Dutch Bros Inc(NYSE:BROS) 
Dutch Bros Inc. operates and franchises drive-thru shops. The company offers Dutch Bros hot and cold espresso-based beverages, and cold brew coffee products, as well as Blue Rebel energy drinks, tea, lemonade, smoothies, and other beverages through company-operated shops and online channels. It oper...
Website: http://www.dutchbros.com
Founded: 1992
Founder: Travis Boersma / Dane Boersma
CEO: Christine Barone
Sector: Consumer Cyclical
Industry: Restaurants
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At a glance:
- Unit Growth Remains the Core Story: Dutch Bros continues to focus on expanding its shop count, with new store openings and market expansion serving as the primary long-term growth driver.
- Comparable Sales and Traffic Trends Are Key Near-Term Signals: Same-shop sales performance—particularly transactions vs. ticket—helps indicate whether demand is being driven by increased customer visits, pricing, or mix.
- Profitability Hinges on Labor, Commodities, and Operating Leverage: Margins are influenced by wage and staffing efficiency, input costs (notably coffee/dairy), and the company’s ability to leverage fixed costs as revenue scales.
- Shift Toward More Company-Operated Shops Increases Earnings Potential (and Risk): A higher mix of company-operated locations can boost revenue and profit dollars over time, but it also increases exposure to operating cost pressures and execution risk.
- Liquidity and Cash Investment Needs Matter During Expansion: As Dutch Bros invests in new builds and infrastructure, capital spending and cash generation are important to monitor alongside any changes in balance sheet flexibility.
Bull Thesis:
- Rapid Unit Expansion and Market Penetration: Dutch Bros continues its aggressive expansion strategy, opening numerous new locations annually, particularly in untapped markets. This rapid unit growth is a primary driver of revenue expansion and market share gains, indicating significant whitespace for future development and long-term growth potential.
- Strong Brand Loyalty and Unique Customer Experience: The company has cultivated a highly loyal customer base through its distinctive culture, friendly 'broistas,' and personalized service. This strong brand affinity translates into high repeat business and effective word-of-mouth marketing, differentiating it from competitors and fostering a dedicated community.
- Efficient Drive-Thru Only Operating Model: Dutch Bros' drive-thru focused model offers operational efficiencies, lower real estate costs compared to traditional cafes, and superior speed and convenience for customers. This streamlined approach supports higher throughput and profitability per unit as the company scales, especially in a post-pandemic environment.
Bear Thesis:
- Persistent Profitability and Free Cash Flow Concerns: Despite robust revenue growth, Dutch Bros has consistently struggled to achieve sustainable net profitability and positive free cash flow. The high capital expenditures required for rapid expansion continue to strain financial resources, raising questions about long-term financial health without external funding or significant margin improvement.
- Elevated Valuation and High Growth Expectations: BROS stock often trades at a premium valuation, reflecting high investor expectations for continued rapid growth in both unit count and same-store sales. Any slowdown in expansion, a dip in comparable sales, or failure to significantly improve margins could lead to substantial downward pressure on the stock price, given its current multiples.
- Intense Competition and Margin Pressures: Dutch Bros operates in a highly competitive beverage market dominated by established players like Starbucks, local coffee shops, and other drive-thru concepts. Furthermore, rising input costs for commodities (coffee, dairy), labor, and real estate could compress margins, making it challenging to achieve profitability targets and sustain growth without price increases that could deter customers.
Main Competitors:
- Starbucks Corporation ($SBUX) (Coffee, espresso beverages, refreshers, food), The dominant market leader in specialty coffee, Starbucks competes directly for Dutch Bros' target demographic seeking premium, customizable coffee and espresso drinks. Starbucks has a much larger footprint, established loyalty program, and broader menu including food items, often positioning itself as a 'third place' experience.
- Inspire Brands (Dunkin') (Coffee, donuts, breakfast items), Dunkin' (owned by Inspire Brands) is a major competitor in the drive-thru breakfast and coffee market, particularly on the East Coast. They compete on speed, convenience, and value-oriented coffee, vying for the same morning commute and quick-service beverage customers, though their core food offerings differ.
