Dutch Bros (BROS) Financials

$53.04 +0.92 (+1.77%)

As of 11:34 AM Eastern

Annual Income Statements for Dutch Bros

This table shows Dutch Bros' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	-13	-4.75	1.72	35	80
Consolidated Net Income / (Loss)	28	6.06	-118	-19	9.95	66	117
Net Income / (Loss) Continuing Operations	28	6.06	-118	-19	9.95	66	117
Total Pre-Tax Income	28	6.90	-120	-17	17	85	136
Total Operating Income	30	11	-111	-2.61	46	106	161
Total Gross Profit	96	116	153	181	251	340	424
Total Revenue	238	327	498	739	966	1,281	1,638
Operating Revenue	238	327	498	739	966	1,281	1,638
Total Cost of Revenue	142	211	345	558	714	941	1,214
Operating Cost of Revenue	142	211	345	558	714	941	1,214
Total Operating Expenses	66	105	265	184	205	234	263
Selling, General & Admin Expense	66	105	265	184	205	234	263
Total Other Income / (Expense), net	-1.82	-4.10	-8.33	-14	-29	-21	-26
Interest & Investment Income	-2.35	-3.74	-7.09	-18	-32	-27	-28
Other Income / (Expense), net	0.52	-0.36	-1.24	3.98	3.02	5.81	2.75
Income Tax Expense	0.09	0.84	-1.63	2.60	6.97	18	18
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-38	-15	8.23	31	37
Basic Earnings per Share	$0.00	$0.00	($0.28)	($0.09)	$0.03	$0.34	$0.64
Weighted Average Basic Shares Outstanding	0.00	0.00	45.86M	51.87M	62.07M	103.50M	125.33M
Diluted Earnings per Share	$0.00	$0.00	($0.28)	($0.09)	$0.03	$0.34	$0.64
Weighted Average Diluted Shares Outstanding	0.00	0.00	45.86M	51.87M	62.07M	104.13M	125.76M
Weighted Average Basic & Diluted Shares Outstanding	-	-	163.70M	163.83M	177.15M	154.20M	164.54M

This table shows Dutch Bros' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	4.21	-1.40	7.06	12	13	3.61	15	26	17	21	16
Consolidated Net Income / (Loss)	13	-3.77	16	22	22	6.37	22	38	27	29	24
Net Income / (Loss) Continuing Operations	13	-3.77	16	22	22	6.37	22	38	27	29	24
Total Pre-Tax Income	15	-3.06	25	26	26	7.47	24	46	35	31	27
Total Operating Income	25	2.18	26	32	33	16	31	55	41	34	34
Total Gross Profit	75	59	72	90	90	88	90	120	107	107	107
Total Revenue	265	254	275	325	338	343	355	416	424	444	464
Operating Revenue	265	254	275	325	338	343	355	416	424	444	464
Total Cost of Revenue	189	195	203	235	248	255	265	296	317	336	357
Operating Cost of Revenue	189	195	203	235	248	255	265	296	317	336	357
Total Operating Expenses	50	57	46	58	58	72	59	65	65	73	73
Selling, General & Admin Expense	50	57	46	58	58	72	59	65	65	73	73
Total Other Income / (Expense), net	-9.47	-5.24	-0.59	-6.17	-6.11	-8.34	-7.13	-9.06	-6.55	-2.82	-7.30
Interest & Investment Income	-9.33	-6.05	-6.39	-7.00	-6.87	-6.76	-7.12	-7.08	-6.70	-7.42	-7.22
Other Income / (Expense), net	-0.14	0.81	5.80	0.83	0.76	-1.58	-0.02	-1.98	0.15	4.60	-0.08
Income Tax Expense	1.83	0.71	8.77	3.86	4.70	1.11	1.46	7.24	7.66	1.99	3.34
Net Income / (Loss) Attributable to Noncontrolling Interest	9.19	-2.37	9.15	10	9.07	2.76	7.13	13	9.79	7.79	7.57
Basic Earnings per Share	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17	$0.13
Weighted Average Basic Shares Outstanding	59.37M	62.07M	83.33M	101.97M	113.82M	103.50M	120.81M	126.39M	126.99M	125.33M	127.14M
Diluted Earnings per Share	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17	$0.13
Weighted Average Diluted Shares Outstanding	60.21M	62.07M	83.41M	102.36M	114.25M	104.13M	121.51M	126.83M	127.38M	125.76M	127.38M
Weighted Average Basic & Diluted Shares Outstanding	177.12M	177.15M	177.18M	154.19M	154.19M	154.20M	164.48M	164.52M	164.52M	164.54M	174.65M

This table details how cash moves in and out of Dutch Bros' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	4.07	16	-13	1.67	113	160	-24
Net Cash From Operating Activities	57	54	80	60	140	246	296
Net Cash From Continuing Operating Activities	57	54	80	60	140	246	296
Net Income / (Loss) Continuing Operations	28	6.06	-118	-19	9.95	66	117
Consolidated Net Income / (Loss)	28	6.06	-118	-19	9.95	66	117
Depreciation Expense	9.67	16	25	45	69	93	115
Non-Cash Adjustments To Reconcile Net Income	7.09	36	160	39	40	17	34
Changes in Operating Assets and Liabilities, net	12	-3.71	13	-4.33	21	70	30
Net Cash From Investing Activities	-40	-46	-121	-193	-227	-212	-241
Net Cash From Continuing Investing Activities	-40	-46	-121	-193	-227	-212	-241
Purchase of Property, Plant & Equipment	-39	-41	-118	-188	-228	-222	-241
Sale of Property, Plant & Equipment	0.05	0.10	2.74	1.36	1.18	9.67	0.07
Net Cash From Financing Activities	-13	8.08	28	134	201	125	-78
Net Cash From Continuing Financing Activities	-13	8.08	28	134	201	125	-78
Repayment of Debt	-6.06	-29	-245	-15	-207	-14	-288
Payment of Dividends	-6.63	-7.75	-213	0.00	0.00	-1.89	-6.87
Issuance of Debt	0.00	45	266	159	92	152	250
Issuance of Common Equity	0.00	0.00	525	0.00	331	0.00	0.00
Other Financing Activities, net	0.00	0.00	-18	-9.99	-15	-12	-33
Cash Interest Paid	2.42	3.83	7.35	18	35	39	39
Cash Income Taxes Paid	0.10	0.34	0.89	1.32	1.73	2.25	1.00

