Dutch Bros Inc. (BROS) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Dutch Bros, Inc. third-quarter 2026 earnings conference call and Webcast. This conference call and webcast is being recorded today, November 4, 2026, at 5:00 PM Eastern Time and will be available for replay shortly after it's concluded.

感謝各位耐心等候，歡迎參加 Dutch Bros, Inc. 2026 年第三季財報電話會議與網路直播。本次電話會議與網路直播於今日（2026 年 11 月 4 日）美東時間下午 5:00 錄音，並將於會議結束後不久提供重播。

Following the company's presentation, we will open up the lines for questions, and instructions to queue up will be provided at that time. I would now like to turn the call over to Neil Patel, Dutch Bros Director, Investor Relations. Please go ahead.

在公司簡報結束後，我們將開放電話線路進行提問，屆時將提供排隊提問的指示。現在我想把電話交給 Dutch Bros 投資人關係總監 Neil Patel。請開始。

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 ended September 30, 2026, after the market closed today. The earnings press release, along with a supplemental information deck have been posted to our Investor Relations website at investors.dutchbros.com.

各位下午好，歡迎各位。今天與我一同出席的有執行長兼總裁 Christine Barone，以及財務長 Josh Guenser。我們已於今日收盤後發布截至 2026 年 9 月 30 日止季度的財報新聞稿。該財報新聞稿以及補充資訊簡報已發布於我們的投資人關係網站 investors.dutchbros.com。

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. 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.

請注意，我們事先準備的發言內容以及對各位提問的回覆中，除歷史事實之外的所有陳述均屬前瞻性陳述，並受風險、不確定性與假設影響，可能導致實際結果出現重大差異。相關內容受我們財報新聞稿中的警示性聲明，以及我們最新向美國證券交易委員會（SEC）提交之文件中的風險因素所限制與規範，包括最近一期 Form 10-K 年度報告與 Form 10-Q 季度報告。

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 substitutes for nor superior to, measures that are prepared under GAAP. Please review the reconciliation of non-GAAP measures to comparable GAAP results in our earnings press release.

我們不承擔更新任何前瞻性陳述的義務。我們也將在今日電話會議中引用非 GAAP 財務衡量指標。提醒各位，非 GAAP 指標既不能取代也不優於依 GAAP 編製的衡量指標。請查閱我們財報新聞稿中非 GAAP 指標與可比 GAAP 結果之調節表。

During the question-and-answer portion of today's call, please limit yourself to one question and avoid multipart questions so that we can accommodate as many participants as possible.

在今日的問答環節中，請各位每次僅提一個問題，並避免多段式問題，以便我們能盡可能讓更多與會者參與提問。

With that, I would like to turn the call over to Christine.

接下來，我想把電話交給 Christine。

Thank you, Neil, and good afternoon, everyone. Dutch Bros continues to gain share in the high-growth beverage category, delivering consistent durable results quarter after quarter. In Q3, we achieved our 14th consecutive quarter of positive same-shop sales and ninth consecutive quarter of customer visit growth, a testament to the strength of our brand, our differentiated people-led culture and our strategic focus on expanding customer occasions.

謝謝你，Neil，各位下午好。Dutch Bros 持續在高成長飲品類別中提升市占率，季復一季交出穩健且具韌性的成果。在第三季，我們達成連續第 14 季同店銷售為正成長，以及連續第 9 季顧客來店次數成長，這證明了我們品牌的實力、以人為本且具差異化的文化，以及我們在擴大顧客消費情境上的策略聚焦。

The investments we've made in our people, tools and processes over the past several years have enabled seamless execution by our teams and strengthen the foundation of our business. Our third quarter performance demonstrates the impact of these efforts, while our updated 2026 outlook takes into account ongoing consumer volatility.

過去幾年我們在人員、工具與流程上的投資，使團隊得以順暢執行，並強化我們業務的基礎。我們第三季的表現展現了這些努力所帶來的成效，而我們更新後的 2026 年展望也納入了持續的消費者波動因素。

Turning to our Q3 results. Total revenues increased an outstanding 30% alongside strong profitability with adjusted EBITDA up 30%. Our distinctive value proposition continued to resonate in Q3. With system same-shop sales increasing 4.4% and company-operated same-shop sales increasing 5.4%. Our highly customizable beverages paired with the speed, quality and service our customers expect, continue to strengthen brand loyalty and drive engagement.

接著談第三季的業績。總營收大幅成長 30%，同時維持強勁獲利能力，調整後 EBITDA 亦成長 30%。我們獨特的價值主張在第三季持續引起共鳴。系統同店銷售成長 4.4%，公司自營同店銷售成長 5.4%。我們高度客製化的飲品，搭配顧客所期待的速度、品質與服務，持續強化品牌忠誠度並帶動互動參與。

Development momentum remained exceptionally strong, with 48 system shop openings during the quarter. We now have full visibility into the real estate pipeline to reach 2,029 shops in 2029. Our brand continues to stand out with customers, outperforming the coffee industry on customer experience and friendly service. The authentic connections our Broistas create with customers every day continue to support our long-term growth.

開店動能依然非常強勁，本季系統新增開店 48 家。我們目前已能完整掌握不動產開發管線，可望在 2029 年達到 2,029 家門市。我們的品牌持續在顧客心中脫穎而出，在顧客體驗與友善服務方面的表現優於咖啡產業。我們的 Broistas 每天與顧客建立的真誠連結，持續支持我們的長期成長。

And Q3 AUVs remained healthy, even as we open shops at the fastest 12-month pace in our company's history, demonstrating our ability to accelerate development while continuing to deliver system same-shop sales momentum.

第三季 AUV（平均單店營收）仍維持健康水準，即便我們正以公司史上最快的 12 個月開店速度擴張，仍展現出我們在加速展店的同時，持續帶動系統同店銷售動能的能力。

As we look ahead to 2027, we're building on that foundation and unlocking new growth opportunities across the business. From accelerating our pace of beverage innovation to testing new hot food platforms, enhancing digital capabilities and piloting delivery, we're creating more reasons for new and existing customers to choose Dutch Bros. And none of this would be possible without our people whose passion and commitment bring the Dutch Bros experience to life every day.

展望 2027 年，我們將在既有基礎上持續深化，並在全公司範圍內開啟新的成長機會。從加快飲品創新節奏、測試新的熱食平台、強化數位能力到試行外送服務，我們正在創造更多理由，讓新舊顧客都選擇 Dutch Bros。而這一切若沒有我們的夥伴是不可能做到的；他們的熱情與投入，讓 Dutch Bros 的體驗每天都能真實呈現。

Our Broistas are truly the heartbeat of Dutch Bros. They create genuine connections that extend far beyond the drive-thru, building meaningful relationships with our customers and communities. Earlier this year, a volunteer from the local human society stopped by our shop in Kennewick, Washington, asking for a few pub cups for shelter dogs. Our Broistas surprise her with treats for every dog at the shelter and a video of the moment reached millions online. That simple active kindness sparked an ongoing relationship with regular visits from the volunteer and shelter dogs. Broistas is volunteering at the Humane Society and most recently, special gifts from the team to celebrate National Dog Day in August.

我們的 Broistas 真的是 Dutch Bros 的核心脈動。他們建立的真誠連結遠遠超越得來速窗口，與顧客及社區建立有意義的關係。今年稍早，一位當地人道協會的志工到我們位於華盛頓州 Kennewick 的門市，想索取幾個給收容所狗狗用的 pup cups。我們的 Broistas 給了她驚喜：為收容所每一隻狗都準備了點心，而當下的影片在網路上觸及數百萬人。這個簡單的主動善意，促成了持續的互動關係：志工與收容所狗狗定期來訪。Broistas 也到人道協會擔任志工，最近更在 8 月為慶祝「國家狗狗日」由團隊準備了特別禮物。

And that captures something fundamental about Dutch Bros. Our Broistas to find ways to make people and pets feel known and cared for. When customers feel that connection, a stop at the window becomes more than a transaction. Over time, those moments build lasting affinity for Dutch Bros, and our customers feel the difference. Third-party research from Technomic shows Dutch Bros outperforms the coffee industry average across every measured aspect of the guest experience, while earning the highest rating for friendly service and the competitive set. That consistent outperformance reflects the strength of our people-first culture and the genuine connections our Broistas create with customers every day.

這正體現了 Dutch Bros 的核心精神：我們的 Broistas 會想方設法讓人與寵物都感受到被看見、被關心。當顧客感受到這份連結，在窗口停留就不再只是一次交易。久而久之，這些片刻會累積成對 Dutch Bros 的長期好感，而顧客也能感受到差異。Technomic 的第三方研究顯示，Dutch Bros 在所有衡量的顧客體驗面向上皆優於咖啡產業平均水準，並在友善服務方面於競爭同業中獲得最高評分。這種持續的領先表現，反映出我們以人為先的文化實力，以及 Broistas 每天與顧客建立的真誠連結。

As we grow, one of our most important jobs is making sure that experience grows with us. That's why our growth from within approach matters. Our deep leadership pipeline is built with people who have worked behind the window, lived our culture and learned firsthand what makes the Dutch Bros experience special. They help carry our culture and customer experience forward as they step into leadership roles and bring that experience into new shops and markets. Our people are foundational to our success, and our real estate pipeline positions us to bring the Dutch Bros experience to even more communities across the country.

隨著我們成長，我們最重要的工作之一，就是確保這樣的體驗能與我們一同擴大。因此，我們「由內而外培育」的成長方式至關重要。我們深厚的領導人才管線，來自那些曾在窗口後工作、親身實踐我們文化，並第一手了解 Dutch Bros 體驗為何特別的人。當他們走上領導職位，並把這份經驗帶進新的門市與市場時，就能協助延續我們的文化與顧客體驗。我們的人才是成功的基石，而我們的不動產開發管線也讓我們有條件把 Dutch Bros 體驗帶到全國更多社區。

Shifting to development, we opened 48 system shops in Q3 and bringing our total shop count to 1,273. As I mentioned earlier, we have full visibility into the real estate pipeline needed to achieve our goal of 2,029 shops in 2029. This reflects the investments we've made in market planning and development and gives me even greater confidence in both our development pipeline and long-term total addressable market.

回到展店方面，我們在第三季新增開設 48 家系統門市，使門市總數達到 1,273 家。如我先前提到的，我們已能完整掌握達成 2029 年 2,029 家門市目標所需的不動產管線。這反映出我們在市場規劃與開發上的投資，也讓我對我們的展店管線與長期可服務市場總量（TAM）更具信心。

Over the past 12 months, we've opened more shops than in any other 12-month period in our company's history. With record site approvals, growing inbound conversion interest and increasing real estate availability, we continue to build momentum. We're now focused on translating that momentum into an accelerated pace of openings.

過去 12 個月，我們開設的門市數量創下公司史上任何 12 個月期間的新高。在創紀錄的選址核准數、持續增加的主動洽詢轉換意願，以及不動產供給可得性提升的帶動下，我們持續累積動能。目前我們的重點是把這股動能轉化為更快的開店速度。

Looking ahead to 2027, we currently expect to open approximately 250 system shops. But our long-term growth strategy isn't simply about opening more shops or entering new states. It's about being deliberate about where and how we grow. Our real estate strategy is centered on building density and deepening our presence in the markets we enter.