- McDonald's Corporation ($MCD) (McCafé coffee, iced coffee, frappes), While not a direct specialty coffee competitor, McDonald's McCafé line competes on convenience and value for basic coffee and some specialty drinks, especially during breakfast hours. They capture a significant segment of the 'grab-and-go' beverage market, appealing to customers looking for a quick and affordable caffeine fix.
- Local & Regional Coffee Shops (Specialty coffee, espresso drinks, unique local offerings), A fragmented but significant competitor, independent and smaller regional coffee chains offer a more artisanal, community-focused, or unique experience. They compete for customers seeking specific roasts, a non-corporate vibe, or a personalized interaction that Dutch Bros' 'bro-ista' culture also aims to provide.
Moat:
Dutch Bros' competitive moat is primarily built on its distinctive high-energy 'bro-ista' culture, drive-thru only model emphasizing speed and convenience, and a differentiated menu featuring customizable coffee, espresso, and its signature Rebel energy drinks. They compete by offering a faster, more personalized, and often more fun alternative to traditional coffee chains. The competitive landscape is intense, with established giants like Starbucks (premium, loyalty, scale) and Dunkin' (value, speed, breakfast) posing significant threats. Fast-food chains like McDonald's compete on convenience and value, while local shops offer artisanal alternatives. Dutch Bros' challenge is to scale its unique brand experience and menu while maintaining efficiency and customer loyalty against well-funded and ubiquitous competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | ||||||||||||||||||
company-operated shops | 409,575,000 | 392,833,000 | 380,500,000 | 326,421,000 | 314,182,000 | 308,295,000 | 295,268,000 | 248,085,000 | 227,351,000 | 236,472,000 | 220,952,000 | 173,164,000 | 175,510,000 | 173,501,000 | 160,512,000 | 130,187,000 | 114,198,000 | 108,661,000 |
franchising and other | 34,035,000 | 30,751,000 | 35,313,000 | 28,731,000 | 28,604,000 | 29,917,000 | 29,650,000 | 27,014,000 | 26,772,000 | 28,035,000 | 28,927,000 | 24,103,000 | 26,317,000 | 25,147,000 | 25,869,000 | 21,969,000 | 25,882,000 | 21,142,000 |
total revenues | 443,610,000 | 423,584,000 | 415,813,000 | 355,152,000 | 342,786,000 | 338,212,000 | 324,918,000 | 275,099,000 | 254,123,000 | 264,507,000 | 249,879,000 | 197,267,000 | 201,827,000 | 198,648,000 | 186,381,000 | 152,156,000 | 140,080,000 | 129,803,000 |
yoy | 29.41% | 25.24% | 27.97% | 29.10% | 34.89% | 27.87% | 30.03% | 39.46% | 25.91% | 33.15% | 34.07% | 29.65% | 44.08% | 53.04% | ||||
qoq | 4.73% | 1.87% | 17.08% | 3.61% | 1.35% | 4.09% | 18.11% | 8.25% | -3.93% | 5.85% | 26.67% | -2.26% | 1.60% | 6.58% | 22.49% | 8.62% | 7.92% | |
costs and expenses | ||||||||||||||||||
cost of sales | 336,480,000 | 316,805,000 | 295,769,000 | 265,159,000 | 254,838,000 | 248,161,000 | 234,637,000 | 203,326,000 | 194,998,000 | 189,323,000 | 178,636,000 | 151,523,000 | 147,467,000 | 148,092,000 | 141,370,000 | 121,167,000 | 106,244,000 | 91,060,000 |
