Dutch Bros Inc.(BROS)Earnings, Financials & Key Ratios

BROS•NYSE

$57.17

$7.19B mkt cap·90.7× P/E·Price updated May 6, 2026

SectorConsumer Cyclical IndustryRestaurants Sub-IndustryCoffee and Beverage Chains

AboutDutch Bros Inc., together with its subsidiaries, operates and franchises drive-thru shops in the United States. The company operates through Company-Operated Shops and Franchising and Other segments. It serves through company-operated shops and online channels under Dutch Bros; Dutch Bros Coffee; Dutch Bros Rebel; Dutch Bros; and Blue Rebel brands. Dutch Bros Inc. was founded in 1992 and is headquartered in Grants Pass, Oregon.Show more

Revenue$1.64B+27.9%
EBITDA$276M+38.8%
Net Income$80M+126.5%
EPS (Diluted)0.63+103.2%
Gross Margin25.88%-2.5%
EBITDA Margin16.87%+8.5%
Operating Margin9.84%+18.8%
Net Margin4.87%+77.1%
ROE9.61%+96.2%
ROIC10.61%+75.5%
Debt/Equity0.26-78.6%
Interest Coverage5.69+45.0%

Technical→

BROS Key Insights

Dutch Bros Inc. (BROS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y profit CAGR of 69.4%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 38.0%

✗Weaknesses

✗Weak 3Y average ROE of 5.0%
✗Thin 5Y average net margin of 0.9%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

BROS Price & Volume

Dutch Bros Inc. (BROS) stock price & volume — 10-year historical chart

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BROS Growth Metrics

Dutch Bros Inc. (BROS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years37.99%

3 Years30.39%

TTM28.93%

Profit CAGR

10 Years-

5 Years69.39%

3 Years-

TTM105.28%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM69.3%

Return on Capital

10 Years1.1%

5 Years-4.25%

3 Years5.11%

Last Year6.36%

BROS Recent Earnings

Dutch Bros Inc. (BROS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 11/12 qtrs (92%)●Beat Revenue 10/12 qtrs (83%)

Q1 2026Latest

Feb 12, 2026

EPS

$0.17

Est $0.10

+70.0%

Revenue

$444M

Est $425M

+4.4%

Q4 2025

Nov 5, 2025

EPS

$0.19

Est $0.17

+13.6%

Revenue

$424M

Est $414M

+2.4%

Q3 2025

Aug 6, 2025

EPS

$0.26

Est $0.18

+44.4%

Revenue

$416M

Est $412M

+1.0%

Q2 2025

May 7, 2025

EPS

$0.14

Est $0.10

+35.4%

Revenue

$355M

Est $344M

+3.2%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	Feb 12, 2026	$0.17vs $0.10+70.0%	$444Mvs $425M+4.4%
Q4 2025	Nov 5, 2025	$0.19vs $0.17+13.6%	$424Mvs $414M+2.4%
Q3 2025	Aug 6, 2025	$0.26vs $0.18+44.4%	$416Mvs $412M+1.0%
Q2 2025	May 7, 2025	$0.14vs $0.10+35.4%	$355Mvs $344M+3.2%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
SBUXStarbucks CorporationDirect Competitor	119.6B	104.94	64.38	2.79%	3.63%		2.04%
QSRRestaurant Brands International Inc.Direct Competitor	26.78B	81.69	25.69	19.71%	9.95%	17.85%	4.86%	3.29
WENThe Wendy's CompanyDirect Competitor	1.26B	6.61	6.96	2.98%	8.43%	170.42%	20.74%	15.78
JACKJack in the Box Inc.Direct Competitor	245.94M	12.84	-3.05	-6.75%	-5.16%		30.14%
MCDMcDonald's CorporationProduct Competitor	203.09B	285.17	25.04	1.67%	32.04%		3.29%
YUMYum! Brands, Inc.Product Competitor	42.54B	153.89	27.68	8.81%	20.48%		3.85%
DENNDenny's CorporationProduct Competitor	321.87M	6.25	15.24	-2.5%	2.24%		0.29%
SHAKShake Shack Inc.Product Competitor	3.89B	96.61	88.63	15.38%	3.16%	8.69%	1.45%	1.63

Compare BROS vs Peers

Dutch Bros Inc. (BROS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SBUX

Most directly comparable listed peer for BROS.

