Live Earnings Conference Call: Dutch Bros will host a live Q1 2026 earnings call on May 6, 2026 at 5:00PM ET. Get details.

Dutch Bros (BROS) Financials

$57.18 +0.35 (+0.61%)

Closing price 05/5/2026 03:59 PM Eastern

Extended Trading

$59.00 +1.82 (+3.17%)

As of 08:05 AM Eastern

Compare

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	2.75	4.21	-1.40	7.06	12	13	3.61	15	26	17	21
Consolidated Net Income / (Loss)	9.71	13	-3.77	16	22	22	6.37	22	38	27	29
Net Income / (Loss) Continuing Operations	9.71	13	-3.77	16	22	22	6.37	22	38	27	29
Total Pre-Tax Income	12	15	-3.06	25	26	26	7.47	24	46	35	31
Total Operating Income	20	25	2.18	26	32	33	16	31	55	41	34
Total Gross Profit	71	75	59	72	90	90	88	90	120	107	107
Total Revenue	250	265	254	275	325	338	343	355	416	424	444
Operating Revenue	250	265	254	275	325	338	343	355	416	424	444
Total Cost of Revenue	179	189	195	203	235	248	255	265	296	317	336
Operating Cost of Revenue	179	189	195	203	235	248	255	265	296	317	336
Total Operating Expenses	52	50	57	46	58	58	72	59	65	65	73
Selling, General & Admin Expense	52	50	57	46	58	58	72	59	65	65	73
Total Other Income / (Expense), net	-8.02	-9.47	-5.24	-0.59	-6.17	-6.11	-8.34	-7.13	-9.06	-6.55	-2.82
Interest & Investment Income	-9.06	-9.33	-6.05	-6.39	-7.00	-6.87	-6.76	-7.12	-7.08	-6.70	-7.42
Other Income / (Expense), net	1.04	-0.14	0.81	5.80	0.83	0.76	-1.58	-0.02	-1.98	0.15	4.60
Income Tax Expense	1.85	1.83	0.71	8.77	3.86	4.70	1.11	1.46	7.24	7.66	1.99
Net Income / (Loss) Attributable to Noncontrolling Interest	6.96	9.19	-2.37	9.15	10	9.07	2.76	7.13	13	9.79	7.79
Basic Earnings per Share	$0.05	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17
Weighted Average Basic Shares Outstanding	56.73M	59.37M	62.07M	83.33M	101.97M	113.82M	103.50M	120.81M	126.39M	126.99M	125.33M
Diluted Earnings per Share	$0.05	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17
Weighted Average Diluted Shares Outstanding	57.43M	60.21M	62.07M	83.41M	102.36M	114.25M	104.13M	121.51M	126.83M	127.38M	125.76M
Weighted Average Basic & Diluted Shares Outstanding	163.84M	177.12M	177.15M	177.18M	154.19M	154.19M	154.20M	164.48M	164.52M	164.52M	164.54M

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Net Change in Cash & Equivalents	9.42	126	-16	129	-1.80	20	12	23	-62	13	2.21
Net Cash From Operating Activities	43	49	45	41	60	83	62	37	90	89	80
Net Cash From Continuing Operating Activities	43	49	45	41	60	83	60	37	90	89	80
Net Income / (Loss) Continuing Operations	9.71	13	-3.77	16	22	22	6.37	22	38	27	29
Consolidated Net Income / (Loss)	9.71	13	-3.77	16	22	22	6.37	22	38	27	29
Depreciation Expense	17	18	20	21	22	24	26	26	28	29	32
Non-Cash Adjustments To Reconcile Net Income	9.86	11	11	-2.57	4.11	4.89	8.86	6.56	8.52	12	6.09
Changes in Operating Assets and Liabilities, net	6.68	6.99	18	6.30	11	33	20	-19	15	20	13
Net Cash From Investing Activities	-59	-65	-60	-57	-56	-56	-43	-46	-54	-70	-71
Net Cash From Continuing Investing Activities	-59	-65	-60	-57	-56	-56	-43	-46	-54	-70	-71
Purchase of Property, Plant & Equipment	-59	-65	-61	-57	-64	-57	-43	-46	-54	-70	-71
Sale of Property, Plant & Equipment	0.01	0.02	0.91	0.00	8.67	0.94	0.06	0.02	0.01	-	0.04
Net Cash From Financing Activities	26	142	-1.43	145	-5.56	-7.13	-7.31	32	-98	-6.14	-6.30
Net Cash From Continuing Financing Activities	26	142	-1.43	145	-5.56	-7.13	-7.31	32	-98	-6.14	-6.30
Repayment of Debt	-0.65	-205	-0.66	-1.59	-3.15	-3.15	-5.60	-3.78	-283	-0.97	-0.97
Other Financing Activities, net	-3.68	-4.09	-2.42	-2.97	-2.40	-3.29	-2.95	-14	-8.34	-5.17	-5.33
Cash Interest Paid	9.48	10	7.31	8.41	10	10	9.98	9.82	10	9.04	9.78
Cash Income Taxes Paid	0.28	0.14	0.28	0.00	0.78	1.05	0.43	0.18	0.71	0.01	0.10

