Dutch Bros (BROS) financial statements
Dutch Bros reported revenue of $1.6B in fiscal 2025, up 37.9% a year over 6 years.
Net income was $80M and the operating margin 9.8%, against 12.7% in 2019.
Free cash flow was $54M.
The diluted share count rose 174% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Dutch Bros's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $238M | $327M | $498M | $739M | $966M | $1.3B | $1.6B |
| Cost of revenue | $142M | $211M | $345M | $558M | $714M | $941M | $1.2B |
| Gross profit | $96M | $116M | $153M | $181M | $251M | $340M | $424M |
| Selling, general and admin | $66M | $105M | $265M | $184M | $205M | $234M | $263M |
| Operating income | $30M | $11M | -$111M | -$3M | $46M | $106M | $161M |
| Pre-tax income | — | — | — | — | $17M | $85M | $136M |
| Income tax | $89,000 | $843,000 | -$2M | $3M | $7M | $18M | $18M |
| Net income | $0 | $0 | -$13M | -$5M | $2M | $35M | $80M |
| EPS (diluted) | — | — | -$0.28 | -$0.09 | $0.03 | $0.34 | $0.64 |
| Diluted shares | — | — | 46M | 52M | 62M | 104M | 126M |
| Gross margin | 40.3% | 35.4% | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% |
| 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% |
Balance sheet
Fiscal years, from Dutch Bros's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $32M | $19M | $20M | $134M | $293M | $269M |
| Receivables | — | $11M | $11M | $12M | $9M | $11M | $18M |
| Inventory | — | $16M | $23M | $39M | $47M | $36M | $49M |
| Total current assets | — | $63M | $61M | $82M | $205M | $358M | $357M |
| Property, plant and equipment | — | $165M | $302M | $365M | $542M | $684M | $825M |
| Goodwill | $17M | $18M | $19M | $22M | $22M | $22M | $22M |
| Total assets | — | $260M | $554M | $1.2B | $1.8B | $2.5B | $3.0B |
| Total current liabilities | — | $60M | $139M | $213M | $138M | $203M | $240M |
| Long-term debt | — | $24M | $4M | $96M | $93M | $220M | $196M |
| Total liabilities | — | $184M | $340M | $934M | $1.1B | $1.7B | $2.1B |
| Shareholders' equity | — | $76M | $95M | $129M | $364M | $537M | $681M |
| Net debt | -$16M | -$3M | -$15M | $79M | -$36M | -$56M | -$69M |
Cash flow
Fiscal years, from Dutch Bros's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $57M | $54M | $80M | $60M | $140M | $246M | $296M |
| Capital spending | $39M | $41M | $118M | $188M | $228M | $222M | $241M |
| Free cash flow | $17M | $13M | -$38M | -$128M | -$89M | $25M | $54M |
| Stock-based compensation | $7M | $35M | $158M | $42M | $39M | $11M | $18M |
| Free cash flow margin | 7.2% | 4.0% | -7.6% | -17.3% | -9.2% | 1.9% | 3.3% |
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Open BROS in InvestinglyQuestions
What was Dutch Bros's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Dutch Bros generate?
$54M in fiscal 2025 (operating cash flow minus capital spending).
From Dutch Bros's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.