NYSE : BROS
Dutch Bros Inc. — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 42.87 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.08B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Dutch Bros Inc. (BROS) reported revenue of 1.88B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.88B | 1.64B | 1.28B | 965.78M | 739.01M | 497.88M |
| Cost of Revenue | 1.41B | 1.21B | 940.89M | 714.48M | 558.10M | 344.57M |
| Gross Profit | 472.44M | 423.95M | 340.13M | 251.30M | 180.92M | 153.30M |
| Selling, General & Admin | 284.90M | 254.53M | 214.60M | 199.97M | 180.53M | 264.53M |
| Operating Expenses | 284.90M | 254.53M | 214.60M | 199.97M | 180.53M | 264.53M |
| Operating Income | 187.54M | 169.42M | 125.53M | 51.33M | 384.00K | -111.23M |
| Interest Expense | -28.37M | -28.30M | -27.02M | -32.32M | -18.02M | -7.09M |
| Other Non Operating Income (Expenses) | 7.54M | 4.75M | 5.81M | 3.02M | 3.98M | -1.24M |
| EBT Excluding Unusual Items | 166.70M | 145.86M | 104.33M | 22.02M | -13.66M | -119.56M |
| Merger & Restructuring Charges | -7.39M | -8.24M | -17.88M | -2.15M | ||
| Legal Settlements | -1.95M | |||||
| Other Unusual Items | -2.00M | -2.00M | -1.56M | -1.00M | -3.00M | 67.37M |
| Pretax Income | 157.32M | 135.62M | 84.89M | 16.92M | -16.65M | -52.19M |
| Income Tax Expense | 25.61M | 18.35M | 18.43M | 6.97M | 2.60M | -1.63M |
| Earnings From Continuing Operations | 131.71M | 117.28M | 66.45M | 9.95M | -19.25M | -50.56M |
| Minority Interest in Earnings | -39.34M | -37.43M | -31.19M | -8.23M | 14.50M | 37.88M |
| Net Income | 92.37M | 79.84M | 35.26M | 1.72M | -4.75M | -12.68M |
| Net Income to Common | 92.37M | 79.84M | 35.26M | 1.72M | -4.75M | -12.68M |
| Shares Outstanding (Basic) | 128.94M | 125.33M | 103.50M | 62.07M | 51.87M | 45.86M |
| Shares Outstanding (Diluted) | 129.31M | 125.76M | 104.13M | 62.07M | 51.87M | 45.86M |
| EPS (Basic) | 0.72 | 0.64 | 0.34 | 0.03 | -0.09 | -0.28 |
| EPS (Diluted) | 0.71 | 0.64 | 0.34 | 0.03 | -0.09 | -0.28 |
| Free Cash Flow | 75.23M | 54.41M | 24.69M | -88.54M | -128.00M | -38.07M |
| Free Cash Flow Per Share | 0.58 | 0.43 | 0.24 | -1.43 | -2.47 | -0.83 |
| Gross Margin | 25.10% | 25.88% | 26.55% | 26.02% | 24.48% | 30.79% |
| Operating Margin | 9.96% | 10.34% | 9.80% | 5.31% | 0.05% | -22.34% |
| Profit Margin | 4.91% | 4.87% | 2.75% | 0.18% | -0.64% | -2.55% |
| Free Cash Flow Margin | 4.00% | 3.32% | 1.93% | -9.17% | -17.32% | -7.65% |
| EBITDA | 322.09M | 284.55M | 218.54M | 120.46M | 45.11M | -86.01M |
| EBITDA Margin | 17.11% | 17.37% | 17.06% | 12.47% | 6.10% | -17.27% |
| D&A For EBITDA | 134.55M | 115.13M | 93.00M | 69.14M | 44.73M | 25.22M |
| EBIT | 187.54M | 169.42M | 125.53M | 51.33M | 384.00K | -111.23M |
| EBIT Margin | 9.96% | 10.34% | 9.80% | 5.31% | 0.05% | -22.34% |
| Effective Tax Rate | 16.28% | 13.53% | 21.72% | 41.18% | ||
| Revenue as Reported | 1.88B | 1.64B | 1.28B | 965.78M | 739.01M | 497.88M |