This table details how cash moves in and out of Dutch Bros' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	126	-16	129	-1.80	20	12	23	-62	13	2.21	-5.89
Net Cash From Operating Activities	49	45	41	60	83	62	37	90	89	80	85
Net Cash From Continuing Operating Activities	49	45	41	60	83	60	37	90	89	80	85
Net Income / (Loss) Continuing Operations	13	-3.77	16	22	22	6.37	22	38	27	29	24
Consolidated Net Income / (Loss)	13	-3.77	16	22	22	6.37	22	38	27	29	24
Depreciation Expense	18	20	21	22	24	26	26	28	29	32	38
Non-Cash Adjustments To Reconcile Net Income	11	11	-2.57	4.11	4.89	8.86	6.56	8.52	12	6.09	11
Changes in Operating Assets and Liabilities, net	6.99	18	6.30	11	33	20	-19	15	20	13	12
Net Cash From Investing Activities	-65	-60	-57	-56	-56	-43	-46	-54	-70	-71	-77
Net Cash From Continuing Investing Activities	-65	-60	-57	-56	-56	-43	-46	-54	-70	-71	-77
Purchase of Property, Plant & Equipment	-65	-61	-57	-64	-57	-43	-46	-54	-70	-71	-77
Sale of Property, Plant & Equipment	0.02	0.91	0.00	8.67	0.94	0.06	0.02	0.01	-	0.04	0.00
Net Cash From Financing Activities	142	-1.43	145	-5.56	-7.13	-7.31	32	-98	-6.14	-6.30	-14
Net Cash From Continuing Financing Activities	142	-1.43	145	-5.56	-7.13	-7.31	32	-98	-6.14	-6.30	-14
Repayment of Debt	-205	-0.66	-1.59	-3.15	-3.15	-5.60	-3.78	-283	-0.97	-0.97	-0.97
Issuance of Debt	20	1.65	150	-	-	2.45	50	200	-	-	0.00
Other Financing Activities, net	-4.09	-2.42	-2.97	-2.40	-3.29	-2.95	-14	-8.34	-5.17	-5.33	-13
Cash Interest Paid	10	7.31	8.41	10	10	9.98	9.82	10	9.04	9.78	9.15
Cash Income Taxes Paid	0.14	0.28	0.00	0.78	1.05	0.43	0.18	0.71	0.01	0.10	0.16

This table presents Dutch Bros' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	260	554	1,186	1,764	2,501	3,009
Total Current Assets	63	61	82	205	358	357
Cash & Equivalents	32	19	20	134	293	269
Accounts Receivable	11	11	12	9.12	11	18
Inventories, net	16	23	39	47	36	49
Prepaid Expenses	5.02	8.80	11	16	18	21
Plant, Property, & Equipment, net	165	302	365	542	684	825
Total Noncurrent Assets	31	190	739	1,016	1,459	1,827
Noncurrent Deferred & Refundable Income Taxes	0.19	159	289	403	742	947
Other Noncurrent Operating Assets	1.57	1.56	171	204	717	881
Total Liabilities & Shareholders' Equity	260	554	1,186	1,764	2,501	3,009
Total Liabilities	184	340	934	1,088	1,737	2,111
Total Current Liabilities	60	139	213	138	203	240
Short-Term Debt	21	68	113	4.49	17	3.88
Accounts Payable	16	20	21	30	32	38
Current Deferred Revenue	11	23	25	30	43	56
Current Deferred & Payable Income Tax Liabilities	0.00	0.45	-	0.00	0.07	7.70
Other Current Liabilities	1.43	6.47	23	26	111	136
Total Noncurrent Liabilities	124	201	722	950	1,534	1,871
Long-Term Debt	24	3.50	96	93	220	196
Capital Lease Obligations	50	80	237	559	679	852
Noncurrent Deferred Revenue	7.49	8.18	6.12	6.68	8.02	8.92
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	109	221	291	628	813
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	76	214	252	676	764	898
Total Preferred & Common Equity	76	95	129	364	537	681
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	76	95	129	364	537	681
Common Stock	76	107	146	379	517	581
Retained Earnings	0.00	-13	-17	-16	20	100
Accumulated Other Comprehensive Income / (Loss)	-	0.00	0.81	0.54	0.63	0.05
Noncontrolling Interest	0.00	119	123	312	226	217