展望 2027 年，我們目前預期將新增開設約 250 家系統門市。但我們的長期成長策略不只是開更多店或進入更多州。而是要審慎規劃我們在哪裡、以及如何成長。我們的不動產策略以建立密度、並在進入的市場中加深布局為核心。

Our approach is straightforward, enter attractive markets, build density and establish brand awareness over time. Greater density makes Dutch Bros convenient and accessible, helping us become a more consistent part of our customers' everyday routines. As we expand our footprint, we're also focused on creating more reasons for customers to choose Dutch Bros.

我們的方法很直接：進入具吸引力的市場、建立密度，並隨時間推進建立品牌知名度。更高的密度能讓 Dutch Bros 更便利、可及，幫助我們更穩定地融入顧客的日常生活習慣。隨著我們擴大版圖，我們也同時聚焦於創造更多理由，讓顧客選擇 Dutch Bros。

This year, Dutch Bros was named one of America's hottest brands for 2026 by Ad Age featured in the reinventing the everyday category, Dutch Bros was recognized for breaking through the noise and capturing customer attention through our energetic service and social buzz. We're seeing that momentum reflected in our brand metrics as well.

今年，Dutch Bros 獲《Ad Age》評選為 2026 年美國最火熱品牌之一，並入選「重塑日常」類別。Dutch Bros 因以充滿活力的服務與社群話題成功突破雜訊、吸引顧客目光而獲得肯定。我們也看到這股動能反映在品牌指標上。

Our continued investment in advertising and paid media is helping introduce Dutch Bros to more customers. With unaided brand awareness, reaching an all-time high this quarter, and with awareness still well below legacy brands, we see significant runway to drive trial, build frequency, and support growth across both new and existing shops.

我們持續加碼廣告與付費媒體投資，正協助讓更多顧客認識 Dutch Bros。本季的無提示品牌知名度創下歷史新高；同時，考量到我們的知名度仍明顯低於傳統老牌，我們認為仍有相當大的成長跑道，可推動試用、提升消費頻率，並支持新店與既有門市的成長。

Turning to menu innovation. Our energy business continued to grow in Q3. With Myst Energy Refreshers now a permanent part of the menu alongside Rebel, energy mix has grown to 27%, up from roughly 25% prelaunch in early May. We're encouraged by that performance and what it says about the strength of the platform. We've also seen strong results from our fall LTO lineup with Cookie Butter continuing to build momentum in its third consecutive year on the menu. Caramel Pumpkin Brûlée, another fan favorite, also returned this quarter. Returning favorites are an important part of our innovation strategy, helping us build seasonal platforms customers anticipate year after year.

接著談菜單創新。我們的能量飲品業務在第三季持續成長。Myst Energy Refreshers 現已與 Rebel 一同成為菜單常態品項，能量混合飲品占比提升至 27%，高於 5 月初上市前約 25% 的水準。我們對此表現感到振奮，也顯示該平台的強勁實力。我們的秋季限時（LTO）產品組合同樣表現亮眼，其中 Cookie Butter 連續第三年回歸菜單，動能持續增強。另一款粉絲最愛的 Caramel Pumpkin Brûlée 也在本季回歸。回歸的經典品項是我們創新策略的重要一環，能協助打造顧客年年期待的季節性平台。

Looking ahead, we see continued opportunity to build on the strength of our beverage offerings. Next year, we plan to introduce a refreshed matcha platform. We've spent time testing the product listening closely to our Broistas and customers and applying those learnings to create an offering we believe they'll love. We've already seen early positive feedback from our market test and look forward to bringing it to our communities.

展望未來，我們看到持續強化飲品產品力的機會。明年，我們計畫推出更新版的抹茶平台。我們投入時間測試產品，密切聆聽 Broistas 與顧客的回饋，並將學到的洞察應用於打造我們相信他們會喜愛的產品。我們已在市場測試中看到早期正向回饋，並期待將其帶到各個社區。

We see a similar opportunity in our food platform, thoughtfully expanding our offerings to become a bigger part of our customers' daily routines. Following the completion of our company-operated shop hot food rollout in Q2, and we're continuing the rollout across eligible franchise shops during the second half of the year. Attachment rates remain consistent with prior quarters, and we continue to see positive feedback from both Broista's and customers.

在食品平台方面，我們也看到類似機會，將以審慎方式擴充品項，讓食品成為顧客日常習慣中更重要的一部分。在第二季完成公司自營門市的熱食導入後，我們正於下半年持續在符合條件的加盟門市推進導入。加購率與前幾季維持一致，我們也持續收到 Broista 與顧客的正面回饋。

This fall, we're also testing additional hot food items as we explore how a broader food offering can complement our beverages. And just this week, we launched our holiday Sugar Cookie Cake Pop. Beyond the menu, we continue to find new fun ways to create moments that our customers get excited about and want to be a part of. Our brand activations tap into the energy of Dutch Bros and give customers even more ways to connect with the brand, helping to deepen the sense of community that has always been at the core of who we are.

今年秋季，我們也在測試更多熱食品項，探索更完整的食品供應如何與飲品相輔相成。而就在本週，我們推出了節慶 Sugar Cookie Cake Pop。除了菜單之外，我們也持續以新穎有趣的方式創造時刻，讓顧客感到興奮並想參與其中。我們的品牌活動汲取 Dutch Bros 的活力，提供顧客更多與品牌連結的方式，並協助深化社群感——這一直是我們核心精神的一部分。

From light up ice cubes and straw toppers to sticker drops and local pop-ups, this quarter was full of uniquely Dutch Bros moments that gave customers something to look forward to, talk about and share, more than just limited time drops, these are highly anticipated brand rituals that we execute quarter after quarter, creating shared moments and a sense of belonging within the Dutch Bros community.

從會發光的冰塊與吸管裝飾，到貼紙投放與在地快閃活動，本季充滿了獨具 Dutch Bros 特色的時刻，讓顧客有所期待、願意討論並分享；這不僅僅是限時上架，而是我們一季又一季持續執行、備受期待的品牌儀式，為 Dutch Bros 社群創造共享時刻與歸屬感。

Digital gives us another powerful engine to deepen engagement and drive frequency. We ended Q3 with approximately 74% of customer visits through Dutch Rewards. We know our loyalty members visit more frequently creating an opportunity to drive greater frequency across our broader customer base. Our segmentation capabilities are giving us a deeper understanding of customer behavior and helping us identify opportunities among customers who visit less often. We're using those insights to deliver more targeted engagement including our streaks, providing customers with opportunities most relevant to them, while also driving incremental revenue at an efficient discount.

數位化是我們深化互動、提升消費頻率的另一個強力引擎。第三季結束時，約 74% 的顧客來店是透過 Dutch Rewards。我們知道忠誠會員的到訪頻率更高，這也帶來機會，將更高的到訪頻率擴展到更廣泛的顧客族群。我們的分眾能力讓我們更深入理解顧客行為，並協助辨識較少到訪顧客的機會點。我們運用這些洞察提供更精準的互動（包括 streaks 連續任務），為顧客提供最相關的機會，同時以具效率的折扣帶動增量營收。

As these capabilities advance, we're becoming more targeted in how we engage different customer groups and increasing the contribution of these initiatives to same shop sales. On an incremental basis, Q3 marked a record contribution to our sales performance from our loyalty initiatives. At the same time, we're continuing to expand the ways customers can access Dutch Bros and make the experience even more convenient.

隨著這些能力持續進步，我們在與不同顧客族群互動的方式上變得更精準，並提升這些計畫對同店銷售的貢獻。以增量角度來看，第三季由忠誠度計畫帶動的銷售貢獻創下紀錄。同時，我們也持續擴大顧客接觸 Dutch Bros 的方式，讓體驗更便利。

Order Ahead reached approximately 17% of total customer visit mix in Q3, up 400 basis points year over year, reflecting its growing role in how customers choose to experience Dutch Bros. As adoption grows, we see additional opportunities to make the experience even more seamless from improved menu discoverability to additional customization.

第三季的預先點餐（Order Ahead）約占顧客到訪組合的 17%，年增 400 個基點，反映其在顧客選擇體驗 Dutch Bros 方式中的角色日益重要。隨著採用率提升，我們也看到更多機會讓體驗更無縫，例如提升菜單探索性與提供更多客製化選項。

We're also piloting delivery with DoorDash in several markets as another way to make Dutch Bros more accessible to customers. As we give customers more ways to access Dutch Bros, we're equally focused on ensuring a great experience every time they visit. And that starts with strong execution in our shops.

我們也在多個市場與 DoorDash 試行外送，作為讓顧客更容易取得 Dutch Bros 的另一種方式。在提供顧客更多接觸 Dutch Bros 的途徑之際，我們同樣專注於確保每次到訪都能有優質體驗。而這一切始於門市端的強力執行。

Last quarter, we introduced our Vibe Check scorecard to give field leaders greater visibility into the shop level behaviors and operating metrics that define the exceptional Dutch Bros experience. With another quarter of learnings behind us, we're seeing the value of that tool in action. We're identifying what our strongest-performing shops are doing differently and translating those insights into actions that can improve performance across the system.

上季我們推出 Vibe Check 計分卡，讓第一線領導者更清楚掌握門市層級的行為與營運指標，這些指標定義了卓越的 Dutch Bros 體驗。在又累積一季的學習後，我們正看到這項工具的價值在實際運作中展現。我們正在辨識表現最強門市有哪些不同作法，並將這些洞察轉化為可在整個系統提升表現的行動。

We're encouraged by what we're seeing with the hot food program now rolled out across company-operated shops, peak drink productivity is up quarter-over-quarter. That's an important part of how we scale Dutch Bros, equipping our field teams with tools and insights to consistently deliver speed, quality, and great service with every visit. That focus on execution extends to the programs we bring into our shops. We brought back two Fill-A-Tray events this quarter after a strong response to the first event in Q2. Our teams executed these events exceptionally well, delivering strong value for customers while encouraging trial across our energy offerings and broader menu.

我們對熱食計畫目前已在公司自營門市全面導入後的表現感到鼓舞；尖峰時段飲品生產力較上季提升。這是我們擴大 Dutch Bros 規模的重要一環，為第一線團隊配備工具與洞察，確保每次到訪都能穩定提供速度、品質與優質服務。這種對執行力的重視也延伸到我們導入門市的各項計畫。在第二季首場活動反應熱烈後，本季我們帶回兩場 Fill-A-Tray 活動。我們的團隊將活動執行得非常出色，為顧客提供強勁價值，同時鼓勵顧客試用我們的能量飲品與更廣泛的菜單品項。

In closing, Q3 reinforced our confidence in the long-term opportunity for Dutch Bros. Even against ongoing consumer volatility, we maintained customer visit growth, gained share and deepen the connection our customers have with the brand. We continue to strengthen the foundation for future growth. We believe we have the people and real estate pipeline in place to support our development goals. We see multiple opportunities to build awareness, increase frequency and support long-term customer visit growth.

