Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||
current assets: | |||||||||||||||||
cash and cash equivalents | 267,195,000 | 254,415,000 | 316,441,000 | 293,354,000 | 281,134,000 | 260,922,000 | 262,719,000 | 133,545,000 | 149,786,000 | 23,717,000 | 14,296,000 | 20,178,000 | 34,567,000 | 21,293,000 | 26,754,000 | 18,506,000 | 25,863,000 |
accounts receivable | 14,303,000 | 13,533,000 | 11,635,000 | 10,598,000 | 10,362,000 | 12,338,000 | 11,659,000 | 9,124,000 | 9,136,000 | 9,379,000 | 8,778,000 | 11,966,000 | 14,415,000 | 14,070,000 | 12,870,000 | 10,644,000 | 11,019,000 |
inventories | 45,295,000 | 42,419,000 | 38,225,000 | 36,488,000 | 38,381,000 | 46,651,000 | 45,393,000 | 46,953,000 | 50,296,000 | 47,608,000 | 43,957,000 | 39,229,000 | 33,713,000 | 32,854,000 | 26,927,000 | 23,345,000 | 18,494,000 |
prepaid expenses and other current assets | 14,345,000 | 15,213,000 | 16,583,000 | 17,501,000 | 12,168,000 | 14,700,000 | 15,308,000 | 15,637,000 | 12,188,000 | 14,115,000 | 14,283,000 | 10,949,000 | 11,110,000 | 7,050,000 | 5,892,000 | 8,796,000 | 7,152,000 |
total current assets | 341,138,000 | 325,580,000 | 382,884,000 | 357,941,000 | 342,045,000 | 334,611,000 | 335,079,000 | 205,259,000 | 221,406,000 | 94,819,000 | 81,314,000 | 82,322,000 | 93,805,000 | 75,267,000 | 72,443,000 | 61,291,000 | 62,528,000 |
property and equipment | 789,333,000 | 747,831,000 | 705,879,000 | 683,971,000 | 662,759,000 | 627,500,000 | 585,271,000 | 542,440,000 | 498,705,000 | 446,565,000 | 402,841,000 | 365,468,000 | 327,600,000 | 290,721,000 | 257,912,000 | 301,998,000 | 250,110,000 |
finance lease right-of-use assets | 393,406,000 | 382,420,000 | 377,837,000 | 374,623,000 | 377,561,000 | 380,999,000 | 380,932,000 | 382,734,000 | 364,757,000 | 332,790,000 | 288,560,000 | 247,943,000 | 214,903,000 | 167,220,000 | 141,874,000 | ||
operating lease right-of-use assets | 415,021,000 | 375,350,000 | 340,137,000 | 315,256,000 | 301,896,000 | 282,838,000 | 234,352,000 | 199,673,000 | 190,864,000 | 177,605,000 | 174,673,000 | 169,302,000 | 165,682,000 | 159,680,000 | 154,939,000 | ||
intangibles | 1,762,000 | 2,035,000 | 2,444,000 | 2,947,000 | 3,455,000 | 3,963,000 | 4,615,000 | 5,415,000 | 6,215,000 | 7,035,000 | 7,893,000 | 8,804,000 | 9,826,000 | 10,881,000 | 11,923,000 | 11,103,000 | 12,054,000 |
goodwill | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 21,629,000 | 18,715,000 | 18,715,000 |
deferred income tax assets | 949,663,000 | 955,190,000 | 930,155,000 | 742,126,000 | 718,543,000 | 721,691,000 | 507,357,000 | 402,995,000 | 330,278,000 | 284,777,000 | 286,385,000 | 288,765,000 | 293,108,000 | 223,336,000 | 223,376,000 | 159,031,000 | |
other long-term assets | 10,045,000 | 2,212,000 | 4,255,000 | 2,592,000 | 3,628,000 | 4,055,000 | 4,080,000 | 3,865,000 | 5,176,000 | 3,060,000 | 1,670,000 | 2,127,000 | 2,704,000 | 801,000 | 410,000 | 1,562,000 | 1,562,000 |
total assets | 2,921,997,000 | 2,812,247,000 | 2,765,220,000 | 2,501,085,000 | 2,431,516,000 | 2,377,286,000 | 2,073,315,000 | 1,764,010,000 | 1,639,030,000 | 1,368,280,000 | 1,264,965,000 | 1,186,360,000 | 1,129,257,000 | 949,535,000 | 884,506,000 | 553,700,000 | 503,632,000 |
liabilities and equity | |||||||||||||||||
current liabilities: | |||||||||||||||||
accounts payable | 38,242,000 | 33,646,000 | 31,609,000 | 32,225,000 | 31,880,000 | 36,092,000 | 38,763,000 | 29,957,000 | 27,703,000 | 24,648,000 | 24,092,000 | 21,270,000 | 26,973,000 | 22,511,000 | 21,837,000 | 20,440,000 | 24,605,000 |
accrued compensation and benefits | 49,256,000 | 41,512,000 | 32,694,000 | 49,778,000 | 39,106,000 | 31,842,000 | 23,061,000 | 31,405,000 | |||||||||
other accrued liabilities | 39,946,000 | 32,328,000 | 22,152,000 | 26,516,000 | 26,162,000 | 19,293,000 | 17,281,000 | 15,770,000 | |||||||||