Scale Benchmark

vs MCD

Larger-name benchmark to compare BROS against a more recognizable public peer.

Peer Set

Compare Top 5

vs SBUX, QSR, WEN, JACK

BROS Income Statement

Dutch Bros Inc. (BROS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	238.37M	327.41M	497.88M	739.01M	965.78M	1.28B	1.64B	1.54B
Revenue Growth %	-	37.36%	52.06%	48.43%	30.68%	32.64%	27.88%	28.93%
Cost of Goods Sold	142.31M	211.48M	344.57M	558.1M	714.48M	940.89M	1.21B	1.13B
COGS % of Revenue	59.7%	64.59%	69.21%	75.52%	73.98%	73.45%	74.12%	-
Gross Profit	96.06M▲ 0%	115.94M▲ 20.7%	153.3M▲ 32.2%	180.92M▲ 18.0%	251.3M▲ 38.9%	340.13M▲ 35.3%	423.95M▲ 24.6%	404.76M▲ 0%
Gross Margin %	40.3%	35.41%	30.79%	24.48%	26.02%	26.55%	25.88%	26.33%
Gross Profit Growth %	-	20.69%	32.23%	18.01%	38.9%	35.35%	24.64%	-
Operating Expenses	65.76M	104.94M	264.53M	183.53M	205.07M	234.04M	262.77M	261.76M
OpEx % of Revenue	27.59%	32.05%	53.13%	24.83%	21.23%	18.27%	16.04%	-
Selling, General & Admin	65.76M	104.94M	264.53M	183.53M	205.07M	234.04M	262.77M	261.76M
SG&A % of Revenue	27.59%	32.05%	53.13%	24.83%	21.23%	18.27%	16.04%	-
Research & Development	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0
Operating Income	30.3M▲ 0%	11M▼ 63.7%	-111.23M▼ 1111.1%	-2.61M▲ 97.7%	46.22M▲ 1869.6%	106.09M▲ 129.5%	161.18M▲ 51.9%	143M▲ 0%
Operating Margin %	12.71%	3.36%	-22.34%	-0.35%	4.79%	8.28%	9.84%	9.3%
Operating Income Growth %	-	-63.69%	-1111.15%	97.65%	1869.6%	129.53%	51.92%	-
EBITDA	39.97M	26.54M	-86.01M	42.12M	115.36M	199.1M	276.31M	242.9M
EBITDA Margin %	16.77%	8.11%	-17.28%	5.7%	11.94%	15.54%	16.87%	15.8%
EBITDA Growth %	-	-33.6%	-424.11%	148.97%	173.9%	72.59%	38.78%	35.19%
D&A (Non-Cash Add-back)	9.67M	15.54M	25.22M	44.73M	69.14M	93M	115.13M	99.9M
EBIT	30.82M	10.64M	-112.47M	1.36M	49.24M	111.91M	161.18M	139.32M
Net Interest Income	-2.35M	-3.74M	-7.09M	-18.02M	-32.32M	-27.02M	-28.3M	-27.37M
Interest Income	0	0	0	0	0	0	0	0
Interest Expense	2.35M	3.74M	7.09M	18.02M	32.32M	27.02M	28.3M	27.37M
Other Income/Expense	-1.82M	-4.1M	-8.33M	-14.04M	-29.3M	-21.21M	-25.56M	-31.04M
Pretax Income	28.48M▲ 0%	6.9M▼ 75.8%	-119.56M▼ 1832.5%	-16.65M▲ 86.1%	16.92M▲ 201.6%	84.89M▲ 401.7%	135.62M▲ 59.8%	111.95M▲ 0%
Pretax Margin %	11.95%	2.11%	-24.01%	-2.25%	1.75%	6.63%	8.28%	7.28%
Income Tax	89K	1.18M	-1.63M	2.6M	6.97M	18.43M	18.35M	17.47M
Effective Tax Rate %	0.31%	17.04%	1.36%	-15.61%	41.18%	21.72%	13.53%	15.6%
Net Income	28.39M▲ 0%	5.72M▼ 79.8%	-12.68M▼ 321.5%	-4.75M▲ 62.5%	1.72M▲ 136.1%	35.26M▲ 1952.3%	79.84M▲ 126.5%	62.08M▲ 0%
Net Margin %	11.91%	1.75%	-2.55%	-0.64%	0.18%	2.75%	4.87%	4.04%
Net Income Growth %	-	-79.83%	-321.47%	62.51%	136.15%	1952.27%	126.45%	105.28%
Net Income (Continuing)	28.39M	5.72M	-117.93M	-19.25M	9.95M	66.45M	117.28M	94.49M
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	0	0	119.21M	122.86M	311.58M	226.5M	217.05M	208.47M
EPS (Diluted)	0.61▲ 0%	0.00▼ 100.0%	-0.28▲ 0%	-0.09▲ 67.3%	0.03▲ 130.2%	0.31▲ 1019.1%	0.63▲ 103.2%	0.49▲ 0%
EPS Growth %	-	-100%	-	67.29%	130.24%	1019.13%	103.23%	69.3%
EPS (Basic)	0.61	0.00	-0.28	-0.09	0.03	0.31	0.64	-
Diluted Shares Outstanding	46.75M	46.75M	45.86M	51.87M	62.07M	114.75M	125.76M	127.38M
Basic Shares Outstanding	46.75M	46.75M	45.86M	51.87M	62.07M	114.24M	125.33M	126.99M
Dividend Payout Ratio	-	135.37%	-	-	-	-	-	-

