Friday 6 November 2026 Export BROS’s income statement to Excel — free account

Dutch Bros Inc.

Dutch Bros Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 27.9% from fiscal 2024.

Revenue: +29.8%
EPS: +42.9%
Free cash flow: +429.1%
Total debt: −99.2%

Quarter to September 2026, against a year earlier

34.91 9.08 −20.64%

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Market cap: $6.0B
P/E: 44.8×
Fwd P/E: 51.6×
Dividend yield: —
F-score: 5/9
Altman Z: 2.99
Beneish M: −2.09
Dividend safety: 70/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Dutch Bros Inc. (BROS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Company-operated shops	1,509	92.14%
Franchising and other	129	7.86%
Gross margin		25.88%
Operating margin		9.84%
Pre-tax margin		8.28%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Company-operated shops	1,509 92.14%	1,166 91.01%	858 88.83%	640 86.56%	404 81.09%	245 74.68%	152 63.58%
Franchising	122 7.45%	110 8.56%	102 10.55%	94 12.69%	87 17.57%	78 23.71%	80 33.38%
Other	7 0.41%	6 0.44%	6 0.61%	6 0.75%	7 1.34%	5 1.61%	7 3.04%
Revenue	1,638	1,281	966	739	498	327	238

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Company-operated shops	1,509 92.14%	1,166 91.01%	858 88.83%	640 86.56%	404 81.09%	245 74.68%	152 63.58%
Franchising and other	129 7.86%	115 8.99%	108 11.17%	99 13.44%	94 18.91%	83 25.32%	87 36.42%
Revenue	1,638	1,281	966	739	498	327	238

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Franchising and other	‡	‡	‡	‡	‡	‡	‡
Company-operated shops	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Company-operated new openings	Q3 FY2026	42.00	34.00	+23.53%
Company-operated operating weeks	Q3 FY2026	12.2K	9.6K	+26.28%
Company-operated same shop sales	Q3 FY2026	5.40%	7.40%	—
Company-operated same shop ticket	Q3 FY2026	4.40%	0.60%	—
Company-operated same shop transactions	Q3 FY2026	1.00%	6.80%	—
Company-operated shop base	Q3 FY2026	724.00	582.00	+24.40%
Company-operated shop count	Q3 FY2026	960.00	759.00	+26.48%
Company-operated shops AUV	Q2 FY2026	$2.2M	$2.0M	+9.18%
Dutch Rewards transactions as a percentage of total transactions	Q3 FY2026	74.0%	71.8%	—
Franchised new openings	Q3 FY2026	6.00	4.00	+50.00%
Franchised shop count	Q3 FY2026	313.00	322.00	−2.80%
Franchising and other operating weeks	Q3 FY2026	4.2K	4.2K	−0.43%
New shops opened	Q3 FY2026	48.00	38.00	+26.32%
Remaining performance obligations	Q4 FY2025	$2.6M	$2.6M	−2.14%
Systemwide AUV	Q2 FY2026	$2.2M	$2.1M	+6.82%
Systemwide sales	Q3 FY2026	$702.2M	$576.9M	+21.72%
Systemwide same shop sales	Q3 FY2026	4.40%	5.70%	—
Systemwide same shop ticket	Q3 FY2026	4.00%	1.00%	—
Systemwide same shop transactions	Q3 FY2026	0.40%	4.70%	—
Systemwide shop base	Q3 FY2026	1.0K	876.00	+15.53%
Total shop count	Q3 FY2026	1.3K	1.1K	+17.76%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021
Company-operated new openings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated operating weeks	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated same shop sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated same shop ticket	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated same shop transactions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated shop base	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated shop count	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Company-operated shops AUV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Dutch Rewards transactions as a percentage of total transactions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Franchised new openings	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Franchised shop count	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Franchising and other operating weeks	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New shops opened	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systemwide AUV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systemwide sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systemwide same shop sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systemwide same shop ticket	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systemwide same shop transactions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Systemwide shop base	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total shop count	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.