other current liabilities | 14,421,000 | 14,174,000 | 14,108,000 | 7,067,000 | 5,962,000 | 5,873,000 | 5,613,000 | 6,423,000 | 7,621,000 | 7,511,000 | 7,299,000 | 7,860,000 | 6,446,000 | 6,106,000 | 6,291,000 | 6,471,000 | 5,041,000 |
deferred revenue | 45,606,000 | 43,533,000 | 39,711,000 | 42,868,000 | 35,738,000 | 31,405,000 | 29,110,000 | 30,349,000 | 22,414,000 | 22,300,000 | 21,815,000 | 25,335,000 | 28,829,000 | 26,966,000 | 23,828,000 | 22,807,000 | 17,177,000 |
current portion of tax receivable agreements liability | 514,000 | 514,000 | 5,212,000 | 71,000 | 450,000 | 450,000 | 450,000 | 450,000 | |||||||||
current portion of finance lease liabilities | 15,364,000 | 14,297,000 | 13,992,000 | 13,256,000 | 12,845,000 | 11,927,000 | 10,681,000 | 9,482,000 | 9,574,000 | 9,867,000 | 8,129,000 | 7,971,000 | |||||
current portion of operating lease liabilities | 17,228,000 | 15,045,000 | 14,642,000 | 13,979,000 | 12,987,000 | 2,483,000 | 9,417,000 | 10,239,000 | 9,326,000 | 9,612,000 | 9,536,000 | 9,317,000 | |||||
current portion of long-term debt | 3,879,000 | 3,877,000 | 22,625,000 | 17,311,000 | 15,746,000 | 14,182,000 | 12,618,000 | 4,491,000 | 3,864,000 | 3,238,000 | 2,611,000 | 2,609,000 | 2,608,000 | 2,606,000 | 1,979,000 | 103,000 | 101,000 |
total current liabilities | 224,456,000 | 198,926,000 | 196,745,000 | 203,071,000 | 180,426,000 | 153,097,000 | 146,544,000 | 138,116,000 | 120,811,000 | 294,138,000 | 252,823,000 | 212,679,000 | 190,374,000 | 139,510,000 | 112,672,000 | 142,277,000 | 101,961,000 |
deferred revenue, net of current portion | 7,104,000 | 7,740,000 | 7,985,000 | 8,015,000 | 6,367,000 | 7,115,000 | 6,313,000 | 6,676,000 | 5,524,000 | 5,956,000 | 6,104,000 | 6,119,000 | 5,118,000 | 4,690,000 | 4,591,000 | 5,030,000 | 4,378,000 |
finance lease liabilities, net of current portion | 390,707,000 | 380,128,000 | 374,307,000 | 369,297,000 | 369,206,000 | 370,412,000 | 368,198,000 | 367,775,000 | 347,961,000 | 315,385,000 | 275,639,000 | 237,130,000 | |||||
operating lease liabilities, net of current portion | 413,402,000 | 370,753,000 | 334,853,000 | 309,311,000 | 293,474,000 | 282,873,000 | 226,877,000 | 191,419,000 | 182,201,000 | 169,444,000 | 166,345,000 | 161,228,000 | |||||
long-term debt, net of current portion | 195,997,000 | 196,838,000 | 260,774,000 | 219,755,000 | 224,361,000 | 228,966,000 | 233,571,000 | 93,175,000 | 92,704,000 | 94,506,000 | 95,714,000 | 96,297,000 | 96,879,000 | 97,461,000 | 97,294,000 | 3,503,000 | 2,035,000 |
tax receivable agreements liability, net of current portion | 825,302,000 | 823,933,000 | 794,246,000 | 627,763,000 | 219,183,000 | 218,768,000 | 219,629,000 | 220,923,000 | 225,849,000 | 164,460,000 | 164,460,000 | 109,283,000 | 109,733,000 | ||||
other long-term liabilities | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | 659,000 | 664,000 | 672,000 | 680,000 | 572,000 | ||
total liabilities | 2,056,968,000 | 1,978,318,000 | 1,968,918,000 | 1,737,220,000 | 1,678,845,000 | 1,647,474,000 | 1,377,352,000 | 1,088,089,000 | 968,392,000 | 1,098,205,000 | 1,016,262,000 | 934,384,000 | 885,455,000 | 726,298,000 | 671,056,000 | 343,514,000 | 294,010,000 |
commitments and contingencies | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively | |||||||||||||||||
class a common stock | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||||
class b common stock | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 2,280 and 3,545 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively | |||||||||||||||||
additional paid-in capital | 578,256,000 | 575,240,000 | 563,600,000 | 517,074,000 | 506,785,000 | 504,657,000 | 424,721,000 | 379,391,000 | 344,771,000 | ||||||||
accumulated other comprehensive income | 162,000 | 284,000 | 438,000 | 628,000 | 310,000 | 1,072,000 | 925,000 | 544,000 | 1,093,000 | 905,000 | 590,000 | 813,000 | 848,000 | 145,000 | |||
retained earnings | 78,138,000 | 60,643,000 | 35,019,000 | 19,666,000 | 16,054,000 | 3,410,000 | -12,914,000 | -6,738,000 | |||||||||
