Dutch Bros Inc Financials
Dutch Bros Inc (BROS) reported $1.6B in revenue for fiscal year 2025, up 27.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Scale is finally covering overhead, turning asset-heavy expansion from externally funded growth into positive free cash flow.
Over the last three fiscal years, gross margin stayed near26% while SG&A fell to16.0% of revenue, so the profit improvement came from overhead absorption rather than a richer gross spread. Operating cash flow reached$296M as financing cash flow turned-$78M , showing the expansion engine is relying more on internally generated cash than on fresh external funding.
Even with positive free cash flow of
Cash earnings now run well ahead of accounting profit: operating cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Dutch Bros Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dutch Bros Inc has an operating margin of 9.8%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is up from 8.3% the prior year.
Dutch Bros Inc's revenue surged 27.9% year-over-year to $1.6B, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Dutch Bros Inc carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
Dutch Bros Inc's current ratio of 1.49 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Dutch Bros Inc has a free cash flow margin of 3.3%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.
Dutch Bros Inc's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 6.6% the prior year.
Dutch Bros Inc scores 2.77, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($6.9B) relative to total liabilities ($2.1B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Dutch Bros Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Dutch Bros Inc generates $3.70 in operating cash flow ($295.5M OCF vs $79.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Dutch Bros Inc generated $1.6B in revenue in fiscal year 2025. This represents an increase of 27.9% from the prior year.
Dutch Bros Inc's EBITDA was $276.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 38.8% from the prior year.
Dutch Bros Inc reported $79.8M in net income in fiscal year 2025. This represents an increase of 126.5% from the prior year.
Dutch Bros Inc earned $0.64 per diluted share (EPS) in fiscal year 2025. This represents an increase of 88.2% from the prior year.
Cash & Balance Sheet
Dutch Bros Inc generated $54.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 120.3% from the prior year.
Dutch Bros Inc held $269.4M in cash against $196.3M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Dutch Bros Inc's gross margin was 25.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
Dutch Bros Inc's operating margin was 9.8% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Dutch Bros Inc's net profit margin was 4.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.1 percentage points from the prior year.
Dutch Bros Inc's ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.2 percentage points from the prior year.
Capital Allocation
Dutch Bros Inc invested $241.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.7% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BROS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B | $1.6B+27.9% | $1.3B+32.6% | $965.8M+30.7% | $739.0M+48.4% | $497.9M+52.1% | $327.4M+37.4% | $238.4M |
| Cost of Revenue | $1.4B | $1.2B+29.0% | $940.9M+31.7% | $714.5M+28.0% | $558.1M+62.0% | $344.6M+62.9% | $211.5M+48.6% | $142.3M |
| Gross Profit | $472.4M | $423.9M+24.6% | $340.1M+35.3% | $251.3M+38.9% | $180.9M+18.0% | $153.3M+32.2% | $115.9M+20.7% | $96.1M |
| SG&A Expenses | $292.3M | $262.8M+12.3% | $234.0M+14.1% | $205.1M+11.7% | $183.5M-30.6% | $264.5M+152.1% | $104.9M+59.6% | $65.8M |
| Operating Income | $180.2M | $161.2M+51.9% | $106.1M+129.5% | $46.2M+1869.6% | -$2.6M+97.7% | -$111.2M-1111.1% | $11.0M-63.7% | $30.3M |
| Income Tax | $25.6M | $18.3M-0.5% | $18.4M+164.6% | $7.0M+168.1% | $2.6M+259.6% | -$1.6M-293.1% | $843K+847.2% | $89K |
| Net Income | $92.4M | $79.8M+126.5% | $35.3M+1952.3% | $1.7M+136.1% | -$4.8M+62.5% | -$12.7M | $0 | $0 |
| EPS (Diluted) | — | $0.64+88.2% | $0.34 | $0.03+133.3% | -$0.09+67.9% | -$0.28 | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BROS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $3.0B+20.3% | $2.5B+41.8% | $1.8B+48.7% | $1.2B+114.3% | $553.7M+113.2% | $259.7M | N/A |
| Current Assets | $357.4M-0.2% | $357.9M+74.4% | $205.3M+149.3% | $82.3M+34.3% | $61.3M-2.8% | $63.1M | N/A |
| Cash & Equivalents | $269.4M-8.2% | $293.4M+119.7% | $133.5M+561.8% | $20.2M+9.0% | $18.5M-41.5% | $31.6M+103.0% | $15.6M |
| Inventory | $48.9M+34.1% | $36.5M-22.3% | $47.0M+19.7% | $39.2M+68.0% | $23.3M+49.8% | $15.6M | N/A |
| Accounts Receivable | $18.4M+73.5% | $10.6M+16.2% | $9.1M-23.8% | $12.0M+12.4% | $10.6M-1.8% | $10.8M | N/A |
| Goodwill | $21.6M0.0% | $21.6M0.0% | $21.6M0.0% | $21.6M+15.6% | $18.7M+3.5% | $18.1M+9.3% | $16.5M |
| Total Liabilities | $2.1B+21.5% | $1.7B+59.7% | $1.1B+16.4% | $934.4M+103.5% | $459.2M+150.0% | $183.7M | N/A |
