Dutch Bros Inc. BROS

Consumer discretionary SIC 5810 - Retail-Eating & Drinking Places NAICS Accommodation and Food Services › Food Services and Drinking Places derived NYSE

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.

Last close 41.49 2026-10-23
Market cap $5.58B estimated share count
52-week range 36.51 - 74.02

Valuation FY2025 figures against the last close

P/S3.4x
P/E64.8x
P/FCF102.6x
EV/EBITDA19.9x
Dividend yield—
Diluted EPS0.64

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 0.640.340.03-0.09-0.28———
EPS, diluted 0.640.340.03-0.09-0.28———
Shares, diluted (wtd. avg.) 125.8M104.1M62.1M51.9M45.9M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B 2B Revenue, FY2019: 238.4M Gross profit, FY2019: 96.1M Net income, FY2019: 0 Revenue, FY2020: 327.4M Gross profit, FY2020: 115.9M Net income, FY2020: 0 Revenue, FY2021: 497.9M Gross profit, FY2021: 153.3M Net income, FY2021: -12.7M Revenue, FY2022: 739M Gross profit, FY2022: 180.9M Net income, FY2022: -4.8M Revenue, FY2023: 965.8M Gross profit, FY2023: 251.3M Net income, FY2023: 1.7M Revenue, FY2024: 1.3B Gross profit, FY2024: 340.1M Net income, FY2024: 35.3M Revenue, FY2025: 1.6B Gross profit, FY2025: 423.9M Net income, FY2025: 79.8M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $238.4M $327.4M $497.9M $739.0M $965.8M $1.28B $1.64B
Gross profit — $96.1M $115.9M $153.3M $180.9M $251.3M $340.1M $423.9M
Net income — $0 $0 -$12.7M -$4.8M $1.7M $35.3M $79.8M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 5810

TickerCompanyMarket capP/ERevenue growth
SBUX STARBUCKS CORP $114.91B 61.8x 2.8%
SHAK Shake Shack Inc. $2.63B 59.8x 15.4%
WEN Wendy's Co $1.19B 7.3x -3.1%
CNNE Cannae Holdings, Inc. $706.6M — -6.4%
BRCB Black Rock Coffee Bar, Inc. $208.1M — 24.5%
SDOT Sadot Group Inc. $9.2M — -64.8%
CHA Chagee Holdings Ltd. — — —