be confident on the types of locations where we can be successful.

第四季度，我們在洛杉磯市中心開設了一家實體店。這家商店為深入了解城市密集走廊（在這些走廊中，建造汽車餐廳比較困難）提供了一個寶貴的平台。自 11 月下旬開業以來，這家非得來速門市一直是我們業績最好的門市，其預訂訂單比例是系統平均水準的 3 倍以上。雖然目前還處於早期階段，但這些見解讓我們對能夠取得成功的地點類型充滿信心。

Looking to 2026, momentum is expected to continue. We now expect to open at least 181 new system shops, which includes the recently completed acquisition of 20 Clutch Coffee Bar locations across North and South Carolina. This conversion opportunity accelerates our presence in the Carolinas and allows us to introduce Dutch Love to these communities beginning later this year.

展望2026年，預計這一勢頭將持續下去。我們現在預計至少開設 181 家新的系統商店，其中包括最近完成的對北卡羅來納州和南卡羅來納州 20 家 Clutch Coffee Bar 門市的收購。這次轉型機會加快了我們在卡羅萊納州的業務拓展，並使我們能夠從今年稍後開始向這些社區介紹 Dutch Love。

Now, let me share how we are strengthening our competitive advantage through a focused set of foundational transaction-driving initiatives, along with our strategic growth drivers to broaden access to a wider set of customers and occasions.

現在，讓我來分享我們如何透過一系列重點突出的基礎性交易驅動舉措，以及我們的策略成長驅動因素，來加強我們的競爭優勢，從而擴大我們接觸更廣泛客戶群和更多消費場景的機會。

In 2023, we made a deliberate shift to build a foundational top-of-the-funnel paid advertising engine. The results have been clear. Aided and unaided awareness have meaningfully expanded, while still leaving substantial headroom for growth. And now, in its third year, our brand awareness strategy is being deliberately amplified through the rollout of the Dutch Bros CPG platform. Creamers, coffee pods, ground coffee and ready-to-drink offerings are now available in many retail outlets. We are very pleased with the initial customer reception and see meaningful potential to continue building this over time.

2023年，我們做出了一個明確的轉變，旨在建立一個基礎性的漏斗頂端付費廣告引擎。結果已經很明確了。輔助意識和非輔助意識都顯著提高，但仍有很大的成長空間。現在，進入第三年，我們的品牌知名度策略正透過推出 Dutch Bros CPG 平台而得到有意識的加強。現在很多零售店都有販售咖啡伴侶、咖啡膠囊、咖啡粉和即飲咖啡。我們對客戶的初步反應非常滿意，並看到了隨著時間的推移繼續發展壯大的巨大潛力。

Paired together, paid media and CPG form a scalable, high ROI awareness engine, extending the brand beyond our shops, reinforcing daily relevance, while converting awareness into incremental shop visits. We continue to believe brand awareness remains a significant opportunity, making CPG one of our most efficient levers to continue driving durable long-term growth.

付費媒體與 CPG 結合，形成了一個可擴展、高投資回報率的品牌認知引擎，將品牌延伸到我們的門市之外，強化日常相關性，同時將認知度轉化為門市訪問量的增加。我們仍然相信品牌知名度是重要的機遇，這使得消費品成為我們持續推動長期永續成長的最有效手段之一。

Our innovations empower our broistas, unlocking near infinite beverage customization and deepening the emotional connection we have with our customers. This innovation momentum clearly showed up in Q4 with a highly successful holiday LTO launch, which demonstrated our ability to drive strong customer engagement in the quarter.

我們的創新賦予了我們的調酒師更多能力，解鎖了近乎無限的飲品定制可能性，並加深了我們與顧客之間的情感聯繫。這項創新勢頭在第四季度得到了充分體現，假日限時特賣活動取得了巨大成功，證明了我們有能力在本季度推動強大的客戶參與度。

In November and December, we reinforced our strategy of driving innovation beyond beverages through impactful merch drops, including the passenger princess car magnets and the Little Bros mini-figurines, which cleared out within hours of launch.

11 月和 12 月，我們透過推出具有影響力的周邊產品，強化了推動飲料以外領域創新的策略，其中包括乘客公主汽車磁鐵和小兄弟迷你人偶，這些產品在推出後幾個小時內就被搶購一空。

And alongside innovation, our loyalty program continues to scale. Dutch Rewards turns five years old this month, having just surpassed 15 million members at the end of 2025. In 2025, approximately 72% of system transactions were attributed to Dutch Rewards, representing four points of improvement versus 2024. Looking ahead to 2026, we expect to continue expanding our customer targeting capabilities, reaching the right customer at the right moment, improving lifetime value, and driving high ROI transaction growth. Together, these foundational initiatives form a long-term engine of innovation, personalization, and loyalty that expands our competitive mote.

隨著創新的推進，我們的會員忠誠度計畫也不斷擴大規模。Dutch Rewards 本月迎來五週年，預計到 2025 年底會員人數將突破 1,500 萬人。2025 年，約 72% 的系統交易歸因於 Dutch Rewards，比 2024 年提高了 4 個百分點。展望 2026 年，我們預期持續擴大客戶定位能力，在適當的時機觸達合適的客戶，提高客戶終身價值，並推動高投資報酬率的交易成長。這些基礎性措施共同構成了一個長期的創新、個人化和忠誠度引擎，從而擴大了我們的競爭優勢。

Beginning in late 2024 and into 2025, we built on our foundational drivers by layering in additional multiyear capabilities, order ahead, improvement in throughput, and our new food program. Together, these initiatives are designed to meaningfully reduce friction, unlock our shop capabilities, and expand our customer base and visit frequency over time.

從 2024 年底到 2025 年，我們在基礎驅動因素的基礎上，逐步增加了多年期能力、提前下單、提高吞吐量以及新的食品計劃。這些措施旨在切實減少摩擦，釋放我們店舖的潛力，並隨著時間的推移擴大我們的客戶群和訪問頻率。

Our Order Ahead program ended 2025 with approximately 14% mix in Q4. The program has activated an underutilized channel, the walk-up window, which was approximately 18% of channel mix in Q4. Order Ahead has also proven to be a powerful catalyst for our loyalty program, driving Dutch Rewards penetration higher to 70% plus each full quarter since launch. Even with continued growth in Dutch Rewards membership, we continue to see registrations per shop and active users per shop trend higher, an indicator of sound shop loyalty and customer engagement.

我們的預購計畫在 2025 年第四季結束時佔比約為 14%。該計劃激活了一個未充分利用的管道——外賣窗口，該渠道在第四季度約佔管道組合的 18%。事實證明，「提前下單」也成為了我們忠誠度計畫的強大催化劑，自推出以來，每季荷蘭獎勵計畫的滲透率都超過了 70%。即使 Dutch Rewards 會員人數持續成長，我們仍然看到每家商店的註冊用戶數和每家商店的活躍用戶數量呈上升趨勢，這表明商店忠誠度和客戶參與度良好。

2025 was also a pivotal year in establishing the foundation for sustainable throughput improvement. We implemented a new training model for our field teams and refined labor deployment by aligning labor to better match customer demand patterns. These efforts are delivering results, enabling us to support continued transaction growth, while protecting the customer and broistas experience.

2025 年也是奠定永續吞吐量提升基礎的關鍵一年。我們為現場團隊實施了新的培訓模式，並透過調整勞動力配置以更好地匹配客戶需求模式，從而改善了勞動力部署。這些努力正在取得成效，使我們能夠在保障顧客和廚師體驗的同時，支持交易量的持續成長。

To further build on our momentum, we welcome Jen Somers as Chief Shop Officer last month. She brings deep experience in scaling high-growth restaurant brands while elevating operational excellence and customer experience. We are equally encouraged with the progress of our new food program which continues to perform exceptionally well, as we expand its rollout across the broader system. This represents another meaningful step toward lowering structural barriers to visiting Dutch Bros, and expanding the set of beverage occasions.

