Logo

BROS

Dutch Bros Inc.

BROS

Dutch Bros Inc. • NYSE
$58.62 ▲ 0.58% (+0.34)
Market Cap $10.14 B
52w High $86.88
52w Low $47.16
Dividend Yield 0%
P/E 119.63
Volume 1.24M
Outstanding Shares 127.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $423.584M ▲ $65.289M ▼ $17.495M ▼ 4.13% ▼ $0.14 ▼ $68.435M ▼
Q2-2025 $415.813M ▲ $65.385M ▲ $25.624M ▲ 6.162% ▲ $0.2 ▲ $73.548M ▲
Q1-2025 $355.152M ▲ $58.921M ▼ $15.353M ▲ 4.323% ▲ $0.13 ▲ $57.484M ▲
Q4-2024 $342.786M ▲ $72.17M ▲ $3.612M ▼ 1.054% ▼ $0.032 ▼ $39.754M ▼
Q3-2024 $338.212M $57.536M $12.644M 3.738% $0.11 $57.16M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $267.195M ▲ $2.922B ▲ $2.057B ▲ $656.557M ▲
Q2-2025 $254.415M ▼ $2.812B ▲ $1.978B ▲ $636.168M ▲
Q1-2025 $316.441M ▲ $2.765B ▲ $1.969B ▲ $599.058M ▲
Q4-2024 $293.354M ▲ $2.501B ▲ $1.737B ▲ $537.369M ▲
Q3-2024 $281.134M $2.432B $1.679B $523.15M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $27.283M ▼ $89.125M ▼ $-70.205M ▼ $-6.14M ▲ $12.78M ▲ $18.92M ▼
Q2-2025 $38.357M ▲ $89.897M ▲ $-54.203M ▼ $-97.72M ▼ $-62.026M ▼ $35.686M ▲
Q1-2025 $22.48M ▲ $36.884M ▼ $-45.528M ▼ $31.731M ▲ $23.087M ▲ $-8.667M ▼
Q4-2024 $6.367M ▼ $62.237M ▼ $-42.709M ▲ $-7.308M ▼ $12.22M ▼ $19.468M ▼
Q3-2024 $21.712M $83.466M $-56.123M $-7.131M $20.212M $26.407M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Franchise Fees
Franchise Fees
 $60.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Dutch Bros’ income statement shows a classic early-stage growth story. Revenue has climbed rapidly over the last several years as the company opens more shops and drives higher sales per location. Profitability has lagged that growth but is moving in the right direction: operating results have turned from losses to modest profits, and net income has edged into positive territory. Margins are still thin, which means results are sensitive to labor, ingredients, and occupancy costs, as well as to any slowdown in traffic. Overall, the business is clearly scaling, but it is still in the phase where growth is prioritized over robust earnings, and that leaves some execution risk around consistency of future profits.

Balance Sheet

Balance Sheet The balance sheet reflects heavy investment in expansion. Total assets have grown several-fold as the company builds and equips new locations. Cash has increased but remains a relatively small cushion compared with the size of the business, while debt has risen meaningfully to help fund growth. Shareholders’ equity has also built up over time, which supports the capital structure but does not eliminate leverage risk. In simple terms, Dutch Bros now has a much larger, more asset‑intensive footprint than a few years ago, backed by a mix of debt and equity that looks typical for a fast‑growing restaurant chain but depends on continued solid performance to remain comfortable.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has strengthened steadily, suggesting the core business is generating more cash as the store base grows. However, the company has been spending heavily on new shops and equipment, so capital expenditures have absorbed most of that operating cash. As a result, free cash flow was negative for several years and only recently turned slightly positive. This pattern is consistent with a company in “build‑out” mode: cash that comes in is quickly reinvested. The opportunity is that these investments can fuel future earnings; the risk is that aggressive spending reduces financial flexibility if growth or store‑level returns fall short of expectations.

Competitive Edge

Competitive Edge Dutch Bros has carved out a distinctive niche in the crowded beverage market. Its core advantages center on a highly energized service culture, a drive‑thru‑only format focused on speed and convenience, and a menu that goes well beyond traditional coffee. The brand has developed especially strong loyalty among younger customers, helped by its upbeat “broista” culture and a sense of community that feels more like a lifestyle than a typical chain. On the structural side, requiring franchisees to come from within the company helps preserve that culture and operating consistency. At the same time, Dutch Bros faces intense competition from national coffee chains, convenience stores, and local players. As it moves into new regions, it must prove that its West Coast‑rooted concept and culture can travel while maintaining service standards and unit economics.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Dutch Bros’ strategy. The company leans heavily on its mobile app and rewards program to personalize offers, gather customer data, and streamline ordering, which supports both sales and efficiency. Operationally, it is experimenting with layout, drive‑thru processes, and cloud‑based systems to squeeze more volume through each location with fewer errors. On the product side, Dutch Bros regularly refreshes its menu, including its proprietary energy drinks, customized beverages, seasonal items, and newer ideas like protein‑focused drinks and boba. Looking ahead, it is testing hot food items and pushing into packaged products sold in retail channels. These moves could broaden revenue streams and deepen the brand, but they also introduce complexity and require careful execution to avoid diluting the core drive‑thru experience or pressuring margins.

Summary

Dutch Bros today looks like a high‑growth retail brand that is transitioning from an emerging regional player to a scaled national concept. The financials show strong top‑line expansion and improving, but still modest, profitability, supported by a balance sheet and cash flows oriented toward aggressive store growth rather than near‑term earnings maximization. Its competitive strengths lie in culture, customer loyalty, convenience, and a willingness to innovate in both technology and menu. The main uncertainties revolve around sustaining unit‑level economics as the footprint expands, managing a growing debt load while continuing to invest, and defending its niche in a highly competitive and trend‑sensitive category. If the company can balance rapid expansion with operational discipline, its current trajectory suggests meaningful long‑term potential, but with the typical risks associated with fast‑growing restaurant chains.

NEWS

November 5, 2025 · 11:09 PM UTC

Rosen Law Firm Announces Investigation of Breaches of Fiduciary Duties by the Directors and Officers of Five Below, Inc. – FIVE

Read more

November 5, 2025 · 4:05 PM UTC

Dutch Bros Inc. Reports Third Quarter 2025 Financial Results

Read more

October 22, 2025 · 12:45 PM UTC

LRE & Co announces the leasing of property to Dutch Bros at the new Folsom development.

Read more

October 22, 2025 · 9:00 AM UTC

Dutch Bros Inc. to Host Third Quarter 2025 Conference Call and Webcast on November 5

Read more