A Business at a Glance
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Dutch Bros Inc.
BROS
$8.0B
Mkt Cap
$64.00
+0.02%
Dutch Bros Inc. (BROS) has a current P/E ratio of 100.0.
Dutch Bros Inc. (BROS) has a 5-year average return on invested capital (ROIC) of 4.9%. This is below average and may indicate limited pricing power.
Dutch Bros Inc. (BROS) has a market capitalization of $8.2B. It is classified as a mid-cap stock.
Dutch Bros Inc. (BROS) does not currently pay a regular dividend.
Dutch Bros Inc. (BROS) operates in the Retail-Eating & Drinking Places industry, within the Consumer Cyclical sector.
Dutch Bros Inc. (BROS) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dutch Bros Inc. (BROS) has a net profit margin of 4.9%. This is a modest margin.
Dutch Bros Inc. (BROS) generated $54 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Dutch Bros is a high-growth operator and franchisor of drive-thru beverage shops founded in 1992 that serves hand-crafted, customizable hot, iced, and blended beverages alongside food offerings across 25 states. The company's business model centers on company-operated shops (811 as of December 31, 2025) and franchise locations (325), generating revenue through direct sales of beverages and food, with approximately 50% of menu mix from coffee-based beverages, 25% from proprietary Dutch Bros Rebel energy drinks, and 25% from refreshments and other items. Unit economics are characterized by strong four-wall shop economics with company-operated shop contribution margins around 28.5%, supported by premium pricing, customization-driven customer engagement, and operational leverage from same-shop sales growth; the company operates an asset-light franchise model alongside capital-efficient company-operated expansion using build-to-suit leases. Dutch Bros differentiates through its speed-focused drive-thru and walk-up service model, proprietary menu customization capabilities, in-house coffee roasting, and a digital loyalty program (Dutch Rewards) that captured approximately 72% of transactions in 2025, enabling direct customer engagement and targeted marketing. The customer base spans diverse demographics attracted by the customizable beverage platform, all-day daypart appeal, and community-driven culture, with new shop productivity reaching record average unit volumes of $2.2 million in Q1 2026 and strong performance in both established and new markets.
【Accelerating growth momentum】 Management expects continued strong transaction growth and same-shop sales performance driven by the rollout of new food offerings, which are tracking ahead of initial expectations with approximately 4% comp lift in shops with the program, and the expansion of Dutch Rewards penetration to record levels. The company is raising full-year 2026 guidance for total revenues to $2.05–$2.08 billion (25%–27% growth) and system same-shop sales growth to 4%–6%, reflecting confidence in underlying brand strength and the durability of transaction-driving initiatives including order-ahead functionality and targeted marketing. Capital deployment remains disciplined with CapEx guidance maintained at $270–$290 million, and management is confident in self-funded growth while pursuing the long-term contribution margin target of approximately 30%, with coffee cost normalization expected to support margin expansion as elevated pricing pressures moderate throughout 2026.
| Metric | Target | Period |
|---|---|---|
| Total revenues | $2.05–$2.08 billion | FY2026 |
| System same-shop sales growth | 4%–6% | FY2026 |
| System shop openings | at least 185 system shops | FY2026 |
| Capital expenditures | $270–$290 million | FY2026 |
Total revenues (FY2026): “Total revenues are now projected to be between $2.05 billion and $2.08 billion, representing 25%-27% growth year-over-year.”
System same-shop sales growth (FY2026): “With our Q1 same-shop sales results and performance into Q2, we now expect full-year system same-shop sales growth of 4%-6%.”
System shop openings (FY2026): “Given the momentum we are building, we now expect to open at least 185 system shops in 2026.”