為了進一步鞏固我們的發展勢頭，我們上個月迎來了 Jen Somers 擔任首席店鋪長。她在拓展高成長餐飲品牌方面擁有豐富的經驗，同時也能提升營運效率與顧客體驗。我們同樣對新食品計劃的進展感到鼓舞，該計劃持續表現出色，我們正在將其推廣到更廣泛的系統中。這代表著在降低顧客光顧 Dutch Bros 的結構性障礙、擴大飲品消費場合方面又邁出了重要一步。

It's worth noting that one year ago, this program was limited to four shops in the greater Phoenix market. And by the end of 2025, we had thoughtfully expanded this program to over 300 shops across 11 states, with plans for the rollout to be complete by the end of 2026. Collectively, these initiatives strengthen our scalable shop operating system, one designed to increase speed, provide greater convenience, and drive share-taking growth.

值得注意的是，一年前，該計劃僅限於大鳳凰城地區的四家商店。到 2025 年底，我們已深思熟慮地將該計劃擴展到 11 個州的 300 多家商店，並計劃在 2026 年底前完成推廣。這些舉措共同加強了我們可擴展的門市營運系統，該系統旨在提高速度、提供更大的便利性並推動市場份額的成長。

In closing, Dutch Bros remains exceptionally well positioned with a very clear strategy, strong fundamentals, and a long runway ahead. We are intentionally building this business with a long-term mindset, focused on growing through our people and investing in our brand. We have the largest and most experienced pipeline of regional operators in our history, providing a clear line of sight to 2,029 shops in 2029.

總之，Dutch Bros 憑藉非常清晰的策略、強勁的基本面和廣闊的發展前景，仍然處於非常有利的地位。我們有意以長遠的眼光打造這項業務，專注於透過員工發展壯大，並投資我們的品牌。我們擁有公司歷史上規模最大、經驗最豐富的區域運營商儲備，為 2029 年開設 2029 家門市提供了清晰的前景。

System-wide AVs are at record levels reinforcing strong shop level economics and giving us confidence to pursue our long-term opportunity of 7,000 shops. New shop productivity continues to exceed historical levels, reflecting disciplined market planning, targeted strategic investments in our real estate capabilities, and increased pay marketing to build brand awareness.

系統範圍內的AV（視聽設備）達到創紀錄的水平，這鞏固了門市層面的強勁經濟效益，並使我們有信心追求開設7000家門市的長期機會。新店生產力持續超過歷史水平，這反映了我們嚴謹的市場規劃、對房地產能力的有針對性的策略投資以及為提升品牌知名度而增加的付費行銷。

We continue to have top-tier growth. Over the last three years, we have more than doubled total revenues while also tripling adjusted EBITDA, demonstrating the strength and scalability of our model. We have ignited transaction growth in 2025 with a much larger comp base, delivering sequential year-over-year improvement in transaction growth, driven by impactful innovation, the expansion of Dutch Rewards, and continued adoption of order ahead.

我們持續保持領先成長。過去三年，我們的總收入翻了一番多，調整後的 EBITDA 也成長了兩倍，這證明了我們模式的實力和可擴展性。2025 年，我們憑藉更大的同店基數，實現了交易增長，在具有影響力的創新、Dutch Rewards 的擴展以及預購的持續普及的推動下，交易增長逐年穩步提升。

We have built a highly scalable and profitable model that quickly resonates with our customers and a value proposition that has been carefully unlocked over 30 years. And our fundamentals remain sound as we've delivered 19 consecutive years of positive same-shop sales growth. Our approach is designed for winning in the long run, operating with discipline, focusing on long-term execution and growing through our exceptional people.

我們打造了一個高度可擴展且盈利的模式，能夠迅速引起客戶的共鳴，並且我們精心打造的價值主張已歷經 30 餘年才得以實現。我們的基本面依然穩健，已經連續19年實現了同店銷售額正成長。我們的方法旨在取得長期的成功，以嚴謹的紀律運營，專注於長期執行，並透過我們優秀的人才實現成長。

With that, I'll pass it to Josh.

這樣，我就把麥克風遞給喬許了。

Thanks, Christine. I'll provide a recap of our fourth quarter and full year 2025 results, along with an outlook for 2026. Our fourth quarter performance reinforces the confidence we have in our underlying transaction strength and our strong four-wall shop economics.

謝謝你，克里斯汀。我將概述我們 2025 年第四季和全年業績，並展望 2026 年。我們第四季的業績進一步增強了我們對公司基本交易實力和實體店經濟效益的信心。

For 2025, total revenues were $1.64 billion, representing an impressive growth of 28%. System-wide AUVs reached a record $2.1 million.

2025 年總營收為 16.4 億美元，實現了令人矚目的 28% 的成長。全系統自主水下航行器 (AUV) 的總價值達到創紀錄的 210 萬美元。

Adjusted EBITDA climbed to $303 million, outpacing total revenue growth with an exceptional increase of 31%. System same-shop sales growth was 5.6% with impressive transaction growth of 3.2%. And despite commodity cost headwinds, our 2025 company-operated contribution margin landed at approximately 29%, a testament to our persistence in balancing near-term pressures and strategic investments, while continuing to build long-term customer value.

調整後 EBITDA 攀升至 3.03 億美元，以 31% 的驚人增幅超過了總收入的成長。系統同店銷售額成長5.6%，交易量成長3.2%，表現亮眼。儘管面臨大宗商品成本上漲的不利因素，我們 2025 年公司營運的貢獻毛利率仍達到約 29%，這證明了我們在平衡近期壓力和策略投資的同時，持續為客戶創造長期價值的堅持不懈。

Looking forward, as we expect copy costs to normalize we remain extremely confident in our ability to deliver our long-term contribution margin goal of approximately 30%. During the year, we opened 154 new shops bringing our toll system shop count to 1,136.

展望未來，隨著影印成本趨於正常化，我們仍然非常有信心實現約 30% 的長期貢獻毛利率目標。年內，我們開設了 154 家新店，使我們的收費系統店鋪總數達到 1,136 家。

For the fourth quarter, total revenues were $444 million, an increase of 29% or $101 million over the fourth quarter of last year. Systems same-shop sales growth was 7.7%, driven by standout transaction growth of 5.4%. In Q4, we saw broad-based strength throughout the quarter, with momentum driven from exciting innovation and Dutch rewards.

第四季總營收為 4.44 億美元，比去年第四季成長 29%，即 1.01 億美元。系統同店銷售額成長 7.7%，其中交易金額成長 5.4%，表現突出。第四季度，我們看到了整體強勁的成長勢頭，這主要得益於令人興奮的創新和荷蘭的獎勵政策。

Additionally, we're beginning to see the impact of our new food program on comp, including both ticket and transaction lift, which is consistent with our prior commentary on the program. Looking ahead to 2026, we expect full year system same-shop sales growth of approximately 3% to 5%, which assumes taking around the point of incremental price during 2026, as we continue to strengthen our relative value proposition. The impact of cycling strong transaction growth that strengthened over the course of 2025.

此外，我們開始看到新的餐飲計劃對客單價的影響，包括客單價和交易量的增長，這與我們先前對該計劃的評論一致。展望 2026 年，我們預期全年系統同店銷售額將成長約 3% 至 5%，這是假設 2026 年價格漲幅在一定範圍內，因為我們將繼續加強我們的相對價值主張。2025 年期間，強勁的交易成長週期性地增強，其影響日益顯著。

The annual lap of order ahead and continued excitement on the new food rollout with early shop results suggesting an approximate 4% comp lift in shops that have the program. We rolled off a point of pricing in January and expect to roll off another point in early July. As a result, we expect the benefit of effective pricing to step down slightly in the back half of the year, while transaction growth comparisons begin to step up.