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
Other Noncurrent Operating Liabilities	0.47	0.68	161	0.01	0.01	0.00
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
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
Total Assets	1,129	1,265	1,368	1,639	2,073	2,377	2,432	2,765	2,812	2,922
Total Current Assets	94	81	95	221	335	335	342	383	326	341
Cash & Equivalents	35	14	24	150	263	261	281	316	254	267
Accounts Receivable	14	8.78	9.38	9.14	12	12	10	12	14	14
Inventories, net	34	44	48	50	45	47	38	38	42	45
Prepaid Expenses	11	14	14	12	15	15	12	17	15	14
Plant, Property, & Equipment, net	328	403	447	499	585	628	663	706	748	789
Total Noncurrent Assets	708	781	827	919	1,153	1,415	1,427	1,676	1,739	1,792
Noncurrent Note & Lease Receivables	215	289	333	365	381	381	378	378	382	393
Goodwill	22	22	22	22	22	22	22	22	22	22
Intangible Assets	9.83	7.89	7.04	6.22	4.62	3.96	3.46	2.44	2.04	1.76
Noncurrent Deferred & Refundable Income Taxes	293	286	285	330	507	722	719	930	955	950
Other Noncurrent Operating Assets	168	176	181	196	238	287	306	344	378	425
Total Liabilities & Shareholders' Equity	1,129	1,265	1,368	1,639	2,073	2,377	2,432	2,765	2,812	2,922
Total Liabilities	885	1,016	1,098	968	1,377	1,647	1,679	1,969	1,978	2,057
Total Current Liabilities	190	253	294	121	147	153	180	197	199	224
Short-Term Debt	88	154	184	3.86	13	14	16	23	3.88	3.88
Accounts Payable	27	24	25	28	39	36	32	32	34	38
Accrued Expenses	23	28	36	40	17	19	26	22	32	40
Current Deferred Revenue	29	22	22	22	29	31	36	40	44	46
Current Deferred & Payable Income Tax Liabilities	0.45	-	-	-	-	-	-	5.21	0.51	0.51
Current Employee Benefit Liabilities	-	-	-	-	23	32	39	33	42	49
Other Current Liabilities	23	25	27	27	26	20	32	43	44	47
Total Noncurrent Liabilities	695	763	804	848	1,231	1,494	1,498	1,772	1,779	1,833
Long-Term Debt	97	96	95	93	234	229	224	261	197	196
Capital Lease Obligations	367	442	485	530	595	653	663	709	751	804
Noncurrent Deferred Revenue	5.12	6.10	5.96	5.52	6.31	7.12	6.37	7.99	7.74	7.10
Noncurrent Deferred & Payable Income Tax Liabilities	226	220	219	219	396	605	605	794	824	825
Other Noncurrent Operating Liabilities	0.66	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00
Commitments & Contingencies	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
Total Preferred & Common Equity	126	128	135	332	417	509	523	599	636	657
Preferred Stock	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
Common Stock	141	149	153	345	425	505	507	564	575	578
Retained Earnings	-17	-21	-18	-14	-8.53	3.41	16	35	61	78
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
Noncontrolling Interest	118	120	135	339	279	221	230	197	198	208

