BROS · Dutch Bros Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $464.41M | - | $423.58M | $415.81M | $355.15M | - | $338.21M | $324.92M | $275.10M | - |
| Cost of Revenue | $356.94M | - | $316.81M | $295.77M | $265.16M | - | $248.16M | $234.64M | $203.33M | - |
| Gross Profit | $107.48M | - | $106.78M | $120.04M | $89.99M | - | $90.05M | $90.28M | $71.77M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $73.18M | - | $65.29M | $65.39M | $58.92M | - | $57.54M | $58.10M | $46.19M | - |
| Total Operating Expenses | $430.11M | - | $382.09M | $361.15M | $324.08M | - | $305.70M | $292.73M | $249.52M | - |
| D&A | $38.26M | - | $21.82M | $20.74M | $26.43M | - | $23.88M | $22.35M | $21.25M | - |
| Operating Income | $34.30M | - | $41.49M | $54.66M | $31.07M | - | $32.52M | $32.18M | $25.58M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $3.34M | - | $7.66M | $7.24M | $1.46M | - | $4.70M | $3.86M | $8.77M | - |
| Net Income | $16.10M | - | $17.50M | $25.62M | $15.35M | - | $12.64M | $11.94M | $7.06M | - |
| EPS - Basic | $0.13 | - | $0.14 | $0.20 | $0.13 | - | $0.11 | $0.12 | $0.08 | - |
| EPS - Diluted | $0.13 | - | $0.14 | $0.20 | $0.13 | - | $0.11 | $0.12 | $0.08 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $263.52M | $269.40M | $267.19M | $254.41M | $316.44M | $293.35M | $281.13M | $260.92M | $262.72M | $133.54M |
| Accounts Receivable | $18.77M | $18.39M | $14.30M | $13.53M | $11.63M | $10.60M | $10.36M | $12.34M | $11.66M | $9.12M |
| Inventory | $37.39M | $48.92M | $45.30M | $42.42M | $38.23M | $36.49M | $38.38M | $46.65M | $45.39M | $46.95M |
| Accounts Payable | $41.69M | $37.63M | $38.24M | $33.65M | $31.61M | $32.23M | $31.88M | $36.09M | $38.76M | $29.96M |
| Current Assets | $340.50M | $357.38M | $341.14M | $325.58M | $382.88M | $357.94M | $342.05M | $334.61M | $335.08M | $205.26M |
| Total Assets | $3.11B | $3.01B | $2.92B | $2.81B | $2.77B | $2.50B | $2.43B | $2.38B | $2.07B | $1.76B |
| Current Liabilities | $255.19M | $240.50M | $224.46M | $198.93M | $196.75M | $203.07M | $180.43M | $153.10M | $146.54M | $138.12M |
| Long-term Debt | $195.45M | $196.29M | $196.00M | $196.84M | $260.77M | $219.75M | $224.36M | $228.97M | $233.57M | $93.17M |
| Total Liabilities | $2.18B | $2.11B | $2.06B | $1.98B | $1.97B | $1.74B | $1.68B | $1.65B | $1.38B | $1.09B |
| Stockholders' Equity | $696.45M | $680.82M | $656.56M | $636.17M | $599.06M | $537.37M | $523.15M | $509.14M | $417.12M | $364.35M |
| Retained Earnings | $115.61M | $99.51M | $78.14M | $60.64M | $35.02M | $19.67M | $16.05M | $3.41M | ($8.53M) | ($15.59M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $84.72M | - | - | - | $36.88M | - | - | - | $41.19M | - |
| Investing Cash Flow | ($76.81M) | - | - | - | ($45.53M) | - | - | - | ($57.46M) | - |
| Financing Cash Flow | ($13.81M) | - | - | - | $31.73M | - | - | - | $145.44M | - |
| CapEx | $57.00M | - | - | - | $45.55M | - | - | - | $57.46M | - |
| Free Cash Flow | $27.72M | - | - | - | ($8.67M) | - | - | - | ($16.27M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 23.1% | - | 25.2% | 28.9% | 25.3% | - | 26.6% | 27.8% | 26.1% | - |
| Operating margin | 7.4% | - | 9.8% | 13.1% | 8.7% | - | 9.6% | 9.9% | 9.3% | - |
| EBITDA margin | 15.6% | - | 14.9% | 18.1% | 16.2% | - | 16.7% | 16.8% | 17.0% | - |
| Net margin | 3.5% | - | 4.1% | 6.2% | 4.3% | - | 3.7% | 3.7% | 2.6% | - |
| Free cash flow margin | 6.0% | - | - | - | -2.4% | - | - | - | -5.9% | - |
