Operating cash flow of $112.2M in 2026Q2 ran about 3.0 times net income, but free cash flow remains inconsistent, swinging from -$8.7M in 2025Q1 to $39.9M in 2026Q2, with no disclosed buybacks or dividends.
Dutch Bros Inc. (BROS) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 276.57M | 295.55M | 246.43M | 139.91M | 59.88M | 80.38M | 53.55M | 56.7M |
| Operating CF Margin % | - | 18.04% | 19.24% | 14.49% | 8.1% | 16.14% | 16.36% | 23.79% |
| Operating CF Growth % | 82.48% | 19.93% | 76.13% | 133.65% | -25.5% | 50.1% | -5.56% | - |
| Net Income | 102.03M | 117.28M | 66.45M | 1.72M | -19.25M | -119.98M | 5.72M | 28.39M |
| Depreciation & Amortization | 137.37M | 115.13M | 93M | 69.14M | 44.73M | 25.22M | 15.54M | 9.67M |
| Stock-Based Compensation | 18.34M | 18.02M | 11.48M | 39.22M | 41.66M | 157.72M | 35.09M | 6.76M |
| Deferred Taxes | 17.73M | 17.62M | 15.42M | 5.95M | 1.08M | -2.66M | 475K | 0 |
| Other Non-Cash Items | -43.57M | 17.83M | 13.16M | 17.87M | 6.8M | 2.22M | 98K | 330K |
| Working Capital Changes | 12.62M | 9.67M | 46.91M | 6.02M | -15.13M | 17.86M | -3.37M | 11.56M |
| Change in Receivables | -4.57M | -7.79M | -1.47M | 2.84M | -1.32M | 193K | -4.22M | -612K |
| Change in Inventory | 4.04M | -12.43M | 10.46M | 0 | -15.82M | -7.67M | -4.59M | 222K |
| Change in Payables | 7.84M | 3.71M | 3.66M | 3.9M | 1.61M | 2.15M | -518K | 3.53M |
| Cash from Investing | -220.18M | -241.07M | -212.07M | -227.28M | -192.57M | -121.09M | -45.57M | -39.95M |
| Capital Expenditures | -200.46M | -241.13M | -221.74M | -228.46M | -187.88M | -118.44M | -40.58M | -39.47M |
| CapEx % of Revenue | 9.98% | 14.72% | 17.31% | 23.66% | 25.42% | 23.79% | 12.39% | 16.56% |
| Acquisitions | 0 | 0 | 0 | 0 | -6.05M | -5.39M | -5.09M | -530K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -19.72M | 66K | 9.67M | 1.18M | 1.36M | 2.74M | 99K | 47K |
| Cash from Financing | -54.96M | -78.43M | 125.45M | 200.73M | 134.36M | 27.58M | 8.08M | -12.68M |
| Debt Issued (Net) | -13.49M | -54.34M | 128.41M | -126.1M | 141.26M | 21.24M | 15.83M | -6.05M |
| Equity Issued (Net) | 0 | 0 | -1.07M | 331.2M | -3.9M | 237.19M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -213.31M | -7.75M | -6.63M |
| Share Repurchases | 0 | 0 | -1.07M | 0 | -3.9M | -287.66M | 0 | 0 |
| Other Financing | -41.48M | -24.09M | -1.89M | -4.37M | -3M | -17.54M | 0 | 0 |
| Net Change in Cash | 1.43M | -23.95M | 159.81M | 113.37M | 1.67M | -13.13M | 16.06M | 4.07M |
| Free Cash Flow | 76.11M | 54.41M | 24.69M | -88.54M | -128M | -38.07M | 12.97M | 17.24M |
| FCF Margin % | 3.79% | 3.32% | 1.93% | -9.17% | -17.32% | -7.65% | 3.96% | 7.23% |
| FCF Growth % | 16.37% | 120.34% | 127.89% | 30.82% | -236.22% | -393.43% | -24.73% | - |
| FCF per Share | 0.55 | 0.43 | 0.22 | -1.43 | -2.47 | -0.83 | 0.28 | 0.37 |
| FCF Conversion (FCF/Net Income) | 0.75x | 3.70x | 6.99x | 81.44x | -12.60x | -6.34x | 9.35x | 2.00x |
| Interest Paid | 18.93M | 38.97M | 39.1M | 34.97M | 17.61M | 7.35M | 3.83M | 2.42M |
| Taxes Paid | 96K | 996K | 2.25M | 1.73M | 1.32M | 886K | 338K | 103K |
Quick answers to the most common questions about buying BROS stock.