總結來說，第三季進一步強化了我們對 Dutch Bros 長期機會的信心。即便面對持續的消費者波動，我們仍維持顧客到訪成長、提升市占，並加深顧客與品牌之間的連結。我們也持續強化未來成長的基礎。我們相信，我們已具備支持發展目標所需的人才與不動產管線。我們看到多項機會可提升知名度、提高消費頻率，並支持長期的顧客到訪成長。

Our focus on in-shop execution continues to deliver strong results. I want to thank our Broistas for consistently raising the bar for customer experience and friendly service. As we look to 2027, we're incredibly excited about what's ahead. We currently expect to open approximately 250 system shops while accelerating beverage innovation across our menu, expanding our digital capabilities, and giving customers more ways to access Dutch Bros.

我們對門市端執行力的聚焦持續帶來強勁成果。我要感謝我們的 Broistas 一直以來不斷拉高顧客體驗與友善服務的標準。展望 2027 年，我們對未來感到非常興奮。我們目前預期將開出約 250 家系統門市，同時加速全菜單的飲品創新、擴展數位能力，並提供顧客更多接觸 Dutch Bros 的方式。

And as we grow, our focus remains on what has always set Dutch broth apart, our people, the energy and connection they create every day and the experience that keeps customers coming back. We have a tremendous opportunity ahead of us, and we're confident in our ability to bring the Dutch Bros experience to many more communities in 2027 and beyond.

而在我們成長的同時，我們的重點仍放在一直以來讓 Dutch broth 脫穎而出的核心——我們的人、他們每天創造的能量與連結，以及讓顧客一再回訪的體驗。我們面前有巨大的機會，我們也有信心在 2027 年及更長遠的未來，將 Dutch Bros 體驗帶到更多社區。

With that, I'll pass it to Josh.

接下來我把時間交給 Josh。

Thanks, Christine. I'll begin with a recap of our third quarter performance and share our outlook for the remainder of 2026, along with our preliminary thoughts on 2027. In Q3, total revenues were $550 million, growing 30% over the third quarter of last year. Company-operated same-shop sales growth in the third quarter was 5.4%, and system same-shop sales growth was 4.4%.

謝謝你，Christine。我先回顧第三季的表現，並分享 2026 年剩餘期間的展望，以及我們對 2027 年的初步想法。第三季總營收為 5.5 億美元，較去年第三季成長 30%。第三季公司自營門市同店銷售成長為 5.4%，系統同店銷售成長為 4.4%。

Segmentation and Dutch rewards, merch drops and brand marketing activities largely mitigated the customer volatility we experienced in the quarter. I'm incredibly proud of how our team, both in the field and at HQ executed this quarter to deliver these great results. It demonstrates the capabilities we have developed to drive sustainable growth for years to come.

分眾策略與 Dutch 獎勵計畫、周邊商品投放以及品牌行銷活動，在很大程度上緩解了我們本季所經歷的客戶波動。我對我們團隊本季的執行感到無比自豪，無論是一線現場或總部，都交出了這些優異成果。這展現了我們已建立的能力，能在未來多年推動可持續的成長。

New shops continue to perform well as we accelerate the building of our pipeline and opening cadence. Q3 openings are annualizing at approximately $2 million, well ahead of our underwriting framework of $1.8 million in year two. As we have shared previously, we attribute this outperformance primarily to the calling of our pipeline in 2023. We therefore, continue to expect new shop performance to shift towards our underwriting framework in 2027 as we make progress on our strategy of further densifying markets.

隨著我們加速建立開店儲備並提高開店節奏，新店持續表現良好。第三季開幕店的年化營收約為 200 萬美元，明顯高於我們承銷框架中第二年的 180 萬美元。如同我們先前分享的，我們將這項超預期表現主要歸因於 2023 年對開店儲備的篩選與推進。因此，隨著我們在進一步提高市場密度的策略上取得進展，我們仍預期新店表現將在 2027 年逐步回歸至我們的承銷框架水準。

With our system same-shop sales results in Q3 and performance into October, we now expect system same-shop sales growth of at least 5% in 2026. This contemplates the customer visit comparisons further stepping up from Q3 to Q4, the lap of the food program rollout, which impacts net ticket, and the continuation of the current volatile macro environment.

基於我們第三季系統同店銷售結果以及延續至 10 月的表現，我們現在預期 2026 年系統同店銷售成長至少為 5%。此預期考量了顧客來訪次數的比較將從第三季到第四季進一步走高、食品計畫上線的同比基期（其影響淨客單價），以及目前仍然波動的總體環境持續。

In Q3, we opened 48 system shops, bringing our trailing 12-month opening cadence to the highest level in company history. Our real estate pipeline is now the deepest in company history, supported by a significant step change in additions during 2026.

第三季我們在系統內新開 48 家門店，使得過去 12 個月的開店節奏達到公司史上最高水準。我們的房地產開店儲備目前也為公司史上最深厚，並由 2026 年新增門店數量的顯著躍升所支撐。

Looking ahead to 2027, we are excited about building on this development momentum and currently expect to open approximately 250 system shops, primarily located in existing states. This approach allows us to realize market densification benefits, target high conviction trade areas and continue capturing share from legacy operators.

展望 2027 年，我們很期待在此開發動能上再接再厲，目前預期將新開約 250 家系統門店，主要位於既有州別。此作法使我們能實現市場密度提升的效益、鎖定高信心的商圈，並持續從傳統業者手中取得市占。

Shifting to our company-operated shops. Performance in Q3 was largely in line with our expectations, with revenue totaling $515 million, an increase of 31% or $122 million compared to the third quarter of last year. Company-operated shop contribution was $144 million, representing a year-over-year increase of 32%.

接著談我們的直營門店。第三季表現大致符合我們的預期，營收合計 5.15 億美元，較去年第三季增加 31%，或增加 1.22 億美元。直營門店貢獻為 1.44 億美元，年增 32%。

Company-operated shop contribution margin increased 30 basis points year over year to 28.1%. The beverage food and packaging costs were 25.6% of company-operated shop revenue, which is 30 basis points favorable year-over-year primarily driven by the collection of approximately $4 million in tariff refunds, partially offset by the costs associated with the new food program.

直營門店貢獻毛利率年增 30 個基點至 28.1%。飲品、食品與包材成本占直營門店營收的 25.6%，較去年同期有利 30 個基點，主要受惠於收取約 400 萬美元的關稅退稅，部分被新食品計畫相關成本所抵銷。

Our updated 2026 guidance contemplates beverage food and packaging costs to be approximately 27.5% of company-operated shop revenue for Q4. This reflects both our typical seasonal mix shift as well as the absence of the tariff benefits we recognized in Q3.

我們更新後的 2026 年指引預期，第四季飲品、食品與包材成本約占直營門店營收的 27.5%。這反映了我們典型的季節性產品組合變化，以及第三季認列的關稅利益在第四季不再出現。

Labor costs were 26.7% of company-operated shop revenue which is 80 basis points favorable year over year primarily due to sales leverage. Occupancy and other costs were 18% of company-operated shop revenue, which is 100 basis points higher year-over-year, primarily due to higher rent on new shops and increases in utilities and other operating expenses.

人事成本占直營門店營收的 26.7%，較去年同期有利 80 個基點，主要來自銷售槓桿效應。租金占用與其他成本占直營門店營收的 18%，較去年同期高 100 個基點，主要因新店租金較高，以及水電與其他營運費用上升。

We are very pleased with our continued progress in shifting our new shop openings to a greater proportion of build-to-suit leases with year two cash-on-cash returns for our 2025 class achieving approximately 45%. As we are approaching our goal of a 60% build-to-suit lease mix, we expect elevated occupancy and other costs to continue into 2027. sssss

我們很高興看到持續進展：將新店開幕逐步轉向更高比例的量身訂做（build-to-suit）租賃，而我們 2025 年開店批次在第二年的現金對現金報酬率約達 45%。隨著我們接近 build-to-suit 租賃組合占比 60% 的目標，我們預期較高的租金占用與其他成本將延續至 2027 年。sssss

Preopening expenses were 1.6% of company-operated shop revenue, which is 20 basis points favorable year over year. For modeling purposes, other than beverage, food and packaging costs, which I covered earlier, we expect four-wall costs in the fourth quarter as a percentage of company-operated shop revenue to be largely consistent with Q3.

開店前費用占直營門店營收的 1.6%，較去年同期有利 20 個基點。就建模而言，除我先前提到的飲品、食品與包材成本外，我們預期第四季的四牆成本（four-wall costs）占直營門店營收的比例將大致與第三季一致。

Moving down the P&L. Adjusted SG&A in the third quarter was $70 million, or 12.7% of total revenue, representing 90 basis points of year-over-year leverage. Our updated 2026 guidance now contemplates approximately 100 basis points of leverage on adjusted SG&A for the full year.

往下看損益表。第三季調整後 SG&A 為 7,000 萬美元，占總營收 12.7%，同比帶來 90 個基點的槓桿改善。我們更新後的 2026 年指引目前預期，全年調整後 SG&A 約可實現 100 個基點的槓桿改善。

In the quarter, adjusted EBITDA was $101 million, an increase of 30% over the third quarter of last year, and we delivered $0.25 of adjusted EPS, up from $0.19 in Q3 of last year.

本季調整後 EBITDA 為 1.01 億美元，較去年第三季成長 30%；我們交出調整後 EPS 0.25 美元，高於去年第三季的 0.19 美元。

Let me now provide an update on our liquidity and CapEx. As of September 30, we had approximately $625 million in total liquidity, including $195 million in cash and cash equivalents, and the balance in our undrawn revolver. The updated total liquidity reflects the July reacquisition of 1 of our Phoenix franchisees, which was funded with cash on hand. In Q3, our average CapEx per shop was approximately $1.4 million, consistent with Q2 of this year.

接下來我更新一下我們的流動性與資本支出。截至 9 月 30 日，我們總流動性約為 6.25 億美元，其中包含 1.95 億美元的現金及約當現金，其餘為未動用的循環信貸額度。更新後的總流動性反映了我們在 7 月以手上現金完成回購 1 家鳳凰城加盟商。第三季我們每家門店的平均資本支出約為 140 萬美元，與今年第二季一致。

Switching to guidance. We remain excited about the white space ahead of us. Given our performance thus far, we are updating our 2026 guidance in the following areas. Total revenues are now projected to be at least $2.1 billion. System same-shop sales growth is now estimated to be at least 5%.

接著談指引。我們對前方的成長空間（white space）仍感到振奮。基於目前為止的表現，我們在以下方面更新 2026 年指引。總營收目前預估至少為 21 億美元。系統同店銷售成長目前估計至少為 5%。

Adjusted EBITDA is now estimated to be approximately $380 million, and capital expenditures are now expected to be in the range of $370 million to $390 million, which reflects momentum on our 2027 shop openings. We remain confident in opening at least 185 system shops in 2026 and are excited about our development momentum heading into 2027.

