Dutch Bros shares surged 12.3% in after-hours trading Thursday after the fast-growing beverage chain reported fourth-quarter earnings that significantly exceeded analyst expectations, marking its 19th consecutive year of positive same-shop sales growth.

The company posted adjusted earnings of $0.17 per share for the fourth quarter, handily beating the analyst consensus of $0.09. Revenue jumped 29.4% to $443.6 million, surpassing the $423.79 million estimate and up from $342.8 million in the same period last year. System-wide same-shop sales increased 7.7%, with transaction growth of 5.4% compared to the fourth quarter of 2024.

Dutch Bros stock jumped 14.1% after hours following the strong results, reflecting investor enthusiasm for the company’s growth trajectory and profitability improvements. Adjusted EBITDA grew 48.8% to $72.6 million compared to $48.8 million in the same period of 2024.

"The results of our fourth quarter and full year 2025 show that five years into our journey as a public company, Dutch Bros not only delivered a record-breaking year, but reinforced our well-defined path of sustainable, profitable growth," said Christine Barone, CEO and President of Dutch Bros.

The company opened 55 new shops during the quarter, 52 of which were company-operated, across 17 states. For the full year 2025, Dutch Bros opened 154 new locations and achieved system-wide same-shop sales growth of 5.6%.

Looking ahead, Dutch Bros provided 2026 guidance with revenue projected between $2 billion and $2.03 billion, slightly below the analyst consensus of $2.04 billion. The company expects same-shop sales growth of 3% to 5% and plans to open at least 181 new shops in 2026.