年度訂單週期即將到來，新食品的推出也令人興奮不已，早期門市業績表明，實施該計劃的門市的同店銷售額大約提高了 4%。我們在1月下調了一個價格點，預計7月初還會下調另一個價格點。因此，我們預計有效定價帶來的好處將在下半年略有下降，而交易成長的比較將開始上升。

We plan to continue to methodically roll out food across our shops throughout 2026, with the complete impact phased in throughout the year. As a reminder, we expect that nearly 300 legacy shops may not be able to accommodate the new food program. Our 2026 system same-shop sales growth guidance contemplates approximately 4% to 6% in the first quarter, reflecting the strong results we saw in January and less than a point of price taken at the start of the year.

我們計劃在 2026 年全年有條不紊地在各門市推出食品，並在年內分階段全面落實。再次提醒，我們預計近 300 家老店可能無法適應新的食品計劃。我們對 2026 年系統同店銷售成長的預期是，第一季成長約 4% 至 6%，這反映了我們在 1 月看到的強勁業績，並且比年初的價格下降了不到 1 個百分點。

In the fourth quarter, we opened 55 new shops with many opening later in the quarter and a few carrying over into 2026. Consistent with our prior commentary, these openings in 2026 represent incremental shops beyond our initial 2026 guidance and all of them opened in January. As a result of these carryover openings, we now expect to open at least 181 system shops in 2026, representing 16% shop growth. This figure includes 20 Clutch Coffee Bar conversions, which were contemplated in our original shop guidance provided last quarter.

第四季度，我們開設了 55 家新店，其中許多店鋪將在本季晚些時候開業，還有一些店將延續到 2026 年。與我們之前的評論一致，這些 2026 年新開的店鋪代表著超出我們最初 2026 年指導的增量店鋪，而且所有這些店鋪都在 1 月份開業。由於這些結轉的開業計劃，我們現在預計到 2026 年將開設至少 181 家系統商店，相當於商店數量增加 16%。這個數字包括 20 家 Clutch Coffee Bar 改造項目，這些項目在我們上個季度提供的原始商店指導中已有考慮。

This conversion opportunity allows us to deploy capital in a highly efficient way with the purchase price of approximately $20 million. For modeling purposes, we expect approximately 30 system shop openings in Q1 and a gradual step up into the rest of the year.

此次收購機會使我們能夠以約 2000 萬美元的收購價格，有效地部署資金。出於建模目的，我們預計第一季將有大約 30 家系統商店開業，並在今年剩餘時間內逐步增加。

Switching to company-operated shop performance in Q4. Revenue was $410 million, an increase of 30% or $95 million over the fourth quarter of last year. Company-operated same-shop sales growth was an incredible 9.7% and was primarily driven by 7.6% transaction growth.

第四季轉為公司自營門市業績。營收為 4.1 億美元，比去年第四季成長 30%，即 9,500 萬美元。該公司自營同店銷售額成長了驚人的 9.7%，主要得益於交易量成長了 7.6%。

Company-operated shop contribution was $113 million, an increase of 24% or $22 million year over year. Company-operated shop contribution margin was 27.6%.

該公司自營門市貢獻了 1.13 億美元，比上年增長了 24%，即 2,200 萬美元。本公司自營門市貢獻毛利率為 27.6%。

Beverage, food, and packaging costs were 27% of company-operated shop revenue, which is 160 basis points unfavorable year over year, primarily driven by higher coffee costs and costs associated with the continued rollout of our new food program. With coffee costs remaining elevated throughout 2025, the impact increased throughout the year and will have a continued impact into 2026.

飲料、食品和包裝成本占公司自營商店收入的 27%，年減 160 個基點，主要原因是咖啡成本上漲以及與我們新食品計畫持續推廣相關的成本。由於咖啡成本在 2025 年全年持續高位，其影響在這一年中不斷加劇，並將持續影響 2026 年。

Given our inventory turns, any change in coffee prices, including the related P&L impact, typically lags by two to three quarters. The midpoint of our full-year 2026 guidance contemplates approximately 80 basis points of total COGS pressure. Included in this is approximately 200 basis points of total COGS pressure in Q1 2026, with a pressure stepping down throughout the year.

鑑於我們的庫存週轉率，咖啡價格的任何變化，包括相關的損益影響，通常都會落後兩到三個季度。我們 2026 年全年業績指引的中點預計總銷售成本壓力約為 80 個基點。其中包括 2026 年第一季總銷售成本壓力約 200 個基點，而這種壓力將在全年逐步下降。

Labor costs were 26.2% of company-operated shop revenue, which is 90 basis points favorable year over year. Occupancy and other costs were 17.2% of company-operated shop revenue, which is 30 basis points favorable year over year.

勞動成本占公司自營店舖收入的 26.2%，比去年同期下降了 90 個基點。租金和其他費用占公司自營店鋪收入的 17.2%，比去年同期下降了 30 個基點。

As a reminder, in 2026, we expect occupancy and other costs as a percentage of revenue to increase by shifting more of our lease arrangements to build-to-suit leases. In 2025, approximately 45% of our leases were build-to-suit leases, and we expect continued progress in 2026 towards our long-term goal. Preopening expenses were 2% of company-operated shop revenue, which is 90 basis points unfavorable year over year, driven by increased strategic investments related to training and jump-starting shop openings.

再次提醒大家，到 2026 年，我們預計隨著更多租賃安排轉向客製化租賃，入住率和其他成本佔收入的百分比將會增加。2025 年，我們約 45% 的租賃合約為客製化租賃合同，我們預計 2026 年將繼續朝著我們的長期目標取得進展。開業前費用占公司自營店鋪收入的 2%，較去年同期下降 90 個基點，主要原因是與培訓和啟動店鋪開業相關的策略投資增加。

Switching gears. Q4 adjusted SG&A was $65 million or 14.7% of total revenue. While we continue to make investments in our infrastructure and our people in 2025, -- we were also able to drive 140 basis points of leverage in adjusted SG&A. Our 2026 guidance contemplates a continuation of this momentum as we expect an additional 70 basis points of adjusted SG&A leverage.

轉換話題。第四季調整後的銷售、一般及行政費用為 6,500 萬美元，佔總營收的 14.7%。2025 年，在我們繼續投資基礎設施和人才的同時，我們也實現了調整後銷售、一般及行政費用槓桿率提高 140 個基點。我們預期 2026 年的業績指引將延續這一勢頭，調整後的銷售、一般及行政費用槓桿率將再增加 70 個基點。

For modeling purposes, we expect a continued flattening of adjusted SG&A dollars throughout the year when compared to 2025. In the quarter, adjusted EBITDA was $73 million an increase of 49%, or $24 million over the fourth quarter of last year. Lastly, we delivered $0.17 of adjusted EPS, up from $0.07 in Q4 of last year.

出於建模目的，我們預計與 2025 年相比，今年調整後的銷售、一般及行政費用將持續趨於平穩。本季調整後 EBITDA 為 7,300 萬美元，比去年第四季成長 49%，即 2,400 萬美元。最後，我們實現了 0.17 美元的調整後每股收益，高於去年第四季的 0.07 美元。

Let me now provide an update on our liquidity and cash flow. As of December 31, we had approximately $705 million in total liquidity. This includes $269 million in cash and cash equivalents, and approximately $435 million in our undrawn revolver. In Q4, our average CapEx per shop was $1.3 million compared to $1.8 million in Q4 of 2024.