total stockholders' equity attributable to dutch bros inc. | 656,557,000 | 636,168,000 | 599,058,000 | 537,369,000 | 523,150,000 | 509,140,000 | 417,118,000 | 364,345,000 | 331,676,000 | 135,407,000 | 128,313,000 | 129,118,000 | 125,683,000 | 108,539,000 | |||
non-controlling interests | 208,472,000 | 197,761,000 | 197,244,000 | 226,496,000 | 229,521,000 | 220,672,000 | 278,845,000 | 311,576,000 | 338,962,000 | 134,668,000 | 120,390,000 | 122,858,000 | 118,119,000 | 114,698,000 | 108,033,000 | 116,688,000 | 114,744,000 |
total equity | 865,029,000 | 833,929,000 | 796,302,000 | 763,865,000 | 752,671,000 | 729,812,000 | 695,963,000 | 675,921,000 | 670,638,000 | 270,075,000 | 248,703,000 | 251,976,000 | 243,802,000 | 223,237,000 | 213,450,000 | 210,186,000 | 209,622,000 |
total liabilities and equity | 2,921,997,000 | 2,812,247,000 | 2,765,220,000 | 2,501,085,000 | 2,431,516,000 | 2,377,286,000 | 2,073,315,000 | 1,764,010,000 | 1,639,030,000 | 1,368,280,000 | 1,264,965,000 | 1,186,360,000 | 1,129,257,000 | 949,535,000 | 884,506,000 | 553,700,000 | 503,632,000 |
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 2,347 and 3,545 shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 2,347 and 3,545 shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of december 31, 2024 and december 31, 2023, respectively | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 3,545 and 35,864 shares issued and outstanding as of december 31, 2024 and december 31, 2023, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; zero and 10,669 shares issued and outstanding as of december 31, 2024 and december 31, 2023, respectively | |||||||||||||||||
tax receivable agreements liability | 605,003,000 | 605,003,000 | 395,841,000 | 290,920,000 | |||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 5,142 and 35,864 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; zero and 10,669 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 5,142 and 35,864 shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; zero and 10,669 shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of march 31, 2024 and december 31, 2023 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 23,879 and 35,864 shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 6,653 and 10,669 shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively | |||||||||||||||||
accumulated deficit | -8,530,000 | -15,592,000 | -14,190,000 | -18,400,000 | -21,152,000 | -17,310,000 | -16,647,000 | -18,146,000 | -17,240,000 | ||||||||
line of credit | 181,090,000 | 150,978,000 | 110,865,000 | 85,752,000 | 45,640,000 | 25,527,000 | 64,104,000 | 34,053,000 | |||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 35,864 and 41,056 shares issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 10,669 and 12,411 shares issued and outstanding as of december 31, 2023 and 2022, respectively | |||||||||||||||||
accrued liabilities | 40,309,000 | 35,872,000 | 28,363,000 | 27,452,000 | 22,850,000 | 20,849,000 | 19,571,000 | 24,513,000 | |||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of september 30, 2023 and december 31, 2022 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 41,056 shares issued and outstanding as of september 30, 2023 and december 31, 2022 | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 12,411 shares issued and outstanding as of september 30, 2023 and december 31, 2022 | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of june 30, 2023 and december 31, 2022 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 41,056 shares issued and outstanding as of june 30, 2023 and december 31, 2022 | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 12,411 shares issued and outstanding as of june 30, 2023 and december 31, 2022 | |||||||||||||||||