This table presents Dutch Bros' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,129	1,265	1,368	1,639	2,073	2,377	2,432	2,765	2,812	2,922	3,105
Total Current Assets	94	81	95	221	335	335	342	383	326	341	340
Cash & Equivalents	35	14	24	150	263	261	281	316	254	267	264
Accounts Receivable	14	8.78	9.38	9.14	12	12	10	12	14	14	19
Inventories, net	34	44	48	50	45	47	38	38	42	45	37
Prepaid Expenses	11	14	14	12	15	15	12	17	15	14	21
Plant, Property, & Equipment, net	328	403	447	499	585	628	663	706	748	789	862
Total Noncurrent Assets	708	781	827	919	1,153	1,415	1,427	1,676	1,739	1,792	1,903
Noncurrent Deferred & Refundable Income Taxes	293	286	285	330	507	722	719	930	955	950	943
Other Noncurrent Operating Assets	168	176	181	196	238	287	306	344	378	425	959
Total Liabilities & Shareholders' Equity	1,129	1,265	1,368	1,639	2,073	2,377	2,432	2,765	2,812	2,922	3,105
Total Liabilities	885	1,016	1,098	968	1,377	1,647	1,679	1,969	1,978	2,057	2,185
Total Current Liabilities	190	253	294	121	147	153	180	197	199	224	255
Short-Term Debt	88	154	184	3.86	13	14	16	23	3.88	3.88	3.88
Accounts Payable	27	24	25	28	39	36	32	32	34	38	42
Current Deferred Revenue	29	22	22	22	29	31	36	40	44	46	57
Current Deferred & Payable Income Tax Liabilities	0.45	-	-	-	-	-	-	5.21	0.51	0.51	14
Other Current Liabilities	23	25	27	27	26	20	32	43	44	47	139
Total Noncurrent Liabilities	695	763	804	848	1,231	1,494	1,498	1,772	1,779	1,833	1,930
Long-Term Debt	97	96	95	93	234	229	224	261	197	196	195
Capital Lease Obligations	367	442	485	530	595	653	663	709	751	804	922
Noncurrent Deferred Revenue	5.12	6.10	5.96	5.52	6.31	7.12	6.37	7.99	7.74	7.10	5.85
Noncurrent Deferred & Payable Income Tax Liabilities	226	220	219	219	396	605	605	794	824	825	806
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	244	249	270	671	696	730	753	796	834	865	921
Total Preferred & Common Equity	126	128	135	332	417	509	523	599	636	657	696
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	126	128	135	332	417	509	523	599	636	657	696
Common Stock	141	149	153	345	425	505	507	564	575	578	581
Retained Earnings	-17	-21	-18	-14	-8.53	3.41	16	35	61	78	116
Accumulated Other Comprehensive Income / (Loss)	0.85	0.59	0.91	1.09	0.93	1.07	0.31	0.44	0.28	0.16	0.07
Noncontrolling Interest	118	120	135	339	279	221	230	197	198	208	224

