For the second time in two quarters, Dutch Bros (NYSE: BROS) shares collapsed following its earnings report, as investors fear that increasing competition is starting to eat into its growth.
However, the company's overall same-store sales growth is still solid in a difficult consumer environment, and it continues to have one of the best expansion opportunities in the restaurant space.
The stock is now down more than 40% on the year, reversing the strong momentum the stock saw earlier in 2026.
This looks like a golden opportunity to buy Dutch Bros in my view, as the stock's long-term underlying investment thesis remains unchanged.
Let's take a closer look at the coffee shop operator's third.