In the first quarter ended March 31, 2026, Dutch Bros continued to advance its growth strategy by increasing its store footprint across 25 states with an emphasis on both company-operated and franchised locations. The company maintained solid same-store sales growth supported by its flagship Rebel energy drinks and high-speed service model. While market competition intensifies and supply chain issues linger, Dutch Bros’ people-first culture and digital capabilities provide a durable competitive edge. Risks remain from geographic concentration in the Western US and restrictive debt covenants, but financial liquidity appears healthy as of Q1-end. Key upcoming indicators include further expansion pace and same-store sales updates.