This table displays calculated financial ratios and metrics derived from Dutch Bros' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	37.36%	52.06%	48.43%	30.68%	32.64%	27.88%
EBITDA Growth	0.00%	-35.36%	-433.34%	152.83%	156.82%	73.10%	36.19%
EBIT Growth	0.00%	-65.49%	-1,157.31%	101.21%	3,509.97%	127.26%	46.49%
NOPAT Growth	0.00%	-68.03%	-906.30%	97.65%	1,587.01%	205.47%	67.82%
Net Income Growth	0.00%	-78.66%	-2,046.70%	83.67%	151.69%	567.71%	76.49%
EPS Growth	0.00%	0.00%	0.00%	67.86%	133.33%	1,033.33%	88.24%
Operating Cash Flow Growth	0.00%	-5.56%	50.10%	-25.50%	133.65%	76.13%	19.93%
Free Cash Flow Firm Growth	0.00%	0.00%	-119.00%	-17.70%	-47.44%	141.64%	-49.63%
Invested Capital Growth	0.00%	0.00%	148.01%	96.21%	76.70%	-10.20%	21.27%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	9.12%	5.72%	7.44%	6.56%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	94.10%	0.10%	9.07%	12.29%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	108.93%	-11.52%	11.17%	17.43%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	80.61%	17.15%	18.60%	15.45%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	21.75%	-8.73%	18.00%	24.12%
EPS Q/Q Growth	0.00%	0.00%	0.00%	30.77%	-40.00%	17.24%	28.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-3.38%	17.79%	24.90%	7.52%	6.26%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-35.79%	231.07%	-45.60%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-10.82%	4.50%	-21.64%	4.94%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	40.30%	35.41%	30.79%	24.48%	26.02%	26.55%	25.88%
EBITDA Margin	16.99%	7.99%	-17.52%	6.24%	12.26%	16.00%	17.04%
Operating Margin	12.71%	3.36%	-22.34%	-0.35%	4.79%	8.28%	9.84%
EBIT Margin	12.93%	3.25%	-22.59%	0.18%	5.10%	8.74%	10.01%
Profit (Net Income) Margin	11.91%	1.85%	-23.69%	-2.61%	1.03%	5.19%	7.16%
Tax Burden Percent	99.69%	87.78%	98.64%	115.61%	58.82%	78.28%	86.47%
Interest Burden Percent	92.39%	64.88%	106.31%	-1,220.97%	34.36%	75.85%	82.73%
Effective Tax Rate	0.31%	12.22%	0.00%	0.00%	41.18%	21.72%	13.53%
Return on Invested Capital (ROIC)	0.00%	13.85%	-32.08%	-0.36%	2.90%	7.30%	9.09%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	2.51%	-73.04%	-6.59%	-0.73%	3.33%	5.94%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.10%	-49.33%	-7.91%	-0.75%	1.93%	5.03%
Return on Equity (ROE)	0.00%	15.94%	-81.41%	-8.27%	2.15%	9.23%	14.11%
Cash Return on Invested Capital (CROIC)	0.00%	-186.15%	-117.14%	-65.32%	-52.54%	18.05%	-10.14%
Operating Return on Assets (OROA)	0.00%	4.10%	-27.65%	0.16%	3.34%	5.25%	5.95%
Return on Assets (ROA)	0.00%	2.33%	-29.00%	-2.21%	0.67%	3.12%	4.26%
Return on Common Equity (ROCE)	0.00%	15.94%	-47.91%	-3.97%	1.14%	5.78%	10.35%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.97%	-124.77%	-14.91%	2.73%	12.37%	0.00%
Net Operating Profit after Tax (NOPAT)	30	9.66	-78	-1.83	27	83	139
NOPAT Margin	12.67%	2.95%	-15.64%	-0.25%	2.82%	6.48%	8.51%
Net Nonoperating Expense Percent (NNEP)	0.00%	11.34%	40.96%	6.24%	3.63%	3.97%	3.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-0.26%	2.04%	6.06%	7.15%
Cost of Revenue to Revenue	59.70%	64.59%	69.21%	75.52%	73.98%	73.45%	74.12%
SG&A Expenses to Revenue	27.59%	32.05%	53.13%	24.83%	21.23%	18.27%	16.04%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.59%	32.05%	53.13%	24.83%	21.23%	18.27%	16.04%
Earnings before Interest and Taxes (EBIT)	31	11	-112	1.36	49	112	164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	40	26	-87	46	118	205	279
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	6.37	88.11	35.74	15.40	15.03	14.79
Price to Tangible Book Value (P/TBV)	0.00	10.39	128.72	46.76	16.63	15.75	14.79
Price to Revenue (P/Rev)	2.03	1.48	16.73	6.24	5.81	6.30	6.15
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	3,264.99	229.07	126.15
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.03%	0.44%	0.79%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.93	24.80	7.61	5.37	8.00	6.59
Enterprise Value to Revenue (EV/Rev)	0.00	1.67	17.23	6.99	6.67	6.73	6.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	20.93	0.00	112.05	54.44	42.05	39.68
Enterprise Value to EBIT (EV/EBIT)	0.00	51.49	0.00	3,786.30	130.87	76.99	67.54
Enterprise Value to NOPAT (EV/NOPAT)	0.00	56.72	0.00	0.00	237.02	103.74	79.44
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	10.23	106.74	86.24	46.06	34.96	37.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	41.94	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	1.25	0.71	1.77	0.97	0.79	1.17
Long-Term Debt to Equity	0.00	0.97	0.39	1.32	0.97	0.77	1.17
Financial Leverage	0.00	0.84	0.68	1.20	1.02	0.58	0.85
Leverage Ratio	0.00	3.42	2.81	3.74	3.18	2.96	3.32
Compound Leverage Factor	0.00	2.22	2.98	-45.62	1.09	2.25	2.74
Debt to Total Capital	0.00%	55.59%	41.35%	63.95%	49.28%	44.25%	53.97%
Short-Term Debt to Total Capital	0.00%	12.34%	18.55%	16.24%	0.34%	1.26%	0.20%
Long-Term Debt to Total Capital	0.00%	43.25%	22.80%	47.71%	48.95%	42.99%	53.77%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	32.71%	17.58%	23.38%	16.53%	11.13%
Common Equity to Total Capital	0.00%	44.41%	25.94%	18.48%	27.34%	39.22%	34.91%
Debt to EBITDA	0.00	3.63	-1.73	9.70	5.55	2.96	3.77
Net Debt to EBITDA	0.00	2.43	-1.52	9.26	4.42	1.53	2.81
Long-Term Debt to EBITDA	0.00	2.83	-0.95	7.23	5.51	2.87	3.76
Debt to NOPAT	0.00	9.85	-1.94	-244.42	24.16	7.30	7.55
Net Debt to NOPAT	0.00	6.57	-1.70	-233.39	19.25	3.77	5.62
Long-Term Debt to NOPAT	0.00	7.66	-1.07	-182.36	23.99	7.09	7.52
Altman Z-Score	0.00	2.99	14.73	3.44	3.77	3.53	3.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	41.15%	51.98%	46.82%	37.37%	26.69%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.05	0.44	0.39	1.49	1.76	1.49
Quick Ratio	0.00	0.71	0.21	0.15	1.03	1.50	1.20
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-130	-284	-335	-493	205	-155
Operating Cash Flow to CapEx	143.85%	132.30%	69.47%	32.11%	61.56%	116.20%	122.60%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	1.26	1.22	0.85	0.65	0.60	0.59
Accounts Receivable Turnover	0.00	30.21	46.36	65.37	91.59	129.91	113.03
Inventory Turnover	0.00	13.57	17.70	17.84	16.58	22.55	28.43
Fixed Asset Turnover	0.00	1.98	2.13	2.21	2.13	2.09	2.17
Accounts Payable Turnover	0.00	13.14	18.86	26.76	27.89	30.26	34.77
Days Sales Outstanding (DSO)	0.00	12.08	7.87	5.58	3.99	2.81	3.23
Days Inventory Outstanding (DIO)	0.00	26.89	20.62	20.46	22.01	16.18	12.84
Days Payable Outstanding (DPO)	0.00	27.77	19.35	13.64	13.08	12.06	10.50
Cash Conversion Cycle (CCC)	0.00	11.20	9.14	12.41	12.91	6.93	5.57
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	139	346	679	1,199	1,077	1,681
Invested Capital Turnover	0.00	4.70	2.05	1.44	1.03	1.13	1.07
Increase / (Decrease) in Invested Capital	0.00	139	206	333	521	-122	295
Enterprise Value (EV)	0.00	548	8,579	5,165	6,444	8,616	11,072
Market Capitalization	484	484	8,328	4,615	5,609	8,077	10,072
Book Value per Share	$0.00	$3.61	$0.58	$0.79	$2.06	$3.49	$4.14
Tangible Book Value per Share	$0.00	$2.21	$0.40	$0.60	$1.90	$3.33	$4.14
Total Capital	0.00	171	364	699	1,333	1,370	1,950
Total Debt	0.00	95	151	447	657	606	1,053
Total Long-Term Debt	0.00	74	83	333	652	589	1,049
Net Debt	0.00	63	132	427	523	313	783
Capital Expenditures (CapEx)	39	40	116	187	227	212	241
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-7.32	-28	-37	-62	-121	-149
Debt-free Net Working Capital (DFNWC)	0.00	24	-9.85	-17	72	172	121
Net Working Capital (NWC)	0.00	3.20	-77	-130	67	155	117
Net Nonoperating Expense (NNE)	1.82	3.60	40	17	17	17	22
Net Nonoperating Obligations (NNO)	0.00	63	132	427	523	313	783
Total Depreciation and Amortization (D&A)	9.67	16	25	45	69	93	115
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-2.23%	-5.69%	-5.01%	-6.41%	-9.46%	-9.07%
Debt-free Net Working Capital to Revenue	0.00%	7.43%	-1.98%	-2.28%	7.42%	13.44%	7.37%
Net Working Capital to Revenue	0.00%	0.98%	-15.55%	-17.64%	6.95%	12.09%	7.13%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.28)	($0.09)	$0.03	$0.34	$0.64
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	45.86M	51.87M	62.07M	103.50M	125.33M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.28)	($0.09)	$0.03	$0.34	$0.64
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	45.86M	51.87M	62.07M	104.13M	125.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	163.70M	163.83M	177.15M	154.20M	164.54M
Normalized Net Operating Profit after Tax (NOPAT)	30	9.66	-78	-1.83	27	83	139
Normalized NOPAT Margin	12.67%	2.95%	-15.64%	-0.25%	2.82%	6.48%	8.51%
Pre Tax Income Margin	11.95%	2.11%	-24.01%	-2.25%	1.75%	6.63%	8.28%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	23.34%	127.93%	-180.88%	0.00%	0.00%	2.84%	5.86%
Augmented Payout Ratio	23.34%	127.93%	-424.80%	0.00%	0.00%	2.84%	5.86%