現在讓我來報告我們的流動性和現金流狀況。截至12月31日，我們的總流動資金約為7.05億美元。其中包括 2.69 億美元的現金及現金等價物，以及約 4.35 億美元的未提取循環信貸額度。2024 年第四季，我們每家門市的平均資本支出為 130 萬美元，而 2024 年第四季則為 180 萬美元。

During the quarter, our net cash position increased by approximately $3 million from Q3, driven by strong cash flows from operations. We have now consistently added net cash to our balance sheet, and in 2025, did so ahead of schedule, a testament to the strength of our execution and the long-term staying power of our end. This marks a clear step change in the momentum we've built by generating free cash flow for a second consecutive year and reinforces my confidence that we are on the right track to further strengthen the durability of our business.

本季度，由於經營活動產生的強勁現金流，我們的淨現金部位比第三季增加了約 300 萬美元。我們現在持續在資產負債表上增加淨現金，並且在 2025 年提前實現了這一目標，這證明了我們強大的執行力和我們長期的生存能力。這標誌著我們透過連續第二年產生自由現金流而建立起來的良好勢頭髮生了明顯的轉變，也增強了我對我們正走在正確道路上，進一步增強業務可持續性的信心。

Now let me provide our 2026 guidance. Total revenues are projected to be between $2 billion and $2.03 billion, representing 22% to 24% growth year over year. Total system shop openings are now estimated to be at least 181 shops. Systems same-shop sales growth is estimated to be in the range of 3% to 5%.

現在讓我來提供我們2026年的指導方針。預計總收入將在 20 億美元至 20.3 億美元之間，年增 22% 至 24%。目前預計整個系統將開設至少 181 家店。預計系統同店銷售額成長將在 3% 至 5% 之間。

Adjusted EBITDA is estimated to be in the range of $355 million to $365 million. At the midpoint of this range, we expect approximately 60 basis points of net adjusted EBITDA margin pressure largely driven by elevated coffee costs and the continued impact on occupancy that I spoke to earlier, but partially offset by leverage on adjusted SG&A. Capital expenditures are estimated to be in the range of $270 million to $290 million.

調整後 EBITDA 預計在 3.55 億美元至 3.65 億美元之間。在該範圍的中點，我們預計淨調整 EBITDA 利潤率將面臨約 60 個基點的壓力，這主要是由於咖啡成本上漲以及我之前提到的對入住率的持續影響，但部分會被調整後的銷售、一般及行政費用槓桿作用所抵消。資本支出預計在 2.7 億美元至 2.9 億美元之間。

We remain optimistic about the future with a clear and compelling path forward. Our ability to innovate and execute has scaled AUVs to record highs across an even larger set of shops, supported by best-in-class four-wall shop economics. Our people are delivering an exceptional customer experience, reinforcing the compelling value proposition we offer.

我們對未來依然保持樂觀，並擁有清晰且令人信服的發展道路。我們憑藉創新和執行能力，在更大的門市範圍內將 AUV 規模擴大到創紀錄的高位，並得到了業內領先的四面牆門店經濟效益的支持。我們的員工正在提供卓越的客戶體驗，從而強化我們提供的極具吸引力的價值主張。

Thank you, everyone. We'll now take your questions. Operator, please open the lines.

謝謝大家。現在開始回答各位的問題。接線員，請開通線路。

(Operator Instructions) Andrew Charles, TD Cowen.

（操作說明）Andrew Charles，TD Cowen。

Great. Thank you, guys. Christine, investors are focused on your same-store sales resiliency this spring as larger limited service restaurants, either launch energy and ice coffee beverages or revamptive platforms. And I guess, you're not providing specifics, but can you talk about the levers of your disposal of protect traffic during this time?

偉大的。謝謝大家。克莉絲汀，投資人關注的焦點是今年春天你同店銷售的韌性，因為規模較大的有限服務餐廳要麼推出能量飲料和冰咖啡飲料，要麼改造平台。我想，您沒有提供具體細節，但您能否談談在此期間您可以採取哪些措施來保護交通？

For instance, is there an opportunity to accelerate the food rollout before 2016, given the success you're seeing there? Do you expect to raise marketing spend in 2016 to promote more awareness of Dutch? Are you open-minded your increased points offers with Dutch rewards members? Just some texture on how you're thinking about this and how you maintain your traffic trend.

例如，鑑於目前的成功，是否有可能在 2016 年之前加快食品推廣速度？您預計在 2016 年增加行銷支出，以提高人們對荷蘭語的認知度嗎？您是否願意接受荷蘭獎勵計劃會員所獲得的更高積分優惠？想跟大家詳細說說你​​們是如何考慮這個問題以及如何維持流量成長的。

Yeah. Thanks for the question, Andrew. Our business is performing incredibly well.

是的。謝謝你的提問，安德魯。我們的業務表現非常出色。

Look at the 7.7% same-shop sales in Q4. And this has been a competitive market since 1992. We have an incredible value proposition. I think the combination of our service, the quality of our beverages, everything that our broistas provide, we're also right in the sweet spot of where the growth in this market is. It's about convenience, it's about energy, it's about iced innovation, and we have the best teams and service in this industry. We started the year strong this year, and we're incredibly confident with where the business stands.

看看第四季7.7%的同店銷售額。自 1992 年以來，這一直是一個競爭激烈的市場。我們擁有極具吸引力的價值主張。我認為，我們優質的服務、飲品的品質以及我們廚師團隊提供的所有服務，都恰好滿足了市場成長的需求。它關乎便利，關乎能源，關乎創新，我們擁有業內最好的團隊和服務。今年年初我們開局強勁，對公司目前的業務狀況非常有信心。

Chris O'Cull , Stifel.

克里斯·奧庫爾，斯蒂費爾。

Good afternoon, guys, and congrats on another great quarter. Christine, AUVs have reached record levels, yet you've also noted that the company is still in the basic blocking and tackling phase of labor deployment. I'm just wondering as Jen takes over shop operations, what's your mandate? And how much additional transaction capacity is she looking maybe to unlock during peak periods?

各位下午好，恭喜你們又一個季度取得了優異的成績。克莉絲汀，AUV（自主水下航行器）的數量已經達到創紀錄的水平，但你也指出，該公司在勞動力部署方面仍處於基本的起步和應對階段。我想知道，Jen接手店家經營後，你的職責是什麼？她希望在高峰期解鎖多少額外的交易容量？

Yeah. So Jen is new on board. She just completed her shop training and is getting to know all of our teams. And as we look at our priorities, it's really about -- how do we serve our broistas better. So how do we prioritize the initiatives that are coming at our shops and how do we support them to continue to roll out the food program to continue to roll out mobile order and have enhancements in that program. So she'll be very focused on the same initiatives that we're focused on, really, across the system.

是的。Jen是新來的。她剛完成店鋪培訓，正在熟悉我們所有的團隊成員。當我們審視我們的優先事項時，其實就是——我們如何更好地服務我們的廚師。那麼，我們如何確定門市即將開展的各項舉措的優先順序，以及如何支持他們繼續推出食品計劃、繼續推出移動訂餐服務並改進該計劃。所以她會非常關注我們整個系統都在關注的那些措施。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Hey, good evening, guys. I think you kind of tie a couple of things together that you may be doing a little bit differently on new store openings, in addition to the kind of work that went on in the pipeline and things like that. Can you unwrap that a little bit more in terms of trading and things like that?

嘿，晚上好，各位。我認為，除了籌備工作等因素之外，你在新店開業方面可能會採取一些不同的做法，這也包含了一些其他方面。能否從交易等方面再詳細解釋？

Yeah. So as far as our new shop openings go, we continue to focus on making sure that the shop opens with the right teams with the right support our MOB team and that we're aware of where their shops close by, so we can train in those shops. So we're very thoughtful now that we have such a large network of shops and such a large network of broistas, who can support the opening of these shops that we can really support them in the best way. I think the other example of that is, as a real estate modeling has gotten tighter, really think through what those AUVs are going to be in those new markets.

