Dutch Bros Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Dutch Bros Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	238	327	498	739	966	1,281	1,638
Cost of revenue	142	211	345	558	714	941	1,214
Gross profit	96.1	116	153	181	251	340	424
Selling, general and administrative	65.8	105	265	184	205	234	263
Operating income	30.3	11	-111	-2.61	46.2	106	161
Other non-operating income	-1.82	-4.1	-8.33	-14	-29.3	-21.2	-25.6
Pre-tax income					16.9	84.9	136
Income tax	0.09	0.84	-1.63	2.6	6.97	18.4	18.3
Net income to minority interests	0	0	-37.9	-14.5	8.23	31.2	37.4
Net income	0	0	-12.7	-4.75	1.72	35.3	79.8
EBITDA	40	26.5	-86	42.1	115	199	276
EPS, basic			-0.28	-0.09	0.03	0.34	0.64
EPS, diluted			-0.28	-0.09	0.03	0.34	0.64
Shares, basic (weighted)			45.9	51.9	62.1	104	125
Shares, diluted (weighted)			45.9	51.9	62.1	104	126

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15.6	31.6	18.5	20.2	134	293	269
Receivables		10.8	10.6	12	9.12	10.6	18.4
Inventory		15.6	23.3	39.2	47	36.5	48.9
Other current assets		5.02	8.8	10.9	15.6	17.5	20.7
Total current assets		63.1	61.3	82.3	205	358	357
Property, plant and equipment		165	302	365	542	684	825
Lease right-of-use assets			0	169	200	315	449
Goodwill	16.5	18.1	18.7	21.6	21.6	21.6	21.6
Intangible assets		11.3	11.1	8.8	5.42	2.95	1.51
Other non-current assets		1.57	1.56	2.13	3.87	27.2	25.5
Total assets		260	554	1,186	1,764	2,501	3,009
Accounts payable		16.1	20.4	21.3	30	32.2	37.6
Accrued liabilities		10	21	9.67	15.8	26.5	50.3
Deferred revenue		11.2	22.8	25.3	30.3	42.9	55.7
Short-term debt		3.79	0.1	2.61	4.49	17.3	3.88
Total current liabilities		59.9	139	213	138	203	240
Long-term debt		24.4	3.5	96.3	93.2	220	196
Lease liabilities			0	161	191	309	450
Other non-current liabilities		0.47	0.68	0.01	0.01	0.01	0
Total liabilities		184	340	934	1,088	1,737	2,111
Total debt		28.2	3.61	100	99.1	238	202
Paid-in capital		0	107	146	379	517	581
Retained earnings		0	-12.7	-17.3	-15.6	19.7	99.5
Other comprehensive income			0	0.81	0.54	0.63	0.05
Shareholders' equity		76	94.5	129	364	537	681
Minority interests		0	119	123	312	226	217
Total equity		77.5	214	252	676	764	898
Total liabilities and equity		260	554	1,186	1,764	2,501	3,009
Shares outstanding						154

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	28.4	6.06	-118	-19.3	9.95	66.5	117
Depreciation and amortization	9.67	15.5	25.2	44.7	69.1	93	115
Stock-based compensation	6.76	35.1	158	41.7	39.2	11.5	18
Deferred income tax	-0.06	-0.13	-2.66	1.08	5.93	15.4	17.6
Change in receivables	-0.61	-4.22	0.19	-1.32	2.84	-1.47	-7.79
Change in inventory	0.22	-4.59	-7.67	-15.8	-7.72	10.5	-12.4
Change in payables	3.53	-0.52	2.15	1.61	3.9	3.66	3.71
Cash from operations	56.7	53.5	80.4	59.9	140	246	296
Capital expenditures	-39.5	-40.6	-118	-188	-228	-222	-241
Acquisitions	-0.53	-5.09	-5.39	-6.05	0	0
Cash from investing	-39.9	-45.6	-121	-193	-227	-212	-241
Debt issued	0	5.25	200	1.38	1.65	150	250
Debt repaid	-2.99	-3.23	-228	-1.98	-2.61	-11.1	-287
Share buybacks	0	0	-288	0	0
Cash from financing	-12.7	8.08	27.6	134	201	125	-78.4
Net change in cash	4.07	16.1	-13.1	1.67	113	160	-24
Free cash flow	17.2	13	-38.1	-128	-88.5	24.7	54.4
Interest paid	2.42	3.83	7.35	17.6	35	39.1	39
Income taxes paid	0.1	0.34	0.89	1.32	1.73	2.25	1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $37.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.1%	Gross profit / revenue.
Operating margin	9.6%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.4%	Cash from operations / revenue.
Return on equity (ROE)	11.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.7%	Net income / average total assets.
Return on invested capital (ROIC)	19.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.4%	Capital expenditures / revenue.
D&A / revenue	6.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	30.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	24.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	32.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	29.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	51.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	71.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	38.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	87.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	59.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	126.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	88.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	19.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	70.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	40.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	120.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	33.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	26.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	74.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	55.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	36.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	63.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	20.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	34.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.9%	Total debt / total assets.
Liabilities / assets	71.1%	Total liabilities / total assets.
Net debt	-$68.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.23x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$91.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$774.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	2.08x	Revenue / average property, plant and equipment.
Inventory turnover	34.2x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	99.8x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	11 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	3 days	Days inventory + days sales outstanding - days payables.
FCF conversion	102.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	74.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.97	Revenue / diluted weighted shares.
FCF per share	$0.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.71	Cash from operations / diluted weighted shares.
Book value per share	$5.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.75	Tangible book value / shares outstanding.
Cash per share	$1.99	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.62B	Share price x shares outstanding.
Enterprise value	$6.55B	Market cap + total debt - cash - short-term investments.
P/E	71.7x	Market cap / net income. Only when net income is positive.
P/S	3.52x	Market cap / revenue.
P/B	8.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.54x	Market cap / tangible book value, when positive.
P/FCF	69.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.1x	Market cap / cash from operations, when positive.
EV/Sales	3.48x	Enterprise value / revenue.
EV/EBIT	36.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	68.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.4%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).

What was Dutch Bros Inc.'s revenue in fiscal 2025?

Dutch Bros Inc. reported revenue of $1.64B for fiscal 2025, 27.9% higher than the year before.

Was Dutch Bros Inc. profitable in fiscal 2025?

Yes. Net income was $79.8M, a net margin of 4.9%.

How much free cash flow did Dutch Bros Inc. generate in fiscal 2025?

Cash from operations of $295.5M minus capital expenditures of $241.1M left free cash flow of $54.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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