gross profit | 107,130,000 | 106,779,000 | 120,044,000 | 89,993,000 | 87,948,000 | 90,051,000 | 90,281,000 | 71,773,000 | 59,125,000 | 75,184,000 | 71,243,000 | 45,744,000 | 54,360,000 | 50,556,000 | 45,011,000 | 30,989,000 | 33,836,000 | 38,743,000 |
yoy | 21.81% | 18.58% | 32.97% | 25.39% | 48.75% | 19.77% | 26.72% | 56.90% | 8.77% | 48.71% | 58.28% | 47.61% | 60.66% | 30.49% | ||||
qoq | 0.33% | -11.05% | 33.39% | 2.33% | -2.34% | -0.25% | 25.79% | 21.39% | -21.36% | 5.53% | 55.74% | -15.85% | 7.52% | 12.32% | 45.25% | -8.41% | -12.67% | |
gross margin % | 24.15% | 25.21% | 28.87% | 25.34% | 25.66% | 26.63% | 27.79% | 26.09% | 23.27% | 28.42% | 28.51% | 23.19% | 26.93% | 25.45% | 24.15% | 20.37% | 24.15% | 29.85% |
selling, general and administrative | 73,171,000 | 65,289,000 | 65,385,000 | 58,921,000 | 72,170,000 | 57,536,000 | 58,097,000 | 46,194,000 | 56,946,000 | 50,490,000 | 51,662,000 | 45,976,000 | 50,594,000 | 45,378,000 | 42,342,000 | 45,214,000 | 41,440,000 | 153,727,000 |
total costs and expenses | 409,651,000 | 382,094,000 | 361,154,000 | 324,080,000 | 327,008,000 | 305,697,000 | 292,734,000 | 249,520,000 | 251,944,000 | 239,813,000 | 230,298,000 | 197,499,000 | 198,061,000 | 193,470,000 | 183,712,000 | 166,381,000 | 147,684,000 | 244,787,000 |
income from operations | 33,959,000 | 41,490,000 | 54,659,000 | 31,072,000 | 15,778,000 | 32,515,000 | 32,184,000 | 25,579,000 | 2,179,000 | 24,694,000 | 19,581,000 | -232,000 | 3,766,000 | 5,178,000 | 2,669,000 | -14,225,000 | -7,604,000 | -114,984,000 |
yoy | 115.23% | 27.60% | 69.83% | 21.47% | 624.09% | 31.67% | 64.36% | -11125.43% | -42.14% | 376.90% | 633.65% | -98.37% | -149.53% | -104.50% | ||||
qoq | -18.15% | -24.09% | 75.91% | 96.93% | -51.47% | 1.03% | 25.82% | 1073.89% | -91.18% | 26.11% | -8540.09% | -106.16% | -27.27% | 94.01% | -118.76% | 87.07% | -93.39% | |
operating margin % | 7.66% | 9.79% | 13.15% | 8.75% | 4.60% | 9.61% | 9.91% | 9.30% | 0.86% | 9.34% | 7.84% | -0.12% | 1.87% | 2.61% | 1.43% | -9.35% | -5.43% | -88.58% |
other expense | -415,500 | -1,944,000 | -274,750 | -1,041,000 | ||||||||||||||
interest expense | -7,419,000 | -6,695,000 | -7,076,000 | -7,115,000 | -6,761,000 | -6,869,000 | -6,997,000 | -6,393,000 | -6,052,000 | -9,325,000 | -9,058,000 | -7,886,000 | -6,922,000 | -5,011,000 | -3,596,000 | -2,489,000 | -1,845,000 | -2,393,000 |
other income | 4,600,000 | 149,000 | -1,983,000 | -18,000 | -1,545,000 | 764,000 | 829,000 | 5,801,000 | 812,000 | -140,000 | 1,039,000 | 1,307,000 | 61,000 | 221,000 | ||||
total other expense | -2,819,000 | -6,546,000 | -9,059,000 | -7,133,000 | -8,306,000 | -6,105,000 | -6,168,000 | -592,000 | -5,240,000 | -9,465,000 | -8,019,000 | -6,579,000 | -1,284,000 | -6,955,000 | -3,535,000 | -2,268,000 | -1,986,000 | -3,434,000 |
income before income taxes | 31,140,000 | 34,944,000 | 45,600,000 | 23,939,000 | 7,472,000 | 26,410,000 | 26,016,000 | 24,987,000 | -3,061,000 | 15,229,000 | 11,562,000 | -6,811,000 | 2,482,000 | -1,777,000 | -866,000 | -16,493,000 | -9,590,000 | -118,418,000 |
income tax expense | 1,985,000 | 7,661,000 | 7,243,000 | 1,459,000 | 1,105,000 | 4,698,000 | 3,860,000 | 8,772,000 | 708,000 | 1,828,000 | 1,851,000 | 2,580,000 | 885,000 | -214,000 | -912,000 | -1,280,000 | ||