| Advertising Expenses | 32.33M | 30.65M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 268.62M | 269.40M | 293.35M | 133.54M | 20.18M | 18.51M |
| Trading Asset Securities | 448.00K | 466.00K | 953.00K | 1.37M | 1.46M | |
| Cash & Short-Term Investments | 269.07M | 269.87M | 294.31M | 134.92M | 21.64M | 18.51M |
| Receivables | 18.87M | 18.39M | 10.60M | 9.12M | 11.97M | 10.64M |
| Inventory | 41.25M | 48.92M | 36.49M | 46.95M | 39.23M | 23.34M |
| Prepaid Expenses | 23.30M | 20.20M | 16.55M | 14.27M | 9.49M | 8.80M |
| Total Current Assets | 352.49M | 357.38M | 357.94M | 205.26M | 82.32M | 61.29M |
| Property, Plant & Equipment | 1.89B | 1.68B | 1.37B | 1.12B | 782.71M | 302.00M |
| Long-Term Investments | 837.00K | 1.71M | ||||
| Goodwill | 21.63M | 21.63M | 21.63M | 21.63M | 21.63M | 18.71M |
| Other Intangible Assets | 1.11M | 1.51M | 2.95M | 5.42M | 8.80M | 11.10M |
| Long-Term Deferred Tax Assets | 1.11B | 946.57M | 742.13M | 403.00M | 288.76M | 159.03M |
| Other Long-Term Assets | 1.15M | 2.38M | 2.59M | 3.03M | 421.00K | 1.56M |
| Total Assets | 3.38B | 3.01B | 2.50B | 1.76B | 1.19B | 553.70M |
| Accounts Payable | 44.32M | 37.62M | 32.23M | 29.96M | 21.27M | 20.44M |
| Accrued Expenses | 107.41M | 83.82M | 78.69M | 47.17M | 29.37M | 20.97M |
| Short-Term Debt | 110.86M | 64.10M | ||||
| Current Portion of Long-Term Debt | 3.88M | 3.88M | 17.31M | 4.49M | 2.61M | 103.00K |
| Current Portion of Leases | 41.64M | 36.47M | 27.23M | 19.72M | 17.29M | 3.39M |
| Current Unearned Revenue | 47.16M | 55.66M | 42.87M | 30.35M | 25.34M | 22.81M |
| Other Current Liabilities | 16.67M | 23.05M | 4.74M | 6.42M | 5.94M | 6.92M |
| Total Current Liabilities | 261.08M | 240.50M | 203.07M | 138.12M | 212.68M | 138.73M |
| Long-Term Debt | 194.60M | 196.29M | 219.75M | 93.17M | 94.92M | 525.00K |
| Long-Term Leases | 967.21M | 852.38M | 678.61M | 559.19M | 399.74M | 82.57M |
| Long-Term Unearned Revenue | 6.52M | 8.92M | 8.02M | 6.68M | 6.12M | 5.03M |
| Other Long-Term Liabilities | 972.26M | 813.35M | 627.77M | 290.93M | 220.93M | 113.12M |
| Total Liabilities | 2.40B | 2.11B | 1.74B | 1.09B | 934.38M | 339.97M |
| Common Stock | 1.00K | 1.00K | 1.00K | 2.00K | 2.00K | 2.00K |
| Additional Paid-In Capital | 644.59M | 581.26M | 517.07M | 379.39M | 145.61M | 107.19M |
| Retained Earnings | 153.01M | 99.51M | 19.67M | -15.59M | -17.31M | -12.68M |
| Comprehensive Income & Other | 47.00K | 48.00K | 628.00K | 544.00K | 813.00K | |
| Total Common Equity | 797.65M | 680.82M | 537.37M | 364.35M | 129.12M | 94.52M |
| Minority Interest | 177.36M | 217.05M | 226.50M | 311.58M | 122.86M | 119.21M |
| Shareholders' Equity | 975.01M | 897.87M | 763.87M | 675.92M | 251.98M | 213.73M |
| Total Liabilities & Equity | 3.38B | 3.01B | 2.50B | 1.76B | 1.19B | 553.70M |
| Total Debt | 1.21B | 1.09B | 942.91M | 676.58M | 625.42M | 150.69M |
| Net Cash (Debt) | -938.26M | -819.15M | -648.60M | -541.66M | -603.78M | -132.18M |