Capital expenditures (FY2026): “There are no changes to our guidance for capital expenditures. It remains within the $270 million-$290 million range.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.6B | 1.3B | 966M | 739M | 498M |
| Net Income | 81M | 80M | 35M | 1.7M | -4.8M | -13M |
| EPS | $0.64 | $0.64 | $0.34 | $0.03 | $-0.09 | $-0.28 |
| Free Cash Flow | 91M | 54M | 25M | -89M | -128M | -38M |
| ROIC | 20.8% | 17.9% | 14.7% | 7.5% | -2.9% | -12.8% |
| Gross Margin | - | 25.9% | 26.6% | 26.0% | 24.5% | 30.8% |
| Debt/Equity | 0.29 | 0.98 | 1.04 | 0.82 | 2.09 | 0.04 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 164M | 161M | 106M | 46M | -2.6M | -111M |
| Operating Margin | 9.4% | 9.8% | 8.3% | 4.8% | -0.4% | -22.3% |
| ROE | 11.6% | 13.1% | 7.8% | 0.7% | -4.3% | -14.9% |
| Shares Outstanding | 127M | 125M | 104M | 57M | 53M | 45M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 238M | 327M | 498M | 739M | 966M | 1.3B | 1.6B | 1.7B |
| Gross Margin | 40.3% | 35.4% | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 66M | 105M | 265M | 184M | 205M | 234M | 263M | 277M |
| EBIT | 30M | 11M | -111M | -2.6M | 46M | 106M | 161M | 164M |
| Op. Margin | 12.7% | 3.4% | -22.3% | -0.4% | 4.8% | 8.3% | 9.8% | 9.4% |
| Net Income | N/A | N/A | -13M | -4.8M | 1.7M | 35M | 80M | 81M |
| Net Margin | N/A | N/A | -2.5% | -0.6% | 0.2% | 2.8% | 4.9% | 4.6% |
| Non-Recurring | -232K | -475K | -657K | 340K | 23K | 1.3M | -300K | -300K |
| Returns on Capital | ||||||||
| ROIC | N/A | N/A | -12.8% | -2.9% | 7.5% | 14.7% | 17.9% | 20.8% |
| ROE | N/A | N/A | -14.9% | -4.3% | 0.7% | 7.8% | 13.1% | 11.6% |
| ROA | N/A | N/A | -3.1% | -0.5% | 0.1% | 1.7% | 2.9% | 2.6% |
| Cash Flow | ||||||||
| Op. Cash Flow | 57M | 54M | 80M | 60M | 140M | 246M | 296M | 343M |
| Free Cash Flow | 17M | 13M | -38M | -128M | -89M | 25M | 54M | 91M |
| Owner Earnings | 40M | 2.9M | -103M | -27M | 32M | 142M | 162M | 197M |
| CapEx | 39M | 41M | 118M | 188M | 228M | 222M | 241M | 253M |
| Maint. CapEx | 9.7M | 16M | 25M | 45M | 69M | 93M | 115M | 127M |
| Growth CapEx | 30M | 25M | 93M | 143M | 159M | 129M | 126M | 126M |
| D&A | 9.7M | 16M | 25M | 45M | 69M | 93M | 115M | 127M |
| CapEx/OCF | N/A | N/A | 147.4% | 313.7% | 163.3% | 90.0% | 81.6% | 73.6% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 288M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | 3.5% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.8M | 35M | 158M | 42M | 39M | 11M | 18M | 19M |
| Debt Repayment | 0 | 0 | 2.4M | 2.7M | 1.4M | 0 | 1.5M | 1.5M |
| Balance Sheet | ||||||||
| Net Debt | -16M | -3.5M | -15M | 249M | 166M | 267M | 400M | -64M |
| Cash & Equiv. | 16M | 32M | 19M | 20M | 134M | 293M | 269M | 264M |
| Long-Term Debt | 0 | 24M | 3.5M | 96M | 93M | 220M | 196M | 195M |
| Debt/Equity | 0.00 | 0.37 | 0.04 | 2.09 | 0.82 | 1.04 | 0.98 | 0.29 |
| Interest Coverage | 12.5 | 268.3 | N/A | -0.3 | 2.6 | 4.8 | 6.9 | 6.9 |
| Equity | -859M | 76M | 95M | 129M | 364M | 537M | 681M | 696M |
| Total Assets | N/A | 260M | 554M | 1.2B | 1.8B | 2.5B | 3.0B | 3.1B |
| Total Liabilities | 2.9M | 184M | 340M | 934M | 1.1B | 1.7B | 2.1B | 2.2B |
| Intangibles | N/A | 11M | 11M | 8.8M | 5.4M | 2.9M | 1.5M | 1.3M |
| Retained Earnings | N/A | 0 | -13M | -17M | -16M | 20M | 100M | 116M |