net income | 29,155,000 | 27,283,000 | 38,357,000 | 22,480,000 | 6,367,000 | 21,712,000 | 22,156,000 | 16,215,000 | -3,769,000 | 13,401,000 | 9,711,000 | -9,391,000 | -2,817,000 | 1,594,000 | -1,751,000 | -16,279,000 | -8,678,000 | -117,138,000 |
yoy | 357.91% | 25.66% | 73.12% | 38.64% | -268.93% | 62.02% | 128.15% | -272.67% | 33.79% | 740.72% | -654.60% | -42.31% | -67.54% | -101.36% | ||||
qoq | 6.86% | -28.87% | 70.63% | 253.07% | -70.68% | -2.00% | 36.64% | -530.22% | -128.12% | 38.00% | -203.41% | 233.37% | -276.73% | -191.03% | -89.24% | 87.59% | -92.59% | |
net income margin % | 6.57% | 6.44% | 9.22% | 6.33% | 1.86% | 6.42% | 6.82% | 5.89% | -1.48% | 5.07% | 3.89% | -4.76% | -1.40% | 0.80% | -0.94% | -10.70% | -6.20% | -90.24% |
less: net income attributable to non-controlling interests | 7,785,000 | 9,788,000 | 12,733,000 | 7,127,000 | 2,755,000 | 9,068,000 | 10,216,000 | 9,153,000 | -2,367,000 | 9,191,000 | 6,959,000 | |||||||
net income attributable to dutch bros inc. | 21,370,000 | 17,495,000 | 25,624,000 | 15,353,000 | 3,612,000 | 12,644,000 | 11,940,000 | 7,062,000 | -1,402,000 | 4,210,000 | 2,752,000 | -1,684,500 | -6,738,000 | |||||
net income per share | ||||||||||||||||||
basic | 0.17 | 0.14 | 0.2 | 0.13 | 0.02 | 0.11 | 0.12 | 0.08 | -0.02 | 0.07 | 0.05 | -0.07 | -0.01 | 0.03 | -0.02 | -0.1 | -0.13 | -0.15 |
diluted | 0.17 | 0.14 | 0.2 | 0.13 | 0.02 | 0.11 | 0.12 | 0.08 | -0.02 | 0.07 | 0.05 | -0.07 | -0.01 | 0.03 | -0.02 | -0.1 | -0.13 | -0.15 |
weighted-average shares of class a and class d common stock outstanding: | ||||||||||||||||||
basic | 125,329 | 126,986 | 126,390 | 120,810 | 103,504 | 113,819 | 101,965 | 83,328 | 62,074 | 59,366 | 56,734 | 56,664 | 51,871 | 53,118 | 50,926 | 48,059 | 45,864 | 44,991 |
diluted | 125,764 | 127,379 | 126,830 | 121,508 | 104,129 | 114,252 | 102,356 | 83,410 | 62,074 | 60,214 | 57,428 | 56,664 | 51,871 | 54,418 | 50,926 | 48,059 | 45,864 | 47,232 |
less: net loss attributable to non-controlling interests | -5,549,000 | -845,000 | -11,332,000 | -2,502,000 | -35,959,000 | |||||||||||||
net loss attributable to dutch bros inc. | -3,842,000 | -906,000 | -4,947,000 | |||||||||||||||
income tax benefit | -675,000 | -3,371,000 | ||||||||||||||||
less: net loss attributable to dutch bros opco prior to the reorganization transactions | -17,150,500 | -74,441,000 | ||||||||||||||||
less: net loss attributable to non-controlling interests 1 | -3,086,500 | -169,000 | ||||||||||||||||
net income attributable to dutch bros inc. 1 | -1,022,500 | 1,763,000 | ||||||||||||||||
less: net income attributable to dutch bros opco prior to the reorganization transactions |
Balance Sheets:
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 |
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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 | 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... | |||||||||||||||||
class a common stock, 0.00001 par value per share... | 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, 0.00001 par value per share... | 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... | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||
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 |