| FCF / Net income | 1.72 | - | - | - | -0.56 | - | - | - | -2.30 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 15.8% | - | 15.4% | 15.7% | 16.6% | - | 17.0% | 17.9% | 16.8% | - |
| Effective tax rate | 17.2% | - | 30.5% | 22.0% | 8.7% | - | 27.1% | 24.4% | 55.4% | - |
| Return on assets | 0.5% | - | 0.6% | 0.9% | 0.6% | - | 0.5% | 0.5% | 0.3% | - |
| Return on equity | 2.3% | - | 2.7% | 4.0% | 2.6% | - | 2.4% | 2.3% | 1.7% | - |
| Return on invested capital | 3.2% | - | 3.4% | 5.1% | 3.3% | - | 3.2% | 3.3% | 2.0% | - |
| Liquidity | ||||||||||
| Current ratio | 1.33 | 1.49 | 1.52 | 1.64 | 1.95 | 1.76 | 1.90 | 2.19 | 2.29 | 1.49 |
| Quick ratio | 1.19 | 1.28 | 1.32 | 1.42 | 1.75 | 1.58 | 1.68 | 1.88 | 1.98 | 1.15 |
| Cash ratio | 1.03 | 1.12 | 1.19 | 1.28 | 1.61 | 1.44 | 1.56 | 1.70 | 1.79 | 0.97 |
| Leverage | ||||||||||
| Debt / Equity | 0.28 | 0.29 | 0.30 | 0.31 | 0.44 | 0.41 | 0.43 | 0.45 | 0.56 | 0.26 |
| Debt / Assets | 0.06 | 0.07 | 0.07 | 0.07 | 0.09 | 0.09 | 0.09 | 0.10 | 0.11 | 0.05 |
| Debt / EBITDA | 2.69 | - | 3.10 | 2.61 | 4.54 | - | 3.98 | 4.20 | 4.99 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 4.46 | 4.42 | 4.45 | 4.42 | 4.62 | 4.65 | 4.65 | 4.67 | 4.97 | 4.84 |
| Liabilities / Assets | 0.70 | 0.70 | 0.70 | 0.70 | 0.71 | 0.69 | 0.69 | 0.69 | 0.66 | 0.62 |
| Efficiency | ||||||||||
| Asset turnover | 0.15 | - | 0.14 | 0.15 | 0.13 | - | 0.14 | 0.14 | 0.13 | - |
| Inventory turnover | 9.55 | - | 6.99 | 6.97 | 6.94 | - | 6.47 | 5.03 | 4.48 | - |
| Days sales outstanding | 15d | - | 12d | 12d | 12d | - | 11d | 14d | 15d | - |
| Days inventory outstanding | 38d | - | 52d | 52d | 53d | - | 56d | 73d | 81d | - |
| Days payable outstanding | 43d | - | 44d | 42d | 44d | - | 47d | 56d | 70d | - |
| Cash conversion cycle | 10d | - | 20d | 23d | 21d | - | 21d | 30d | 27d | - |
| Valuation | ||||||||||
| P / E | 389.7x | - | 373.9x | 341.9x | 474.9x | - | 291.2x | 345.0x | 412.5x | - |
| P / B | 9.3x | - | 10.2x | 13.6x | 12.5x | - | 7.0x | 8.3x | 6.6x | - |
| P / S | 13.9x | - | 15.7x | 20.9x | 21.1x | - | 10.8x | 13.0x | 10.0x | - |
| EV / EBITDA | 88.0x | - | 104.2x | 114.2x | 129.5x | - | 63.9x | 77.1x | 58.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 30.8% | - | 25.2% | 28.0% | 29.1% | - | 27.9% | 30.0% | 39.5% | - |
| Revenue CAGR (3y) | 33.0% | - | 28.7% | 47.6% | 32.7% | - | 37.6% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 19.4% | - | 18.6% | 33.0% | 25.4% | - | 19.8% | 26.7% | 56.9% | - |
| Operating income growth (YoY) | 10.4% | - | 27.6% | 69.8% | 21.5% | - | 31.7% | 64.4% | - | - |
| Net income growth (YoY) | 4.8% | - | 38.4% | 114.6% | 117.4% | - | 200.3% | 333.9% | - | - |
| EPS growth (YoY) | 0.0% | - | 27.3% | 66.7% | 62.5% | - | 57.1% | 140.0% | - | - |
| EPS CAGR (3y) | - | - | 67.1% | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | 46.7% | - | - | - | 59.5% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 16.3% | 26.7% | 25.5% | 24.9% | 43.6% | 47.5% | 57.7% | 276.0% | 225.1% | 182.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.64B totalCompany Operated Shops$1.51B · 92.1%
Franchising And Other$128.83M · 7.9%
Product / service
$1.64B totalCompany Operated Shops$1.51B · 92.1%
Franchise Fees$122.05M · 7.5%
Product And Service Other$6.78M · 0.4%
Peer comparison
Same SIC group: Retail-Eating & Drinking Places
Comparing Dutch Bros Inc. against the 5 most active filers in the same SIC group.