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Dutch Bros Inc. (BROS)

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Dutch Bros Inc. (BROS) reported revenue of $551 million for Q2 FY2026, the quarter ended 30 June 2026, up 32.5% on the same quarter a year earlier. Net income was $37 million, up 46.0% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$551 millionup 32.5%
Net income$37 millionup 46.0%
Diluted EPS$0.28
QuarterQ2 FY2026ended 30 June 2026

Dutch Bros (BROS) in brief

Dutch Bros (BROS) reported revenue of $1.6 billion for fiscal 2025, the year ended 31 December 2025, up 27.9% on the year before.
Read moreNet income was $80 million and diluted earnings per share $0.64. Revenue was $1.3 billion in fiscal 2024, $966 million in fiscal 2023, $739 million in fiscal 2022 and $498 million in fiscal 2021. Net income in the same years was $35 million, $2 million, a loss of $5 million and a loss of $13 million. Over the twelve months to 30 June 2026, Dutch Bros reported revenue of $1.9 billion and net income of $92 million. Revenue grew 38.0% a year, compounded, over the five years to fiscal 2025. Dutch Bros had 154 million shares outstanding at the latest filed count. At 30 June 2026 it carried $201 million of debt and $269 million of cash. At the close of 8 October 2026 the market cap of Dutch Bros was $6.1 billion, 55.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE11.6%
ROCE18.0%
Operating margin9.6%
Net margin4.9%
FCF margin5.0%
Interest covern/a
Debt to equity0.25
Cash conversion3.96
Share count, 1 yearn/a
Sales CAGR, 3 years30.4%
Profit CAGR, 3 yearsn/a
EPS, TTM$0.72

At the close of 8 October 2026

Price$39.78
Market cap$6.1 billion
Stock P/E55.25
Price to book7.69
EV / EBITDA19.28
Dividend yieldn/a
Market cap / sales3.26
52-week high$73.31
52-week low$37.74
Price, 1 year-17.0%
Price CAGR, 3 years17.2%
Price CAGR, 5 years-1.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Dutch Bros Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
BROSgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BROS

Filings15 in twelve months: 6 current reports (8-K), about 4 results of operations; 4 regulation fd disclosure; 2 shareholder vote; 1 other events
Planned insider sales17 Form 144 notices in twelve months, $309.3 million; latest 11 June 2026
Options tapeput/call 0.31 by open interest at the 8 October 2026 close; the straddle prices a 5.7% move to 16 October 2026
13F holders9 of the followed funds hold it; largest FMR LLC; 7 Schedule 13D or 13G filings in twelve months
Insider trading69 sales and 2 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest16.4 million shares short, 3.89 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue265254275325338343355416424444464551
Cost of revenue189195203235248255265296317336357400
Gross profit75.259.171.890.390.188.090.0120107107107151
Gross margin28%23%26%28%27%26%25%29%25%24%23%27%
SG&A50.556.946.258.157.572.258.965.465.373.273.280.7
Operating income24.72.225.632.232.515.831.154.741.534.034.370.4
Operating margin9%1%9%10%10%5%9%13%10%8%7%13%
Net income4.2-1.47.111.912.63.615.425.617.521.416.137.4
Net margin2%-1%3%4%4%1%4%6%4%5%3%7%
Diluted EPS$0.07-$0.02$0.08$0.12$0.11$0.03$0.13$0.20$0.14$0.17$0.13$0.28
Operating cash flow49.145.041.259.583.562.236.989.989.179.684.7112
Capital expenditure65.460.757.564.457.142.845.654.270.271.257.072.3
Free cash flow-16.4-15.7-16.3-4.926.419.5-8.735.718.98.527.739.9
Shares outstandingn/an/an/an/an/a154mn/an/an/an/an/an/a
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 7 fiscal years and the trailing twelve months

FY2019FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Revenue2383274987399661,2811,6381,882
Cost of revenue1422123455587149411,2141,410
Gross profit96.1116153181251340424472
Gross margin40.3%35.4%30.8%24.5%26.0%26.6%25.9%25.1%
Selling, general and administrative65.8105265184205234263292
Operating income30.311.0-111-2.646.2106161180
Operating margin12.7%3.4%-22.3%-0.4%4.8%8.3%9.8%9.6%
Pre-tax incomen/an/an/an/a16.984.9136n/a
Income tax0.10.8-1.62.67.018.418.325.6
Effective tax raten/an/an/an/a41.2%21.7%13.5%n/a
Net income0.00.0-12.7-4.81.735.379.892.4
Net margin0.0%0.0%-2.5%-0.6%0.2%2.8%4.9%4.9%
Diluted EPSn/an/a-$0.28-$0.09$0.03$0.34$0.64$0.72
Filing10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Company-operated shops8581,1661,50992.1%
Franchising and other1081151297.9%
Company-operated shopsFranchising and other
966FY20231,281FY20241,638FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Company-operated shops8581,1661,50992.1%
Franchising1021101227.5%
Other5.95.66.80.4%
Company-operated shopsFranchisingOther
966FY20231,281FY20241,638FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2019FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Operating cash flow56.753.580.459.9140246296366
Capital expenditure39.540.6118188228222241271
Free cash flow17.213.0-38.1-128-88.524.754.495.0
Free cash flow margin7.2%4.0%-7.6%-17.3%-9.2%1.9%3.3%5.0%
Cash from investing-39.9-45.6-121-193-227-212-241-290
Cash from financing-12.78.127.6134201125-78.4-61.1
Depreciation and amortisation9.715.525.244.769.193.0115135
Share-based compensation6.835.115841.739.211.518.021.3
Diluted shares, weightedn/an/a46m52m62m104m126m135m
Shares outstanding at period endn/an/an/an/an/a154mn/an/a
Filing10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2019FY2020 †FY2021 †FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equityn/a76.094.5129364537681798
Non-controlling interestn/a0.0119123312226217177
Redeemable equity9381,5360.0n/an/an/an/an/a
Debtn/a28.23.621099.1238202201
Operating lease liabilitiesn/an/a0.0161191309450573
Finance lease liabilitiesn/an/an/a237368369403395
Other liabilitiesn/an/a3363264308211,0571,234
Total liabilities and equityn/a2605541,1861,7642,5013,0093,377
Owned
Fixed assetsn/a165302365542684825905
Goodwill16.518.118.721.621.621.621.621.6
Intangible assetsn/a11.311.18.85.42.91.51.1
Cash and equivalents15.631.618.520.2134293269269
Receivablesn/a10.810.612.09.110.618.418.9
Inventoryn/a15.623.339.247.036.548.941.3
Other assetsn/a6.81697191,0051,4521,8252,120
Total assetsn/a2605541,1861,7642,5013,0093,377
Filing10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a38.0%30.4%29.6%
Profit growth, compoundedn/an/an/a61.4%
Return on equity, averagen/a0.3%6.3%11.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Restaurants, Hotels, Motels