class d common stock, 0.00001 par value per share... | |||||||||||||||||
tax receivable agreements liability | 605,003,000 | 605,003,000 | 395,841,000 | 290,920,000 | |||||||||||||
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 | |||||||||
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 | |||||||||
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 | |||||||||
deferred rent | 3,153,000 | 2,983,000 | |||||||||||||||
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 | ||||||||||||||
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 | |||||||||||||||||
deferred income tax asset | 158,663,000 | ||||||||||||||||
accrued expenses | 17,924,000 |
Cashflow Statements:
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||
net income | 27,283,000 | 38,357,000 | 22,480,000 | 6,367,000 | 21,712,000 | 22,156,000 | 16,215,000 | -3,769,000 | 13,401,000 | -8,678,000 | ||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
depreciation and amortization | 29,066,000 | 27,893,000 | 26,430,000 | 25,521,000 | 23,881,000 | 22,350,000 | 21,253,000 | 19,724,000 | 18,116,000 | 16,516,000 | 14,779,000 | 13,197,000 | 11,810,000 | 10,539,000 | 9,182,000 | 7,490,000 |
non-cash interest expense | 129,000 | 228,000 | 278,000 | 279,000 | 278,000 | 278,000 | 278,000 | 278,000 | 246,000 | 181,000 | 182,000 | 182,000 | 180,000 | 182,000 | 147,000 | 67,000 |
loss on disposal of assets | 62,000 | -232,000 | -75,000 | 290,000 | -7,000 | |||||||||||
loss on extinguishment of debt | 0 | 0 | ||||||||||||||
equity-based compensation | 4,648,000 | 4,671,000 | 4,194,000 | 3,262,000 | 2,961,000 | 3,326,000 | 1,933,000 | 10,205,000 | 9,698,000 | 10,149,000 | 9,170,000 | 10,662,000 | 10,649,000 | 10,446,000 | 9,900,000 | 9,955,000 |
deferred income taxes | 7,309,000 | 6,355,000 | 985,000 | 86,000 | 3,649,000 | 3,291,000 | 8,395,000 | 346,000 | 1,536,000 | 1,918,000 | 2,146,000 | 4,835,000 | -3,762,000 | 516,000 | -511,000 | -1,083,000 |
remeasurement gain on tras | 1,440,000 | 0 | 0 | -5,687,000 | -861,000 | -1,294,000 | ||||||||||
non-cash operating lease cost | 5,393,000 | 4,931,000 | 4,635,000 | 4,431,000 | 4,249,000 | 3,765,000 | 3,320,000 | 3,050,000 | 2,876,000 | |||||||
changes in operating assets and liabilities: | ||||||||||||||||
accounts receivable | -770,000 | -1,898,000 | -1,037,000 | -236,000 | 1,976,000 | -679,000 | -2,535,000 | 12,000 | 243,000 | -601,000 | 3,188,000 | 2,449,000 | -345,000 | -1,200,000 | -2,226,000 | 375,000 |
inventories | -2,876,000 | -4,194,000 | -1,737,000 | 1,893,000 | 8,270,000 | -1,258,000 | 1,560,000 | 3,343,000 | -2,688,000 | -3,651,000 | -4,728,000 | -5,516,000 | -859,000 | -5,927,000 | -3,515,000 | -4,850,000 |
prepaid expenses and other current assets | 715,000 | 1,293,000 | 792,000 | -5,176,000 | 1,815,000 | 596,000 | 483,000 | -3,832,000 | 1,942,000 | 565,000 | -3,450,000 | 588,000 | -3,252,000 | -935,000 | 2,904,000 | -1,646,000 |
other long-term assets | -7,907,000 | 606,000 | -2,240,000 | 1,340,000 | -591,000 | -222,000 | 84,000 | -34,000 | 389,000 | -584,000 | -349,000 | -14,000 | 1,000 | 2,000 | 1,158,000 | -1,000 |
