Dutch Bros
BROS NYSE· Restaurants
Last close · Oct 23, 2026
$41.49
KIRA · Stoqly’s AI analyst, in plain words
- Dutch Bros had $1.6B of revenue in fiscal 2025, up 27.9% on the year before. Over five years, revenue changed +38.0% a year on average.
- Its operating margin was 9.8%, up 1.6 pts: of every 100 in sales, about 10 is left after running the business.
- Dutch Bros made $79.8M of net profit in fiscal 2025.
- Free cash flow was $54.4M in fiscal 2025, 3.3% of revenue.
- Dutch Bros returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 20.8%.
- Dutch Bros owes $353M more than it holds in cash, about 1.3 years of operating profit.
Market cap
$5.6B
P/E
57.6x
Revenue
$1.6B
Net income
$79.8M
Free cash flow
$54.4M
Operating margin
9.8%
Dutch Bros in 30 seconds · fiscal 2025
Are sales growing?
+27.9%
Yes. Sales grew 27.9% last year.
Does it make a profit?
4.9%
A little. It keeps 4.9% of every sale as profit.
Does profit turn into cash?
3.3%
Partly. 3.3% of sales ends up as free cash.
Is debt under control?
1.3x
Keep an eye on it. Repaying its debt would take 1.3 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
57.6x
One share costs 57.6 times its yearly profit per share. Typical for its sector: 17.7x.
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.
Biggest risks, in its own words
- Changes in consumer tastes and spending, and intense competition from coffee shops, quick-service restaurants and delivery options.
- New shops that may not be profitable or may close, and trouble managing its fast growth.
- Reliance on franchise partners, over whom it has limited control.
- Its shops are concentrated in the Western United States, so regional conditions matter more.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Legal name
- Dutch Bros Inc.
- CIK
- 0001866581
Dutch Bros · BROS
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $498M | $739M | $966M | $1.3B | $1.6B |
| Revenue growth | 52.1% | 48.4% | 30.7% | 32.6% | 27.9% |
| Gross margin | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% |
| Operating margin | −22.3% | −0.4% | 4.8% | 8.3% | 9.8% |
| Net income | −$12.7M | −$4.8M | $1.7M | $35.3M | $79.8M |
| Net margin | −2.6% | −0.6% | 0.2% | 2.8% | 4.9% |
| Diluted EPS | −$0.28 | −$0.09 | $0.03 | $0.34 | $0.64 |
| Cash | |||||
| Cash from operations | $80.4M | $59.9M | $140M | $246M | $296M |
| Capital expenditure | $118M | $188M | $229M | $222M | $241M |
| Free cash flow | −$38.1M | −$128M | −$88.5M | $24.7M | $54.4M |
| FCF margin | −7.7% | −17.3% | −9.2% | 1.9% | 3.3% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $288M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | — | 13.1% | 19.7% | 67.8% | 20.8% |
| Debt and strength | |||||
| Cash and short-term investments | $18.5M | $20.2M | $134M | $293M | $269M |
| Debt incl. finance leases | $3.6M | $345M | $476M | $621M | $623M |
| Shareholders' equity | $94.5M | $129M | $364M | $537M | $681M |
| Net debt / EBITDA | — | 7.7x | 3.0x | 1.6x | 1.3x |
| Current ratio | 0.4x | 0.4x | 1.5x | 1.8x | 1.5x |
| Interest coverage | −15.1x | −0.2x | 1.3x | 2.7x | 4.1x |
| Returns and quality | |||||
| Return on capital | −64.4% | −0.5% | 3.4% | 7.9% | 11.9% |
| Return on equity | −14.9% | −4.3% | 0.7% | 7.8% | 13.1% |
| Piotroski F-score | — | 3 | 7 | 6 | 5 |
| Altman Z'' | −1.7 | −0.5 | 1.1 | 1.2 | 1.2 |
Insiders bought, 12 months
$0.2M
1 insider
Insiders sold, 12 months
$646M
4 insiders
Of sales under plans
100%
$646M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Dutch Bros · BROS
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 |
| BJ's Restaurants BJRI | $1.2B | 3.1% | 3.3% | 2.9% | 11.1% | 30.2x | 7 |
| Papa John's PZZA | $603M | −0.3% | 4.3% | 3.0% | 19.3% | 23.1x | 4 |
| Dave & Buster's PLAY | $246M | −1.4% | 4.1% | −4.8% | 4.1% | — | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $41.49 a share, the company is worth $5.6B: 57.6 times its earnings of the last four quarters.
Dutch Bros grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001866581). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.