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Starbucks Corp. SBUX$106.3 billion53.57n/a7.8%4.5%n/a2.7%
Texas Roadhouse, Inc. TXRH$10.7 billion26.0426.5%7.7%9.9%0.031.7%
Brinker International, Inc. EAT$8.0 billion17.47109.8%10.7%7.9%0.950.6%
Wynn Resorts Ltd. WYNN$7.8 billion18.68n/a15.7%6.4%n/a1.3%
MGM Resorts International MGM$7.6 billion18.1916.9%5.7%3.2%2.410.0%
Cava Group, Inc. CAVA$6.3 billion98.757.9%5.2%26.8%0.00n/a
Dutch Bros Inc. BROS$6.1 billion55.2511.6%9.6%29.6%0.25n/a
Wyndham Hotels & Resorts, Inc. WH$5.4 billion26.9743.3%30.2%-2.1%5.532.2%
Boyd Gaming Corp. BYD$5.1 billion3.0872.7%16.4%1.7%1.051.0%
Choice Hotels International Inc. CHH$4.7 billion14.81230.9%25.2%2.6%14.081.1%
Travel & Leisure Co. TNL$3.8 billion17.11n/a13.7%4.5%n/a3.7%
Wingstop Inc. WING$3.2 billion28.15n/a27.9%7.6%n/a1.0%
All 24 in Restaurants, Hotels, Motels
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
McDonald's Corp. MCD$167.6 billion19.24n/a46.2%6.3%n/a3.0%
Starbucks Corp. SBUX$106.3 billion53.57n/a7.8%4.5%n/a2.7%
Marriott International Inc. MAR$94.2 billion37.42n/a15.8%4.7%n/a0.7%
Hilton Worldwide Holdings Inc. HLT$73.0 billion47.47n/a23.3%8.7%n/a0.2%
Chipotle Mexican Grill Inc. CMG$41.4 billion29.9864.5%14.7%7.3%0.00n/a
Yum! Brands, Inc. YUM$39.0 billion17.99n/a31.0%10.3%n/a2.0%
InterContinental Hotels Group PLC IHG *$24.2 billion32.78n/a23.1%5.4%n/a1.1%
Las Vegas Sands Corp. LVS$23.4 billion14.05297.2%21.5%18.1%23.572.8%
Darden Restaurants Inc. DRI$22.7 billion19.6057.2%11.7%8.1%0.793.0%
Hyatt Hotels Corp. H$15.4 billion194.432.4%n/a5.8%1.110.4%
Aramark ARMK$14.6 billion38.8411.3%4.4%11.0%1.800.8%
Texas Roadhouse, Inc. TXRH$10.7 billion26.0426.5%7.7%9.9%0.031.7%
Brinker International, Inc. EAT$8.0 billion17.47109.8%10.7%7.9%0.950.6%
Wynn Resorts Ltd. WYNN$7.8 billion18.68n/a15.7%6.4%n/a1.3%
MGM Resorts International MGM$7.6 billion18.1916.9%5.7%3.2%2.410.0%
Cava Group, Inc. CAVA$6.3 billion98.757.9%5.2%26.8%0.00n/a
Dutch Bros Inc. BROS$6.1 billion55.2511.6%9.6%29.6%0.25n/a
Wyndham Hotels & Resorts, Inc. WH$5.4 billion26.9743.3%30.2%-2.1%5.532.2%
Boyd Gaming Corp. BYD$5.1 billion3.0872.7%16.4%1.7%1.051.0%
Choice Hotels International Inc. CHH$4.7 billion14.81230.9%25.2%2.6%14.081.1%
Travel & Leisure Co. TNL$3.8 billion17.11n/a13.7%4.5%n/a3.7%
Wingstop Inc. WING$3.2 billion28.15n/a27.9%7.6%n/a1.0%
Park Hotels & Resorts Inc. PK$3.1 billionn/a-5.3%2.0%-1.4%1.276.6%
Hilton Grand Vacations Inc. HGV$2.7 billion19.5313.7%9.9%5.4%4.42n/a
1 company shares its SEC industry code (Retail-Eating & Drinking Places); the rest are the names nearest in size in its wider industry, Restaurants, Hotels, Motels, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202513 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202413 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20248 August 2024EDGAR
10-Q31 March 20248 May 2024EDGAR

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