This table displays calculated financial ratios and metrics derived from Dutch Bros' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	164,544,979.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	164,544,979.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.15%	25.91%	39.46%	30.03%	27.87%	34.89%	29.10%	27.97%	25.24%	29.41%	30.76%
EBITDA Growth	183.63%	0.50%	231.99%	49.08%	33.96%	75.01%	9.22%	45.53%	23.70%	76.85%	26.09%
EBIT Growth	659.25%	-68.19%	2,819.07%	60.10%	35.53%	375.86%	-1.04%	59.56%	25.12%	170.91%	10.21%
NOPAT Growth	499.51%	135.69%	10,321.16%	66.66%	23.02%	783.51%	75.78%	67.75%	21.18%	135.93%	3.01%
Net Income Growth	740.72%	-33.79%	272.67%	128.15%	62.02%	268.93%	38.64%	73.12%	25.66%	357.91%	5.27%
EPS Growth	133.33%	0.00%	214.29%	140.00%	57.14%	250.00%	62.50%	66.67%	27.27%	466.67%	0.00%
Operating Cash Flow Growth	88.31%	162.98%	1,238.74%	39.21%	70.12%	38.28%	-10.46%	51.00%	6.78%	27.96%	129.70%
Free Cash Flow Firm Growth	21.05%	-53.98%	28.86%	30.73%	45.17%	126.17%	49.21%	63.46%	2.45%	-51.63%	-63.42%
Invested Capital Growth	50.79%	76.70%	37.68%	35.18%	19.76%	-10.20%	15.53%	12.14%	16.55%	21.27%	20.77%
Revenue Q/Q Growth	5.85%	-3.93%	8.25%	18.11%	4.09%	1.35%	3.61%	17.08%	1.87%	4.73%	4.69%
EBITDA Q/Q Growth	14.90%	-46.77%	131.71%	5.19%	3.25%	-30.45%	44.60%	40.16%	-12.24%	-0.57%	3.10%
EBIT Q/Q Growth	19.08%	-87.82%	949.15%	5.20%	0.81%	-57.23%	118.18%	69.63%	-20.95%	-7.40%	-11.24%
NOPAT Q/Q Growth	32.13%	-92.98%	988.26%	65.12%	-2.47%	-49.59%	116.52%	57.57%	-29.54%	-1.85%	-5.47%
Net Income Q/Q Growth	38.00%	-128.12%	530.22%	36.64%	-2.00%	-70.68%	253.07%	70.63%	-28.87%	6.86%	-18.83%
EPS Q/Q Growth	40.00%	-128.57%	500.00%	50.00%	-8.33%	-72.73%	333.33%	53.85%	-30.00%	21.43%	-23.53%
Operating Cash Flow Q/Q Growth	14.72%	-8.26%	-8.48%	44.53%	40.19%	-25.43%	-40.74%	143.73%	-0.86%	-10.64%	6.39%
Free Cash Flow Firm Q/Q Growth	22.93%	-42.27%	-1.41%	1.30%	39.00%	167.92%	-224.22%	28.99%	-62.84%	-34.82%	-4.83%
Invested Capital Q/Q Growth	13.62%	4.50%	26.46%	7.13%	0.66%	-21.64%	36.73%	3.99%	4.62%	4.94%	5.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.42%	23.27%	26.09%	27.79%	26.63%	25.68%	25.34%	28.87%	25.21%	24.15%	23.14%
EBITDA Margin	16.13%	8.94%	19.13%	17.04%	16.90%	11.60%	16.19%	19.38%	16.69%	15.85%	15.61%
Operating Margin	9.34%	0.86%	9.30%	9.91%	9.61%	4.61%	8.75%	13.15%	9.80%	7.66%	7.39%
EBIT Margin	9.28%	1.18%	11.41%	10.16%	9.84%	4.15%	8.74%	12.67%	9.83%	8.69%	7.37%
Profit (Net Income) Margin	5.07%	-1.48%	5.89%	6.82%	6.42%	1.86%	6.33%	9.22%	6.44%	6.57%	5.10%
Tax Burden Percent	88.00%	123.13%	64.89%	85.16%	82.21%	85.21%	93.91%	84.12%	78.08%	93.63%	87.63%
Interest Burden Percent	62.02%	-102.34%	79.63%	78.81%	79.36%	52.50%	77.09%	86.57%	83.92%	80.76%	78.90%
Effective Tax Rate	12.00%	0.00%	35.11%	14.84%	17.79%	14.79%	6.09%	15.88%	21.92%	6.37%	12.37%
Return on Invested Capital (ROIC)	7.86%	0.62%	5.72%	7.95%	7.47%	4.43%	8.14%	11.09%	7.90%	7.66%	6.96%
ROIC Less NNEP Spread (ROIC-NNEP)	6.19%	-0.50%	5.66%	7.18%	6.56%	2.73%	7.07%	9.94%	7.15%	7.28%	6.12%
Return on Net Nonoperating Assets (RNNOA)	6.73%	-0.51%	7.53%	9.88%	5.06%	1.58%	5.95%	8.47%	6.00%	6.16%	5.47%
Return on Equity (ROE)	14.59%	0.11%	13.25%	17.82%	12.54%	6.01%	14.09%	19.56%	13.90%	13.81%	12.43%
Cash Return on Invested Capital (CROIC)	-38.07%	-52.54%	-26.93%	-24.50%	-12.43%	18.05%	-7.36%	-3.49%	-7.18%	-10.14%	-10.17%
Operating Return on Assets (OROA)	6.13%	0.77%	7.13%	6.07%	5.76%	2.49%	4.92%	7.09%	5.65%	5.17%	4.39%
Return on Assets (ROA)	3.34%	-0.97%	3.69%	4.07%	3.76%	1.12%	3.56%	5.16%	3.70%	3.91%	3.03%
Return on Common Equity (ROCE)	7.30%	0.06%	7.65%	11.49%	7.53%	3.76%	9.59%	14.33%	10.14%	10.13%	9.38%
Return on Equity Simple (ROE_SIMPLE)	3.29%	0.00%	8.52%	9.43%	10.76%	0.00%	12.14%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	22	1.53	17	27	27	13	29	46	32	32	30
NOPAT Margin	8.22%	0.60%	6.03%	8.44%	7.90%	3.93%	8.22%	11.06%	7.65%	7.17%	6.47%
Net Nonoperating Expense Percent (NNEP)	1.68%	1.11%	0.06%	0.76%	0.91%	1.70%	1.07%	1.14%	0.75%	0.38%	0.83%
Return On Investment Capital (ROIC_SIMPLE)	-	0.11%	-	-	-	0.98%	1.63%	2.58%	1.73%	1.63%	1.47%
Cost of Revenue to Revenue	71.58%	76.73%	73.91%	72.21%	73.37%	74.32%	74.66%	71.13%	74.79%	75.85%	76.86%
SG&A Expenses to Revenue	19.09%	22.41%	16.79%	17.88%	17.01%	21.07%	16.59%	15.72%	15.41%	16.49%	15.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.09%	22.41%	16.79%	17.88%	17.01%	21.07%	16.59%	15.72%	15.41%	16.49%	15.76%
Earnings before Interest and Taxes (EBIT)	25	2.99	31	33	33	14	31	53	42	39	34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	43	23	53	55	57	40	57	81	71	70	72
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.49	15.40	14.01	14.41	9.44	15.03	15.89	17.68	13.12	14.79	11.97
Price to Tangible Book Value (P/TBV)	12.54	16.63	14.95	15.17	9.92	15.75	16.56	18.36	13.60	14.79	11.97
Price to Revenue (P/Rev)	4.17	5.81	5.60	6.56	4.14	6.30	6.99	7.75	5.60	6.15	4.77
Price to Earnings (P/E)	1,550.38	3,264.99	463.07	336.32	163.29	229.07	218.62	196.49	138.70	126.15	103.44
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.06%	0.03%	0.22%	0.30%	0.61%	0.44%	0.46%	0.51%	0.72%	0.79%	0.97%
Enterprise Value to Invested Capital (EV/IC)	4.03	5.37	5.26	6.00	4.21	8.00	7.06	7.93	5.97	6.59	5.30
Enterprise Value to Revenue (EV/Rev)	5.06	6.67	6.42	7.32	4.86	6.73	7.64	8.36	6.22	6.76	5.39
Enterprise Value to EBITDA (EV/EBITDA)	39.11	54.44	43.20	47.25	30.82	42.05	49.55	51.67	38.45	39.68	32.03
Enterprise Value to EBIT (EV/EBIT)	83.11	130.87	84.26	89.10	57.52	76.99	93.15	92.51	68.45	67.54	56.36
Enterprise Value to NOPAT (EV/NOPAT)	199.29	237.02	127.48	127.37	82.68	103.74	107.39	105.33	79.16	79.44	67.06
Enterprise Value to Operating Cash Flow (EV/OCF)	41.29	46.06	37.65	42.05	25.26	34.96	42.93	44.56	34.36	37.46	27.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	41.94	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.93	0.97	1.21	1.23	1.20	0.79	1.25	1.14	1.16	1.17	1.22