是的。所以就我們新店開業而言，我們繼續專注於確保新店開業時配備合適的團隊，並得到我們 MOB 團隊的適當支持，同時我們也了解附近店舖的位置，以便我們可以在這些店舖進行培訓。所以我們現在非常認真地考慮，既然我們擁有如此龐大的商店網絡和如此龐大的麵包師網絡，他們可以支持這些商店的開業，我們就能以最好的方式真正支持他們。我認為另一個例子是，隨著房地產建模變得越來越精細，要認真思考這些新市場的平均單位面積價值（AUV）會是多少。

Is this a first-to-market shop? What will those AUVs look like, so that we can really send that support to ensure that the shop really opens in the best way possible.

這是首家進入市場的店家嗎？這些AUV（自主水下航行器）會是什麼樣子，這樣我們才能真正提供支持，確保商店以最佳方式開業。

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Thank you so much and congrats on a great quarter. You mentioned the 4% comp lift in your food private stores with kind of roughly one-fourth coming from transactions previously. As you scale the food program, are there any kind of metrics you could share to help us track the progress, attach rate or mix shift daypart growt?

非常感謝，恭喜你們本季業績出色。您提到食品自有門市的同店銷售額成長了 4%，其中大約四分之一來自先前的交易。隨著食品計劃規模的擴大，您能否分享一些指標來幫助我們追蹤進度、附加率或混合班次時段的成長情況？

And additionally, while your hot food is positioned primarily as a lever to drive incremental beverage occasions, how are you thinking about potentially broadening the offering to capture additional dayparts, and occasions, now that all the equipment is already in place? Thank you.

此外，雖然你們的熱食主要定位為推動飲料消費成長的槓桿，但既然所有設備都已到位，你們打算如何考慮擴大產品供應範圍，以吸引更多時段和活動？謝謝。

Yeah. So if we look at the food program, we haven't shared additional statistics. But within within the company, we're tracking lots of different things. So we're tracking our broistas satisfaction. We're looking at how the customers are loving the food platform. We're looking at how each success of rollout the training is going. We're looking at operational metrics within the shop of what our deliveries look like, what our waste percentages look like. So all of those things are being tracked.

是的。所以，如果我們看一下食品計劃，我們還沒有公佈更多統計數據。但在公司內部，我們追蹤很多不同的事情。所以我們正在追蹤我們廚師的滿意度。我們正在觀察顧客對這個食品平台的喜愛程度。我們正在觀察每次培訓推廣活動的成功情況。我們正在查看店鋪內部的營運指標，例如我們的送貨情況、我們的損耗率等等。所以所有這些事情都在被追蹤。

And we're incredibly pleased with everything that we're seeing as we continue to roll out this program. And then as far as the long term, we really are building a long-term platform and capability here. And we'll continue to look for opportunities where we could grow attach or grow new occasions at different parts of the day.

隨著該計劃的不斷推進，我們對目前所取得的一切成果感到無比滿意。從長遠來看，我們確實在建立一個長期的平台和能力。我們將繼續尋找機會，在一天中的不同時段拓展業務或創造新的業務機會。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Thanks, guys, and congrats on the results. Just as it relates to '26 guidance, wondering if I could ask a bit more on two parts of the guide, Josh. One, including the revenue guide? And if anything more that you could add on sort of what you're embedding from a new store productivity standpoint, at least, directionally, it sounds like still elevated. Just wanted to get a sense, is it similar to what you saw last year or anything different embedded there?

偉大的。謝謝各位，也恭喜你們取得好成績。關於 '26 指南，Josh，我想請教一下指南中的兩個部分。其中，是否包含收入指南？如果說你還能從提升新店效率的角度補充些什麼的話，至少從方向來看，它仍然很高。我只是想了解一下，它和您去年看到的類似嗎？還是有什麼不同之處？

And then just on the EBITDA margin side of things, if anything else, additional to unpack there, I know you gave the COGS piece, could you break out the food menu launch impact specifically, if possible?

然後，就 EBITDA 利潤率而言，如果還有其他需要進一步分析的內容，我知道您已經提到了銷售成本部分，能否盡可能具體地分析一下食品菜單推出的影響？

Yeah. Thanks for the question. So as we think about the, I guess, our overall shape our margin for the year, we are expecting continued coffee headwinds, as I mentioned in my prepared remarks, where coffee costs are really remaining elevated throughout 2025, mostly impacting the Q1 of the year '26. So we're expecting about 200 basis points of margin headwind in Q1. And that is primarily a coffee, but also is driven partially by the impact of the food rollout.

是的。謝謝你的提問。因此，當我們考慮今年的整體狀況和利潤率時，我們預計咖啡業將繼續面臨不利因素，正如我在準備好的發言稿中提到的那樣，咖啡成本在 2025 年將持續居高不下，主要影響 2026 年第一季。因此，我們預計第一季利潤率將面臨約 200 個基點的不利影響。這主要與咖啡有關，但也部分受到食品推廣的影響。

We did also highlight that we would continue to expect elevated occupancy and other costs. I haven't given the specifics on that. But you can imagine that, that will remain elevated as we continue our ship to build-to-suit leases.

我們也強調，預計入住率和其他成本將繼續保持在較高水準。我沒有給出具體細節。但你可以想像，隨著我們繼續進行客製化租賃船舶業務，這種情況將保持在高位。

Other important factors as you think about the year is that while we continue to drive leverage in adjusted SG&A, we are expecting a continued flattening of the SG&A dollars quarter-by-quarter relative to prior quarters. So all in, we're expecting full year about 60 basis points of EBITDA margin pressure from all those various pieces.

展望今年，其他一些重要因素是，雖然我們繼續提高調整後銷售、一般及行政費用的槓桿率，但我們預計銷售、一般及行政費用金額將與前幾季相比繼續保持穩定。綜上所述，我們預計全年 EBITDA 利潤率將受到各種因素的影響，並面臨約 60 個基點的壓力。

Then -- sorry, back to you on the first part of your question on new shop productivity. Certainly, we did see very strong performance coming from new shops, really across the board, really exceeding our expectations throughout the year. We have a lot of that being the result of the market planning work and then certainly some geographic openings that just performed really strong. We are expecting that we will have some great openings going into the next year, but remain very confident with that $1.8 million target that we are typically underwriting at and feel really good about the returns we see at those levels.

那麼——抱歉，我們還是回到您關於新店生產力問題的第一部分。當然，我們看到新店的業績非常強勁，各個方面都超出了我們的預期。這很大程度歸功於市場規劃工作，當然也得益於一些地理位置的拓展，這些拓展確實表現強勁。我們預計明年會有一些不錯的機會，但我們仍然對我們通常承保的 180 萬美元目標非常有信心，並且對我們在該水平上看到的收益感到非常滿意。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good afternoon. Christine, I was wondering if maybe we could revisit the topic on competitive product launches. And I guess, there's two parts to the question. If you could maybe comment again on how your stores in Colorado performed when McDonald's was running their big energy drink tests? That might be helpful.

您好，下午好。克里斯汀，我想問我們是否可以重新探討關於競爭性產品發布的問題。我想，這個問題包含兩個部分。您能否再次談談麥當勞在科羅拉多州進行大規模能量飲料測試期間，您的門市的業績表現？這或許會有幫助。

And then, I guess, bigger picture, I mean, you've been around the category for a really long time. And I was just wondering your thoughts on kind of what the broader push on advertising of the category might mean for the category growth and how Dutch Bros might be able to take advantage of that?

然後，我想，從更宏觀的角度來看，我的意思是，你在這個領域已經耕耘很久了。我想知道您對該品類廣告宣傳力度加大對該品類增長可能意味著什麼，以及Dutch Bros如何從中受益的看法？

Yeah. So on the first question on the energy test. As we shared last quarter, we really didn't see anything in our business. I think we are the category creator of customized energy. And I think anything that's being shared about the category that creates new customers and new customer interest, I would guess that we would likely benefit from that.