BROS Balance Sheet

Dutch Bros Inc. (BROS) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	36.85M	63.07M	61.29M	82.32M	205.26M	357.94M	357.38M	341.14M
Cash & Short-Term Investments	15.58M	31.64M	18.51M	20.18M	133.54M	293.35M	269.4M	267.19M
Cash Only	15.58M	31.64M	18.51M	20.18M	133.54M	293.35M	269.4M	267.19M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	6.62M	10.84M	10.64M	11.97M	9.12M	10.6M	18.39M	14.3M
Days Sales Outstanding	10.14	12.08	7.8	5.91	3.45	3.02	4.1	2.97
Inventory	10.91M	15.58M	23.34M	39.23M	46.95M	36.49M	48.92M	45.3M
Days Inventory Outstanding	28	26.89	24.73	25.66	23.99	14.15	14.7	13.09
Other Current Assets	3.73M	5.01M	0	10.95M	15.64M	17.5M	20.67M	14.35M
Total Non-Current Assets	131.43M	196.59M	492.41M	1.1B	1.56B	2.14B	2.65B	2.58B
Property, Plant & Equipment	103.18M	165.42M	302M	782.71M	1.12B	1.37B	1.68B	1.6B
Fixed Asset Turnover	2.31x	1.98x	1.65x	0.94x	0.86x	0.93x	0.98x	1.04x
Goodwill	16.53M	18.07M	18.71M	21.63M	21.63M	21.63M	0	21.63M
Intangible Assets	10.55M	11.32M	11.1M	8.8M	5.42M	2.95M	0	1.76M
Long-Term Investments	0	0	0	0	837K	832K	0	115K
Other Non-Current Assets	1.18M	1.57M	1.56M	2.13M	3.03M	1.76M	25.52M	18.99M
Total Assets	168.28M▲ 0%	259.66M▲ 54.3%	553.7M▲ 113.2%	1.19B▲ 114.3%	1.76B▲ 48.7%	2.5B▲ 41.8%	3.01B▲ 20.3%	2.92B▲ 0%
Asset Turnover	1.42x	1.26x	0.90x	0.62x	0.55x	0.51x	0.54x	0.56x
Asset Growth %	-	54.3%	113.24%	114.26%	48.69%	41.78%	20.32%	113.62%
Total Current Liabilities	32.9M	59.87M	138.73M	212.68M	138.12M	203.07M	240.5M	224.46M
Accounts Payable	13.04M	16.09M	20.44M	21.27M	29.96M	32.23M	37.63M	38.24M
Days Payables Outstanding	33.46	27.77	21.65	13.91	15.3	12.5	11.31	10.93
Short-Term Debt	4.19M	21.12M	64.21M	113.47M	4.49M	17.31M	40.35M	3.88M
Deferred Revenue (Current)	7.5M	11.19M	22.81M	25.34M	30.35M	42.87M	55.66M	171.72M
Other Current Liabilities	8.16M	11.46M	6.92M	25.64M	22.19M	7.14M	99.17M	64.19M
Current Ratio	1.12x	1.05x	0.44x	0.39x	1.49x	1.76x	1.49x	1.49x
Quick Ratio	0.79x	0.79x	0.27x	0.20x	1.15x	1.58x	1.28x	1.28x
Cash Conversion Cycle	4.67	11.2	10.88	17.66	12.13	4.67	7.49	5.12
Total Non-Current Liabilities	57.37M	123.8M	201.24M	721.71M	949.97M	1.53B	1.02B	1.83B
Long-Term Debt	22.88M	74M	3.5M	96.3M	93.17M	219.75M	196.29M	196M
Capital Lease Obligations	20.83M	0	79.59M	398.36M	559.19M	678.61M	0	2.94B
Deferred Tax Liabilities	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	9.64M	45.05M	113.12M	220.93M	290.93M	627.77M	813.35M	3.07B
Total Liabilities	90.27M	183.67M	339.97M	934.38M	1.09B	1.74B	2.11B	2.06B
Total Debt	47.91M	95.12M	150.69M	625.42M	676.58M	942.91M	236.64M	1.04B
Net Debt	32.32M	63.48M	132.18M	605.24M	543.04M	649.55M	-32.76M	769.38M
Debt / Equity	0.61x	1.25x	0.71x	2.48x	1.00x	1.23x	0.26x	0.26x
Debt / EBITDA	1.20x	3.58x	-	14.85x	5.87x	4.74x	0.86x	4.27x
Net Debt / EBITDA	0.81x	2.39x	-	14.37x	4.71x	3.26x	-0.12x	-0.12x
Interest Coverage	12.91x	2.94x	-15.68x	-0.14x	1.43x	3.93x	5.69x	5.09x
Total Equity	78.02M▲ 0%	75.99M▼ 2.6%	213.73M▲ 181.3%	251.98M▲ 17.9%	675.92M▲ 168.2%	763.87M▲ 13.0%	897.87M▲ 17.5%	865.03M▲ 0%
Equity Growth %	-	-2.6%	181.26%	17.9%	168.25%	13.01%	17.54%	56.62%
Book Value per Share	1.67	1.63	4.66	4.86	10.89	6.66	7.14	6.79
Total Shareholders' Equity	78.02M	75.99M	94.52M	129.12M	364.35M	537.37M	680.82M	656.56M
Common Stock	-859.71M	-1.46B	2K	2K	2K	1K	1K	1K
Retained Earnings	0	0	-12.68M	-17.31M	-15.59M	19.67M	99.51M	78.14M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	813K	544K	628K	48K	162K
Minority Interest	0	0	119.21M	122.86M	311.58M	226.5M	217.05M	208.47M

