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Stocks · Consumer discretionary · Retail-Eating & Drinking Places

Dutch Bros Inc.

BROS Clue Score79
United States Fiscal year ends December CIK 0001866581
$38.05 -4.35% Close, 9 Oct 2026
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Price $38.05 −22.35% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 15 Sep 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue238.4Operating income30.3Net income0.0Fiscal year 2020Revenue327.4 +37.4%Operating income11.0Net income0.0Fiscal year 2021Revenue497.9 +52.1%Operating income−111.2Net income−12.7EPS, diluted−0.28Fiscal year 2022Revenue739.0 +48.4%Operating income−2.6Net income−4.8EPS, diluted−0.09Fiscal year 2023Revenue965.8 +30.7%Operating income46.2Net income1.7EPS, diluted0.03Fiscal year 2024Revenue1,281.0 +32.6%Operating income106.1Net income35.3 +1,952.3%EPS, diluted0.34Fiscal year 2025Revenue1,638.2 +27.9%Operating income161.2Net income79.8 +126.5%EPS, diluted0.64
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 238.4 327.4 497.9 739.0 965.8 1,281.0 1,638.2
Growth +37.4% +52.1% +48.4% +30.7% +32.6% +27.9%
Operating income 30.3 11.0 −111.2 −2.6 46.2 106.1 161.2
Net income 0.0 0.0 −12.7 −4.8 1.7 35.3 79.8
Growth +1,952.3% +126.5%
EPS, diluted n/a n/a −0.28 −0.09 0.03 0.34 0.64

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin12.7%Net margin0.0%Free cash flow margin7.2%Fiscal year 2020Operating margin3.4%Net margin0.0%Free cash flow margin4.0%Fiscal year 2021Operating margin−22.3%Net margin−2.5%Free cash flow margin−7.6%Fiscal year 2022Operating margin−0.4%Net margin−0.6%Free cash flow margin−17.3%Fiscal year 2023Operating margin4.8%Net margin0.2%Free cash flow margin−9.2%Fiscal year 2024Operating margin8.3%Net margin2.8%Free cash flow margin1.9%Fiscal year 2025Operating margin9.8%Net margin4.9%Free cash flow margin3.3%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 12.7% 3.4% −22.3% −0.4% 4.8% 8.3% 9.8%
Net margin 0.0% 0.0% −2.5% −0.6% 0.2% 2.8% 4.9%
Free cash flow margin 7.2% 4.0% −7.6% −17.3% −9.2% 1.9% 3.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow56.7Capital expenditure−39.5Free cash flow17.2Fiscal year 2020Operating cash flow53.5Capital expenditure−40.6Free cash flow13.0 −24.7%Fiscal year 2021Operating cash flow80.4Capital expenditure−118.4Free cash flow−38.1 −393.4%Fiscal year 2022Operating cash flow59.9Capital expenditure−187.9Free cash flow−128.0Fiscal year 2023Operating cash flow139.9Capital expenditure−228.5Free cash flow−88.5Fiscal year 2024Operating cash flow246.4Capital expenditure−221.7Free cash flow24.7Fiscal year 2025Operating cash flow295.5Capital expenditure−241.1Free cash flow54.4 +120.3%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 56.7 53.5 80.4 59.9 139.9 246.4 295.5
Capital expenditure −39.5 −40.6 −118.4 −187.9 −228.5 −221.7 −241.1
Free cash flow 17.2 13.0 −38.1 −128.0 −88.5 24.7 54.4
Growth −24.7% −393.4% +120.3%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash15.6Fiscal year 2020Cash31.6Total debt28.2Net cash (debt)3.5Shareholders’ equity76.0Debt to equity0.37Fiscal year 2021Cash18.5Total debt3.6Net cash (debt)14.9Shareholders’ equity94.5Debt to equity0.04Fiscal year 2022Cash20.2Total debt98.9Net cash (debt)−78.7Shareholders’ equity129.1Debt to equity0.77Fiscal year 2023Cash133.5Total debt97.7Net cash (debt)35.9Shareholders’ equity364.3Debt to equity0.27Fiscal year 2024Cash293.4Total debt237.1Net cash (debt)56.3Shareholders’ equity537.4Debt to equity0.44Fiscal year 2025Cash269.4Total debt200.2Net cash (debt)69.2Shareholders’ equity680.8Debt to equity0.29
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 15.6 31.6 18.5 20.2 133.5 293.4 269.4
Total debt n/a 28.2 3.6 98.9 97.7 237.1 200.2
Net cash (debt) n/a 3.5 14.9 −78.7 35.9 56.3 69.2
Shareholders’ equity n/a 76.0 94.5 129.1 364.3 537.4 680.8
Debt to equity n/a 0.37 0.04 0.77 0.27 0.44 0.29

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Assets
15.6 31.6 18.5 20.2 133.5 293.4 269.4
n/a 10.8 10.6 12.0 9.1 10.6 18.4
n/a 15.6 23.3 39.2 47.0 36.5 48.9
n/a 165.4 302.0 365.5 542.4 684.0 824.5
16.5 18.1 18.7 21.6 21.6 21.6 21.6
n/a 259.7 553.7 1,186.4 1,764.0 2,501.1 3,009.3
Growth +113.2% +114.3% +48.7% +41.8% +20.3%
Liabilities
n/a 3.8 0.1 2.6 4.5 17.3 3.9
n/a 24.4 3.5 96.3 93.2 219.8 196.3
calc n/a 28.2 3.6 98.9 97.7 237.1 200.2
n/a 183.7 340.0 934.4 1,088.1 1,737.2 2,111.4
Equity
n/a 0.0 −12.7 −17.3 −15.6 19.7 99.5
n/a 76.0 94.5 129.1 364.3 537.4 680.8
Growth +24.4% +36.6% +182.2% +47.5% +26.7%
Per share and net cash
calc n/a 3.5 14.9 −78.7 35.9 56.3 69.2
n/a n/a n/a n/a n/a 154.2 n/a
calc n/a n/a n/a n/a n/a 3.48 n/a

† The diluted share count jumps at 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.