Dutch Bros Inc. BROS
Dutch Bros Inc. is a Delaware corporation, and its Class A common stock trades on the New York Stock Exchange under the symbol "BROS".
Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high- QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States.
As of December 31, 2025, we had 1,136 shops, of which 811 were company-operated and 325 were franchise, across 25 states as shown in the graphic below. For additional information regarding company-operated and franchise shops by state, refer to Part I, Item 2 Properties of this Form 10-K.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.64B | $1.28B | $965.8M | $739.0M | $497.9M | $327.4M | $238.4M | — |
| Cost of revenue | $1.21B | $940.9M | $714.5M | $558.1M | $344.6M | $211.5M | $142.3M | — |
| Gross profit | $423.9M | $340.1M | $251.3M | $180.9M | $153.3M | $115.9M | $96.1M | — |
| SG&A | $262.8M | $234.0M | $205.1M | $183.5M | $264.5M | $104.9M | $65.8M | — |
| Total operating expenses | $1.48B | $1.17B | $919.6M | $741.6M | $609.1M | $316.4M | $208.1M | — |
| Operating income | $161.2M | $106.1M | $46.2M | -$2.6M | -$111.2M | $11.0M | $30.3M | — |
| Pre-tax income | $135.6M | $84.9M | $16.9M | -$2.2M | -$11.1M | $843.0K | $89.0K | — |
| Income tax | $18.3M | $18.4M | $7.0M | $2.6M | $1.6M | $843.0K | $89.0K | — |
| Net income | $79.8M | $35.3M | $1.7M | -$4.8M | -$12.7M | $0 | $0 | — |
| EPS, basic | 0.64 | 0.34 | 0.03 | -0.09 | -0.28 | — | — | — |
| EPS, diluted | 0.64 | 0.34 | 0.03 | -0.09 | -0.28 | — | — | — |
| Shares, diluted (wtd. avg.) | $125.8M | $104.1M | $62.1M | $51.9M | $45.9M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $269.4M | $293.4M | $133.5M | $20.2M | $18.5M | $31.6M | $15.6M | $11.5M |
| Receivables | $18.4M | $10.6M | $9.1M | $12.0M | $10.6M | $10.8M | — | — |
| Inventory | $48.9M | $36.5M | $47.0M | $39.2M | $23.3M | $15.6M | — | — |
| Total current assets | $357.4M | $357.9M | $205.3M | $82.3M | $61.3M | $63.1M | — | — |
| Property, plant and equipment | $824.5M | $684.0M | $542.4M | $365.5M | $302.0M | $165.4M | — | — |
| Goodwill | $21.6M | $21.6M | $21.6M | $21.6M | $18.7M | $18.1M | $16.5M | — |
| Other intangibles | $1.5M | $2.9M | $5.4M | $8.8M | $11.1M | $11.3M | — | — |
| Total assets | $3.01B | $2.50B | $1.76B | $1.19B | $553.7M | $259.7M | — | — |
| Accounts payable | $37.6M | $32.2M | $30.0M | $21.3M | $20.4M | $16.1M | — | — |
| Short-term debt | $3.9M | $17.3M | $4.5M | $2.6M | $103.0K | $3.8M | — | — |
| Total current liabilities | $240.5M | $203.1M | $138.1M | $212.7M | $138.7M | $59.9M | — | — |
| Long-term debt | $196.3M | $219.8M | $93.2M | $96.3M | $3.5M | $24.4M | — | — |
| Total liabilities | $2.11B | $1.74B | $1.09B | $934.4M | $340.0M | $183.7M | — | — |
| Retained earnings | $99.5M | $19.7M | -$15.6M | -$17.3M | -$12.7M | $0 | — | — |
| Total equity | $680.8M | $537.4M | $675.9M | $252.0M | $213.7M | $77.5M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $295.5M | $246.4M | $139.9M | $59.9M | $80.4M | $53.5M | $56.7M | — |
| Depreciation and amortisation | $115.1M | $93.0M | $69.1M | $44.7M | $25.2M | $15.5M | $9.7M | — |
| Stock-based compensation | $18.0M | $11.5M | $39.2M | $41.7M | $157.7M | $35.1M | $6.8M | — |
| Capital expenditure | $241.1M | $221.7M | $228.5M | $187.9M | $118.4M | $40.6M | $39.5M | — |
| Investing cash flow | -$241.1M | -$212.1M | -$227.3M | -$192.6M | -$121.1M | -$45.6M | -$39.9M | — |
| Financing cash flow | -$78.4M | $125.4M | $200.7M | $134.4M | $27.6M | $8.1M | -$12.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001866581-26-000006.
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