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	34.07%	33.15%	25.91%	39.46%	30.03%	27.87%	34.89%	29.10%	27.97%	25.24%	29.41%
EBITDA Growth	179.87%	183.63%	0.50%	231.99%	49.08%	33.96%	75.01%	9.22%	45.53%	23.70%	76.85%
EBIT Growth	655.31%	659.25%	-68.19%	2,819.07%	60.10%	35.53%	375.86%	-1.04%	59.56%	25.12%	170.91%
NOPAT Growth	780.28%	499.51%	135.69%	10,321.16%	66.66%	23.02%	783.51%	75.78%	67.75%	21.18%	135.93%
Net Income Growth	654.60%	740.72%	-33.79%	272.67%	128.15%	62.02%	268.93%	38.64%	73.12%	25.66%	357.91%
EPS Growth	350.00%	133.33%	0.00%	214.29%	140.00%	57.14%	250.00%	62.50%	66.67%	27.27%	466.67%
Operating Cash Flow Growth	144.81%	88.31%	162.98%	1,238.74%	39.21%	70.12%	38.28%	-10.46%	51.00%	6.78%	27.96%
Free Cash Flow Firm Growth	8.68%	21.05%	-53.98%	28.86%	30.73%	45.17%	126.17%	49.21%	63.46%	2.45%	-51.63%
Invested Capital Growth	94.15%	50.79%	76.70%	37.68%	35.18%	19.76%	-10.20%	15.53%	12.14%	16.55%	21.27%
Revenue Q/Q Growth	26.67%	5.85%	-3.93%	8.25%	18.11%	4.09%	1.35%	3.61%	17.08%	1.87%	4.73%
EBITDA Q/Q Growth	134.24%	14.90%	-46.77%	131.71%	5.19%	3.25%	-30.45%	44.60%	40.16%	-12.24%	-0.57%
EBIT Q/Q Growth	1,818.14%	19.08%	-87.82%	949.15%	5.20%	0.81%	-57.23%	118.18%	69.63%	-20.95%	-7.40%
NOPAT Q/Q Growth	10,226.98%	32.13%	-92.98%	988.26%	65.12%	-2.47%	-49.59%	116.52%	57.57%	-29.54%	-1.85%
Net Income Q/Q Growth	203.41%	38.00%	-128.12%	530.22%	36.64%	-2.00%	-70.68%	253.07%	70.63%	-28.87%	6.86%
EPS Q/Q Growth	171.43%	40.00%	-128.57%	500.00%	50.00%	-8.33%	-72.73%	333.33%	53.85%	-30.00%	21.43%
Operating Cash Flow Q/Q Growth	1,289.86%	14.72%	-8.26%	-8.48%	44.53%	40.19%	-25.43%	-40.74%	143.73%	-0.86%	-10.64%
Free Cash Flow Firm Q/Q Growth	-1.36%	22.93%	-42.27%	-1.41%	1.30%	39.00%	167.92%	-224.22%	28.99%	-62.84%	-34.82%
Invested Capital Q/Q Growth	9.11%	13.62%	4.50%	26.46%	7.13%	0.66%	-21.64%	36.73%	3.99%	4.62%	4.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.51%	28.42%	23.27%	26.09%	27.79%	26.63%	25.68%	25.34%	28.87%	25.21%	24.15%
EBITDA Margin	14.86%	16.13%	8.94%	19.13%	17.04%	16.90%	11.60%	16.19%	19.38%	16.69%	15.85%
Operating Margin	7.84%	9.34%	0.86%	9.30%	9.91%	9.61%	4.61%	8.75%	13.15%	9.80%	7.66%
EBIT Margin	8.25%	9.28%	1.18%	11.41%	10.16%	9.84%	4.15%	8.74%	12.67%	9.83%	8.69%
Profit (Net Income) Margin	3.89%	5.07%	-1.48%	5.89%	6.82%	6.42%	1.86%	6.33%	9.22%	6.44%	6.57%
Tax Burden Percent	83.99%	88.00%	123.13%	64.89%	85.16%	82.21%	85.21%	93.91%	84.12%	78.08%	93.63%
Interest Burden Percent	56.07%	62.02%	-102.34%	79.63%	78.81%	79.36%	52.50%	77.09%	86.57%	83.92%	80.76%
Effective Tax Rate	16.01%	12.00%	0.00%	35.11%	14.84%	17.79%	14.79%	6.09%	15.88%	21.92%	6.37%
Return on Invested Capital (ROIC)	7.29%	7.86%	0.62%	5.72%	7.95%	7.47%	4.43%	8.14%	11.09%	7.90%	7.66%
ROIC Less NNEP Spread (ROIC-NNEP)	5.99%	6.19%	-0.50%	5.66%	7.18%	6.56%	2.73%	7.07%	9.94%	7.15%	7.28%
Return on Net Nonoperating Assets (RNNOA)	12.60%	6.73%	-0.51%	7.53%	9.88%	5.06%	1.58%	5.95%	8.47%	6.00%	6.16%
Return on Equity (ROE)	19.89%	14.59%	0.11%	13.25%	17.82%	12.54%	6.01%	14.09%	19.56%	13.90%	13.81%
Cash Return on Invested Capital (CROIC)	-64.63%	-38.07%	-52.54%	-26.93%	-24.50%	-12.43%	18.05%	-7.36%	-3.49%	-7.18%	-10.14%