additional paid in capital | 152,900,000 | 148,873,000 | 145,613,000 | 141,480,000 | 126,538,000 | 122,655,000 | 106,410,000 | 101,614,000 | |||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of march 31, 2023 and december 31, 2022 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 41,056 and 41,056 shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 12,411 and 12,411 shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively | |||||||||||||||||
deferred rent | 3,153,000 | 2,983,000 | |||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of december 31, 2022 and december 31, 2021 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 41,056 and 49,006 shares issued and outstanding as of december 31, 2022 and december 31, 2021, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 12,411 and 15,441 shares issued and outstanding as of december 31, 2022 and december 31, 2021, respectively | |||||||||||||||||
current portion of finance lease obligations | 7,004,000 | 5,340,000 | 4,491,000 | ||||||||||||||
current portion of operating lease obligations | 9,462,000 | 9,042,000 | 8,698,000 | ||||||||||||||
finance lease obligations, net of current portion | 209,257,000 | 167,236,000 | 142,884,000 | ||||||||||||||
operating lease obligations, net of current portion | 157,319,000 | 152,277,000 | 148,483,000 | ||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of september 30, 2022 and december 31, 2021 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 41,056 and 49,006 shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively | |||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 12,411 and 15,441 shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of june 30, 2022 and december 31, 2021 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 45,386 and 49,006 shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively | 1,000 | ||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 14,062 and 15,441 shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of march 31, 2022 and december 31, 2021 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 45,386 and 49,006 shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively | 1,000 | ||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 14,062 and 15,441 shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively | |||||||||||||||||
total stockholders' equity attributable to dutch bros inc. / members’ equity | 105,417,000 | 93,498,000 | 94,878,000 | ||||||||||||||
current portion of capital lease obligations | 3,389,000 | 3,060,000 | |||||||||||||||
capital lease obligations, net of current portion | 79,588,000 | 72,348,000 | |||||||||||||||
profits interest liability | |||||||||||||||||
temporary equity: | |||||||||||||||||
redeemable common units - 4,990 common units issued and outstanding as of december 31, 2020 | |||||||||||||||||
permanent equity | |||||||||||||||||
members’ deficit - 5,010 common units issued and outstanding as of december 31, 2020 | |||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; 0 shares issued and outstanding as of december 31, 2021 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 49,006 shares issued and outstanding as of december 31, 2021 | 1,000 | ||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 15,441 shares issued and outstanding as of december 31, 2021 | |||||||||||||||||
deferred income tax asset | 158,663,000 | ||||||||||||||||
accrued expenses | 17,924,000 | ||||||||||||||||
preferred stock, 0.00001 par value per share - 20,000 shares authorized; 0 shares issued and outstanding as of september 30, 2021 | |||||||||||||||||
class c common stock, 0.00001 par value per share - 105,000 shares authorized; 49,006 shares issued and outstanding as of september 30, 2021 | 1,000 | ||||||||||||||||
class d common stock, 0.00001 par value per share - 42,000 shares authorized; 15,441 shares issued and outstanding as of september 30, 2021 |
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