| Current Liabilities | $240.5M+18.4% | $203.1M+47.0% | $138.1M-35.1% | $212.7M+53.3% | $138.7M+131.7% | $59.9M | N/A |
| Long-Term Debt | $196.3M-10.7% | $219.8M+135.9% | $93.2M-3.2% | $96.3M+2649.0% | $3.5M-85.6% | $24.4M | N/A |
| Total Equity | $680.8M+26.7% | $537.4M+47.5% | $364.3M+182.2% | $129.1M+36.6% | $94.5M+24.4% | $76.0M | N/A |
| Retained Earnings | $99.5M+406.0% | $19.7M+226.1% | -$15.6M+9.9% | -$17.3M-36.5% | -$12.7M | $0 | N/A |
BROS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $365.7M | $295.5M+19.9% | $246.4M+76.1% | $139.9M+133.6% | $59.9M-25.5% | $80.4M+50.1% | $53.5M-5.6% | $56.7M |
| Capital Expenditures | $270.7M | $241.1M+8.7% | $221.7M-2.9% | $228.5M+21.6% | $187.9M+58.6% | $118.4M+191.9% | $40.6M+2.8% | $39.5M |
| Free Cash Flow | $95.0M | $54.4M+120.3% | $24.7M+127.9% | -$88.5M+30.8% | -$128.0M-236.2% | -$38.1M-393.4% | $13.0M-24.7% | $17.2M |
| Investing Cash Flow | -$290.4M | -$241.1M-13.7% | -$212.1M+6.7% | -$227.3M-18.0% | -$192.6M-59.0% | -$121.1M-165.7% | -$45.6M-14.1% | -$39.9M |
| Financing Cash Flow | -$61.1M | -$78.4M-162.5% | $125.4M-37.5% | $200.7M+49.4% | $134.4M+387.2% | $27.6M+241.5% | $8.1M+163.7% | -$12.7M |
| Share Buybacks | N/A | N/A | N/A | $0 | $0-100.0% | $287.7M | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BROS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 25.9%-0.7pp | 26.6%+0.5pp | 26.0%+1.5pp | 24.5%-6.3pp | 30.8%-4.6pp | 35.4%-4.9pp | 40.3% |
| Operating Margin | 9.8%+1.6pp | 8.3%+3.5pp | 4.8%+5.1pp | -0.4%+22.0pp | -22.3%-25.7pp | 3.4%-9.3pp | 12.7% |
| Net Margin | 4.9%+2.1pp | 2.8%+2.6pp | 0.2%+0.8pp | -0.6%+1.9pp | -2.5%-2.5pp | 0.0%0.0pp | 0.0% |
| Return on Equity | 11.7%+5.2pp | 6.6%+6.1pp | 0.5%+4.2pp | -3.7%+9.7pp | -13.4%-13.4pp | 0.0% | N/A |
| Return on Assets | 2.6%+1.2pp | 1.4%+1.3pp | 0.1%+0.5pp | -0.4%+1.9pp | -2.3%-2.3pp | 0.0% | N/A |
| Current Ratio | 1.49-0.3x | 1.76+0.3x | 1.49+1.1x | 0.39-0.1x | 0.44-0.6x | 1.05 | N/A |
| Debt-to-Equity | 0.29-0.1x | 0.41+0.2x | 0.26-0.5x | 0.75+0.7x | 0.04-0.3x | 0.32 | N/A |
| FCF Margin | 3.3%+1.4pp | 1.9%+11.1pp | -9.2%+8.1pp | -17.3%-9.7pp | -7.6%-11.6pp | 4.0%-3.3pp | 7.2% |
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Where Dutch Bros Inc Ranks
Frequently Asked Questions
What is Dutch Bros Inc's annual revenue?
Dutch Bros Inc (BROS) reported $1.6B in total revenue for fiscal year 2025. This represents a 27.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dutch Bros Inc's revenue growing?
Dutch Bros Inc (BROS) revenue grew by 27.9% year-over-year, from $1.3B to $1.6B in fiscal year 2025.
Is Dutch Bros Inc profitable?
Yes, Dutch Bros Inc (BROS) reported a net income of $79.8M in fiscal year 2025, with a net profit margin of 4.9%.
What is Dutch Bros Inc's EBITDA?
Dutch Bros Inc (BROS) had EBITDA of $276.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Dutch Bros Inc have?
As of fiscal year 2025, Dutch Bros Inc (BROS) had $269.4M in cash and equivalents against $196.3M in long-term debt.
What is Dutch Bros Inc's gross margin?
Dutch Bros Inc (BROS) had a gross margin of 25.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Dutch Bros Inc's operating margin?
Dutch Bros Inc (BROS) had an operating margin of 9.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Dutch Bros Inc's net profit margin?
Dutch Bros Inc (BROS) had a net profit margin of 4.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Dutch Bros Inc's return on equity (ROE)?
Dutch Bros Inc (BROS) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Dutch Bros Inc's free cash flow?
Dutch Bros Inc (BROS) generated $54.4M in free cash flow during fiscal year 2025. This represents a 120.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dutch Bros Inc's operating cash flow?
Dutch Bros Inc (BROS) generated $295.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Dutch Bros Inc's total assets?
Dutch Bros Inc (BROS) had $3.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Dutch Bros Inc's capital expenditures?
Dutch Bros Inc (BROS) invested $241.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Dutch Bros Inc's current ratio?
Dutch Bros Inc (BROS) had a current ratio of 1.49 as of fiscal year 2025, which is considered adequate.
What is Dutch Bros Inc's debt-to-equity ratio?
Dutch Bros Inc (BROS) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dutch Bros Inc's return on assets (ROA)?
Dutch Bros Inc (BROS) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dutch Bros Inc's Altman Z-Score?
Dutch Bros Inc (BROS) has an Altman Z-Score of 2.77, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Dutch Bros Inc's Piotroski F-Score?
Dutch Bros Inc (BROS) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dutch Bros Inc's earnings high quality?
Dutch Bros Inc (BROS) has an earnings quality ratio of 3.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Dutch Bros Inc?
Dutch Bros Inc (BROS) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.