Operating Return on Assets (OROA)	6.04%	6.13%	0.77%	7.13%	6.07%	5.76%	2.49%	4.92%	7.09%	5.65%	5.17%
Return on Assets (ROA)	2.84%	3.34%	-0.97%	3.69%	4.07%	3.76%	1.12%	3.56%	5.16%	3.70%	3.91%
Return on Common Equity (ROCE)	9.83%	7.30%	0.06%	7.65%	11.49%	7.53%	3.76%	9.59%	14.33%	10.14%	10.13%
Return on Equity Simple (ROE_SIMPLE)	-0.67%	3.29%	0.00%	8.52%	9.43%	10.76%	0.00%	12.14%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	22	1.53	17	27	27	13	29	46	32	32
NOPAT Margin	6.58%	8.22%	0.60%	6.03%	8.44%	7.90%	3.93%	8.22%	11.06%	7.65%	7.17%
Net Nonoperating Expense Percent (NNEP)	1.30%	1.68%	1.11%	0.06%	0.76%	0.91%	1.70%	1.07%	1.14%	0.75%	0.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-	0.11%	-	-	-	0.98%	1.63%	2.58%	1.73%	1.63%
Cost of Revenue to Revenue	71.49%	71.58%	76.73%	73.91%	72.21%	73.37%	74.32%	74.66%	71.13%	74.79%	75.85%
SG&A Expenses to Revenue	20.67%	19.09%	22.41%	16.79%	17.88%	17.01%	21.07%	16.59%	15.72%	15.41%	16.49%
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	20.67%	19.09%	22.41%	16.79%	17.88%	17.01%	21.07%	16.59%	15.72%	15.41%	16.49%
Earnings before Interest and Taxes (EBIT)	21	25	2.99	31	33	33	14	31	53	42	39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	37	43	23	53	55	57	40	57	81	71	70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	34.42	11.49	15.40	14.01	14.41	9.44	15.03	15.89	17.68	13.12	14.79
Price to Tangible Book Value (P/TBV)	43.67	12.54	16.63	14.95	15.17	9.92	15.75	16.56	18.36	13.60	14.79
Price to Revenue (P/Rev)	5.50	4.17	5.81	5.60	6.56	4.14	6.30	6.99	7.75	5.60	6.15
Price to Earnings (P/E)	466,104.94	1,550.38	3,264.99	463.07	336.32	163.29	229.07	218.62	196.49	138.70	126.15
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	0.00%	0.06%	0.03%	0.22%	0.30%	0.61%	0.44%	0.46%	0.51%	0.72%	0.79%
Enterprise Value to Invested Capital (EV/IC)	5.48	4.03	5.37	5.26	6.00	4.21	8.00	7.06	7.93	5.97	6.59
Enterprise Value to Revenue (EV/Rev)	6.53	5.06	6.67	6.42	7.32	4.86	6.73	7.64	8.36	6.22	6.76
Enterprise Value to EBITDA (EV/EBITDA)	61.08	39.11	54.44	43.20	47.25	30.82	42.05	49.55	51.67	38.45	39.68
Enterprise Value to EBIT (EV/EBIT)	161.23	83.11	130.87	84.26	89.10	57.52	76.99	93.15	92.51	68.45	67.54
Enterprise Value to NOPAT (EV/NOPAT)	0.00	199.29	237.02	127.48	127.37	82.68	103.74	107.39	105.33	79.16	79.44
Enterprise Value to Operating Cash Flow (EV/OCF)	62.19	41.29	46.06	37.65	42.05	25.26	34.96	42.93	44.56	34.36	37.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	41.94	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.83	0.93	0.97	1.21	1.23	1.20	0.79	1.25	1.14	1.16	1.17
Long-Term Debt to Equity	2.15	0.93	0.97	1.19	1.21	1.18	0.77	1.22	1.14	1.16	1.17
Financial Leverage	2.10	1.09	1.02	1.33	1.38	0.77	0.58	0.84	0.85	0.84	0.85
Leverage Ratio	4.70	3.03	3.18	3.53	3.75	2.86	2.96	3.24	3.32	3.31	3.32
Compound Leverage Factor	2.63	1.88	-3.25	2.81	2.95	2.27	1.56	2.50	2.87	2.78	2.68
Debt to Total Capital	73.87%	48.31%	49.28%	54.73%	55.12%	54.53%	44.25%	55.49%	53.30%	53.72%	53.97%
Short-Term Debt to Total Capital	17.83%	0.30%	0.34%	0.82%	0.87%	0.95%	1.26%	1.26%	0.22%	0.21%	0.20%
Long-Term Debt to Total Capital	56.04%	48.01%	48.95%	53.91%	54.25%	53.58%	42.99%	54.22%	53.08%	53.51%	53.77%
