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Restaurants · Consumer Cyclical · Fiscal year ends Dec 31
Dutch Bros reported revenue of $1.6B in the fiscal year ended Dec 2025, up 27.9% from the year before. Operating income was $161M, an operating margin of 9.8%, and net income was $80M. Operating cash flow of $296M less capital expenditure of $241M left free cash flow of $54M. It held more cash than debt (net cash $69M).
Ranks among the 16 restaurants companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 498 | 739 | 966 | 1,281 | 1,638 |
| Cost of revenue | 345 | 558 | 714 | 941 | 1,214 |
| Gross profit | 153 | 181 | 251 | 340 | 424 |
| Selling, general & admin | 265 | 184 | 205 | 234 | 263 |
| Operating income | −111 | −2.6 | 46.2 | 106 | 161 |
| Pre-tax income | – | – | 16.9 | 84.9 | 136 |
| Income tax | −1.6 | 2.6 | 7.0 | 18.4 | 18.3 |
| Net income | −12.7 | −4.8 | 1.7 | 35.3 | 79.8 |
| Diluted EPS | −0.28 | −0.09 | 0.03 | 0.34 | 0.64 |
| Diluted shares | 45.9 | 51.9 | 62.1 | 104 | 126 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 18.5 | 20.2 | 134 | 293 | 269 |
| Receivables | 10.6 | 12.0 | 9.1 | 10.6 | 18.4 |
| Inventory | 23.3 | 39.2 | 47.0 | 36.5 | 48.9 |
| Current assets | 61.3 | 82.3 | 205 | 358 | 357 |
| Net PP&E | 302 | 365 | 542 | 684 | 825 |
| Goodwill | 18.7 | 21.6 | 21.6 | 21.6 | 21.6 |
| Total assets | 554 | 1,186 | 1,764 | 2,501 | 3,009 |
| Payables | 20.4 | 21.3 | 30.0 | 32.2 | 37.6 |
| Deferred revenue | 22.8 | 25.3 | 30.3 | 42.9 | 55.7 |
| Current liabilities | 139 | 213 | 138 | 203 | 240 |
| Short-term debt | 0.1 | 2.6 | 4.5 | 17.3 | 3.9 |
| Long-term debt | 3.5 | 96.3 | 93.2 | 220 | 196 |
| Total liabilities | 340 | 934 | 1,088 | 1,737 | 2,111 |
| Shareholders' equity | 94.5 | 129 | 364 | 537 | 681 |
| Backlog (remaining obligations) | 2.6 | 2.4 | 2.4 | 2.6 | 2.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 80.4 | 59.9 | 140 | 246 | 296 |
| Capital expenditure | 118 | 188 | 228 | 222 | 241 |
| Free cash flow | −38.1 | −128 | −88.5 | 24.7 | 54.4 |
| Depreciation & amortisation | 25.2 | 44.7 | 69.1 | 93.0 | 115 |
| Stock-based compensation | 158 | 41.7 | 39.2 | 11.5 | 18.0 |
| Acquisitions | 5.4 | 6.1 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.4% | 30.7% | 32.6% | 27.9% |
| Operating income growth (YoY) | – | – | – | 129.5% | 51.9% |
| EPS growth (YoY) | – | – | – | 1033.3% | 88.2% |
| Gross margin | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% |
| Operating margin | −22.3% | −0.4% | 4.8% | 8.3% | 9.8% |
| Net margin | −2.5% | −0.6% | 0.2% | 2.8% | 4.9% |
| Return on equityBlank when equity is negative | −13.4% | −3.7% | 0.5% | 6.6% | 11.7% |
| ROCEEBIT ÷ (assets − current liabilities) | −26.8% | −0.3% | 2.8% | 4.6% | 5.8% |
| Free cash flow margin | −7.6% | −17.3% | −9.2% | 1.9% | 3.3% |
| Cash conversion (CFO ÷ net income) | −6.34x | −12.6x | 81.4x | 6.99x | 3.70x |
| Receivable days | 8 | 6 | 3 | 3 | 4 |
| Inventory days | 25 | 26 | 24 | 14 | 15 |
| Payable days | 22 | 14 | 15 | 13 | 11 |
| Debt ÷ equity | 0.04x | 0.77x | 0.27x | 0.44x | 0.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −14.9 | 78.7 | −35.9 | −56.3 | −69.2 |
| Current ratio | 0.44x | 0.39x | 1.49x | 1.76x | 1.49x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.