BROS Cash Flow Statement

Dutch Bros Inc. (BROS) cash flow — operating, investing & free cash flow history

Line item	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	56.7M	53.55M	80.38M	59.88M	139.91M	246.43M	295.55M	295.55M
Operating CF Margin %	23.79%	16.36%	16.14%	8.1%	14.49%	19.24%	18.04%	-
Operating CF Growth %	-	-5.56%	50.1%	-25.5%	133.65%	76.13%	19.93%	85.59%
Net Income	28.39M	5.72M	-119.98M	-19.25M	1.72M	66.45M	117.28M	62.08M
Depreciation & Amortization	9.67M	15.54M	25.22M	44.73M	47.83M	93M	115.13M	108.91M
Stock-Based Compensation	6.76M	35.09M	157.72M	41.66M	39.22M	11.48M	18.02M	16.77M
Deferred Taxes	0	475K	-2.66M	1.08M	5.95M	15.42M	17.62M	14.73M
Other Non-Cash Items	330K	98K	2.22M	6.8M	39.18M	13.16M	27.5M	24.57M
Working Capital Changes	11.56M	-3.37M	17.86M	-15.13M	6.02M	46.91M	0	18.66M
Change in Receivables	-612K	-4.22M	193K	-1.32M	2.84M	-1.47M	-7.79M	-3.94M
Change in Inventory	222K	-4.59M	-7.67M	-15.82M	0	10.46M	-12.43M	-6.91M
Change in Payables	3.53M	-518K	2.15M	1.61M	3.9M	3.66M	3.71M	1.55M
Cash from Investing	-39.95M	-45.57M	-121.09M	-192.57M	-227.28M	-212.07M	-241.07M	-212.65M
Capital Expenditures	-39.47M	-40.58M	-118.44M	-187.88M	-228.46M	-221.74M	-241.13M	-212.74M
CapEx % of Revenue	16.56%	12.39%	23.79%	25.42%	23.66%	17.31%	14.72%	-
Acquisitions	-530K	-5.09M	-5.39M	-6.05M	0	0	0	0
Investments	-	-	-	-	-	-	-	-
Other Investing	47K	99K	2.74M	1.36M	1.18M	9.67M	66K	91K
Cash from Financing	-12.68M	8.08M	27.58M	134.36M	200.73M	125.45M	-78.43M	-79.44M
Debt Issued (Net)	-6.05M	15.83M	21.24M	141.26M	-126.1M	128.41M	0	-52.95M
Equity Issued (Net)	0	0	1000K	-1000K	1000K	-1000K	0	-1000K
Dividends Paid	-6.63M	-7.75M	-213.31M	0	0	0	0	0
Share Repurchases	0	0	-287.66M	-3.9M	0	-1.07M	0	-1.02M
Other Financing	0	0	-17.54M	-3M	-4.37M	-1.89M	-78.43M	-25.47M
Net Change in Cash	4.07M▲ 0%	16.06M▲ 294.1%	-13.13M▼ 181.8%	1.67M▲ 112.7%	113.37M▲ 6680.3%	159.81M▲ 41.0%	-23.95M▼ 115.0%	-13.94M▲ 0%
Free Cash Flow	17.24M▲ 0%	12.97M▼ 24.7%	-38.07M▼ 393.4%	-128M▼ 236.2%	-88.54M▲ 30.8%	24.69M▲ 127.9%	54.41M▲ 120.3%	65.41M▲ 0%
FCF Margin %	7.23%	3.96%	-7.65%	-17.32%	-9.17%	1.93%	3.32%	4.25%
FCF Growth %	-	-24.73%	-393.43%	-236.22%	30.82%	127.89%	120.34%	723.52%
