Dutch Bros Inc.（BROS）今日盘后股价大跌8.86%，引发市场广泛关注。
消息面上，公司于盘后公布了2026财年第二季度财报。尽管营收同比增长32.5%至5.509亿美元，稀释每股收益也由上年同期的0.20美元提升至0.28美元，但多项利润指标出现下滑——调整后EBITDA利润率由21.4%降至20.6%，营业利润率也由约13.1%降至约12.8%。此外，饮料、食品及包装成本占直营收入的比例由25.3%升至26.1%，占用率及其他成本由15.8%升至16.3%，显示成本压力未能被规模增长完全抵消。
值得关注的是，系统同店交易量增速由上年同期的3.7%放缓至1.7%，系统同店销售增长更多依赖客单价提升（4.1%），市场对客流增速放缓表现出担忧。虽然公司上调了全年营收、系统同店销售增长和调整后EBITDA指引，但利润率承压和交易量增速放缓的隐忧仍令投资者选择在盘后抛售。
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