BROS Dutch Bros Inc.

Overview and Growth

In fiscal 2025, Dutch Bros Inc. recorded $1.64B of revenue, net income of $79.84M, and an operating cash inflow of $295.55M. The $1.64B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 27.9% from $1.28B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $0.64, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $0.34 in fiscal 2024, the current result was 88.2% higher. Revenue equaled 0.54x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $423.95M as gross profit before recognizing operating expenses and other items. Gross profit represented 25.9% of revenue, showing how much of the top line remained after direct costs. Operating income was $161.18M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 9.8%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $79.84M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 4.9%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $135.62M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 8.3%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $18.35M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 13.5%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

At period end, the $3.01B asset base was financed through $2.11B of liabilities and $897.87M of equity. At period end, current assets of $357.38M compared with current liabilities of $240.50M, defining the company’s short-term resource position. Current assets covered current liabilities by 1.49x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $269.40M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 112.0%, excluding receivables and other current assets. The company carried $200.18M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.22x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 6.7% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 70.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 9.0% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Cash flow from operations was $295.55M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 3.7x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $241.13M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 81.6% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $54.41M, leaving cash available for debt reduction, shareholder returns, or further investment. Relative to revenue, free cash flow equaled 3.3%, showing how much sales converted into cash after investment. Free cash flow equaled 1.8% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.