調整後 EBITDA 目前估計約為 3.8 億美元；資本支出目前預期介於 3.7 億至 3.9 億美元之間，反映我們在 2027 年開店上的動能。我們仍有信心在 2026 年至少新開 185 家系統門店，並對邁向 2027 年的開發動能感到期待。

I want to thank our teams for consistently delivering with the speed, quality and service that define the Dutch Bros experience and putting our customers at the center of everything we do. Your consistent execution gives me incredible confidence in the road ahead of us.

我要感謝我們的團隊，始終以定義 Dutch Bros 體驗的速度、品質與服務持續交付，並把顧客放在我們所做一切的核心。你們一貫的執行力，讓我對前方道路充滿信心。

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

謝謝各位。接下來我們開始提問。接線員，請開放電話線。

(Operator Instructions) Brian Harbor, Morgan Stanley.

(接線員指示) Brian Harbor，摩根士丹利。

Hi, this is Kelly on for Brian. Thank you for taking questions. You mentioned an accelerating piece of beverage innovation and a refreshed Matcha platform coming next year. Beyond the matcha, given that you already have seasonal LTO windows, what would this faster cadence look like in practice versus historically? Would that mean more launches, shorter product cycles or expanding into other new beverage platforms? Maybe anything you could share there would be great.

嗨，我是代替 Brian 的 Kelly。謝謝你們接受提問。你提到飲品創新正在加速，且明年會推出更新的抹茶平台。除了抹茶之外，考量你們已經有季節性限時產品（LTO）檔期，相較於過往，這種更快的節奏在實務上會是什麼樣子？這是否意味著更多新品上市、更短的產品週期，或是擴展到其他新的飲品平台？如果能分享一些細節就太好了。

Yes, Kelly, thanks so much for the question. I'm incredibly positive as I look at our calendar for next year. As we look at our innovation calendar, we've learned a lot this year on both the types of innovations that are really helping to drive that extra frequency from a customer basis and have a lot of really awesome things planned for the first half of next year, both on the beverage innovation side, but also on the merch drops and sticker drops and those other types of things that Dutch Bros is so great at doing.

是的，Kelly，非常感謝你的提問。當我看著明年的行事曆時，我感到非常正向。就我們的創新行事曆而言，我們今年學到了很多，包含哪些類型的創新確實有助於從顧客基礎端帶動額外的來訪頻率；我們也為明年上半年規劃了許多很棒的內容，不僅在飲品創新方面，也包括周邊商品投放、貼紙投放，以及其他 Dutch Bros 非常擅長的各種活動。

We're also really excited for the Matcha relaunch. I think that we got it really, really right this time, very excited by the test results that we've seen. We think this is going to be a really big platform for us. And will be coming next year. In addition to all of those things, we've also continued to work on Dutch Rewards and deepen our amount of segmentation that we have in that program and expect to see continued great results from that program next year. We're also in the very early stages of testing delivery and believe and there's continued innovation that we'll see from a food perspective that will be important for us.

我們也對抹茶（Matcha）重新上市感到非常興奮。我認為這次我們真的、真的做對了，對我們看到的測試結果感到非常振奮。我們認為這將會成為我們非常重要的一個平台。並且會在明年推出。除了上述所有事項之外，我們也持續推進 Dutch Rewards，並加深該計畫中的分眾程度，預期明年該計畫仍將持續帶來很好的成果。我們也正處於非常早期的外送測試階段，並相信從食品角度來看，仍會有持續的創新，這對我們而言將很重要。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Thank you. I wanted to ask about the accelerating unit growth. And in particular, kind of your thoughts on your own unit growth and what you're seeing outside in the category. I think a couple of quarters ago, you mentioned, for example, that Texas is a market with a lot of intense competition, but you're still comping quite well.

謝謝。我想詢問關於門店數加速成長的問題。特別是，想請教你們對自身展店成長的看法，以及你們在品類外部所看到的情況。我記得幾個季度前你們提到，例如德州是一個競爭非常激烈的市場，但你們的同店表現仍然相當不錯。

Because how are you thinking about your own unit growth at a time when traffic maybe sounds like perhaps flattening or maybe even slightly negative in 4Q and that of your competitors weighing kind of cannibalization versus first to market??

在目前客流聽起來可能在第四季趨於持平、甚至略為負成長的時候，你們如何看待自身的展店成長？同時也考量競爭對手的展店，在「自我稀釋（cannibalization）」與「搶先進入市場（first to market）」之間如何權衡？

Yes, Sara. Thanks for the question. First of all, as we look at Q4, we're really excited about what we're seeing early in Q4 and feel really good about how we're performing here early in the quarter. As we look at competition, again, we've shared that we've had lots of competition since 1992. And most markets really every single market that we enter, we are near other competitors.

是的，Sara，謝謝你的問題。首先，談到第四季，我們對第四季初期所看到的情況感到非常興奮，也對本季初的表現非常有信心。至於競爭，如同我們分享過的，自 1992 年以來我們一直面對大量競爭。而且幾乎每一個市場——事實上我們進入的每一個市場——我們都會在其他競爭者附近。

In particular, if we look at some of the emerging brands like a 7 Brew we do now have four states where we both have 20-plus shops. And as we look at that closely and look at the different radii that we go to like from a quarter mile to a 0.5 mile to 1 mile out, it actually makes no difference on our AUV. So we feel incredibly comfortable going into any different competitive situation, and are really excited that as we are expanding our pipeline into next year, we've already started to see those openings as we revamped our market planning process, and they're performing really exceptionally well.

特別是，如果我們看一些新興品牌，例如 7 Brew，我們現在有四個州，雙方都各自擁有 20 家以上的門店。我們仔細觀察後，並檢視不同的距離半徑，例如從四分之一英里、到 0.5 英里、到 1 英里，實際上對我們的 AUV（單店年營收）沒有任何影響。因此我們對於進入任何不同的競爭情境都感到非常安心；而且隨著我們把明年的展店管線擴大，我們已經開始看到這些開店成果——因為我們重新調整了市場規劃流程——表現非常出色。

They're right on their underwriting. We've got a 45% cash-on-cash return. And again, every single that we go into is competitive. And we're oftentimes very close to either a legacy competitor or another competitor and feel really confident about our ability to perform in all of those different circumstances.

它們完全符合我們的投資承作（underwriting）假設。我們的現金對現金報酬率（cash-on-cash return）達到 45%。再者，我們進入的每一個市場都是競爭市場。而且我們往往非常接近既有的傳統競爭者或其他競爭者，但我們對於在各種不同情境下的表現能力都非常有信心。

And then just cannibalization? Any thoughts. That was very helpful, by the way.

那關於自我稀釋（cannibalization）呢？有什麼想法嗎？順帶一提，剛才的回答很有幫助。

Yes. So definitely, as we go into markets, where we're densifying, we are trying to get more convenient for our customers. We're trying to be closer to where they live and work. And every single year, we've got sales transfer or cannibalization as we open more shops but we're continuing to take share as we do that.

有的。所以確實，當我們進入市場並提高密度時，我們是希望讓顧客更便利。我們希望更靠近他們居住與工作的地方。每一年，隨著我們開更多門店，都會出現銷售轉移或自我稀釋，但同時我們也持續在擴大市占。

Our modeling now, I think, is very good at understanding how much cannibalization will have as we go into a market. And we feel very comfortable opening new shops that are more convenient for our customers and if they switch from one shop to another. So again, that is something that is just part of the model as we grow as you're opening shops, the customers are sticking with us, but sometimes they choose a more convenient shop.

我認為我們現在的模型非常擅長理解，當我們進入某個市場時會產生多少自我稀釋。我們對於開設對顧客更便利的新門店感到非常放心，即使顧客從一家店轉到另一家店。所以再說一次，這就是成長模型的一部分：當你擴張、開更多店時，顧客仍然會選擇我們，只是有時他們會選擇更方便的那一家。

Jon Tower, Citi.

Jon Tower，花旗。

Throughout the transcript, you had mentioned the idea of volatility throughout the third quarter. And I'm just curious if you could dig a little bit more into exactly what you were seeing. Was it in response to the gas price movement that we saw throughout the quarter. Going back to Sara's question, obviously, it sounds like competition wasn't necessarily a thing from direct competitors. But that noise around indirect competitors getting more aggressive in the beverage category kind of add some choppiness to your business?

在整份逐字稿中，你提到第三季整體存在波動性的概念。我想請你更深入說明一下，你們具體看到了什麼。這是否是對第三季期間我們看到的油價變動所做出的反應？回到 Sara 的問題，顯然聽起來競爭並不一定來自直接競爭對手。但那些間接競爭者在飲料品類變得更積極的雜訊，是否讓你們的業務出現一些顛簸（choppiness）？

Yes. So as we look at the customer health, we had a great Q3. So feel really good about where we ended. As we talked about customer volatility, the primary driver of what we've been seeing throughout the year is really what we are actually comping over from the prior year. But we did see a heightened level of choppiness in Q3.

是的。所以就顧客健康度而言，我們第三季表現很強，因此對季末的結果感到非常滿意。當我們談到顧客波動性時，今年我們所看到的主要驅動因素，其實是我們在與去年同期相比（comping over）時所面對的基期。但我們確實在第三季看到較高程度的起伏。

And I think that as we look at some of that choppiness, it could be attributed somewhat to the rising gas prices. We didn't see anything on the competitive front. In fact, I also mentioned that we saw our energy mix actually grow during the quarter. And with the successful launch of Myst in Q2, we're really excited by how that's performing. And despite a big competitive launch during Q3 felt really great about how our energy platform continues to really outperform the market.

我認為，若看這些起伏，其中一部分可能可歸因於油價上漲。在競爭面我們沒有看到任何異常。事實上，我也提到我們的能量飲品組合在本季實際上是成長的。而且隨著第二季 Myst 的成功上市，我們對其表現感到非常興奮。即便第三季有一個大型競品上市，我們仍對我們的能量平台持續明顯優於市場的表現感到非常滿意。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

Thank you. Just following up on Jon's question about volatility. Are there customer cohorts, markets, dayparts, week parts that are more impacted, anything we should be thinking about in terms of your customers that are getting at a little bit harder?

謝謝。接續 Jon 關於波動性的問題。是否有特定的顧客族群（cohorts）、市場、時段（dayparts）、週期（week parts）受到較大影響？就你們顧客而言，有沒有什麼是我們應該思考的——哪些顧客受到的壓力更大一些？

Yeah. So as we look at the customer volatility, again, it was fairly light, and it was somewhat across the board. I would say we continue to see really great strength in the morning. And as you know, we've had a number of initiatives that are really focused on that morning day part with the food rollout with mobile order. So continue to see strength from those new initiatives.