Long-Term Debt to Equity	0.93	0.97	1.19	1.21	1.18	0.77	1.22	1.14	1.16	1.17	1.21
Financial Leverage	1.09	1.02	1.33	1.38	0.77	0.58	0.84	0.85	0.84	0.85	0.89
Leverage Ratio	3.03	3.18	3.53	3.75	2.86	2.96	3.24	3.32	3.31	3.32	3.42
Compound Leverage Factor	1.88	-3.25	2.81	2.95	2.27	1.56	2.50	2.87	2.78	2.68	2.70
Debt to Total Capital	48.31%	49.28%	54.73%	55.12%	54.53%	44.25%	55.49%	53.30%	53.72%	53.97%	54.91%
Short-Term Debt to Total Capital	0.30%	0.34%	0.82%	0.87%	0.95%	1.26%	1.26%	0.22%	0.21%	0.20%	0.19%
Long-Term Debt to Total Capital	48.01%	48.95%	53.91%	54.25%	53.58%	42.99%	54.22%	53.08%	53.51%	53.77%	54.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	26.13%	23.38%	18.14%	13.57%	13.86%	16.53%	11.03%	11.08%	11.15%	11.13%	10.98%
Common Equity to Total Capital	25.57%	27.34%	27.13%	31.31%	31.60%	39.22%	33.49%	35.63%	35.13%	34.91%	34.11%
Debt to EBITDA	5.30	5.55	5.42	5.17	4.81	2.96	4.73	4.05	4.04	3.77	3.81
Net Debt to EBITDA	4.03	4.42	3.73	3.67	3.31	1.53	3.22	2.97	2.96	2.81	2.92
Long-Term Debt to EBITDA	5.27	5.51	5.34	5.09	4.72	2.87	4.62	4.03	4.02	3.76	3.80
Debt to NOPAT	27.00	24.16	16.00	13.94	12.89	7.30	10.26	8.26	8.32	7.55	7.98
Net Debt to NOPAT	20.55	19.25	11.00	9.88	8.88	3.77	6.99	6.05	6.10	5.62	6.11
Long-Term Debt to NOPAT	26.84	23.99	15.76	13.72	12.67	7.09	10.02	8.22	8.28	7.52	7.96
Altman Z-Score	3.03	3.68	3.20	3.28	2.39	3.41	3.53	4.07	3.17	3.54	2.97
Noncontrolling Interest Sharing Ratio	49.98%	46.82%	42.26%	35.54%	39.94%	37.37%	31.90%	26.76%	27.08%	26.69%	24.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.49	2.29	2.19	1.90	1.76	1.95	1.64	1.52	1.49	1.33
Quick Ratio	1.32	1.03	1.87	1.78	1.62	1.50	1.67	1.35	1.25	1.20	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-365	-519	-332	-328	-200	136	-169	-120	-195	-263	-276
Operating Cash Flow to CapEx	75.02%	75.24%	71.69%	106.74%	148.72%	145.72%	81.01%	165.85%	126.95%	111.96%	110.31%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.65	0.63	0.60	0.59	0.60	0.56	0.56	0.57	0.59	0.60
Accounts Receivable Turnover	77.57	91.59	102.13	103.02	122.31	129.91	116.86	112.25	124.66	113.03	114.96
Inventory Turnover	15.88	16.58	17.15	17.45	19.87	22.55	23.98	23.89	27.07	28.43	34.54
Fixed Asset Turnover	2.21	2.13	2.11	2.08	2.05	2.09	2.11	2.11	2.12	2.17	2.23
Accounts Payable Turnover	24.40	27.89	24.38	27.08	29.58	30.26	28.50	30.51	32.30	34.77	35.64
Days Sales Outstanding (DSO)	4.71	3.99	3.57	3.54	2.98	2.81	3.12	3.25	2.93	3.23	3.18
Days Inventory Outstanding (DIO)	22.99	22.01	21.28	20.92	18.37	16.18	15.22	15.28	13.48	12.84	10.57
Days Payable Outstanding (DPO)	14.96	13.08	14.97	13.48	12.34	12.06	12.81	11.96	11.30	10.50	10.24
Cash Conversion Cycle (CCC)	12.73	12.91	9.88	10.98	9.01	6.93	5.53	6.57	5.11	5.57	3.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,148	1,199	1,275	1,365	1,374	1,077	1,472	1,531	1,602	1,681	1,778
Invested Capital Turnover	0.96	1.03	0.95	0.94	0.95	1.13	0.99	1.00	1.03	1.07	1.08
Increase / (Decrease) in Invested Capital	387	521	349	355	227	-122	198	166	227	295	306
Enterprise Value (EV)	4,625	6,444	6,702	8,191	5,790	8,616	10,394	12,141	9,556	11,072	9,418
Market Capitalization	3,809	5,609	5,845	7,335	4,939	8,077	9,521	11,246	8,611	10,072	8,336
Book Value per Share	$2.02	$2.06	$5.01	$2.87	$3.39	$3.49	$3.88	$3.87	$3.99	$4.14	$4.23
Tangible Book Value per Share	$1.85	$1.90	$4.69	$2.73	$3.23	$3.33	$3.73	$3.72	$3.85	$4.14	$4.23
Total Capital	1,297	1,333	1,537	1,626	1,655	1,370	1,789	1,786	1,869	1,950	2,042
Total Debt	627	657	841	896	903	606	993	952	1,004	1,053	1,121
Total Long-Term Debt	623	652	829	882	887	589	970	948	1,000	1,049	1,117
Net Debt	477	523	579	636	622	313	676	697	737	783	858
Capital Expenditures (CapEx)	65	60	57	56	56	43	46	54	70	71	77
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-45	-62	-62	-65	-104	-121	-108	-124	-147	-149	-174
Debt-free Net Working Capital (DFNWC)	104	72	201	196	177	172	209	131	121	121	89
Net Working Capital (NWC)	101	67	189	182	162	155	186	127	117	117	85
Net Nonoperating Expense (NNE)	8.33	5.29	0.38	5.25	5.02	7.11	6.70	7.62	5.11	2.64	6.39
Net Nonoperating Obligations (NNO)	477	523	579	636	622	313	676	697	737	783	858
Total Depreciation and Amortization (D&A)	18	20	21	22	24	26	26	28	29	32	38
Debt-free, Cash-free Net Working Capital to Revenue	-4.96%	-6.41%	-5.90%	-5.83%	-8.70%	-9.46%	-7.91%	-8.53%	-9.54%	-9.07%	-9.98%
Debt-free Net Working Capital to Revenue	11.44%	7.42%	19.27%	17.49%	14.88%	13.44%	15.34%	8.99%	7.84%	7.37%	5.10%
Net Working Capital to Revenue	11.01%	6.95%	18.07%	16.23%	13.55%	12.09%	13.68%	8.72%	7.59%	7.13%	4.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17	$0.13
Adjusted Weighted Average Basic Shares Outstanding	59.37M	62.07M	83.33M	101.97M	113.82M	103.50M	120.81M	126.39M	126.99M	125.33M	127.14M
Adjusted Diluted Earnings per Share	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17	$0.13
Adjusted Weighted Average Diluted Shares Outstanding	60.21M	62.07M	83.41M	102.36M	114.25M	104.13M	121.51M	126.83M	127.38M	125.76M	127.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	177.12M	177.15M	177.18M	154.19M	154.19M	154.20M	164.48M	164.52M	164.52M	164.54M	174.65M
Normalized Net Operating Profit after Tax (NOPAT)	22	1.53	17	27	27	13	29	46	32	32	30
Normalized NOPAT Margin	8.22%	0.60%	6.03%	8.44%	7.90%	3.93%	8.22%	11.06%	7.65%	7.17%	6.47%
Pre Tax Income Margin	5.76%	-1.20%	9.08%	8.01%	7.81%	2.18%	6.74%	10.97%	8.25%	7.02%	5.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	1.22%	2.84%	0.00%	9.85%	8.54%	5.86%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	1.22%	2.84%	0.00%	9.85%	8.54%	5.86%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Dutch Bros (NYSE: BROS) drawn from the last four years of quarterly income statements, cash flow statements, and balance sheets. The bullets highlight the 10 most important points, with positives first, then neutral, then negatives.

