Dutch Bros remains a Buy, supported by robust growth, expanding store count, and an attractive valuation implying a solid margin of safety. BROS delivered 27.9% YoY revenue growth, 154 new shops, and its 19th consecutive year of positive same shop sales growth despite consumer headwinds. Guidance for 2026 includes opening at least 181 new shops, $2B–$2.03B revenue, and $355M–$365M Adj. EBITDA, with increased CAPEX reflecting their aggressive expansion.