是的。所以就顧客波動性來看，再次強調，其實相當輕微，而且某種程度上是全面性的。我會說我們在早晨時段仍持續看到非常強的力道。如你所知，我們有多項計畫都聚焦在早晨時段，包括食品導入與行動點餐。因此我們持續看到這些新計畫帶來的強勁表現。

We're also seeing particular strength from the Gen Z customer. And I think it just -- as they're more and more Gen Z customers are coming into this market, they are choosing Dutch Bros. We are clearly taking share, especially in the Gen Z space and very excited by what we're seeing.

我們也看到 Z 世代顧客特別強勁。我想這只是——隨著越來越多 Z 世代顧客進入這個市場，他們正在選擇 Dutch Bros。我們顯然正在擴大市占，尤其是在 Z 世代族群中，對我們所看到的情況感到非常振奮。

Again, it was pretty limited consumer volatility that we're seeing, but I wanted to call it out. And I also am really proud of our teams and what we've built over the last couple of years. I think we really have the tools in place with Dutch Rewards, the analytics that we have behind the business to really react and respond quickly to any type of background that we see.

再次強調，我們看到的消費者波動其實相當有限，但我想特別點出來。同時，我也為我們的團隊以及過去幾年所建立的一切感到非常自豪。我認為我們已經具備相應工具，包括 Dutch Rewards，以及支撐業務的分析能力，能夠對我們看到的任何外部環境快速反應與回應。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Just two follow-ups for me. Just first, just, Christine, anything you can say on just the same-store sales performance by regions or opening your cohorts to be helpful curious if you'll be regions that are seeing the highest gas price or the ones that you're seeing the most choppiness. And maybe, Josh, you could talk a little bit more about cannibalization that as I think about the updated 2026 same-store sales guidance of 5% plus.

很好。我有兩個追問。第一個，Christine，你能否談談各區域的同店銷售表現，或按開店批次（cohorts）拆分的情況？我很好奇，是否油價最高的區域，正是你們看到最明顯顛簸的區域。另外，Josh，你能否再多談一些自我稀釋（cannibalization）？因為我在思考你們更新後的 2026 年同店銷售指引為 5% 以上。

Maybe just help us understand the impact of cannibalization on same-store sales in the back half of the year? And also, is it wrong to believe that with the ramp in '27 store development that you talked about concentrated in existing markets, if it's fair to think that the impact of cannibal this should be higher in '27 than '26.

也請協助我們理解，自我稀釋對今年下半年同店銷售的影響？另外，如果我認為你提到的 2027 年開店開發加速主要集中在既有市場，那麼自我稀釋的影響在 2027 年應該會高於 2026 年——這樣的理解是否不正確？

Thanks. I'll take that first one. We didn't see anything in particular that stood out by reaching our cohorts. The new shops, the newest cohorts continue to perform really well. And so that's not surprising.

謝謝。我先回答第一個。我們在觸及各期店齡（cohorts）時，沒有看到任何特別突出的異常。新店、最新的店齡組別持續表現非常好。所以這並不令人意外。

That's been a consistent piece. And then as I mentioned, I think some of the standouts in the quarter where our performance continued really strong performance with the Gen Z customer and in the morning day part.

這一直都是一致的表現。另外如我提到的，本季一些特別亮眼之處在於：我們在 Z 世代客群以及早晨時段（morning day part）的表現持續非常強勁。

Yes, then on the cannibalization side, certainly, that has been an underlying part of the business for some time, as we continue to densify markets. We talked about our development pipeline for next year being predominantly in existing states that could result in some elevated level of cannibalization as we head into next year, obviously, not getting on the specifics of what next year looks like, but feel really good about the plans we have in place, the development pipeline and how we're really creating that everyday occasion for customers as we get denser in the markets that we're operating in.

是的，至於同店互食（cannibalization）方面，隨著我們持續提高市場密度，這確實已經是業務的一個長期基礎因素。我們談到明年的展店管線主要會在既有州別，這可能會使我們在進入明年時出現較高程度的互食效應；當然，我不會談明年的具體樣貌，但我們對既有的計畫、展店管線，以及在我們營運市場密度提高時，如何為顧客打造「日常消費情境」（everyday occasion）都感到非常有信心。

Steve McManus, BNP Paribas.

Steve McManus，法國巴黎銀行（BNP Paribas）。

Hey, great. Thanks. So with unit growth stepping up, any color around '27 CapEx? Is that $1.4 million per shopping proxy? Or could there be a bit of a step-up there just given inflation rates?

嗨，很好。謝謝。隨著門店數成長加速，能否談談 2027 年的資本支出（CapEx）？是否仍是每家門店約 140 萬美元的水準？或者考量通膨，是否可能會再往上調一些？

Yeah. So again, we're not providing specific guidance on that for next year, but certainly, we continue to make great progress in shifting our portfolio to the longer-term target. We actually have done that at a faster pace than we originally set out to do.

好的。所以再次說明，我們不會就明年提供這方面的具體指引，但可以確定的是，我們持續在把門店組合轉向長期目標方面取得很大進展。事實上，我們達成的速度比原先規劃的更快。

So we're approaching that 60% build-to-suit lease mix now, we'll be getting into that into next year. So I feel really good about us driving down our overall average CapEx per shop, like I said, really faster than we originally thought and leading us to driving some incredible returns on the shops that we're opening.

我們目前正接近 60% 的「量身打造（build-to-suit）」租賃占比，明年會進一步進入那個區間。因此我對我們能夠降低每家門店的整體平均資本支出（CapEx）非常有信心；如我所說，速度確實比我們原先預期更快，也讓我們在新開門店上取得非常可觀的報酬。

Yeah. And I would just add to that. I think as we take a step back and look at what we set out to achieve on our new shop productivity. We've done really everything that we've set out to achieve. We've improved our market planning, our new shops are performing at their underwriting. We've reduced the CapEx per shop ahead of schedule. So we're approaching, as Josh shared, that 60-40 build-to-suit lease mix, and we're also thoughtfully densifying.

是的，我再補充一下。我認為如果我們退一步看當初在新店生產力（productivity）上想達成的目標，我們基本上都做到了。我們改善了市場規劃，新店表現符合我們的投資評估假設（underwriting）。我們也提前降低了每店資本支出（CapEx）。所以如 Josh 所分享，我們正接近 60/40 的 build-to-suit 與租賃組合，同時也在審慎地提高市場密度。

We're giving these shops time to season while we're building that everyday occasion.

我們會在打造「日常消費情境」的同時，給這些門店時間成熟（season）。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Thanks, guys. Just wanted to go back to the implied 4Q guidance and really the '26 guidance for comps. And just get a sense for sort of what had changed. It seems like maybe the consumer volatility would be the added wrinkle to the comparisons, obviously, would be something that you would have known. So just confirming that it's maybe some of the consumer volatility would have been anything that might have changed from last quarter.

謝謝，各位。我想回到第四季（4Q）指引的隱含假設，以及 2026 年同店（comps）指引。想了解一下到底有哪些變化。看起來可能是消費者波動性讓比較基期多了一個變數；但這顯然也是你們原本就會知道的因素。所以想確認一下：是否是某些消費者波動性因素，才是相較上季有所改變的地方？

Josh, just anything more on kind of what's embedded? I know you lifted those three factors out, and Christine, I think you mentioned excited about what you're seeing early in the quarter. I wasn't sure if that was a unit development comment or a comp comment, but I'd be curious.

Josh，關於內含假設還有沒有更多可以補充的？我知道你把那三個因素拆出來說明；而 Christine，我記得你提到對本季初期看到的情況感到振奮。我不確定那是指展店數（unit development）還是同店（comp），但我很好奇。

Yeah. So as far as the start to 4Q, we are actually pleased with what we're seeing really across the board. And I would say, as we look at the comparisons year over year, we do have a step-up in comparison from Q4 of this year to the incredibly strong quarter that we had last year.

好的。就第四季初期而言，我們其實對目前看到的狀況相當滿意，幾乎是全面性的。而且我會說，從年對年比較來看，今年第四季要對比去年那個非常強勁的季度，基期確實會更高。

We're also being very mindful about the consumer environment that we're heading into. There's obviously a lot going on from gas prices to utility prices and things like that. And so I just wanted to be thoughtful as we look at this quarter and being mindful of what's going on with the customers and the challenges that they might have.

同時，我們也非常留意即將面對的消費環境。從油價到公用事業費率等，顯然有很多事情正在發生。因此在看待本季時，我只是希望更審慎一些，並留意顧客所面臨的狀況與他們可能遇到的挑戰。

Greg Francfort, Guggenheim.

Greg Francfort，Guggenheim。

This is [Ari] for Greg. The multiple on the stock is being pressured, but competitive concerns as you go against the occasional coffee competitors. So I'm pretty sure you must stay a look at these competitors as well. So like how do you think we should view what your competitive mode is versus like those peers from a business model or brand perspective?

我是 [Ari]，代 Greg 提問。股票估值倍數正受到壓力，原因是當你們面對「偶爾喝咖啡」的競爭者時，市場對競爭的疑慮升高。所以我很確定你們也一定會關注這些競爭者。那麼，從商業模式或品牌角度來看，你認為我們應該如何看待你們相對於這些同業的競爭護城河（competitive moat）？

Yeah. So as we look broadly at competition, we have broad competition and always have since we were founded in the Pacific Northwest back in 1992. And so there is competition from the legacy players. I'll remind you that about half of our business is coffee-based beverages, and so we compete incredibly well with the legacy players as we go in. And are oftentimes incredibly close to them.

好的。就整體競爭來看，我們面對的是廣泛的競爭，而且自從 1992 年在美國太平洋西北地區創立以來一直如此。因此我們會與傳統大型業者競爭。我提醒大家，我們大約一半的業務是以咖啡為基底的飲品，所以當我們進入市場時，與這些傳統業者競爭的表現非常好，而且很多時候我們與他們的表現非常接近。

We also have emerging competitors, some of them which menus look somewhat like ours. And we, again, are oftentimes it's less so just because there's fewer of them that we're going to be competing directly with one of them. But in the markets where we are, we feel really good about how we're performing.

我們也有新興競爭者，其中一些的菜單看起來與我們有些相似。而我們同樣地，很多時候其實較少會直接與其中某一家正面交鋒，因為他們的數量相對較少。但在我們所在的市場，我們對自身的表現感到非常有信心。

The statistic that I just shared earlier is that we've looked particularly at the largest player in that -- and any of the states where we've got -- both have 20-plus shops, we actually see a consistency in our AUV whether we're really close or further away from them. And so again, feel very good about our ability to compete in a lot of different environments.

我先前分享過一個數據：我們特別針對其中最大的競爭者做了觀察——在我們與對方都擁有 20 家以上門店的州別，我們看到不論我們離他們很近或更遠，我們的單店年營收（AUV）都呈現一致性。因此，再次強調，我們對自己在各種不同環境中的競爭能力非常有信心。

I think the other piece is, as we've seen QSR players take a larger approach to beverage and have seen that throughout the year. We've really seen no impact to our business on that. If anything, we've actually been able to continue to grow our share in the energy market, so feel really good about that.