2025 Q4 revenue climbed to $443,610,000, a clear uptrend from 2024 and 2023 levels and supporting stronger annual top-line momentum.
2025 Q4 net income attributable to common shareholders rose to $21,370,000, with basic/diluted EPS of $0.17, marking a meaningful improvement versus prior years.
2025 Q4 operating income was $33,959,000, showing positive profitability from core operations.
2025 Q4 net cash from continuing operating activities was $79,639,000, indicating strong cash generation from operations.
Gross profit for 2025 Q4 was $107,130,000 on $443,610,000 in revenue, implying a gross margin around the mid-20s% range and stable margins.
Capital expenditures remained high, around $71.2 million in Q4 2025, signaling continued store expansion and capex activity.
Liquidity remained strong, with cash & equivalents around $267.2 million reported in Q3 2025, providing ample liquidity to fund operations and expansion.
Free cash flow in Q4 2025 appears positive (roughly $8.5 million, derived from ~79.6 million operating cash flow less ~71.2 million capex), contributing to liquidity despite heavy investment.
Operating margin in Q4 2025 sits in the mid-to-high single digits (approximately 7.6%), indicating profitability but room for margin expansion as scale grows.
Financing activity showed higher leverage in 2025, including a $200 million debt issuance in Q2 2025 and a long-term debt balance near $196 million, which contributed to negative net financing cash flow in the year and higher leverage risk.