是的。所以，關於能源測試的第一題。正如我們上個季度所說，我們的業務確實沒有任何進展。我認為我們是定制能源領域的開創者。我認為，任何能夠創造新客戶、激發新客戶興趣的關於該品類的信息，我們都可能從中受益。

And so do feel really confident about what we're doing from an energy perspective. We've been in the energy business for a very long time and really know what customers want in this space.

所以，從能源角度來看，我們對我們正在做的事情感到非常有信心。我們從事能源產業已經很久了，非常了解客戶在這個領域的需求。

I think big picture on this broader push on advertising and things like that. I think that this is a category that continues to grow. I think, with our very strong growth rate taking share in the category. And I think that anything around the category maybe continues to benefit us. We're seeing incredibly strong results right now.

我認為這是從大局出發，對廣告等領域進行更廣泛的推動。我認為這是一個會持續成長的類別。我認為，憑藉我們強勁的成長速度，我們正在搶佔該品類的市佔率。我認為任何與此相關的事物都可能繼續對我們有利。我們目前看到了非常強勁的成果。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I have a question about the Clutch acquisition and then just maybe a clarification on Josh's comments on the food impact on margin. I'll start with that is straightforward.

謝謝。我有一個關於 Clutch 收購案的問題，另外，我還想請教一下 Josh 關於食品對利潤率影響的評論。我先說最直接的一點。

Just want to clarify, so food addition should be accretive to shop margins even if they're dilutive to food margins? Is that the right way to think about it?

我想確認一下，即使食品利潤率降低，增加食品種類也應該會增加店家利潤率嗎？這種思考方式正確嗎？

And then the question about the acquisition is as you think about growth, would you anticipate doing more of these type real estate type acquisitions? Is the philosophy that being first mover really matters? Is it that the scale that you can achieve quickly is important.

那麼關於此次收購的問題是，當您考慮成長時，您是否預計會進行更多此類房地產類型的收購？這種「先發優勢」的理念真的很重要嗎？是不是因為你能夠迅速達到的規模才重要？

I'm just thinking $20 million to buy 20 shops seems roughly about what it would cost for you to build, I think, on a -- or a little bit maybe more on a build-to-suit basis. So I'm trying to understand maybe the economics or what the impetus was as you think about doing these kinds of things going forward. Thank you.

我只是覺得，花 2000 萬美元買 20 家店鋪，大概和你自己建造一家店舖的成本差不多，我想——或者如果是定制建造的話，可能還要多一點。所以我想了解一下，當你們考慮未來開展這類業務時，背後的經濟因素或推動力是什麼。謝謝。

Yeah, Sara, thanks for the question. So on the food question, so we are expecting pressure on COGS and certainly expect it to be dollar accretive as we're adding overall new occasions to the business, but would expect it to put a bit of pressure on margin overall.

是的，薩拉，謝謝你的提問。關於食品方面的問題，我們預期銷售成本將面臨壓力，隨著業務中新增消費場景，我們肯定會看到利潤成長，但預計整體利潤率也會受到一定壓力。

In terms of Clutch, the way we are looking at this, we, certainly, to your point on the economics of this view this as a very productive way of using our capital to deploying capital and acquiring those sites and then converting them, being that their existing coffee stands, relatively low investment to be able to convert these to Dutch Bros.

就 Clutch 而言，我們看待這件事的方式，當然，正如您所指出的，從經濟角度來看，我們認為這是一種非常高效的利用資本的方式，可以部署資本併收購這些地點，然後進行改造，因為他們現有的咖啡攤位，相對較低的投資就可以將其改造成 Dutch Bros.

As we've done and looked at our portfolio over time, we are always looking for either ground-up builds or conversion opportunities Clutch provided us a great opportunity to grab a hold of 20 sites in the market that we're just moving into be able to enter that market relatively rapidly at a very capital-efficient way. So as we think forward, we'll always be looking for conversion opportunities. Certainly, like I said, a coffee stand is quite easy then to convert to a Dutch Bros, but we'll look for conversion opportunities or those ground-up builds as we continue to expand.

隨著時間的推移，我們一直在審視我們的投資組合，尋找從零開始建造或改造的機會。 Clutch 為我們提供了一個絕佳的機會，讓我們能夠以非常高效的資本利用方式，相對快速地進入我們剛剛進入的市場中的 20 個項目。因此，展望未來，我們將始終尋找轉換機會。當然，就像我說的，咖啡攤很容易改建成 Dutch Bros，但隨著我們不斷擴張，我們會尋找改建機會或從零開始建造。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah. Thanks. Good afternoon. With food, what have you seen? Do it open quite strong and perhaps settle out? Does it sort of build steadily? Do you find that some of the markets that have it in more shops have seen higher food mix as that happens? And then, I guess, are you contemplating marketing this year? Or is it more of like a '27 onward thing?

是的。謝謝。午安.在食物方面，你看過什麼？開盤走勢強勁，之後可能會趨於平穩嗎？它是逐漸發展起來的嗎？您是否發現，隨著更多店鋪銷售該商品，有些市場的食品種類也更加豐富了？那麼，我想問一下，您今年有計劃進行行銷嗎？或者說，這更像是從 27 年以後才開始的現象？

Yeah. So we continue to be very pleased with what we're seeing from the food rollout. And what we're seeing is very consistent with what we shared last quarter. I think we've gotten it to enough shops that we knew what we were going to see. And we do roll this out. And pretty quickly, our customers are finding it and ordering it and enjoying it.

是的。因此，我們對食品推廣工作目前的情況仍然非常滿意。我們看到的情況與上個季度我們分享的情況非常一致。我認為我們已經把產品送到足夠多的商店，所以我們知道會看到什麼。我們會推出這項服務。很快，我們的顧客就發現了它，並下單購買，而且很喜歡它。

So we actually see that lift pretty quickly after rollout, which has given us that great confidence to continue rolling out this food program. We are seeing both a transaction and a ticket lift, so seeing attach, but we also believe that our existing customers are maybe coming in for that extra beverage occasion because we now have that great morning food for them.

因此，我們在推廣後很快就看到了效果提升，這給了我們很大的信心繼續推廣這項食品計劃。我們看到交易量和客單價都有所上升，所以我們看到了增長，但我們也相信，我們現有的顧客可能會因為我們現在為他們提供美味的早餐而額外來喝一杯飲料。

We also have great feedback from our broistas. So all that we're seeing is very strong. I would say, on the marketing question, that we are still building our brand overall. And we will be a beverage-first brand. We'll remain a beverage-first brand. So I would expect to just continue to see us focusing on beverage as we look at external marketing and that food is that attach when you come into the shop.

我們也收到了來自我們廚師們的正面回饋。所以我們看到的一切都非常強勁。關於行銷方面的問題，我認為我們仍在整體上打造我們的品牌。我們將成為一個以飲料為核心的品牌。我們將繼續保持以飲料為核心的品牌定位。因此，我預計我們將繼續專注於飲料，同時專注於外部行銷，因為食品是顧客進店時首先接觸到的。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Thanks. Just following up on Sara's question about collection. I'm curious if you guys are -- you alluded to it, but if you're actually sort of actively seeking sort of opportunities like that or just how you're sort of generally viewing the pursuit of small-scale acquisition to potentially accelerate unit growth?

謝謝。我來跟進一下Sara關於收藏的問題。我很好奇你們是否——你們之前也提到過——你們是否真的在積極尋找這樣的機會，或者你們是如何看待透過小規模收購來加速業務成長的？

Yeah, this is something we've continued to do. So last year, a number of the shops we opened were conversions of other different types of concepts. So this is something that's been in our portfolio for a while, being able to take attractive real estate and turn it into a Dutch Bros. So we'll just continue to look for the best real estate opportunities.