我認為另一個重點是，隨著速食餐飲（QSR）業者今年加大對飲品的投入，我們其實沒有看到對我們業務造成任何影響。如果說有什麼變化，反而是我們持續在能量飲品市場擴大市占，所以我們對此感到非常樂觀。

I think that the beverage market is just a really, really large market. We are at the absolute top of the heap when it comes to customer service, which is something that customers feel really great about when they come through that Dutch Bros drive-through, and they have not only that awesome drink, but they have an incredible service. So we feel incredibly good about our competitive positioning. And I think as we see all of these changes that have transpired over the 12 months, we've been able to navigate them incredibly well.

我認為飲品市場真的非常、非常大。在顧客服務方面，我們絕對是業界頂尖；顧客開車經過 Dutch Bros 得來速時，不只拿到很棒的飲品，也能感受到非常出色的服務，這讓他們感覺非常好。因此我們對自身的競爭定位感到非常有信心。而且我認為在過去 12 個月發生的各種變化之下，我們都能非常有效地因應與穿越。

Andy Barish, Jefferies.

Andy Barish，Jefferies。

Hey, guys. Really impressed with the unit growth ramp-up next year, Josh, I'm wondering if you could just kind of give us some of the puts and takes on how we should look at unit level profitability, whether that's before or after preopening.

嗨，各位。我對你們明年門店數成長加速印象很深，Josh，我想請你談談我們應該如何看待單店層級的獲利能力（unit level profitability），以及這是指開店前費用（preopening）之前或之後的口徑？

Yeah, Andy. Just to clarify your question on -- you're talking about Q4, or you're talking about next year more broadly?

好的，Andy。先確認一下你的問題——你是在問第四季，還是更廣泛地在問明年？

Well, looking out to '27 how -- I know you're not guiding, but how we should be thinking about new restaurant openings and inefficiencies and all that kind of stuff.

我是看 2027 年之後——我知道你們不提供指引，但想了解我們應該如何思考新餐廳開幕帶來的影響、效率損耗（inefficiencies）以及這類因素。

Yeah. So as we think about next year, as you pointed out, not giving specific guidance. There's a few factors just to think about. Certainly, there's -- coffee prices have remained elevated. I'd remind that we have incredibly healthy margins even despite that, so north of 28% margins we're looking at for 2026 here, that includes over 1 point of coffee pressure.

是的。所以當我們思考明年時，正如你指出的，我們不提供具體指引。有幾個因素值得留意。當然，咖啡價格仍維持在高檔。我想提醒的是，即便如此我們的毛利率依然非常健康，因此我們目前看2026年的毛利率在28%以上，這其中已包含超過1個百分點的咖啡成本壓力。

So we feel really good about the health of our overall margins. Certainly, coffees remained elevated. I'd expect certainly just because it takes two to three quarters for that to flow through our P&L that to impact into next year. But it has been fairly stable over the last several quarters.

所以我們對整體毛利率的健康狀況感到非常樂觀。當然，咖啡價格仍然偏高。我預期，尤其是因為需要兩到三個季度才會反映到我們的損益表上，這會在明年產生影響。但在過去幾個季度，它其實相當穩定。

The other piece to be mindful of is that as we continue to shift towards build-to-suit leases, we would expect elevated occupancy costs, which I commented on our prepared remarks there. But otherwise, I do feel like we have a lot of opportunity in the rest of the P&L to continue driving leverage. Certainly, if coffee prices remain elevated, we have an opportunity to evaluate taking more price to be able to help offset that pressure if it remains more stubborn and longer term, and feel really good about then throughout the P&L being able to, over the middle to long term, be able to drive towards that 30% margin target we outlined.

另外一點需要留意的是，隨著我們持續轉向「量身打造（build-to-suit）」租賃模式，我們預期店面占用成本會上升，我在事先準備的講稿中也有提到。但除此之外，我確實覺得在損益表的其他部分，我們仍有很多機會持續推動槓桿效益。當然，如果咖啡價格持續維持高檔，我們也有機會評估進一步調價，以協助抵銷這項壓力；若這種情況更為頑固且延續更久，整體而言我們對於在損益表各項目上、在中長期推動達成我們所提出的30%毛利率目標，仍然非常有信心。

Rahul Kro, JPMorgan.

Rahul Kro，摩根大通。

Hey, guys. Two-part question here. So is there an opportunity to improve the report of your current shops by having separate handoff points for your double drive-through lanes? Or is the convergence of lanes limiting the shop productivity in any way during the peak hours?

嗨，各位。我有一個兩部分的問題。目前是否有機會透過為雙車道得來速設置分開的交付取餐點（handoff points），來提升現有門市的表現？或者在尖峰時段，車道匯流是否在任何程度上限制了門市生產力？

And then the second is on the delivery. How are you prioritizing the customer experience in your pilot with DoorDash? What are you learning? And how do you see this channel as an incremental opportunity for sales for the brand?

第二個問題是關於外送。在與 DoorDash 的試點中，你們如何優先確保顧客體驗？你們學到了什麼？你們如何看待這個通路對品牌銷售的增量機會？

Yes. So thanks, Rahul. As we look at what we've seen so far from throughput, we have made progress in that area and really excited by the work that the teams have done on labor staffing and deployment and ensuring that we are really well staffed when we have lots of customers show up. And I think that we've seen that in our numbers. We've seen consistent growth throughout that peak and so excited by what we're seeing there.

好的。謝謝你，Rahul。就我們目前看到的通行效率（throughput）而言，我們在這方面已取得進展，也對團隊在勞動力排班與人力部署上的工作感到非常振奮，確保在大量顧客湧入時我們能有充足人手。我認為我們也在數據上看到了這點。我們看到尖峰時段持續成長，因此對目前的表現感到很興奮。

I also think we have longer-term opportunities to look at throughput and look at different ways to balance drink production. And so our teams are in early stages of always looking at new equipment ways, new ways to lay out the shop in order to drive additional throughput through our shops.

我也認為，從長期來看，我們在通行效率方面仍有機會，並可用不同方式來平衡飲品製作。因此，我們的團隊仍處於早期階段，持續探索新設備方式、以及新的店面動線與配置，以推動門市更高的通行效率。

On the delivery pilot. So this will be like just like any initiative that we roll out where we first are looking at how do our Broistas feel about how the experience is growing going, and then how do our customers feel? And are they really excited by this new initiative we're offering? Is it something that they're really asking for.

關於外送試點。這會像我們推行任何一項新措施一樣，首先我們會看我們的 Broistas（門市夥伴）對於體驗推進的感受如何，接著再看顧客的感受。他們是否對我們提供的這項新服務感到非常興奮？這是否真的是他們一直在要求的東西。

And I think so far so good on both of those fronts that -- this is really seamless with the way that we rolled out mobile order, having our KDS screens already active there that the delivery drinks pop up just like a mobile order drink would pop up. So it's actually a very seamless experience in the early pilots for our shops.

到目前為止，這兩方面的反饋都不錯——這與我們推出行動點餐的方式非常無縫銜接，因為我們的 KDS 螢幕（廚房顯示系統）本來就已啟用，外送飲品的訂單會像行動點餐一樣跳出。所以在早期試點中，對我們門市而言其實是非常順暢的體驗。

And then from a customer perspective, we are always looking at things that our customers are asking for. This has been something where we know we are an elevated search term on many of these sites. And so lots of customers are looking for Dutch Bros on the delivery front. And we're one of the few beverage brands that doesn't have it. So it is certainly something that would please our customers.

從顧客角度來看，我們一直在關注顧客想要什麼。我們知道在許多這類平台上，「Dutch Bros」是搜尋熱度很高的關鍵字。因此有很多顧客在外送方面尋找 Dutch Bros。而我們是少數尚未提供外送的飲品品牌之一。所以這確實是能讓顧客滿意的一項服務。

Tania Anderson, William Blair.

Tania Anderson，William Blair。

Hi. I was just wondering if you could talk a little bit more about the adjustment in guidance, like why the profit -- the difference between the profit and the top line adjustment, please? So guidance for Q4?

嗨。我想請你們再多談一點指引調整的部分，例如為什麼獲利——獲利的調整幅度與營收（top line）調整之間會有差異，謝謝。也就是第四季的指引？

Oh -- sorry, on overall guidance -- sorry, I had a hard time hearing the question. The -- yeah, so if you think about our adjusted EBITDA guide for the full year at approximately $380 million, certainly reflective of the revenue range that we provided. And then during Q3, we did see elevated utility costs that we talked about in our prepared remarks as well as some elevated freight costs and that shows up in our franchise and other segment as part of our supply chain. We're anticipating that would remain elevated here heading into Q4 as well. So factor both of those in with our updated revenue guide.

喔——抱歉，是整體指引——抱歉，我剛剛有點聽不清楚問題。嗯——如果你看我們全年調整後 EBITDA 指引約為3.8億美元，這當然反映了我們所提供的營收區間。另外在第三季，我們確實看到公用事業成本上升，我們在事先準備的講稿中也有提到；同時也有一些運輸費用上升，這會在我們的特許經營及其他（franchise and other）部門中、作為供應鏈的一部分反映出來。我們預期在進入第四季時這些成本仍會維持在較高水準。因此，請把這兩項因素與我們更新後的營收指引一併納入考量。

Chris O'Cull, Baird.

Chris O'Cull，Baird。

Yeah. My question is on the comps. Christine, how does the company plan to keep same-store sales positive as you kind of lap these tough comparisons over the next couple of quarters? And have you made any changes to your plan based on the recent trends you're seeing?

是的。我想問的是同店銷售（comps）。Christine，當未來幾個季度要面對這些艱難的比較基期時，公司計畫如何維持同店銷售為正成長？你們是否根據近期看到的趨勢，對計畫做了任何調整？

Yeah. So as we look into Q4 and into next year, I'm really excited about the plans we have. And we continue to learn each year like what is working best, what should we do more of can we adjust timing of different things? What are new adds to the calendar? What are things we can take away. And so we are consistently adjusting.

是的。當我們展望第四季以及明年時，我對我們的計畫感到非常興奮。而且我們每一年都持續學習：什麼最有效、哪些事情應該做得更多、是否能調整不同活動的時點？有哪些新的項目可以加入行事曆？有哪些事情可以拿掉？因此我們一直在持續調整。

And as we started to see some of the consumer volatility into Q3, we actually have a fair amount of time still to adjust things into 2027. So really excited about some of the adjustments that the team has made to the calendar. It gives me really great confidence in our ability to continue to comp even what will be hard comparisons as we head into 2027.

而當我們在第三季開始看到一些消費者波動時，其實我們仍有相當多時間可以把調整反映到2027年。所以我對團隊對行事曆所做的一些調整感到非常振奮。這讓我對我們在邁向2027年、即便面對艱難比較基期仍能維持同店成長的能力，充滿信心。

So a few other things I would highlight is, one, we have a really strong innovation calendar, if I look back to the beginning of this year, we had some performances from some of these LTOs that really just outperformed our expectations. So we've taken some learnings from those that will apply consistently really throughout the '27 calendar.