05/26/26 09:45 AM ETAI Generated. May Contain Errors.

Dutch Bros Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Dutch Bros' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Dutch Bros' net income appears to be on an upward trend, with a most recent value of $117.28 million in 2025, rising from $28.39 million in 2019. The previous period was $66.45 million in 2024. Check out Dutch Bros' forecast to explore projected trends and price targets.

Dutch Bros' total operating income in 2025 was $161.18 million, based on the following breakdown:

Total Gross Profit: $423.95 million
Total Operating Expenses: $262.77 million

Over the last 6 years, Dutch Bros' total revenue changed from $238.37 million in 2019 to $1.64 billion in 2025, a change of 587.2%.

Dutch Bros' total liabilities were at $2.11 billion at the end of 2025, a 21.5% increase from 2024, and a 1,049.6% increase since 2020.

In the past 5 years, Dutch Bros' cash and equivalents has ranged from $18.51 million in 2021 to $293.35 million in 2024, and is currently $269.40 million as of their latest financial filing in 2025.

Over the last 6 years, Dutch Bros' book value per share changed from 0.00 in 2019 to 4.14 in 2025, a change of 413.8%.

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Financial statements for NYSE:BROS last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Dutch Bros (BROS) Financials

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Dutch Bros Financials - Frequently Asked Questions

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Dutch Bros (BROS) Financials

Annual Income Statements for Dutch Bros

Quarterly Income Statements for Dutch Bros

Annual Cash Flow Statements for Dutch Bros

Quarterly Cash Flow Statements for Dutch Bros

Annual Balance Sheets for Dutch Bros

Quarterly Balance Sheets for Dutch Bros

Annual Metrics And Ratios for Dutch Bros

Quarterly Metrics And Ratios for Dutch Bros

Financials Breakdown Chart

Key Financial Trends

Dutch Bros Financials - Frequently Asked Questions

When does Dutch Bros' financial year end?

How has Dutch Bros' net income changed over the last 6 years?

What is Dutch Bros' operating income?

How has Dutch Bros' revenue changed over the last 6 years?

How much debt does Dutch Bros have?

How much cash does Dutch Bros have?

How has Dutch Bros' book value per share changed over the last 6 years?

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