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Dutch Bros (BROS) FY2025 results: revenue $1.6 billion, up 27.9% on the year

Dutch Bros Inc. (BROS) reported revenue of $1.6 billion for fiscal 2025, the year ended 31 December 2025, up 27.9% on the year before. Net income was $80 million, up 126.5%, and diluted earnings per share $0.64. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue
$1.6 billion
+27.9% on the year
FY2019FY2025
Operating margin
9.8%
8.3% a year earlier
FY2019FY2025
Net income
$80 million
+126.5% on the year
FY2019FY2025
Diluted EPS
$0.64
+88.2% on the year
FY2019FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 4 new.

  • Fourth-quarter revenue rose 29%: Total revenues were $443.6 million against $342.8 million a year earlier. Management attributed the topline growth to higher transactions and customer response to the value proposition.
  • Adjusted EBITDA rose 48.8%: Adjusted EBITDA was $72.6 million, a 16.4% margin against 14.2% a year earlier. Management said adjusted EBITDA growth outpaced revenue growth.
  • Systemwide same shop sales up 7.7%: Systemwide same shop sales rose 7.7% with transactions up 5.4%. Company-operated same shop sales rose 9.7% with transactions up 7.6%.
  • Company-operated contribution margin declined: Company-operated shops contribution was $113.1 million, a 27.6% margin against 28.9%. Full-year contribution was $436.6 million, a 28.9% margin against 29.7%.
  • Beverage and packaging share rose: Beverage, food and packaging was 27.0% of company-operated revenue in the quarter, against 25.4%. For 2025 it was 25.9% against 25.5%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Dutch Bros operates and franchises drive-thru shops that serve hand-crafted hot, iced and blended beverages. It was founded in 1992 by brothers Dane and Travis Boersma, starting with a double-head espresso machine and a pushcart in Grants Pass, Oregon. As of December 31, 2025 it had 1,136 shops across 25 states, of which 811 were company-operated and 325 were franchise.

Dutch Bros Inc., the 10-K for 2025

Dutch Bros operates and franchises drive-thru shops that serve hand-crafted hot, iced and blended beverages. It was founded in 1992 by brothers Dane and Travis Boersma, starting with a double-head espresso machine and a pushcart in Grants Pass, Oregon. As of December 31, 2025 it had 1,136 shops across 25 states, of which 811 were company-operated and 325 were franchise.

What it sells

Coffee-based beverages made up about 50% of the menu mix in 2025, measured by share of total sales. Espresso shots are pulled on La Marzocco machines, and the menu includes the company's own "Freeze" blended drinks and cold brew. About 25% of the mix is based on its own Dutch Bros Rebel energy drink, served blended or over ice with flavors and modifiers. The remaining 25% is teas, lemonades, smoothies and sodas, with a select variety of food. Customers add flavors and mix-ins such as protein milk, boba and soft top, and many drinks can be made sugar-free, dairy-free, caffeine-free or fat-free.

The shops

Approximately 85% of the business goes through the drive-thru and the remaining 15% through walk-up windows. The vast majority of shops have no lobby or seating, and almost all of their square footage supports making beverages. The company typically targets lots of at least 25,000 square feet to handle car volume. Legacy shops on the West Coast are about 500 square feet, current shops about 800-1,000 square feet with multiple drive-thru lanes served by one window, and endcap shops in strip centers about 1,000-1,200 square feet. The company opened 141 new company-operated shops in 2025.

Company-operated and franchise

Since 2017 its focus has been on company-operated shops, with all operators recruited from within the organization. Existing franchise partners still develop within their own operating areas, while new regions are opened with company-operated shops. Many franchise partners started out working in the shops as broistas. Among its stated aims are a "mid-teens" annual new shop growth rate and an expanded food offering in 2026 for the morning daypart.

The app

Dutch Rewards is an app-based loyalty program in which customers collect points to redeem for free drinks, and points generally expire after six months. In 2025 approximately 72% of all transactions were attributable to Dutch Rewards members, up from approximately 68% in 2024. Members can preload funds and pay through the app, a feature called Dutch Pass. Order ahead, launched in 2024, lets customers pick up at the walk-up window or in the drive thru.

Coffee supply

The company buys green coffee beans from Central and South America through third-party importers and exporters, and roasts all of its coffee at its own facilities in Grants Pass, Oregon and Melissa, Texas. The Texas roaster opened in 2024. Its Private Reserve coffee is a 100% Arabica three-bean blend. It typically holds approximately three months of green coffee bean inventory at its two U.S. ports of entry or its roasting facilities.

From Dutch Bros' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,6381,281966+27.9%
Cost of revenue1,214941714+29.0%
Gross profit424340251+24.6%
Gross margin25.9%26.6%26.0%
Selling, general and administrative263234205+12.3%
Operating income16110646.2+51.9%
Operating margin9.8%8.3%4.8%
Pre-tax income13684.916.9+59.8%
Income tax18.318.47.0-0.5%
Effective tax rate13.5%21.7%41.2%
Net income79.835.31.7+126.5%
Net margin4.9%2.8%0.2%
Diluted EPS$0.64$0.34$0.03+88.2%
$ million except per share.
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.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow296246140+19.9%
Capital expenditure241222228+8.7%
Free cash flow54.424.7-88.5+120.3%
Free cash flow margin3.3%1.9%-9.2%
Cash from investing-241-212-227
Cash from financing-78.4125201
Depreciation and amortisation11593.069.1+23.8%
Share-based compensation18.011.539.2+57.0%
Diluted shares, weighted126m104m62m+20.8%
Shares outstanding at period endn/a154mn/a

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity681537364+26.7%
Non-controlling interest217226312-4.2%
Debt20223899.1-14.9%
Operating lease liabilities450309191+45.4%
Finance lease liabilities403369368+9.0%
Other liabilities1,057821430+28.8%
Total liabilities and equity3,0092,5011,764+20.3%
Fixed assets825684542+20.5%
Goodwill21.621.621.60.0%
Intangible assets1.52.95.4-48.8%
Cash and equivalents269293134-8.2%
Receivables18.410.69.1+73.5%
Inventory48.936.547.0+34.1%
Other assets1,8251,4521,005+25.7%
Total assets3,0092,5011,764+20.3%

10-K for the year ended 31 December 2025, filed 13 February 2026: the filing.