accounts payable | 1,619,000 | 538,000 | -1,026,000 | 422,000 | -1,618,000 | -3,445,000 | 8,299,000 | 474,000 | 842,000 | 2,125,000 | 462,000 | -2,361,000 | 2,968,000 | 1,131,000 | -132,000 | -3,623,000 |
accrued compensation and benefits | 7,744,000 | 8,818,000 | -17,084,000 | 10,672,000 | 7,264,000 | 8,781,000 | -8,344,000 | |||||||||
other accrued liabilities | 12,891,000 | -23,000 | -1,097,000 | 797,000 | 8,540,000 | 496,000 | 768,000 | |||||||||
other current liabilities | 247,000 | 66,000 | 7,041,000 | 1,105,000 | 89,000 | 260,000 | -810,000 | 723,000 | 110,000 | 212,000 | -561,000 | 1,414,000 | 341,000 | -186,000 | -193,000 | 1,428,000 |
deferred revenue | 1,437,000 | 3,577,000 | -3,187,000 | 8,778,000 | 3,585,000 | 3,097,000 | -1,602,000 | 9,087,000 | -318,000 | 337,000 | -3,535,000 | -2,493,000 | 2,290,000 | 3,238,000 | 332,000 | 6,282,000 |
other long-term liabilities | 0 | -651,000 | -5,000 | -8,000 | -8,000 | 108,000 | ||||||||||
operating lease liabilities | 2,135,000 | -2,117,000 | -2,601,000 | -651,000 | -1,986,000 | -2,492,000 | -2,416,000 | -1,496,000 | -2,659,000 | -2,408,000 | -2,576,000 | -2,922,000 | -2,465,000 | -2,123,000 | -2,212,000 | |
net cash from operating activities | 89,125,000 | 89,897,000 | 36,884,000 | 62,237,000 | 83,466,000 | 59,536,000 | 41,193,000 | 45,009,000 | 49,063,000 | 42,766,000 | 3,077,000 | 17,115,000 | 26,055,000 | 17,469,000 | -756,000 | 8,071,000 |
capital expenditures | -70,205,000 | -54,211,000 | -45,551,000 | -42,769,000 | -57,059,000 | -64,448,000 | -57,462,000 | -60,725,000 | -65,425,000 | -59,024,000 | -43,283,000 | -53,246,000 | -50,778,000 | -43,874,000 | -39,982,000 | -44,323,000 |
free cash flows | 18,920,000 | 35,686,000 | -8,667,000 | 19,468,000 | 26,407,000 | -4,912,000 | -16,269,000 | -15,716,000 | -16,362,000 | -16,258,000 | -40,206,000 | -36,131,000 | -24,723,000 | -26,405,000 | -40,738,000 | -36,252,000 |
cash flows from investing activities: | ||||||||||||||||
purchases of property and equipment | -70,205,000 | -54,211,000 | -45,551,000 | -42,769,000 | -57,059,000 | -64,448,000 | -57,462,000 | -60,725,000 | -65,425,000 | -59,024,000 | -43,283,000 | -53,246,000 | -50,778,000 | -43,874,000 | -39,982,000 | -44,323,000 |
proceeds from disposal of fixed assets | 0 | 8,000 | 23,000 | 60,000 | 936,000 | 906,000 | 22,000 | 9,000 | 240,000 | 85,000 | 0 | 1,262,000 | 12,000 | 15,000 | ||
net cash from investing activities | -70,205,000 | -54,203,000 | -45,528,000 | -42,709,000 | -56,123,000 | -55,778,000 | -57,462,000 | -59,819,000 | -65,403,000 | -59,015,000 | -43,043,000 | -53,161,000 | -50,778,000 | -42,612,000 | -46,021,000 | -44,308,000 |
cash flows from financing activities: | ||||||||||||||||
payments on finance lease liabilities | -4,155,000 | -3,711,000 | -3,400,000 | -2,815,000 | -3,233,000 | -2,399,000 | -2,094,000 | -1,876,000 | -3,507,000 | -3,680,000 | -3,369,000 | |||||
proceeds from long-term debt | 0 | 200,000,000 | 50,000,000 | 0 | 0 | 0 | 150,000,000 | 0 | 0 | 0 | ||||||
payments on long-term debt | -968,000 | -280,968,000 | -3,780,000 | -3,155,000 | -3,154,000 | -3,154,000 | -1,590,000 | -662,000 | -650,000 | -650,000 | -651,000 | -649,000 | -648,000 | -651,000 | -34,000 | -51,000 |
payments of debt issuance costs | 0 | 0 | 0 | 0 | 0 | -2,749,000 | 0 | |||||||||
