Dutch Bros Inc.

Listed Company

BROSCIK 0001866581NYSELarge AcceleratedRetail-Eating & Drinking PlacesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.64B

Net Income

$79.84M

Total Assets

$3.01B

Equity

$680.82M

Shares Out

154.20M

Op. Cash Flow

$295.55M

Business

Dutch Bros Inc. is an operator and franchisor of drive-thru shops that serve hand-crafted coffee and beverage offerings with an emphasis on speed and service. It offers a wide range of customizable hot, iced, and blended beverages including espresso-based coffees, proprietary Dutch Bros Rebel® energy drinks, cold brew, teas, lemonades, smoothies, food items, and packaged Private Reserve coffee. Its operations consist of company-operated and franchised shop networks, in-house coffee roasting and supply-chain functions, franchising/licensing, and digital loyalty and mobile-ordering services. Dutch Bros distributes primarily across the United States in 18 states through drive-thru and walk-up shop formats and packaged product distributors.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,638	1,281	966	739	498
Cost of sales	1,214	941	714	558	345
Selling, general and administrative	263	234	205	184	265
Total costs and expenses	1,477	1,175	920	742	609
Income from operations	161	106	46	−3	−111
Interest expense, net	−28	−27	−32	−18	−7
Other income	3	6	3	4	−1
Total other expense	−26	−21	−29	−14	−8
Income before income taxes	136	85	17	−17	−120
Income tax expense	18	18	7	3	−2
Net income	117	66	10	−19	−118
Less: Net income attributable to non-controlling interests	37	31	8	−15	−38
Net income attributable to Dutch Bros Inc.	80	35	2	−5	−13
Basic (in dollars per share)	0.64	0.34	0.03	−0.09	−0.28
Diluted (in dollars per share)	0.64	0.34	0.03	−0.09	−0.28
Basic (in shares)	125	104	62	52	46
Diluted (in shares)	126	104	62	52	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	269	293	134	20	19
Accounts receivable, net	18	11	9	12	11
Inventories, net	49	36	47	39	23
Prepaid expenses and other current assets	21	18	16	11	9
Total current assets	357	358	205	82	61
Property and equipment, net	825	684	542	365	302
Lease right-of-use assets, net	855	690	—	—	—
Deferred income tax assets, net	947	742	403	289	159
Other long-term assets	26	27	4	2	2
Total assets	3,009	2,501	1,764	1,186	554
Accounts payable	38	32	30	21	20
Other current liabilities	99	83	6	6	6
Deferred revenue	56	43	30	25	23
Current portion of tax receivable agreements liability	8	71,000	0	0	450,000
Current portion of lease liabilities	36	27	—	—	—
Current portion of long-term debt	4	17	4	3	103,000
Total current liabilities	240	203	138	213	139
Deferred revenue, net of current portion	9	8	7	6	5
Lease liabilities, net of current portion	852	679	—	—	—
Long-term debt, net of current portion	196	220	93	96	4
Tax receivable agreements liability, net of current portion	813	628	291	221	109
Other long-term liabilities	0	8,000	8,000	8,000	680,000
Total liabilities	2,111	1,737	1,088	934	340
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	0	0
Additional paid-in capital	581	517	379	146	107
Accumulated other comprehensive income	48,000	628,000	544,000	813,000	0
Retained earnings	100	20	−16	−17	−13
Total stockholders' equity attributable to Dutch Bros Inc.	681	537	364	129	95
Non-controlling interests	217	226	312	123	119
Total equity	898	764	676	252	214
Total liabilities and equity	3,009	2,501	1,764	1,186	554

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	115	93	69	45	25
Non-cash interest expense	824,000	1	887,000	691,000	280,000
Non-cash donation expense	0	2	0	0	—
(Gain) loss on disposal of assets	300,000	−1	−23,000	−340,000	657,000
Loss on extinguishment of debt	809,000	0	0	0	1
Equity-based compensation	18	11	39	42	158
Deferred income taxes	18	15	6	1	−3
Remeasurement gain on TRAs	−5	−4	−3	−3	0
Non-cash operating lease cost	21	16	11	10	0
Accounts receivable, net	−8	−1	3	−1	193,000
Inventories, net	−12	10	−8	−16	−8
Prepaid expenses and other current assets	−4	−2	−5	−695,000	−4
Other long-term assets	−2	611,000	−578,000	1	13,000
Accounts payable	4	4	4	2	2
Other current liabilities	20	30	16	1	5
Deferred revenue	14	14	6	3	12
Other long-term liabilities	−8,000	0	0	−672,000	−118,000
Operating lease liabilities	−2	−8	−9	−10	0
Net cash provided by operating activities	296	246	140	60	80
Purchases of property and equipment	−241	−222	−228	−188	−118
Proceeds from disposal of property and equipment	66,000	10	1	—	—
Net cash used in investing activities	−241	−212	−227	−193	−121
Proceeds from line of credit	0	2	90	158	65
Payments on line of credit	0	−2	−203	−10	−15
Payments on finance lease liabilities	−16	−11	−12	−6	−3
Proceeds from long-term debt	250	150	2	1	200
Payments on long-term debt	−287	−11	−3	−2	−228
Payments of debt issuance costs	−2	0	−1	−3	−2
Proceeds from equity offering, net of underwriting discounts and commissions	0	0	331	0	525
Payment of deferred offering costs	0	0	−1	−250,000	−4
Tax withholding payments upon vesting of equity awards	−13	−1	−2	−4	−11
Distributions to non-controlling interest holders	−7	−2	0	0	—
Payments under tax receivable agreements	−5	0	0	—	—
Net cash provided by (used in) financing activities	−78	125	201	134	28
Net increase (decrease) in cash and cash equivalents	−24	160	113	2	−13
Interest paid	39	39	35	18	7
Income taxes paid	996,000	2	2	1	—
Additions of property and equipment recorded as liabilities as of end of period	11	13	14	7	6

Filings

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