| Net Cash Per Share | -7.26 | -6.51 | -6.23 | -8.73 | -11.64 | -2.88 |
| Filing Date Shares Outstanding | 137.94M | 127.05M | 116.25M | 81.21M | 58.07M | 50.00M |
| Total Common Shares Outstanding | 137.89M | 127.05M | 115.43M | 80.63M | 57.95M | 49.87M |
| Working Capital | 91.41M | 116.88M | 154.87M | 67.14M | -130.36M | -77.44M |
| Book Value Per Share | 5.78 | 5.36 | 4.66 | 4.52 | 2.23 | 1.90 |
| Tangible Book Value | 774.91M | 657.68M | 512.79M | 337.30M | 98.69M | 64.70M |
| Tangible Book Value Per Share | 5.62 | 5.18 | 4.44 | 4.18 | 1.70 | 1.30 |
| Land | 7.02M | 7.02M | 7.02M | 7.34M | 7.96M | 5.24M |
| Buildings | 739.16M | 616.30M | 487.06M | 269.19M | 158.25M | 168.40M |
| Machinery | 356.10M | 305.12M | 229.31M | 166.55M | 103.10M | 67.48M |
| Construction In Progress | 100.99M | 75.22M | 71.95M | 166.05M | 131.24M | 88.05M |
| Leasehold Improvements | 68.02M | 54.53M | 42.44M | 29.98M | 20.74M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 92.37M | 79.84M | 35.26M | 1.72M | -4.75M | -12.68M |
| Depreciation & Amortization | 134.55M | 115.13M | 93.00M | 69.14M | 44.73M | 25.22M |
| Loss (Gain) From Sale of Assets | 248.00K | 300.00K | -1.28M | -23.00K | -340.00K | 657.00K |
| Stock-Based Compensation | 21.31M | 18.02M | 11.48M | 39.22M | 41.66M | 157.72M |
| Other Operating Activities | 84.88M | 72.58M | 61.05M | 23.84M | -6.28M | -106.35M |
| Change in Accounts Receivable | -5.34M | -7.79M | -1.47M | 2.84M | -1.32M | 193.00K |
| Change in Inventory | 1.17M | -12.43M | 10.46M | -7.72M | -15.82M | -7.67M |
| Change in Accounts Payable | 9.46M | 3.71M | 3.66M | 3.90M | 1.61M | 2.15M |
| Change in Unearned Revenue | 2.57M | 13.69M | 13.86M | 5.57M | 3.37M | 11.71M |
| Change in Other Net Operating Assets | 24.48M | 12.48M | 20.40M | 1.43M | -2.96M | 9.43M |
| Operating Cash Flow | 365.70M | 295.55M | 246.43M | 139.91M | 59.88M | 80.38M |
| Capital Expenditures | -290.47M | -241.13M | -221.74M | -228.46M | -187.88M | -118.44M |
| Sale of Property, Plant & Equipment | 82.00K | 66.00K | 9.67M | 1.18M | 1.36M | 2.74M |
| Cash Acquisitions | -6.05M | -5.39M | ||||
| Investing Cash Flow | -290.38M | -241.07M | -212.07M | -227.28M | -192.57M | -121.09M |
| Short-Term Debt Issued | 2.45M | 90.00M | 157.71M | 65.00M | ||
| Long-Term Debt Issued | 250.00M | 150.00M | 1.65M | 1.38M | 201.48M | |
| Total Debt Issued | 250.00M | 152.45M | 91.65M | 159.08M | 266.48M | |
| Short-Term Debt Repaid | -2.45M | -202.71M | -10.00M | -15.00M | ||
| Long-Term Debt Repaid | -302.79M | -21.59M | -15.04M | -7.82M | -230.25M | |
| Total Debt Repaid | -22.45M | -302.79M | -24.04M | -217.75M | -17.82M | -245.25M |
| Net Debt Issued (Repaid) | -22.45M | -52.79M | 128.41M | -126.10M | 141.26M | 21.24M |
| Issuance of Common Stock | 331.20M | 524.86M | ||||
| Repurchase of Common Stock | -7.85M | -12.53M | -1.07M | -1.90M | -3.90M | -299.00M |
| Common Dividends Paid | -213.31M | |||||