另外我想強調幾點：第一，我們有非常強的創新行事曆；如果我回顧今年年初，我們有些限時產品（LTO）的表現確實大幅超出預期。因此我們從中得到一些學習，並會一致地應用在整個2027年的行事曆中。

Same thing with on the merch drops is that things like we did some straw toppers in this last quarter, and they were really uniquely Dutch Bros. They were characters based on our secret menu drinks and things like that just really resonate with our customers. So as we head into '27, again, another learning that we can apply.

周邊商品（merch）投放也是一樣。像是我們在上一季做了一些吸管裝飾（straw toppers），非常具有 Dutch Bros 的獨特性；它們是以我們祕密菜單飲品等為靈感的角色設計，這些都非常能引起顧客共鳴。所以當我們邁向2027年時，這同樣是我們可以運用的另一項學習。

As we think about launching Matcha as we go into next year, that one of the learnings we had from our early launch of Matcha is this is something our customers want and we had a lot of trials. So we know that this is something that can really help drive the business. But now the product is right. And I think that as we took a look at what we did the first time versus what we've had in a market test and how it performed there. We're really excited by that. So again, lots of things that give me great confidence as we head into next year.

當我們思考明年推出抹茶（Matcha）時，我們從早期抹茶上市所得到的一個學習是：這是顧客想要的產品，而且我們有很多試飲與嘗試。所以我們知道這確實能推動業務成長。但現在產品已經到位。而且我認為，當我們比較第一次推出時的做法，與我們在市場測試中的做法及其表現。我們對此感到非常振奮。因此，還有很多事情讓我對明年的表現充滿信心。

Brian Bittner, Oppenheimer & Co.

Brian Bittner，Oppenheimer & Co.

Thanks for the question. I think just continuing on the conversation around the guidance. I think the market is just having a hard time understanding the new guidance perhaps at least 5% comps does imply a wide range for 4Q and at the very low end, it implies 2.5% system comps. But at the same time, you are talking about how you're happy with how the quarter started. So I just think there is some confusion around how to think about the underlying business currently?

謝謝你的提問。我想延續一下關於財測指引的討論。我認為市場可能很難理解新的指引，或許至少 5% 的同店銷售（comps）確實意味著第四季有很大的區間；而在非常低的端點，則意味著系統同店銷售約 2.5%。但同時，你們又提到對本季開局的表現感到滿意。所以我覺得大家對於目前基礎業務該如何解讀，存在一些困惑？

And I guess that's kind of more of a comment than a question. And follow-up to that more of the question is, I am curious how you're thinking about where Order Ahead could go it stepped up again this quarter. I'm wondering if there's any examples of stores that are higher AUVs simply because they do have higher order ahead penetration, love for you guys to maybe talk about that and the opportunity there?

我想這比較像是一個評論而不是問題。而基於這點的追問、比較像問題的是：我很好奇你們怎麼看待「預先下單」（Order Ahead）的發展空間，這一季又再度提升。我想知道是否有任何門店案例，因為預先下單滲透率更高而帶來更高的 AUV（單店年營收）；也希望你們能談談這方面以及其中的機會？

Yes. So as we look at our start to Q4, we are very pleased with what we're seeing in October and in kind of our strong start to the holiday season. I would share that we had some consumer volatility in Q3. So I think we're being really thoughtful about knowing that we're in a bit of an uncertain environment and just want to be thoughtful as we think through where -- how we could perform for the rest of the quarter.

是的。就我們對第四季的開局來看，我們對 10 月的表現以及假期旺季的強勁開端感到非常滿意。我也想分享的是，我們在第三季確實看到一些消費者波動。因此我認為，在目前略帶不確定性的環境下，我們會非常審慎，並在思考本季剩餘期間可能的表現時保持謹慎。

As far as mobile order, we continue to be incredibly pleased with what we're seeing. In some of our newer markets, we will have penetration levels that are like 30% plus. And I think that just speaks to the opportunity that we have overall in mobile order and how customers are choosing to order our drinks today.

至於行動下單（mobile order），我們持續對目前看到的情況感到非常滿意。在一些較新的市場，我們的滲透率可達 30% 以上。我認為這也凸顯了我們在行動下單上的整體機會，以及顧客如今選擇如何下單購買我們飲品的方式。

So the other piece I would attribute that to is we continue to measure our customer satisfaction with mobile order, and we're measuring whether or not the drink was ready on arrival. We continue to see our teams really outperform on that metric. They're growing that metric from quarter to quarter, so really pleasing the guest, and I think that also is growing our penetration.

另外一點我會把它歸因於：我們持續衡量顧客對行動下單的滿意度，並評估飲品是否在顧客到店時已準備好。我們持續看到團隊在這項指標上表現非常出色。這項指標一季比一季提升，確實讓顧客更滿意，而我認為這也在推升我們的滲透率。

Jacob Phillips, Melius Research.

Jacob Phillips，Melius Research。

Good afternoon. Thanks for taking my question. This is Sam Barton on for Jacob. Beyond the capital to open the accelerated store count 2027, you've also been investing a lot in hot food, drive-thru throughput and digital capabilities. So as the fleet gets bigger, how should we think about the ongoing investment needed in shops that are already open?

下午好。謝謝讓我提問。我是代替 Jacob 的 Sam Barton。除了為 2027 年加速展店所需的資本投入之外，你們也在熱食、得來速（drive-thru）產能提升以及數位能力上投入很多。因此，隨著門店規模擴大，我們應該如何看待對既有已開業門店所需的持續性投資？

Yes, thanks for your question. So as we think about our CapEx, the vast majority of our CapEx is going to new shop builds. This year, as you pointed out, we are accelerating as we head into next year. So we raised a bit of our CapEx guide as it relates to that. This year also incorporates -- that CapEx guide incorporates the repurchase of the franchisee, 1 of our franchisees here in Phoenix.

好的，謝謝你的提問。就我們的資本支出（CapEx）而言，絕大多數將用於新店建置。如你所指出的，今年我們在邁向明年之際正在加速展店。因此，我們也相應上調了一點與此相關的 CapEx 指引。今年的 CapEx 指引也包含——包含我們在鳳凰城回購其中一位加盟商（franchisee）的交易。

But if you think about over the longer term, we've actually continued to drive down the per unit upfront CapEx per shop as we've shifted a greater proportion of our leases to build-to-suit leases. So really pleased with the results we've made in that direction and feel really good about the cash flow we're generating to be able to fund that growth as we move forward.

但若從更長期來看，隨著我們將更高比例的租賃模式轉為量身打造（build-to-suit）的租約，我們其實持續降低了每家門店的單位前期 CapEx。因此我們對這方面取得的成果非常滿意，也對我們所產生的現金流能夠支持未來成長感到很有信心。

And then I would just highlight from a food perspective, we've actually made the investments in building that out as a platform. So we have ovens in our shops. We have the capability to do hot food. And as we install the equipment and the capabilities in our shops, we were planning for growth in additional platforms. So I feel very good that the investments that we've made there will carry us forward.

另外我也想強調，從食品的角度來看，我們其實已經投入資源把它建成一個平台。我們的門店配有烤箱。我們具備製作熱食的能力。而當我們在門店安裝設備並建立相關能力時，我們也在為更多平台的成長做規劃。因此我對我們在這方面所做的投資能夠支撐未來發展感到非常有信心。

Eric Gonzalez, Seaport Research.

Eric Gonzalez，Seaport Research。

Nick Setyan, Mizuho.

Nick Setyan，Mizuho。

Okay, thank you. Just a clarification and a follow-up. I think there was a comment that Q4 4-wall margins are going to be similar to Q3. So I just want to clarify what you meant by that, just given the components, I would say that it's going to be lower, and as we kind of think about the cannibalization impact, any way maybe you could bracket it in terms of what it is in 2026 and what that step-up may look like in 2027?

好的，謝謝。我有一個釐清與一個追問。我記得有提到第四季的四牆利潤率（4-wall margins）會與第三季相近。所以我想釐清你們的意思，因為就各項組成來看，我會認為它應該會更低；另外，當我們思考展店造成的自我侵蝕（cannibalization）影響時，你們是否能用區間方式說明，例如 2026 年大概是什麼程度，以及 2027 年可能會出現多大的階梯式上升（step-up）？

Thank Yes, Nick. So on the margin question, what I shared in my prepared remarks is that we would expect all the lines other than COGS to look like Q3, in COGS, in particular, we would expect two things to change from Q3. One would be not having the collection of the tariff refunds that we received in Q3. It was a $4 million benefit in Q3, and then we typically see a seasonal mix shift as we head into Q4. So we share both of those pieces would put pressure in COGS specifically, the remaining lines would look consistent with Q3.

謝謝，是的，Nick。關於利潤率的問題，我在事先準備的發言中分享的是：我們預期除銷貨成本（COGS）之外的所有費用線項看起來都會與第三季相近；而在 COGS 方面，我們特別預期相較第三季會有兩點變化。第一是第三季我們收到的關稅退稅款（tariff refunds）不會在第四季再出現；第三季這帶來了 400 萬美元的利多。第二是我們通常在進入第四季時會看到季節性的產品組合轉移（seasonal mix shift）。因此，我們提到這兩點會對 COGS 造成壓力；其餘線項則會與第三季一致。

So to your point, you're right that Q4 margins would be lower than Q3. On the second point, we haven't quantified the impact of cannibalization. I have shared historically that it's been in about the range that we've shared in the past. But it's something we're certainly monitoring and tracking closely and something that we factor into as we're underwriting sites and plan to open sites and densify markets that we're factoring into the guidance that we're providing as well.

所以就你提到的點而言，你說得對，第四季的利潤率會低於第三季。至於第二點，我們尚未量化自我侵蝕的影響。我過去曾分享過，它大致落在我們先前所提到的範圍內。但這確實是我們密切監控與追蹤的事項，也是在我們評估據點（underwriting sites）、規劃開店與提高市場密度時會納入考量的因素，同時也會反映在我們提供的指引之中。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

Hey, guys. Thanks for taking my question. I just wanted to ask a little bit on food awareness. I know, Christine, I think you said that attachment is consistent with prior quarters. What do you think the levers are to kind of build food attach and awareness from here? And then as you guys are thinking about testing more hot food items, are you trying to, I guess, what do you think the offering is missing? Or is it more about driving excitement and like a higher velocity within the food offering. Thank you.

嗨，各位。謝謝讓我提問。我想問一下關於食品認知度（food awareness）。我知道 Christine，我想你提到食品搭售率（attachment）與前幾季一致。你認為接下來提升食品搭售與認知度的槓桿會是什麼？另外，當你們考慮測試更多熱食品項時，我想問你們是覺得目前的供應內容缺少了什麼？還是更偏向於提升新鮮感、帶動食品品類更高的銷售速度（velocity）？謝謝。

Yes. Thanks for the question. So as we look at food awareness, it's really building food awareness with our existing customers because we're in the early stages of building great beverage brand awareness. We'll continue to use kind of the external paid marketing to really build beverage and our brand as a beverage brand out there. But our Broistas are doing an incredible job of building that food awareness across our existing customers as they come into our shops.