Dutch Bros Inc. (BROS) generated $295.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dutch Bros Inc. (BROS) generated $54.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Dutch Bros Inc. (BROS) spent $241.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Capex-driven cash burn exposure
Metrics are mathematically derived from official filings.
Operating Cash Flow Far Exceeds Reported Earnings
According to recent SEC filings, BROS operating cash flow ran at roughly 3.0 to 5.3 times net income across recent quarters, with 2026Q2 operating cash flow of $112.2M against net income of $37.4M.
The consistent gap between operating cash flow and net income suggests that reported earnings materially understate cash generation, largely because depreciation of $30M to $40M per quarter and working capital inflows sit against a modest net income base. This pattern is typical of a rapidly expanding shop base carrying heavy non-cash charges, but it also means the net income line is heavily influenced by pre-opening costs and stock-based compensation rather than by the underlying cash economics of established shops. Investors should monitor whether this conversion gap narrows as the shop count matures.
Free Cash Flow Turns Positive but Inconsistent
Based on reported figures, BROS free cash flow swung between negative $8.7M in 2025Q1 and positive $39.9M in 2026Q2, leaving a free cash flow margin of 7.2% at the latest peak and only 1.9% in 2025Q4.
The free cash flow trajectory appears to be improving on a multi-quarter basis, but quarterly volatility remains high, with several periods near breakeven. Because capital expenditures consistently absorb 12% to 20% of revenue, free cash flow is highly sensitive to the pace of shop openings and timing of construction spend. The current profile suggests the business is not yet reliably self-funding its growth, which warrants continued attention to free cash flow durability through a full expansion cycle.
Growth Capex Consumes Most Operating Cash
As reported in financial statements, BROS capital expenditures ranged from $42.8M to $72.3M per quarter, equal to 12.3% to 19.8% of revenue, consuming a large share of operating cash flow in most periods.
The capex profile is dominated by growth spending on new company-operated shops rather than maintenance, given that depreciation runs well below total capex in every quarter. This suggests that the return on the expansion program will determine long-term cash generation, and the lack of a maintenance-capex floor means that a slowdown in openings would sharply lift free cash flow. Investors should evaluate whether per-shop capital intensity is declining as the footprint matures.
Working Capital Swings Drive Quarterly Noise
Based on EDBL-style reporting logic applied to BROS figures, working capital changes ranged from a $22.2M outflow in 2025Q1 to a $27.3M inflow in 2024Q3, contributing materially to quarterly operating cash flow volatility.
The magnitude of working capital movements relative to net income indicates that timing differences in payables, accrued liabilities, and gift card or rewards balances are a meaningful driver of reported operating cash flow. Inflows from working capital in several quarters may partly reflect favorable timing rather than durable cash generation. Analysts should treat quarters with large working capital inflows with caution when extrapolating operating cash flow run rates.
Cash Flow Strength May Mask Growth Dependence
According to recent SEC filings, BROS operating cash flow appears strong on paper, yet the absence of disclosed buybacks and dividends alongside sustained capex suggests reinvestment is absorbing essentially all generated cash.
The cash flow statement may obscure how much of operating cash flow is being recycled into shop construction rather than accumulating as distributable value. Because stock-based compensation adds back to operating cash flow while representing a real economic cost, the reported cash strength may overstate the cash available to shareholders. Investors should consider whether the business would still generate positive free cash flow if expansion capex were materially reduced, as this would indicate the underlying cash economics of the mature shop base.