| Other Financing Activities | -30.81M | -13.11M | -1.89M | -2.47M | -3.00M | -6.21M |
| Financing Cash Flow | -61.10M | -78.43M | 125.45M | 200.73M | 134.36M | 27.58M |
| Net Cash Flow | 14.21M | -23.95M | 159.81M | 113.37M | 1.67M | -13.13M |
| Free Cash Flow | 75.23M | 54.41M | 24.69M | -88.54M | -128.00M | -38.07M |
| Free Cash Flow Margin | 4.00% | 3.32% | 1.93% | -9.17% | -17.32% | -7.65% |
| Free Cash Flow Per Share | 0.58 | 0.43 | 0.24 | -1.43 | -2.47 | -0.83 |
| Levered Free Cash Flow | 1.72M | -2.03M | -4.35M | -85.89M | -119.64M | 11.58M |
| Unlevered Free Cash Flow | 19.45M | 15.66M | 12.54M | -65.69M | -108.38M | 16.01M |
| Cash Interest Paid | 36.94M | 38.97M | 39.10M | 34.97M | 17.61M | 7.35M |
| Cash Income Tax Paid | 1.79M | 996.00K | 2.25M | 1.73M | 1.32M | 886.00K |
| Change in Working Capital | 32.33M | 9.67M | 46.91M | 6.02M | -15.13M | 15.81M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.26B | 7.78B | 5.96B | 2.39B | 1.63B | 2.54B |
| Enterprise Value | 9.20B | 8.75B | 6.84B | 3.22B | 2.28B | 2.74B |
| Last Close Price | 42.87 | 61.22 | 52.38 | 31.67 | 28.19 | 50.91 |
| PE Ratio | 61.33 | 97.40 | 169.10 | 1,390.49 | ||
| Forward PE | 38.29 | 73.06 | 103.19 | 93.84 | 95.01 | 180.09 |
| PS Ratio | 4.29 | 4.75 | 4.65 | 2.47 | 2.21 | 5.10 |
| PB Ratio | 7.41 | 8.66 | 7.80 | 3.53 | 6.48 | 11.88 |
| P/TBV Ratio | 10.42 | 11.82 | 11.63 | 7.08 | 16.55 | 39.24 |
| P/FCF Ratio | 107.37 | 142.93 | 241.44 | |||
| P/OCF Ratio | 22.09 | 26.31 | 24.19 | 17.07 | 27.28 | 31.59 |
| PEG Ratio | 1.02 | 2.23 | 2.94 | 2.02 | 2.59 | 3.77 |
| EV/Sales Ratio | 4.79 | 5.34 | 5.34 | 3.34 | 3.09 | 5.50 |
| EV/EBITDA Ratio | 27.99 | 30.77 | 31.29 | 26.75 | 50.64 | |
| EV/EBIT Ratio | 48.07 | 51.67 | 54.47 | 62.77 | 5,949.19 | |
| EV/FCF Ratio | 119.84 | 160.89 | 276.92 | |||
| Debt / Equity Ratio | 1.24 | 1.21 | 1.23 | 1.00 | 2.48 | 0.70 |
| Debt / EBITDA Ratio | 3.12 | 3.22 | 3.69 | 4.66 | 9.54 | |
| Debt / FCF Ratio | 16.05 | 20.02 | 38.18 | |||
| Net Debt / Equity Ratio | 0.96 | 0.91 | 0.85 | 0.80 | 2.40 | 0.62 |
| Net Debt / EBITDA Ratio | 2.91 | 2.88 | 2.97 | 4.50 | 13.38 | -1.54 |
| Net Debt / FCF Ratio | 12.47 | 15.05 | 26.27 | -6.12 | -4.72 | -3.47 |
| Asset Turnover | 0.61 | 0.59 | 0.60 | 0.66 | 0.85 | 1.22 |
| Inventory Turnover | 33.70 | 28.43 | 22.55 | 16.58 | 17.84 | 17.70 |
| Quick Ratio | 1.10 | 1.20 | 1.50 | 1.04 | 0.16 | 0.21 |
| Current Ratio | 1.35 | 1.49 | 1.76 | 1.49 | 0.39 | 0.44 |
| Return on Equity (ROE) | 14.56% | 14.12% | 9.23% | 2.15% | -8.27% | |
| Return on Assets (ROA) | 3.79% | 3.84% | 3.68% | 2.17% | 0.03% | -17.09% |
| Return on Invested Capital (ROIC) | 8.42% | 9.36% | 7.47% | 2.91% | 0.06% | -40.76% |
| Return on Capital Employed (ROCE) | 6.00% | 6.10% | 5.50% | 3.20% | 0.00% | -26.80% |
| Earnings Yield | 1.63% | 1.03% | 0.59% | 0.07% | -0.29% | -0.50% |
| FCF Yield | 0.93% | 0.70% | 0.41% | -3.71% | -7.83% | -1.50% |
| Buyback Yield / Dilution | -8.03% | -20.78% | -67.75% | -19.67% | -13.10% | -815.45% |