好的，謝謝你的提問。就食品認知度而言，重點其實是在既有顧客之中建立食品認知，因為我們仍處於建立優秀飲品品牌認知的早期階段。我們會持續透過外部付費行銷（external paid marketing）來強化飲品以及我們作為飲品品牌的市場認知。但我們的 Broistas 在顧客走進門店時，正以非常出色的表現，在既有顧客群中建立食品認知。

So feel very good with how the food program is going. It is performing -- continues to perform exceptionally well and very much in line with the expectations that we set out when we rolled out the program.

因此我們對食品計畫的進展感到非常有信心。它的表現——持續表現得非常出色，並且非常符合我們在推出該計畫時所設定的預期。

As we look at additional food items, we do believe that there is additional opportunity to drive attach across the food business. So things like seasonal offerings. As I shared, we have launched a holiday take pop, which our customers are definitely excited about. And so we do think that there are more seasonal opportunities as we go throughout the year.

就新增食品品項而言，我們確實相信在食品業務上仍有進一步提升搭售率的機會。例如季節性商品。如我所分享的，我們已推出節慶的 take pop，我們的顧客確實非常興奮。因此我們也認為，隨著一年當中不同時點推進，還會有更多季節性的機會。

We also think that there are some opportunities in the morning where there's some major different types of hot food platforms that we could still be missing. So we'll continue to test things, really understand what can drive that incremental attach and that incremental leverage opportunity as we look at opportunities in food.

我們也認為，在早晨時段仍有一些機會點，因為市面上有幾種主要、不同類型的熱食平台，我們可能還沒有完全涵蓋到。因此，隨著我們在餐食方面尋找機會，我們會持續測試，真正了解是什麼能推動那部分增量的加購（attach）以及增量的槓桿機會。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Hi, thanks for taking the questions. So Josh, I think you referenced this in your prepared remarks, but could you maybe expand a bit more on the traffic and ticket dynamics here going forward, as you're lapping the food rollout and particularly in 4Q. And then any early thoughts on those dynamics as we're heading into '27 would be helpful, as we kind of think about the potential impact of the expanded food menu. Thanks.

嗨，謝謝讓我提問。Josh，我想你在事先準備的發言中有提到這點，但你能否再多談一些，關於未來的來客數（traffic）與客單（ticket）動態？尤其是在你們餐食上線的比較基期（lapping）之後，特別是第四季（4Q）。另外，對於我們邁向 2027 年時這些動態的初步看法也會很有幫助，因為我們在思考擴大餐食菜單可能帶來的影響。謝謝。

Yeah. So on the Q4 specifics, certainly, as we lap the food rollout in Q4, we'd expect that to have less of a benefit on ticket in Q4. And then that also, our Q4 guide also contemplates the further step up in transaction comparisons from Q3 to Q4. It does comparatively get harder as we head into Q4 and then also incorporates just broader consumer environment that Christine commented on as well in terms of the traffic implications as well. So all that's factored into the implication there for our Q4 guide.

好的。就第四季的細節而言，當我們在第四季進入餐食上線的比較基期後，我們預期餐食對客單在第四季的助益會變小。另外，我們的第四季指引也納入了交易筆數（transactions）比較從第三季到第四季進一步走高的情況。相對而言，進入第四季後比較會更具挑戰，同時也反映了 Christine 也提到的更廣泛消費者環境，對來客數的影響亦然。因此，這些因素都已反映在我們第四季指引的含意之中。

As we think about 2027, obviously, not providing guidance at this point in time, but certainly are excited about the platform that we have and all of the different initiatives that Christine highlighted that we have underway for next year, really excited about the opportunities that we have, very focused on continuing to drive traffic and drive growth in the business as we head in 2027.

至於 2027 年，我們當然不會在此時提供指引，但我們對目前所擁有的平台感到非常振奮，也對 Christine 提到、我們明年正在推進的各項不同計畫感到很興奮。我們對手上的機會非常期待，並且會持續專注於推動來客數、帶動業務成長，迎向 2027 年。

Matt Curtis, D.A. Davidson.

Matt Curtis，D.A. Davidson。

Hi, guys. A number of times you mentioned that you continue to gain share in the beverage category despite what's obviously a dynamic competitive environment. I was just wondering if you could give us some more context around that, including whether you're seeing those share gains across both your legacy markets and your newer markets? And also whether those share gains vary materially between markets with significant drive-through beverage competition that are more apples-to-apples versus you guys?

嗨，各位好。你們多次提到，儘管競爭環境顯然相當動態，你們在飲品品類仍持續提升市占。我想請你們提供更多背景說明，包括你們是否在既有市場與新市場都看到這些市占提升？另外，在那些有大量得來速飲品競爭、與你們更「同質可比」（apples-to-apples）的市場，相較於其他市場，市占提升是否有顯著差異？

Yes. So as we look at how we're gaining share, I think that just look at the overall revenue growth. So we are growing our overall revenue at 30% in the last quarter, 30% in Q2. So that is much faster than the overall beverage market is growing. And as we go into new markets, the primary lever to gain share is really opening new shops.

是的。就我們如何提升市占來看，我認為可以先看整體營收成長。我們上一季整體營收成長 30%，第二季（Q2）也是 30%。這個速度遠快於整體飲品市場的成長。而當我們進入新市場時，取得市占的主要槓桿其實就是開新店。

So we go open a new shop in a new market, and we're immediately taking share from those around us. And that includes an entire range of competitors. Obviously, the folks that have more shops out there would be donating more share.

因此，我們在新市場開一家新店，就會立刻從周邊業者手中取得市占。這涵蓋了各式各樣的競爭對手。顯然，那些在外面店數更多的業者，會「讓出」更多市占。

Jim Salera, Stephens.

Jim Salera，Stephens。

You talked a little bit about the rewards program. You had mentioned some deepening work on the segmentation and how that could help support some frequency. So I would love just some incremental color there, and where we are in terms of innings on that and maybe how impactful that could be in '27 as a frequency uplift?

你們稍微談到獎勵計畫（rewards program）。你們提到在分眾（segmentation）方面做更深入的工作，以及這如何有助於支持消費頻次。我很希望你們能再補充一些細節：目前進展到哪個階段（innings），以及到了 2027 年，這在提升頻次方面可能會有多大影響？

Yes. So as we look at deepening the segmentation, we've done a lot of work this year on frequency segmentation. And so really understanding different customer cohorts how often they come and what are the different levers we can use within the Rewards program to drive further frequency within those cohorts. The deepening that we're looking forward to next year is really adding a level of product segmentation to our Rewards database to not only understanding kind of how frequently folks come but also what are their beverage patterns.

好的。就深化分眾而言，我們今年在頻次分眾上做了很多工作。也就是更深入理解不同客群（cohorts）來店的頻率，以及在獎勵計畫中我們可以運用哪些不同槓桿，來推動這些客群進一步提高來店頻次。我們期待明年要做的深化，是在獎勵資料庫中加入一層產品分眾，不僅了解大家來的頻率，也了解他們的飲品偏好模式。

And so in addition to offering something additional to them to come in extra time, also looking at how do we actually move them into an additional platform. So how do we think about taking someone who's primarily doing in Ice Golden Eagle and actually exposing them to our energy platform in which drink the most they might be most likely to try and then taking a morning occasion and adding an afternoon occasion to that.

因此，除了提供一些額外誘因讓他們多來一次之外，我們也會思考如何實際把他們導入另一個平台。例如，如何把主要點 Ice Golden Eagle 的顧客，介紹到我們的能量飲平台，讓他們嘗試最可能願意試的品項，並且把原本的早晨消費情境延伸到下午情境。

So really excited that we still have a number of layers to really add-on to our Dutch Rewards program.

所以我們對於在 Dutch Rewards 計畫上仍有多個層次可以持續加碼，感到非常興奮。

Logan Reich, RBC Capital Markets.

Logan Reich，RBC Capital Markets。

A question on the '27 unit growth guidance. Obviously, a big step up year-over-year. Just curious if that includes any M&A or that's all organic growth. And then just how to think about the split between franchise and company-owned.

我想問關於 2027 年門店數成長指引。顯然年增幅度是一個很大的跳升。想請教這是否包含任何併購（M&A），還是全部都是有機成長？另外，加盟店與自營店之間的占比該如何看？

Yes. So thanks for the question. I mean as you think about, as we build our pipeline, we are -- we have clear visibility to what those shops are -- that we're going to be opening in 2027. So it does factor in the occasional site that we're picking up from different players out there as conversion opportunities, but that's been a part of our growth goal over time. So it's not inclusive of any sort of large-scale M&A or large group purchases of sites, but it is just our normal unit growth cadence.

好的，謝謝你的問題。當我們建立展店管線（pipeline）時，我們對於 2027 年將要開出的店點有清楚的能見度。因此，確實會納入我們偶爾從市場上不同業者手中取得的店址，作為轉換（conversion）機會，但這一直都是我們長期成長目標的一部分。所以這不包含任何大型併購，或大規模成批購買店址；而是我們正常的展店節奏。

And then on the company-owned franchise side, the growth next year will be primarily company operated, which is what we've seen over the last couple of years.

至於自營與加盟的部分，明年的成長將主要來自公司自營（company operated），這也是我們過去幾年所看到的情況。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Christine Barone for closing comments.

我們的問答環節到此結束。接下來我想把時間交還給 Christine Barone 作結語。

Thank you for your questions. I'll close today with something that has been a special part of Dutch Bros for two decades. In September, we celebrated the 20th anniversary of Buck for Kids, one of our longest-standing giveback traditions. Each year, the event brings our Broistas and customers together to support organizations focused on creating brighter futures for young people in our communities. This year, Buck for Kids resulted in more than $1.3 million donated to local youth organizations in the communities we serve.

謝謝各位的提問。今天我想用一件在 Dutch Bros 兩個十年來都很特別的事情作結。9 月，我們慶祝 Buck for Kids 20 週年，這是我們歷史最悠久的回饋傳統之一。每年，這個活動都會把我們的 Broistas 與顧客凝聚在一起，支持那些致力於為社區年輕人創造更光明未來的組織。今年，Buck for Kids 為我們服務的社區在地青少年組織募得並捐出超過 130 萬美元。

Over the past 20 years, the impact of this tradition has grown alongside Dutch Bros, reaching more communities and supporting more young people as we've grown. Buck for Kids is a great example of something that has been part of the Dutch Bros DNA from the beginning, showing up for the communities that show up for us. We're incredibly proud to celebrate this milestone and grateful to our Broistas, customers and community partners who continue to make this impact possible. Thank you.

在過去 20 年裡，這項傳統的影響力隨著 Dutch Bros 一起成長，觸及更多社區，並在我們擴張的同時支持更多年輕人。Buck for Kids 是一個很好的例子，說明從一開始就深植於 Dutch Bros DNA 的精神：回饋那些支持我們的社區。我們非常自豪能慶祝這個里程碑，也感謝我們的 Broistas、顧客與社區夥伴，持續讓這份影響力得以實現。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。