Dutch Bros Inc. (BROS)

NYSE Consumer Discretionary Restaurants S&P MidCap 400

$33.77

-0.80 (-2.31%)

Close of Nov 06, 2026 · end-of-day data

Source: Dutch Bros Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 05, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$238.37M	$327.41M	$497.88M	$739.01M	$965.78M	$1.28B	$1.64B
Cost of revenue	$142.31M	$211.48M	$344.57M	$558.10M	$714.48M	$940.89M	$1.21B
Gross profit	$96.06M	$115.94M	$153.30M	$180.92M	$251.30M	$340.13M	$423.95M
Selling, general & admin	$65.76M	$104.94M	$264.53M	$183.53M	$205.07M	$234.04M	$262.77M
Operating income	$30.30M	$11.00M	-$111.23M	-$2.61M	$46.22M	$106.09M	$161.18M
Pre-tax income	—	—	—	—	$16.92M	$84.89M	$135.62M
Income tax	$89.00K	$843.00K	-$1.63M	$2.60M	$6.97M	$18.43M	$18.35M
Net income	$0	$0	-$12.68M	-$4.75M	$1.72M	$35.26M	$79.84M
EBITDA	$39.97M	$26.54M	-$86.01M	$42.12M	$115.36M	$199.10M	$276.31M
EPS (basic)	—	—	$-0.28	$-0.09	$0.03	$0.34	$0.64
EPS (diluted)	—	—	$-0.28	$-0.09	$0.03	$0.34	$0.64
Diluted shares	—	—	45.86M	51.87M	62.07M	104.13M	125.76M
Gross margin	40.3%	35.4%	30.8%	24.5%	26.0%	26.6%	25.9%
Operating margin	12.7%	3.4%	-22.3%	-0.4%	4.8%	8.3%	9.8%
Net margin	0.0%	0.0%	-2.5%	-0.6%	0.2%	2.8%	4.9%

Balance sheet

fiscal years · USD

Fiscal year	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$15.58M	$31.64M	$18.51M	$20.18M	$133.54M	$293.35M	$269.40M
Receivables	—	$10.84M	$10.64M	$11.97M	$9.12M	$10.60M	$18.39M
Inventory	—	$15.58M	$23.34M	$39.23M	$46.95M	$36.49M	$48.92M
Total current assets	—	$63.07M	$61.29M	$82.32M	$205.26M	$357.94M	$357.38M
Goodwill	$16.53M	$18.07M	$18.71M	$21.63M	$21.63M	$21.63M	$21.63M
Total assets	—	$259.66M	$553.70M	$1.19B	$1.76B	$2.50B	$3.01B
Total current liabilities	—	$59.87M	$138.73M	$212.68M	$138.12M	$203.07M	$240.50M
Short-term debt	—	$3.79M	$103.00K	$2.61M	$4.49M	$17.31M	$3.88M
Long-term debt	—	$24.37M	$3.50M	$96.30M	$93.17M	$219.75M	$196.29M
Total debt	—	$28.16M	$3.61M	$98.91M	$97.67M	$237.07M	$200.18M
Total liabilities	—	$183.67M	$339.97M	$934.38M	$1.09B	$1.74B	$2.11B
Shareholders' equity	—	$75.99M	$94.52M	$129.12M	$364.35M	$537.37M	$680.82M

