BROS · PEAD ↓ 100

Dutch Bros reported Q3 2026 EPS of $0.20 on 2026-11-04 (after market close), missing the $0.22 consensus by $0.02 (-9.1%).

Print-day reaction was a muted +0.9% versus the prior close — the market initially absorbed the EPS miss with surprising composure. The overnight gap into T+1 told the real story: the stock opened -14.1% below the T+0 close, a severe after-hours re-rating as investors processed the magnitude of the earnings shortfall. Over the next two trading sessions the drift continued lower, adding another -4.2% cumulative decline before a partial bounce on day 3, leaving the total 3-day return at -17.4%. Cumulative abnormal return of -17.2% versus SPY.US lands this decisively in PEAD short territory; the drift signal is active through 2027-02-01.