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Dutch Bros vs Luckin Coffee: revenue, profit, margins and growth compared

Dutch Bros brought in $1.6B of revenue in fiscal 2025, Luckin Coffee $7B in fiscal 2025. Revenue changed by +27.9% at Dutch Bros and +48.9% at Luckin Coffee on the year before, so Luckin Coffee grew faster. Dutch Bros kept 4.9% of its revenue as net profit, Luckin Coffee 7.3%. Free cash flow was $54.4M at Dutch Bros and $494.9M at Luckin Coffee.

Side by side, latest fiscal year

BROSLKNCY
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.6B$7B
Revenue growth+27.9%+48.9%
Net income$79.8M$513.9M
Net margin4.9%7.3%
Free cash flow$54.4M$494.9M
Free cash flow margin3.3%7.0%
Earnings per share (diluted)$0.64$0.20
Cash$269.4M$327.4M
Debt$202.5Mn/a
Price to earnings59.0n/a
Market value$6.6Bn/a
Dividend yieldn/an/a
Rank by revenue in sector#403 of 1065 · Consumer discretionary#166 of 1065 · Consumer discretionary

Over the years

Revenue
BROS FY2019: $238.4MBROS FY2021: $327.4MBROS FY2021: $497.9MBROS FY2022: $739MBROS FY2023: $965.8MBROS FY2024: $1.3BBROS FY2025: $1.6BLKNCY FY2019: $434.5MLKNCY FY2020: $618.1MLKNCY FY2021: $1.2BLKNCY FY2022: $1.9BLKNCY FY2023: $3.5BLKNCY FY2024: $4.7BLKNCY FY2025: $7BFY19FY20FY21FY22FY23FY24FY25
BROS $1.6BLKNCY $7B
Net income
BROS FY2019: $0BROS FY2021: $0BROS FY2021: -$12.7MBROS FY2022: -$4.8MBROS FY2023: $1.7MBROS FY2024: $35.3MBROS FY2025: $79.8MLKNCY FY2019: -$533.3MLKNCY FY2020: -$856.6MLKNCY FY2021: $107.7MLKNCY FY2022: $70.8MLKNCY FY2023: $401.1MLKNCY FY2024: $401.7MLKNCY FY2025: $513.9MFY19FY20FY21FY22FY23FY24FY25
BROS $79.8MLKNCY $513.9M
Net margin
BROS FY2019: 0.0%BROS FY2021: 0.0%BROS FY2021: -2.5%BROS FY2022: -0.6%BROS FY2023: 0.2%BROS FY2024: 2.8%BROS FY2025: 4.9%LKNCY FY2019: -122.7%LKNCY FY2020: -138.6%LKNCY FY2021: 8.6%LKNCY FY2022: 3.7%LKNCY FY2023: 11.4%LKNCY FY2024: 8.5%LKNCY FY2025: 7.3%FY19FY20FY21FY22FY23FY24FY25
BROS 4.9%LKNCY 7.3%
Revenue growth
BROS FY2021: +37.4%BROS FY2021: +52.1%BROS FY2022: +48.4%BROS FY2023: +30.7%BROS FY2024: +32.6%BROS FY2025: +27.9%LKNCY FY2020: +42.3%LKNCY FY2021: +102.2%LKNCY FY2022: +54.2%LKNCY FY2023: +82.0%LKNCY FY2024: +34.7%LKNCY FY2025: +48.9%FY20FY21FY22FY23FY24FY25
BROS +27.9%LKNCY +48.9%
Free cash flow
BROS FY2019: $17.2MBROS FY2021: $13MBROS FY2021: -$38.1MBROS FY2022: -$128MBROS FY2023: -$88.5MBROS FY2024: $24.7MBROS FY2025: $54.4MLKNCY FY2019: -$536.9MLKNCY FY2020: -$490.3MLKNCY FY2021: -$7.8MLKNCY FY2022: -$110.5MLKNCY FY2023: $21.2MLKNCY FY2024: $264.1MLKNCY FY2025: $494.9MFY19FY20FY21FY22FY23FY24FY25
BROS $54.4MLKNCY $494.9M

Fiscal years as each company reports them; the two may end in different months.

Questions about Dutch Bros and Luckin Coffee

Which is bigger by revenue, Dutch Bros or Luckin Coffee?

Luckin Coffee is bigger by revenue: $7B in fiscal 2025, against $1.6B for Dutch Bros in fiscal 2025.

Which keeps more of its revenue as profit, Dutch Bros or Luckin Coffee?

Dutch Bros had a net margin of 4.9% in fiscal 2025; Luckin Coffee had 7.3% in fiscal 2025.

Which grew revenue faster, Dutch Bros or Luckin Coffee?

In their latest fiscal years revenue changed by +27.9% at Dutch Bros and +48.9% at Luckin Coffee.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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