Dutch Bros
BROS NYSE Restaurants Financials FY2019–FY2025
Dutch Bros' revenue rose 27.9% to $1.6 billion in fiscal 2025. Its operating margin was 9.8%, up from 8.3% a year earlier. Free cash flow was $54 million, up 120.3%. The diluted share count rose 20.8%.
What Dutch Bros does
Dutch Bros operates and franchises drive-thru shops that sell hand-crafted hot, iced and blended drinks, plus a few food items. It was founded in 1992 in Grants Pass, Oregon. As of December 31, 2025, it had 1,136 shops in 25 states: 811 run by the company and 325 run by franchisees. Employees who make the drinks are called broistas.
Coffee-based drinks are about 50% of its sales, and its own Dutch Bros Rebel energy drink is about 25%. The rest is teas, lemonades, smoothies and sodas. Customers can customize drinks with flavors, protein milk, boba and other add-ins. The company imports and roasts its own coffee beans, in Grants Pass, Oregon and Melissa, Texas.
Its Dutch Rewards app-based loyalty program is a major sales channel: approximately 72% of all transactions in 2025 came from members. Customers can also order ahead in the app and pick up at a walk-up window or in the drive-thru. Dutch Bros says it competes with other coffee shops, quick-service restaurants and convenience shops, including coffee delivery options.
- Legal name
- Dutch Bros Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Accession · CIK
- 0001866581-26-000006
0001866581
Revenue and margins
Dutch Bros had $1.6B of revenue in fiscal 2025, up 27.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $54.4M in fiscal 2025, 3.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Dutch Bros returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 20.8%.
Value Dutch Bros yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$353M and divides by 125.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 57.6x · peers 30.2x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Dutch Bros can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $18.5M | $20.2M | $134M | $293M | $269M |
| Debt incl. finance leases | $3.6M | $345M | $476M | $621M | $623M |
| Net debt / EBITDA | — | 7.7x | 3.0x | 1.6x | 1.3x |
| Debt / equity | 0.0x | 2.7x | 1.3x | 1.2x | 0.9x |
| Interest coverage | −15.1x | −0.2x | 1.3x | 2.7x | 4.1x |
| Current ratio | 0.4x | 0.4x | 1.5x | 1.8x | 1.5x |
| Quick ratio | 0.3x | 0.2x | 1.2x | 1.6x | 1.3x |
| Total assets | $554M | $1.2B | $1.8B | $2.5B | $3.0B |
| Total liabilities | $340M | $934M | $1.1B | $1.7B | $2.1B |
| Shareholders' equity | $94.5M | $129M | $364M | $537M | $681M |
| Net debt (− = net cash) | −$14.9M | $325M | $343M | $327M | $353M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$227M
4 insiders
Of sales under plans
100%
$227M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | DM Individual Aggregator LLC10% owner | Sold plan | 50,709 | $44.01 | $2.2M | Form 4 |
| Oct 20, 2026 | DM Trust Aggregator LLC10% owner | Sold plan | 94,978 | $44.01 | $4.2M | Form 4 |
| Oct 20, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 145,687 | $44.01 | $6.4M | Form 4 |
| Aug 13, 2026 | Todd Allan PenegorDirector | Bought | 2,000 | $51.56 | $0.1M | Form 4 |
| Jun 11, 2026 | DM Individual Aggregator LLC10% owner | Sold plan | 261,055 | $63.02 | $16.5M | Form 4 |
| Jun 11, 2026 | DM Trust Aggregator LLC10% owner | Sold plan | 488,945 | $63.02 | $30.8M | Form 4 |
| Jun 11, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 750,000 | $63.02 | $47.3M | Form 4 |
| Jun 10, 2026 | Christine BaroneCEO and President, Director | Sold plan | 42,031 | $60.13 | $2.5M | Form 4 |
| Jun 10, 2026 | DM Individual Aggregator LLC10% owner | Sold plan | 261,054 | $60.38 | $15.8M | Form 4 |
| Jun 10, 2026 | DM Trust Aggregator LLC10% owner | Sold plan | 488,945 | $60.39 | $29.5M | Form 4 |
| Jun 10, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 749,999 | $60.39 | $45.3M | Form 4 |
| Jun 1, 2026 | Travis BoersmaExecutive Chairman of Board, Director, 10% owner | Sold plan | 447,299 | $58.26 | $26.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | −9.4% | −9.9% | −7.8% |
| Altman Z'' | 1.05 | 1.18 | 1.17 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Dutch Bros BROS | $5.6B | 27.9% | 9.8% | 3.3% | 11.9% | 57.6x | 5 | |
| Shake Shack SHAK | $2.7B | 15.4% | 4.3% | 3.9% | 9.6% | 68.6x | 7 | Compare → |