是的，我們一直在做這件事。所以去年，我們開設的許多店鋪都是由其他不同類型的店鋪改造而成的。所以，我們一直在考慮將有吸引力的房地產變成一家 Dutch Bros.所以我們會繼續尋找最佳的房地產投資機會。

What I would say was something -- like a Clutch, we want it from a CapEx perspective to really fall in line with what we're doing in opening the rest of our shops. So that's something important as we do look for these opportunities, but are certainly open to looking for more.

我想說的是，像離合器這樣的設備，從資本支出的角度來看，我們希望它能真正與我們開設其他門市的做法保持一致。所以，當我們尋找這些機會時，這一點很重要，但我們當然也樂於尋找更多機會。

Jon Tower, Citi.

Jon Tower，花旗銀行。

Great. Thanks for taking the question. Maybe on the development side, a number of -- or at least one large coffee player is thinking about moving more aggressively into your markets. And I know there's a number of smaller growing chains that have also been expanding across a lot of your markets. And I'm just curious, I know your model is shifting from ground up to build-to-suit or more of them.

偉大的。感謝您回答這個問題。或許在發展方面，一些——或者至少有一家大型咖啡企業正在考慮更積極地進軍你們的市場。我知道還有很多規模較小的連鎖企業也在你們的許多市場擴張。我只是好奇，我知道你們的模式正在從完全自主設計轉向客製化設計，或更多類似的模式。

But are you seeing any pressures on site availability in markets? Or are you seeing any cost pressures starting to build with respect to competition coming in and perhaps driving up the cost of new locations?

但您是否看到市場上的站點供應面臨任何壓力？或者，您是否看到隨著競爭加劇，成本壓力開始增加，從而推高了新址的成本？

No, that's not what we're seeing. We're really seeing great real estate availability. And I think as our brand continues to grow, we're just an incredibly attractive tenant for folks out there. So we're actually seeing lots of different (technical difficulty) as far as build costs go, we're seeing a steadiness there. But with our shift to build-to-suit, we have been able to lower our CapEx from $1.8 million in Q4 of '24 to $1.3 million in Q4 of '25. So our capital outlay by per shop has really reduced over the last year.

不，我們看到的並非如此。我們看到目前房地產市場供應非常充足。我認為隨著我們品牌的不斷發展，我們對許多租戶來說都極具吸引力。所以實際上我們看到了很多不同的（技術難題），就建造成本而言，我們看到這方面比較穩定。但隨著我們轉向客製化建造模式，我們的資本支出已從 2024 年第四季的 180 萬美元降至 2025 年第四季的 130 萬美元。因此，過去一年我們每家店的資本支出確實減少了。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Hi. Congrats on the really strong results. And thanks for the update on order ahead and walk-up mix. I was wondering if you could maybe expand a little bit more on these channels or order methods, perhaps the incrementality that you're seeing from these channels?

你好。恭喜取得如此優異的成績！感謝您提供的預訂和現場點餐服務的最新資訊。我想請您再詳細介紹一下這些管道或訂購方式，以及您從這些管道看到的增量收益？

And then how are you thinking about the pace of growth of these channels for this year and how much upside you're seeing from them long term? Thanks.

那麼，您如何看待這些管道今年的成長速度，以及您認為它們在長期內有多少成長潛力？謝謝。

Yeah. So on mobile order, it hit 14% of transactions in Q4. So we're very pleased with that level. Internally, we don't have something that we're telling the shops we need to get to a certain level because we're really driven by what does the customer want to do. And we want to have the channels that the customer wants to approach us with.

是的。因此，在行動端下單方面，第四季交易量佔比達到了 14%。所以我們對這個水準非常滿意。在公司內部，我們並沒有告訴門市我們需要達到某個特定水平，因為我們真正受顧客需求驅動的是什麼。我們希望擁有客戶希望用來聯繫我們的管道。

And so I think that is the most important part. So we're very pleased. It's clearly something that's incredibly popular with our customers. And it is something that's allowed us to balance all of that demand across the shop. And so when we started with mobile order, the window, that's not the drive-thru window, the one on the other side is actually right around 10%. And so that move up to 18% really allows us to balance that demand across the shop in a nicer way.

所以我認為這是最重要的部分。我們非常高興。顯然，這深受我們顧客的喜愛。正是這一點讓我們能夠平衡店內所有產品的需求。所以當我們開始使用手機點餐時，窗口（不是得來速窗口，而是另一邊的那個窗口）的佔比實際上只有 10% 左右。因此，提高到 18% 確實使我們能夠以更好的方式平衡整個商店的需求。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. Christine, I was hoping to get more color on that, the walk-up store you mentioned that I think you opened in November in LA. Obviously, it's very early, but new -- seems like a potential new channel. So I'm wondering your learnings. It seems like it would give you a potential for more urban expansion. So how do you think about next steps or what that does for the TAM opportunity or what you need to do to change the box? Any kind of learnings or initial thoughts on how you could perhaps accelerate this opportunity?

偉大的。非常感謝。克莉絲汀，我希望能更詳細地了解你提到的那家實體店，我記得你是在去年十一月在洛杉磯開的。顯然，現在還為時過早，但這是個新現象——看起來像是一個潛在的新管道。所以我想知道你的學習心得。這似乎會為城市擴張帶來更多可能性。那麼，您如何考慮下一步？或者這對TAM機會有何影響？或者您需要做些什麼來改變現狀？關於如何加快把握這個機會，您有什麼經驗或初步想法嗎？

Thanks, Jeff. Yeah, we're really pleased by what we're seeing. Again, this is very early in looking at this type of model. But I do think the investments that we've made over time. So having that mobile order channel has allowed us to open this up.

謝謝你，傑夫。是的，我們對目前的情況非常滿意。再次強調，我們現在還處於研究這類模型的非常早期階段。但我確實認為我們這些年來所做的投資是值得的。因此，有了行動訂購管道，我們才能實現這一點。

So the way that we open the shop is we still have a walk-up window and then we have a mobile order window. And so we still have two windows even though it is a non-drive-thru shop. And we've got a line buster outside taking your order when you come in and you're coming to that walk-up window. And so a lot of the things that work in our drive-thru shops are working really well in the shop in LA.

所以我們開店的方式是，我們仍然保留了一個外帶窗口，還有一個手機點餐窗口。所以，即使我們是一家非得來速商店，我們仍然有兩個窗口。我們還在店外安排了工作人員，當您進來並透過外帶窗口點餐時，他會幫您快速下單。因此，我們免下車門市的許多有效做法在洛杉磯的門市也同樣有效。

As a reminder, our TAM of 7,000 includes drive-thru locations like the locations we have. We still very much believe in that 7,000 unit TAM. And this is a potential additional channel that we're very pleased has just kicked off in a really strong way.

再次提醒，我們的 7,000 個目標客戶中包含了像我們這樣的得來速門市。我們仍然非常相信7,000台的TAM（目標市場規模）。我們很高興看到這個潛在的新管道以非常強大的方式啟動了。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場。

Hey, good afternoon. Thanks for taking the questions. Most of mine got asked already, so I'll ask a follow-up on the Clutch acquisition. I appreciate the clarity around the $20 million purchase price, about $1 million per location. I'm just wondering if you can give any additional color on what the additional investments required to transition those locations over to Dutch Bros and time line for openings for those 20 stores? Thanks.

嘿，下午好。謝謝您回答問題。我的大部分問題都已經被問過了，所以我再問一個關於 Clutch 收購案的後續問題。我很欣賞關於2000萬美元收購價格的清晰說明，大約每個地點100萬美元。我想了解一下，將這些門市過渡到 Dutch Bros 品牌需要哪些額外的投資，以及這 20 家門市的開幕時間表？謝謝。

Yeah. Thanks for the question. So you can just think about these as an all-in cost, not too inconsistent from how we've been building costs overall, or building shops overall. So these are existing coffee stands. Actually, we're the founder of the company was the former Dutch employee. So look and feel a lot like a Dutch Bros as they are.