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	13.03%	26.13%	23.38%	18.14%	13.57%	13.86%	16.53%	11.03%	11.08%	11.15%	11.13%
Common Equity to Total Capital	13.10%	25.57%	27.34%	27.13%	31.31%	31.60%	39.22%	33.49%	35.63%	35.13%	34.91%
Debt to EBITDA	8.43	5.30	5.55	5.42	5.17	4.81	2.96	4.73	4.05	4.04	3.77
Net Debt to EBITDA	8.16	4.03	4.42	3.73	3.67	3.31	1.53	3.22	2.97	2.96	2.81
Long-Term Debt to EBITDA	6.39	5.27	5.51	5.34	5.09	4.72	2.87	4.62	4.03	4.02	3.76
Debt to NOPAT	-163.08	27.00	24.16	16.00	13.94	12.89	7.30	10.26	8.26	8.32	7.55
Net Debt to NOPAT	-158.02	20.55	19.25	11.00	9.88	8.88	3.77	6.99	6.05	6.10	5.62
Long-Term Debt to NOPAT	-123.72	26.84	23.99	15.76	13.72	12.67	7.09	10.02	8.22	8.28	7.52
Altman Z-Score	3.02	3.03	3.68	3.20	3.28	2.39	3.41	3.53	4.07	3.17	3.54
Noncontrolling Interest Sharing Ratio	50.55%	49.98%	46.82%	42.26%	35.54%	39.94%	37.37%	31.90%	26.76%	27.08%	26.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.32	1.83	1.49	2.29	2.19	1.90	1.76	1.95	1.64	1.52	1.49
Quick Ratio	0.11	1.32	1.03	1.87	1.78	1.62	1.50	1.67	1.35	1.25	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-473	-365	-519	-332	-328	-200	136	-169	-120	-195	-263
Operating Cash Flow to CapEx	72.47%	75.02%	75.24%	71.69%	106.74%	148.72%	145.72%	81.01%	165.85%	126.95%	111.96%
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	0.73	0.66	0.65	0.63	0.60	0.59	0.60	0.56	0.56	0.57	0.59
Accounts Receivable Turnover	72.29	77.57	91.59	102.13	103.02	122.31	129.91	116.86	112.25	124.66	113.03
Inventory Turnover	15.55	15.88	16.58	17.15	17.45	19.87	22.55	23.98	23.89	27.07	28.43
Fixed Asset Turnover	2.30	2.21	2.13	2.11	2.08	2.05	2.09	2.11	2.11	2.12	2.17
Accounts Payable Turnover	26.54	24.40	27.89	24.38	27.08	29.58	30.26	28.50	30.51	32.30	34.77
Days Sales Outstanding (DSO)	5.05	4.71	3.99	3.57	3.54	2.98	2.81	3.12	3.25	2.93	3.23
Days Inventory Outstanding (DIO)	23.47	22.99	22.01	21.28	20.92	18.37	16.18	15.22	15.28	13.48	12.84
Days Payable Outstanding (DPO)	13.75	14.96	13.08	14.97	13.48	12.34	12.06	12.81	11.96	11.30	10.50
Cash Conversion Cycle (CCC)	14.76	12.73	12.91	9.88	10.98	9.01	6.93	5.53	6.57	5.11	5.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,010	1,148	1,199	1,275	1,365	1,374	1,077	1,472	1,531	1,602	1,681
Invested Capital Turnover	1.11	0.96	1.03	0.95	0.94	0.95	1.13	0.99	1.00	1.03	1.07
Increase / (Decrease) in Invested Capital	490	387	521	349	355	227	-122	198	166	227	295
Enterprise Value (EV)	5,536	4,625	6,444	6,702	8,191	5,790	8,616	10,394	12,141	9,556	11,072
Market Capitalization	4,661	3,809	5,609	5,845	7,335	4,939	8,077	9,521	11,246	8,611	10,072
Book Value per Share	$0.83	$2.02	$2.06	$5.01	$2.87	$3.39	$3.49	$3.88	$3.87	$3.99	$4.14
Tangible Book Value per Share	$0.65	$1.85	$1.90	$4.69	$2.73	$3.23	$3.33	$3.73	$3.72	$3.85	$4.14
Total Capital	1,034	1,297	1,333	1,537	1,626	1,655	1,370	1,789	1,786	1,869	1,950
Total Debt	764	627	657	841	896	903	606	993	952	1,004	1,053
Total Long-Term Debt	579	623	652	829	882	887	589	970	948	1,000	1,049
Net Debt	740	477	523	579	636	622	313	676	697	737	783
Capital Expenditures (CapEx)	59	65	60	57	56	56	43	46	54	70	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-39	-45	-62	-62	-65	-104	-121	-108	-124	-147	-149