FCF per Share	0.37	0.28	-0.83	-2.47	-1.43	0.22	0.43	0.43
FCF Conversion (FCF/Net Income)	2.00x	9.35x	-6.34x	-12.60x	81.44x	6.99x	3.70x	1.05x
Interest Paid	2.42M	3.83M	7.35M	17.61M	34.97M	39.1M	0	39.17M
Taxes Paid	103K	338K	886K	1.32M	1.73M	2.25M	0	1.33M

BROS Key Ratios

Dutch Bros Inc. (BROS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	7.43%	-8.75%	-2.04%	0.37%	4.9%	9.61%	7.18%
Return on Invested Capital (ROIC)	6.6%	-34.37%	-0.33%	3.34%	6.05%	10.61%	10.61%
Gross Margin	35.41%	30.79%	24.48%	26.02%	26.55%	25.88%	26.33%
Net Margin	1.75%	-2.55%	-0.64%	0.18%	2.75%	4.87%	4.04%
Debt / Equity	1.25x	0.71x	2.48x	1.00x	1.23x	0.26x	0.26x
Interest Coverage	2.94x	-15.68x	-0.14x	1.43x	3.93x	5.69x	5.09x
FCF Conversion	9.35x	-6.34x	-12.60x	81.44x	6.99x	3.70x	1.05x
Revenue Growth	37.36%	52.06%	48.43%	30.68%	32.64%	27.88%	28.93%

BROS SEC Filings & Documents

Dutch Bros Inc. (BROS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Feb 12, 2026·SEC

Material company update

Nov 5, 2025·SEC

Material company update

Aug 6, 2025·SEC

10-K Annual Reports

FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 13, 2025·SEC

10-Q Quarterly Reports

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 8, 2025·SEC

BROS Frequently Asked Questions

Dutch Bros Inc. (BROS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Dutch Bros Inc. (BROS) reported $1.54B in revenue for fiscal year 2025. This represents a 545% increase from $238.4M in 2019.

Dutch Bros Inc. (BROS) grew revenue by 27.9% over the past year. This is strong growth.

Yes, Dutch Bros Inc. (BROS) is profitable, generating $62.1M in net income for fiscal year 2025 (4.9% net margin).

Dividend & Returns

Dutch Bros Inc. (BROS) has a return on equity (ROE) of 9.6%. This is below average, suggesting room for improvement.

Dutch Bros Inc. (BROS) generated $65.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Dutch Bros Inc. (BROS) financial analysis — history, returns, DCA and operating performance tools

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Dutch Bros Inc.(BROS)Earnings, Financials & Key Ratios

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