tax withholding payments upon vesting of equity awards | -1,017,000 | 0 | -11,018,000 | -137,000 | -57,000 | -2,000 | -873,000 | 0 | 0 | 0 | -1,896,000 | 0 | 0 | 0 | -3,900,000 | |
distributions to non-controlling interest holders | 0 | -1,201,000 | ||||||||||||||
payments under tax receivable agreements | 0 | -4,627,000 | -71,000 | |||||||||||||
net cash from financing activities | -6,140,000 | -97,720,000 | 31,731,000 | -7,308,000 | -7,131,000 | -5,555,000 | 145,443,000 | -1,431,000 | 142,409,000 | 25,670,000 | 34,084,000 | 21,657,000 | 37,997,000 | 19,682,000 | 55,025,000 | 28,880,000 |
net increase in cash and cash equivalents | 12,780,000 | -62,026,000 | 23,087,000 | 12,220,000 | 20,212,000 | -1,797,000 | 129,174,000 | -16,241,000 | 126,069,000 | 9,421,000 | -5,882,000 | -14,389,000 | 13,274,000 | -5,461,000 | 8,248,000 | -7,357,000 |
cash and cash equivalents, beginning of period | 0 | 0 | 293,354,000 | 0 | 0 | 0 | 133,545,000 | 0 | 0 | 0 | 20,178,000 | 0 | 0 | 0 | 18,506,000 | 0 |
cash and cash equivalents, end of period | 12,780,000 | -62,026,000 | 316,441,000 | 12,220,000 | 20,212,000 | -1,797,000 | 262,719,000 | -16,241,000 | 126,069,000 | 9,421,000 | 14,296,000 | -14,389,000 | 13,274,000 | -5,461,000 | 26,754,000 | -7,357,000 |
gain on disposal of assets | 58,000 | 96,000 | -608,000 | -764,000 | -1,000 | 222,000 | -21,000 | |||||||||
non-cash donation expense | ||||||||||||||||
changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||
acquisition of shops from franchisees | 0 | 0 | 0 | -6,051,000 | 0 | |||||||||||
proceeds from line of credit | 0 | 20,000,000 | 30,000,000 | 40,000,000 | 35,000,000 | 40,000,000 | 20,000,000 | 62,705,000 | 30,000,000 | |||||||
payments on line of credit | 0 | 0 | ||||||||||||||
proceeds from equity offering, net of underwriting discounts and commissions | 0 | |||||||||||||||
payment of deferred offering costs | -540,000 | |||||||||||||||
deferred rent | 169,000 | |||||||||||||||
proceeds from financing lease obligations | ||||||||||||||||
distributions paid to members | 0 | |||||||||||||||
payments to repurchase outstanding equity/member units | ||||||||||||||||
remeasurement loss on tras | ||||||||||||||||
accrued liabilities | 4,935,000 | 6,360,000 | -3,432,000 | 3,393,000 | 2,446,000 | 1,665,000 | -1,903,000 | |||||||||
payments of ipo issuance costs | 0 | 0 | -293,000 | |||||||||||||
net loss | -9,391,000 | -16,279,000 | ||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||
non-cash operating leases | 2,698,000 | 2,620,000 | 2,553,000 | 2,436,000 | 2,310,000 | |||||||||||
payments on finance lease obligations | -2,694,000 | -1,355,000 | -792,000 | -997,000 | ||||||||||||
proceeds from paycheck protection program loan | ||||||||||||||||
payments on paycheck protection program loan | ||||||||||||||||
proceeds from initial public offering, net of offering costs | 0 | |||||||||||||||
payments to repurchase outstanding equity / member units | 0 | |||||||||||||||
accrued expenses | 2,085,000 | |||||||||||||||
payments on capital lease obligations | -776,000 | |||||||||||||||
proceeds on financing lease obligations | ||||||||||||||||
tax payments related to stock award issuances |