| Working Capital | -712K | 3.2M | -77M | -130M | 67M | 155M | 117M | 85M |
| Current Assets | -495K | 63M | 61M | 82M | 205M | 358M | 357M | 340M |
| Current Liabilities | 217K | 60M | 139M | 213M | 138M | 203M | 240M | 255M |
| Per Share Data | ||||||||
| EPS | N/A | N/A | -0.28 | -0.09 | 0.03 | 0.34 | 0.64 | 0.64 |
| Owner EPS | N/A | N/A | -2.26 | -0.50 | 0.55 | 1.37 | 1.30 | 1.55 |
| Book Value | N/A | N/A | 2.09 | 2.44 | 6.36 | 5.18 | 5.46 | 5.47 |
| Cash Flow/Share | N/A | N/A | 1.77 | 1.13 | 2.44 | 2.38 | 2.37 | 1.63 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 45.3M | 52.8M | 57.3M | 103.7M | 124.8M | 127.4M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 156.9 | 100.0 | 99.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 224.1 | 146.8 | 89.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | 103.0 | 49.0 | 47.5 | 49.2 |
| Price/Book | N/A | N/A | 87.4 | 38.1 | 13.5 | 10.3 | 11.7 | 11.7 |
| Price/Sales | N/A | N/A | 17.9 | 9.8 | 4.8 | 2.9 | 4.8 | 4.7 |
| FCF Yield | N/A | N/A | -0.5% | -2.6% | -1.8% | 0.4% | 0.7% | 1.1% |
| Market Cap | 0 | N/A | 8.3B | 4.9B | 4.9B | 5.5B | 8.0B | 8.2B |
| Avg. Price | 0.00 | N/A | 54.35 | 40.90 | 29.76 | 35.74 | 62.63 | 64.00 |
| Year-End Price | 0.00 | N/A | 50.44 | 27.79 | 31.90 | 53.36 | 64.01 | 64.00 |
Dutch Bros Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
The company's 5-year average ROIC is 4.9% with a gross margin of 26.7%.
Dutch Bros Inc. (BROS) has a debt-to-equity ratio of 0.98. This indicates moderate leverage.
Dutch Bros Inc. (BROS) reported earnings per share (EPS) of $0.64 in its most recent fiscal year.
Dutch Bros Inc. (BROS) has a return on equity (ROE) of 13.1%. This indicates moderate shareholder returns.
Dutch Bros Inc. (BROS) has a 5-year average gross margin of 26.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 7 years of financial data for Dutch Bros Inc. (BROS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Dutch Bros Inc. (BROS) has a book value per share of $5.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong transaction growth and same-shop sales performance driven by the rollout of new food offerings, which are tracking ahead of initial expectations with approximately 4% comp lift in shops with the program, and the expansion of Dutch Rewards penetration to record levels. The company is raising full-year 2026 guidance for total revenues to $2.05–$2.08 billion (25%–27% growth) and system same-shop sales growth to 4%–6%, reflecting confidence in underlying brand strength and the durability of transaction-driving initiatives including order-ahead functionality and targeted marketing. Capital deployment remains disciplined with CapEx guidance maintained at $270–$290 million, and management is confident in self-funded growth while pursuing the long-term contribution margin target of approximately 30%, with coffee cost normalization expected to support margin expansion as elevated pricing pressures moderate throughout 2026.
Based on recent SEC filings and earnings calls, Dutch Bros Inc. (BROS) has provided the following forward guidance: Total revenues: $2.05–$2.08 billion (FY2026); System same-shop sales growth: 4%–6% (FY2026); System shop openings: at least 185 system shops (FY2026); Capital expenditures: $270–$290 million (FY2026).