Debt-free Net Working Capital (DFNWC)	-15	104	72	201	196	177	172	209	131	121	121
Net Working Capital (NWC)	-199	101	67	189	182	162	155	186	127	117	117
Net Nonoperating Expense (NNE)	6.74	8.33	5.29	0.38	5.25	5.02	7.11	6.70	7.62	5.11	2.64
Net Nonoperating Obligations (NNO)	740	477	523	579	636	622	313	676	697	737	783
Total Depreciation and Amortization (D&A)	17	18	20	21	22	24	26	26	28	29	32
Debt-free, Cash-free Net Working Capital to Revenue	-4.57%	-4.96%	-6.41%	-5.90%	-5.83%	-8.70%	-9.46%	-7.91%	-8.53%	-9.54%	-9.07%
Debt-free Net Working Capital to Revenue	-1.77%	11.44%	7.42%	19.27%	17.49%	14.88%	13.44%	15.34%	8.99%	7.84%	7.37%
Net Working Capital to Revenue	-23.52%	11.01%	6.95%	18.07%	16.23%	13.55%	12.09%	13.68%	8.72%	7.59%	7.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17
Adjusted Weighted Average Basic Shares Outstanding	56.73M	59.37M	62.07M	83.33M	101.97M	113.82M	103.50M	120.81M	126.39M	126.99M	125.33M
Adjusted Diluted Earnings per Share	$0.05	$0.07	($0.02)	$0.08	$0.12	$0.11	$0.03	$0.13	$0.20	$0.14	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	57.43M	60.21M	62.07M	83.41M	102.36M	114.25M	104.13M	121.51M	126.83M	127.38M	125.76M
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	163.84M	177.12M	177.15M	177.18M	154.19M	154.19M	154.20M	164.48M	164.52M	164.52M	164.54M
Normalized Net Operating Profit after Tax (NOPAT)	16	22	1.53	17	27	27	13	29	46	32	32
Normalized NOPAT Margin	6.58%	8.22%	0.60%	6.03%	8.44%	7.90%	3.93%	8.22%	11.06%	7.65%	7.17%
Pre Tax Income Margin	4.63%	5.76%	-1.20%	9.08%	8.01%	7.81%	2.18%	6.74%	10.97%	8.25%	7.02%
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%	0.00%	1.22%	2.84%	0.00%	9.85%	8.54%	5.86%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	1.22%	2.84%	0.00%	9.85%	8.54%	5.86%

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.

05/06/26 08:06 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Dutch Bros' Financials

When does Dutch Bros' fiscal year end?

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

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

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. See Dutch Bros' forecast for analyst expectations on whatâ€™s next for the company.

What is Dutch Bros' operating income?

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

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

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%.

How much debt does Dutch Bros have?

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.

How much cash does Dutch Bros have?

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.

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

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%.

Related Companies

Financial statements for NYSE:BROS last updated on 2/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Dutch Bros (BROS) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Dutch Bros' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

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

Frequently Asked Questions About Dutch Bros' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools