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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $1.64B | $1.28B | $965.78M | $739.01M | $327.41M |
| Cost of Revenue | $1.21B | $940.89M | $714.48M | $558.10M | $211.66M |
| Gross Profit | $423.95M | $340.13M | $251.30M | $180.92M | $115.75M |
| R&D | - | - | - | - | - |
| SG&A | $262.77M | $234.04M | $205.07M | $183.53M | $105.09M |
| Total Operating Expenses | $1.48B | $1.17B | $919.55M | $741.62M | $316.75M |
| D&A | $115.13M | $93.00M | $69.14M | $44.73M | $15.54M |
| Operating Income | $161.18M | $106.09M | $46.22M | ($2.61M) | $10.67M |
| Interest Expense | - | - | - | - | - |
| Income Tax | $18.35M | $18.43M | $6.97M | $2.60M | $843.0K |
| Net Income | $79.84M | $35.26M | $1.72M | ($4.75M) | $0 |
| EPS - Basic | $0.64 | $0.34 | $0.03 | ($0.09) | ($0.28) |
| EPS - Diluted | $0.64 | $0.34 | $0.03 | ($0.09) | ($0.28) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $269.40M | $293.35M | $133.54M | $20.18M | $18.51M |
| Accounts Receivable | $18.39M | $10.60M | $9.12M | $11.97M | $10.64M |
| Inventory | $48.92M | $36.49M | $46.95M | $39.23M | $23.34M |
| Accounts Payable | $37.63M | $32.23M | $29.96M | $21.27M | $20.44M |
| Current Assets | $357.38M | $357.94M | $205.26M | $82.32M | $61.29M |
| Total Assets | $3.01B | $2.50B | $1.76B | $1.19B | $553.70M |
| Current Liabilities | $240.50M | $203.07M | $138.12M | $212.68M | $142.28M |
| Long-term Debt | $196.29M | $219.75M | $93.17M | $96.30M | $3.50M |
| Total Liabilities | $2.11B | $1.74B | $1.09B | $934.38M | $343.51M |
| Stockholders' Equity | $680.82M | $537.37M | $364.35M | $129.12M | $93.50M |
| Retained Earnings | $99.51M | $19.67M | ($15.59M) | ($17.31M) | ($12.91M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | $295.55M | $246.43M | $139.91M | $59.88M | $53.55M |
| Investing Cash Flow | ($241.07M) | ($212.07M) | ($227.28M) | ($192.57M) | ($45.57M) |
| Financing Cash Flow | ($78.43M) | $125.45M | $200.73M | $134.36M | $8.08M |
| CapEx | $241.13M | $221.74M | $228.46M | $187.88M | $40.58M |
| Free Cash Flow | $54.41M | $24.69M | ($88.54M) | ($128.00M) | $12.97M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 25.9% | 26.6% | 26.0% | 24.5% | 35.4% |
| Operating margin | 9.8% | 8.3% | 4.8% | -0.4% | 3.3% |
| EBITDA margin | 16.9% | 15.5% | 11.9% | 5.7% | 8.0% |
| Net margin | 4.9% | 2.8% | 0.2% | -0.6% | 0.0% |
| Free cash flow margin | 3.3% | 1.9% | -9.2% | -17.3% | 4.0% |
| FCF / Net income | 0.68 | 0.70 | -51.54 | 26.93 | - |
| R&D / Revenue | - | - | - | - | - |
| SG&A / Revenue | 16.0% | 18.3% | 21.2% | 24.8% | 32.1% |
| Effective tax rate | 18.7% | 34.3% | 80.2% | - | 100.0% |
| Return on assets | 2.7% | 1.4% | 0.1% | -0.4% | 0.0% |
| Return on equity | 11.7% | 6.6% | 0.5% | -3.7% | 0.0% |
| Return on invested capital | 14.9% | 9.2% | 5.1% | -0.9% | 5.5% |
| Liquidity | |||||
| Current ratio | 1.49 | 1.76 | 1.49 | 0.39 | 0.43 |
| Quick ratio | 1.28 | 1.58 | 1.15 | 0.20 | 0.27 |
| Cash ratio | 1.12 | 1.44 | 0.97 | 0.09 | 0.13 |
| Leverage | |||||
| Debt / Equity | 0.29 | 0.41 | 0.26 | 0.75 | 0.04 |
| Debt / Assets | 0.07 | 0.09 | 0.05 | 0.08 | 0.01 |
| Debt / EBITDA | 0.71 | 1.10 | 0.81 | 2.29 | 0.13 |
| Interest coverage | - | - | - | - | - |
| Equity multiplier | 4.42 | 4.65 | 4.84 | 9.19 | 5.92 |
| Liabilities / Assets | 0.70 | 0.69 | 0.62 | 0.79 | 0.62 |
| Efficiency | |||||
| Asset turnover | 0.54 | 0.51 | 0.55 | 0.62 | 0.59 |
| Inventory turnover | 24.82 | 25.79 | 15.22 | 14.23 | 9.07 |
| Days sales outstanding | 4d | 3d | 3d | 6d | 12d |
| Days inventory outstanding | 15d | 14d | 24d | 26d | 40d |
| Days payable outstanding | 11d | 13d | 15d | 14d | 35d |
| Cash conversion cycle | 7d | 5d | 12d | 18d | 17d |
| Valuation | |||||
| P / E | 95.7x | 154.1x | 1055.7x | - | - |
| P / B | 11.3x | 10.1x | 5.4x | 11.3x | 25.0x |
| P / S | 4.7x | 4.3x | 2.0x | 2.0x | 7.1x |
| EV / EBITDA | 27.6x | 27.0x | 16.7x | 36.5x | 88.5x |
| Growth | |||||
| Revenue growth (YoY) | 27.9% | 32.6% | 30.7% | 125.7% | - |
| Revenue CAGR (3y) | 30.4% | 57.6% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 24.6% | 35.3% | 38.9% | 56.3% | - |
| Operating income growth (YoY) | 51.9% | 129.5% | - | - | - |
| Net income growth (YoY) | 126.5% | 1952.3% | - | - | - |
| EPS growth (YoY) | 88.2% | 1033.3% | - | 67.9% | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | 120.3% | - | 30.8% | - | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | 26.7% | 47.5% | 182.2% | 38.1% | - |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.90
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Eating & Drinking Places
Comparing Dutch Bros Inc. against the 5 most active filers in the same SIC group.