| BJ's Restaurants BJRI | $1.2B | 3.1% | 3.3% | 2.9% | 11.1% | 30.2x | 7 | Compare → |
| Papa John's PZZA | $599M | −0.3% | 4.3% | 3.0% | 19.3% | 22.9x | 4 | Compare → |
| Dave & Buster's PLAY | $242M | −1.4% | 4.1% | −4.8% | 4.1% | — | 6 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $238M | $327M | $498M | $739M | $966M | $1.3B | $1.6B |
| Gross profit | $96.1M | $116M | $153M | $181M | $251M | $340M | $424M |
| Operating income | $30.3M | $11.0M | −$111M | −$2.6M | $46.2M | $106M | $161M |
| Interest expense | $2.4M | $3.8M | $7.3M | $17.6M | $35.0M | $39.1M | $39.0M |
| Pretax income | $0.1M | $0.8M | −$14.3M | −$2.2M | $16.9M | $84.9M | $136M |
| Income tax | $0.1M | $0.8M | −$1.6M | $2.6M | $7.0M | $18.4M | $18.3M |
| Net income | $0.0M | $0.0M | −$12.7M | −$4.8M | $1.7M | $35.3M | $79.8M |
| Diluted EPS | — | — | −$0.28 | −$0.09 | $0.03 | $0.34 | $0.64 |
| Diluted shares | — | — | 0.05B | 0.05B | 0.06B | 0.10B | 0.13B |
| Cash flow | |||||||
| Cash from operations | $56.7M | $53.5M | $80.4M | $59.9M | $140M | $246M | $296M |
| Capital expenditure | $39.5M | $40.6M | $118M | $188M | $229M | $222M | $241M |
| Free cash flow | $17.2M | $13.0M | −$38.1M | −$128M | −$88.5M | $24.7M | $54.4M |
| Depreciation and amortization | $9.7M | $15.5M | $25.2M | $44.7M | $69.1M | $93.0M | $115M |
| Stock-based compensation | $6.8M | $35.1M | $158M | $41.7M | $39.2M | $11.5M | $18.0M |
| Acquisitions | $0.5M | $5.1M | $5.4M | $6.1M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $288M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $288M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $15.6M | $31.6M | $18.5M | $20.2M | $134M | $293M | $269M |
| Total debt | — | $28.2M | $3.6M | $100M | $99.1M | $238M | $203M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $245M | $377M | $383M | $420M |
| Current assets | — | $63.1M | $61.3M | $82.3M | $205M | $358M | $357M |
| Current liabilities | — | $59.9M | $139M | $213M | $138M | $203M | $241M |
| Inventory | $0.0M | $15.6M | $23.3M | $39.2M | $47.0M | $36.5M | $48.9M |
| Property and equipment, net | — | $165M | $302M | $366M | $542M | $684M | $825M |
| Total assets | — | $260M | $554M | $1.2B | $1.8B | $2.5B | $3.0B |
| Total liabilities | — | $184M | $340M | $934M | $1.1B | $1.7B | $2.1B |
| Shareholders' equity | — | $76.0M | $94.5M | $129M | $364M | $537M | $681M |
| Margins | |||||||
| Gross margin | 40.3% | 35.4% | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% |
| Operating margin | 12.7% | 3.4% | −22.3% | −0.4% | 4.8% | 8.3% | 9.8% |
| EBITDA margin | 16.8% | 8.1% | −17.3% | 5.7% | 11.9% | 15.5% | 16.9% |
| Net margin | 0.0% | 0.0% | −2.6% | −0.6% | 0.2% | 2.8% | 4.9% |
| FCF margin | 7.2% | 4.0% | −7.7% | −17.3% | −9.2% | 1.9% | 3.3% |
| Returns | |||||||
| Return on capital | — | — | −64.4% | −0.5% | 3.4% | 7.9% | 11.9% |
| Return on capital employed | — | — | −36.2% | −0.4% | 3.6% | 5.4% | 6.4% |
| Return on equity | — | — | −14.9% | −4.3% | 0.7% | 7.8% | 13.1% |
| Return on assets | — | — | −3.1% | −0.6% | 0.1% | 1.7% | 2.9% |
| Growth | |||||||
| Revenue growth | — | 37.4% | 52.1% | 48.4% | 30.7% | 32.6% | 27.9% |
| Net income growth | — | — | — | — | — | 1,952.3% | 126.5% |
| EPS growth | — | — | — | — | — | 1,033.3% | 88.2% |
| FCF growth | — | −24.7% | −393.4% | — | — | — | 120.3% |
| Share count change | — | — | — | 13.1% | 19.7% | 67.8% | 20.8% |
| Financial health | |||||||
| Net debt / EBITDA | — | −0.1x | — | 7.7x | 3.0x | 1.6x | 1.3x |
| Debt / equity | — | 0.4x | 0.0x | 2.7x | 1.3x | 1.2x | 0.9x |
| Interest coverage | 12.6x | 2.9x | −15.1x | −0.2x | 1.3x | 2.7x | 4.1x |
| Current ratio | — | 1.1x | 0.4x | 0.4x | 1.5x | 1.8x | 1.5x |
| Quick ratio | — | 0.8x | 0.3x | 0.2x | 1.2x | 1.6x | 1.3x |
| Capital allocation | |||||||
| Capex / revenue | 16.6% | 12.4% | 23.8% | 25.4% | 23.7% | 17.3% | 14.7% |
| Stock comp / revenue | 2.8% | 10.7% | 31.7% | 5.6% | 4.1% | 0.9% | 1.1% |
| Payouts / FCF | 0.0% | 0.0% | — | — | — | 0.0% | 0.0% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 3.0 | 7.0 | 6.0 | 5.0 |
| Altman Z'' | — | 0.8 | −1.7 | −0.5 | 1.1 | 1.2 | 1.2 |
| Accruals ratio | — | — | −22.9% | −7.4% | −9.4% | −9.9% | −7.8% |
Source: SEC EDGAR XBRL filings (CIK 0001866581). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.