是的。謝謝你的提問。所以你可以把這些看作是全部成本，這和我們一直以來計算的整體建築成本，或者說整體店鋪建設成本，並沒有太大出入。這些都是現有的咖啡攤位。事實上，公司的創辦人是一位前荷蘭員工。所以，它們的外觀和感覺都和 Dutch Bros 很像。

So we have some equipment to do, obviously, signage and look and feel to make them look like a Dutch Bros relatively light capital lift that would put this in -- right in the range of our cost of building shops today.

所以，我們顯然需要做一些設備、標誌和外觀設計，讓它們看起來像是 Dutch Bros 連鎖店。相對輕量級的資本投入，正好在我們今天建造商店的成本範圍內。

In terms of time line of opening, we're obviously working through the process of converting them. I expect them to open during the year here in Q2 and Q3.

就開業時間表而言，我們顯然正在努力完成轉換過程。我預計它們將於今年第二季和第三季開業。

Nick Setyan, Mizuho. Nick, are you on the line?

Nick Setyan，瑞穗銀行。尼克，你在電話那頭嗎？

Okay. Great. Thanks for the question. And congrats on a great quarter. Obviously, the company-owned growth is, by far, the primary driver of fundamentals. So just so we can all kind of be on the same page, would it be possible to maybe tell us what the 3% to 5% comp for the year and the 4% to 6% system comp for Q1, what that bakes in for company-owned comp?

好的。偉大的。謝謝你的提問。恭喜你們本季業績出色。顯然，公司本身的成長是基本面的主要驅動力。為了確保我們大家理解一致，能否告知我們全年 3% 至 5% 的薪酬以及第一季 4% 至 6% 的系統薪酬，這些薪酬包含了哪些公司自有薪酬？

Yeah, Nick, thanks for the question. We're not providing the decomposition of that on an outlook basis. So obviously, we feel very pleased with the performance we've seen out of both the company and the system during Q4. I feel like both will be contributing to our growth as we head into 2016, both will be contributing to the Q1 guide we gave as well as the full year of the 3% to 5%.

是的，尼克，謝謝你的提問。我們不提供展望層面的分解分析。顯然，我們對公司和系統在第四季的表現都非常滿意。我覺得這兩項措施都將為我們2016年的成長做出貢獻，都將為我們第一季的業績指引以及全年3%至5%的成長目標做出貢獻。

Gregory Frankfurt, Guggenheim Partners.

Gregory Frankfurt，古根漢合夥公司。

Hey, thanks. Just one clarification. Is the $20 million of Clutch acquisition, is that included in the CapEx guide? And then my question, I guess, is for Christine. This walk-up stores opportunity that you guys are unlocking right now, do you think this is going to be a meaningful part of development in either '26 -- I guess, not '26, but '27 or '28? I guess, do you think we could turn that on from a kind of growth channel perspective that quickly?

嘿，謝謝。還有一個問題需要澄清。收購 Clutch 的 2000 萬美元是否包含在資本支出預算中？那麼，我想問克里斯汀的問題了。你們現在正在開發的這種街邊小店模式，你們認為這會是 2026 年——我想，不是 2026 年，而是 2027 年或 2028 年——發展的重要組成部分嗎？我想問的是，您認為我們能從成長管道的角度這麼快就開啟這個功能嗎？

Yeah, Greg. Thanks for the question. I'll take the first one quickly here. That $20 million is included in our guide. So that's a part of the full CapEx guide we provided.

是的，格雷格。謝謝你的提問。我先快速拿第一個。這2000萬美元已包含在我們的指南中。這是我們提供的完整資本支出指南的一部分。

Yes. And then on the walk-up location, we'll continue to learn. So very early days, and we'll continue to learn before we understand how -- what this opportunity might look like for us.

是的。然後，在步行可達的地點，我們將繼續學習。所以現在還處於非常早期的階段，我們將繼續學習，才能了解這個機會對我們來說意味著什麼。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi, thank you. So the question is really on competition. And I do think that you've addressed competition for real estate very well. But I do want to ask, and this is really a hyper local market question because certainly, it's not in the consolidated results, around competition that might be happening in very specific trade areas where you've gone from you being in a market to maybe having two new entrants, or three new entrants that have kind of come in around you, both from a customer perspective and also an employee perspective.

您好，謝謝。所以問題的關鍵在於競爭。而且我認為你對房地產競爭問題的闡述非常到位。但我確實想問，這確實是一個高度本地化的市場問題，因為肯定不會體現在綜合結果中，而是圍繞著可能發生在非常具體的貿易區域內的競爭，例如，你所在的市場可能出現了兩到三個新的進入者，無論從客戶角度還是員工角度來看，都會對你產生影響。

Just if there's anything, because, certainly, we kind of hear not any actual damage or concern, but people are worried that competition could begin to affect you locally before we would see something nationally. So what I'm really looking for in this call is if you've seen anything locally that has happened from competition? How deep that may have been or the duration of that time? If there's been any impact at all that you've noticed just looking on a more macro basis across your chain?

如果有什麼情況的話，因為，當然，我們還沒有聽到任何實際的損害或擔憂，但人們擔心競爭可能會在全國範圍內產生影響之前，就開始對當地造成影響。所以，我這次通話真正想了解的是，您是否看到任何本地因競爭而發生的情況？那次襲擊的深度有多大？持續時間有多長？從宏觀角度觀察你的整個供應鏈，你是否注意到任何影響？

Thanks for the question, John. Yes, we're not really seeing anything on a local level. What we go into every market, there's lots of competition already. There's lots of local players. There's big national players.

謝謝你的提問，約翰。是的，我們在本地層面上確實沒有看到任何跡象。我們進入的每個市場，競爭都非常激烈。有很多本地玩家。有大型的全國性公司。

There's sometimes other growing, fast-growing chains. So we see all types and lots of different markets and feel incredibly great about our value proposition and feel very good about our ability to compete among many different circumstances.

有時還會出現其他發展迅速的連鎖店。因此，我們看到了各種類型和許多不同的市場，對我們的價值主張感到非常自豪，並且對我們在各種不同情況下競爭的能力感到非常滿意。

I think the strength of the brand, the strength of our people just sets us up in an incredible way. And we're seeing great performance in our new shops across geographies, across dayparts. The business is just in a really strong place.

我認為品牌的實力和員工的實力，讓我們擁有了非常強大的優勢。我們看到，無論在哪個地區、哪個時段，我們的新店都取得了非常好的業績。這家公司目前發展勢頭非常強勁。

This now concludes our question-and-answer session. I would like to turn the floor back over to Christine Barone for closing comments.

我們的問答環節到此結束。現在我把發言權交還給克莉絲汀·巴羅內，請她做總結發言。

Thanks for your questions. 2025 was a monumental year that significantly built on a multi-year runway since our IPO. Since 1992, it's always been about our people, our culture, and investing back into the communities we serve. We continue to give back in 2025, supporting nearly 700 local organizations across the country and hosting more than 1,600 local givebacks.

感謝您的提問。 2025年是具有里程碑意義的一年，它極大地鞏固了我們自IPO以來多年積累的發展勢頭。自 1992 年以來，我們始終以人為本，重視文化，並致力於回饋我們所服務的社區。2025年，我們將繼續回饋社會，支持全國近700個地方組織，並舉辦超過1600場地方回饋活動。

Thank you again to our teams for making 2025 a resounding success. I am grateful for the opportunity to lead this team and look forward to 2026 and beyond.

再次感謝我們的團隊，正是大家的共同努力，才使得2025年取得了巨大的成功。我很榮幸有機會領導這個團隊，並期待2026年及以後的發展。

And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。