Cash flow

fiscal years · USD

Fiscal year	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$56.70M	$53.55M	$80.38M	$59.88M	$139.91M	$246.43M	$295.55M
Capital expenditures	$39.47M	$40.58M	$118.44M	$187.88M	$228.46M	$221.74M	$241.13M
Free cash flow	$17.24M	$12.97M	-$38.07M	-$128.00M	-$88.54M	$24.69M	$54.41M
Investing cash flow	-$39.95M	-$45.57M	-$121.09M	-$192.57M	-$227.28M	-$212.07M	-$241.07M
Financing cash flow	-$12.68M	$8.08M	$27.58M	$134.36M	$200.73M	$125.45M	-$78.43M
Stock-based compensation	$6.76M	$35.09M	$157.72M	$41.66M	$39.22M	$11.48M	$18.02M
Depreciation & amortization	$9.67M	$15.54M	$25.22M	$44.73M	$69.14M	$93.00M	$115.13M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$254.12M	$275.10M	$324.92M	$338.21M	$342.79M	$355.15M	$415.81M	$423.58M	$443.61M	$464.41M	$550.85M	$549.84M
Cost of revenue	$195.00M	$203.33M	$234.64M	$248.16M	$254.84M	$265.16M	$295.77M	$316.81M	$336.48M	$356.94M	$399.80M	$418.07M
Gross profit	$59.12M	$71.77M	$90.28M	$90.05M	$87.95M	$89.99M	$120.04M	$106.78M	$107.13M	$107.48M	$151.06M	$131.77M
Selling, general & admin	$56.95M	$46.19M	$58.10M	$57.54M	$72.17M	$58.92M	$65.39M	$65.29M	$73.17M	$73.18M	$80.65M	$78.95M
Operating income	$2.18M	$25.58M	$32.18M	$32.52M	$15.78M	$31.07M	$54.66M	$41.49M	$33.96M	$34.30M	$70.41M	$52.81M
Income tax	$708.00K	$8.77M	$3.86M	$4.70M	$1.10M	$1.46M	$7.24M	$7.66M	$1.99M	$3.34M	$12.62M	$8.81M
Net income	-$1.40M	$7.06M	$11.94M	$12.64M	$3.61M	$15.35M	$25.62M	$17.50M	$21.37M	$16.10M	$37.41M	$27.16M
EBITDA	$21.90M	$46.83M	$54.53M	$56.40M	$41.30M	$57.50M	$82.55M	$70.56M	$65.70M	$72.56M	$105.89M	$92.15M
EPS (basic)	$-0.02	$0.08	$0.12	$0.11	$0.02	$0.13	$0.20	$0.14	$0.17	$0.13	$0.28	$0.20
EPS (diluted)	$-0.02	$0.08	$0.12	$0.11	$0.02	$0.13	$0.20	$0.14	$0.17	$0.13	$0.28	$0.20
Diluted shares	4.48M	83.41M	102.36M	114.25M	4.06M	121.51M	126.83M	127.38M	560.00K	127.38M	134.76M	138.18M
Gross margin	23.3%	26.1%	27.8%	26.6%	25.7%	25.3%	28.9%	25.2%	24.1%	23.1%	27.4%	24.0%
Operating margin	0.9%	9.3%	9.9%	9.6%	4.6%	8.7%	13.1%	9.8%	7.7%	7.4%	12.8%	9.6%
Net margin	-0.6%	2.6%	3.7%	3.7%	1.1%	4.3%	6.2%	4.1%	4.8%	3.5%	6.8%	4.9%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$133.54M	$262.72M	$260.92M	$281.13M	$293.35M	$316.44M	$254.41M	$267.19M	$269.40M	$263.52M	$268.62M	$194.61M
Receivables	$9.12M	$11.66M	$12.34M	$10.36M	$10.60M	$11.63M	$13.53M	$14.30M	$18.39M	$18.77M	$18.87M	$15.77M
Inventory	$46.95M	$45.39M	$46.65M	$38.38M	$36.49M	$38.23M	$42.42M	$45.30M	$48.92M	$37.39M	$41.25M	$42.00M
Total current assets	$205.26M	$335.08M	$334.61M	$342.05M	$357.94M	$382.88M	$325.58M	$341.14M	$357.38M	$340.50M	$352.49M	$284.11M
Goodwill	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$21.63M	$36.73M
Total assets	$1.76B	$2.07B	$2.38B	$2.43B	$2.50B	$2.77B	$2.81B	$2.92B	$3.01B	$3.11B	$3.38B	$3.51B
Total current liabilities	$138.12M	$146.54M	$153.10M	$180.43M	$203.07M	$196.75M	$198.93M	$224.46M	$240.50M	$255.19M	$261.08M	$274.92M
Short-term debt	$4.49M	$12.62M	$14.18M	$15.75M	$17.31M	$22.62M	$3.88M	$3.88M	$3.88M	$3.88M	$3.88M	$4.77M
Long-term debt	$93.17M	$233.57M	$228.97M	$224.36M	$219.75M	$260.77M	$196.84M	$196.00M	$196.29M	$195.45M	$194.60M	$192.87M
Total debt	$97.67M	$246.19M	$243.15M	$240.11M	$237.07M	$283.40M	$200.72M	$199.88M	$200.18M	$199.33M	$198.48M	$197.64M
Total liabilities	$1.09B	$1.38B	$1.65B	$1.68B	$1.74B	$1.97B	$1.98B	$2.06B	$2.11B	$2.18B	$2.40B	$2.50B
Shareholders' equity	$364.35M	$417.12M	$509.14M	$523.15M	$537.37M	$599.06M	$636.17M	$656.56M	$680.82M	$696.45M	$797.65M	$829.78M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$45.01M	$41.19M	$59.54M	$83.47M	$62.24M	$36.88M	$89.90M	$89.12M	$79.64M	$84.72M	$112.21M	$100.10M
Capital expenditures	$60.73M	$57.46M	$64.45M	$57.06M	$42.77M	$45.55M	$54.21M	$70.20M	$71.17M	$57.00M	$72.29M	$85.29M
Free cash flow	-$15.72M	-$16.27M	-$4.91M	$26.41M	$19.47M	-$8.67M	$35.69M	$18.92M	$8.47M	$27.72M	$39.92M	$14.81M
Investing cash flow	-$59.82M	-$57.46M	-$55.78M	-$56.12M	-$42.71M	-$45.53M	-$54.20M	-$70.20M	-$71.13M	-$76.81M	-$72.24M	-$158.81M
Financing cash flow	-$1.43M	$145.44M	-$5.55M	-$7.13M	-$7.31M	$31.73M	-$97.72M	-$6.14M	-$6.30M	-$13.81M	-$34.86M	-$15.31M
Stock-based compensation	$10.21M	$1.93M	$3.33M	$2.96M	$3.26M	$4.19M	$4.67M	$4.65M	$4.51M	$5.28M	$6.88M	$6.96M
Depreciation & amortization	$19.72M	$21.25M	$22.35M	$23.88M	$25.52M	$26.43M	$27.89M	$29.07M	$31.74M	$38.26M	$35.48M	$39.34M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.