# Dutch Bros Inc. (BROS)

Informational only - not investment advice.

CIK: 0001866581
SIC: 5810 Retail-Eating & Drinking Places
SIC breadcrumb: [Retail Trade](/division/G/) > [Eating And Drinking Places](/major-group/58/) > [SIC 5810 Retail-Eating & Drinking Places](/industry/5810/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=1866581
Filing source: https://www.sec.gov/Archives/edgar/data/1866581/000186658126000006/bros-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0001866581-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001866581.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,638,159,000 USD | 2025 | verified |
| Net income | 79,842,000 USD | 2025 | verified |
| Assets | 3,009,314,000 USD | 2025 | verified |
| Free cash flow | 54,411,000 USD | 2025 | computed |
| Net margin | 4.87% | 2025 | computed |
| Operating margin | 9.84% | 2025 | computed |
| Revenue YoY | +27.88% | 2025 | computed |
| ROE | 11.73% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BROS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 4.9% | 3.5% | 60 | 31 |
| Operating margin | 9.8% | 5.0% | 71 | 29 |
| Revenue growth | 27.9% | 5.4% | 100 | 31 |
| FCF margin | 3.3% | 4.1% | 43 | 31 |
| ROE | 11.7% | 8.7% | 68 | 23 |
| ROA | 2.7% | 2.7% | 50 | 31 |
| Liabilities / equity | 3.10 | 2.37 | 59 | 23 |
| Current ratio | 1.49 | 0.95 | 73 | 31 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 58 Eating And Drinking Places, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1638159000 | USD | 2025 | 2026-02-13 |
| Net income | 79842000 | USD | 2025 | 2026-02-13 |
| Assets | 3009314000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001866581.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 238,368,000 | 327,413,000 | 497,876,000 | 739,012,000 | 965,776,000 | 1,281,015,000 | 1,638,159,000 |
| Net income | 0.00 | 0.00 | -12,679,000 | -4,753,000 | 1,718,000 | 35,258,000 | 79,842,000 |
| Operating income | 30,297,000 | 11,000,000 | -111,226,000 | -2,612,000 | 46,222,000 | 106,093,000 | 161,180,000 |
| Diluted EPS |  |  | -0.28 | -0.09 | 0.03 | 0.34 | 0.64 |
| Operating cash flow | 56,702,000 | 53,549,000 | 80,375,000 | 59,883,000 | 139,915,000 | 246,432,000 | 295,545,000 |
| Capital expenditures | 39,465,000 | 40,575,000 | 118,444,000 | 187,880,000 | 228,457,000 | 221,738,000 | 241,134,000 |
| Assets |  | 259,659,000 | 553,700,000 | 1,186,360,000 | 1,764,010,000 | 2,501,085,000 | 3,009,314,000 |
| Liabilities |  | 183,669,000 | 339,971,000 | 934,384,000 | 1,088,089,000 | 1,737,220,000 | 2,111,445,000 |
| Stockholders' equity |  | 75,990,000 | 94,516,000 | 129,118,000 | 364,345,000 | 537,369,000 | 680,818,000 |
| Cash and cash equivalents |  | 31,640,000 | 18,506,000 | 20,178,000 | 133,545,000 | 293,354,000 | 269,404,000 |
| Free cash flow | 17,237,000 | 12,974,000 | -38,069,000 | -127,997,000 | -88,542,000 | 24,694,000 | 54,411,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 0.00% | 0.00% | -2.55% | -0.64% | 0.18% | 2.75% | 4.87% |
| Operating margin | 12.71% | 3.36% | -22.34% | -0.35% | 4.79% | 8.28% | 9.84% |
| Return on equity |  | 0.00% | -13.41% | -3.68% | 0.47% | 6.56% | 11.73% |
| Return on assets |  | 0.00% | -2.29% | -0.40% | 0.10% | 1.41% | 2.65% |
| Liabilities / equity |  | 2.42 | 3.60 | 7.24 | 2.99 | 3.23 | 3.10 |
| Current ratio |  | 1.05 | 0.44 | 0.39 | 1.49 | 1.76 | 1.49 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/BROS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001866581.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.03 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.07 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.05 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 264,507,000 | 4,210,000 | 0.07 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 254,123,000 | -1,402,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 275,099,000 | 7,062,000 | 0.08 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 324,918,000 | 11,940,000 | 0.12 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 338,212,000 | 12,644,000 | 0.11 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 342,786,000 | 3,612,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 355,152,000 | 15,353,000 | 0.13 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 415,813,000 | 25,624,000 | 0.20 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 423,584,000 | 17,495,000 | 0.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 443,610,000 | 21,370,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 464,412,000 | 16,097,000 | 0.13 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 550,851,000 | 37,410,000 | 0.28 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BROS's latest 10-K: [/company/BROS/business/](/company/BROS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BROS's latest 10-K: [/company/BROS/risk-factors/](/company/BROS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1866581/000186658126000133/bros-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Non-GAAP financial measures included herein are segment contribution, EBITDA, adjusted EBITDA, and adjusted selling, general and administrative.

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

[[GREPCENT_TABLE]]
[["Section","","Page"],["Overview","","31"],["Impact of Global Events","","31"],["Results of Operations","","32"],["Key Performance Indicators","","33"],["Company-operated Shops Results","","35"],["Franchising and Other Segment Performance","","37"],["Selling, General, and Administrative","","38"],["Other Expense","","38"],["Income Tax Expense","","38"],["Liquidity and Capital Resources","","39"],["Non-GAAP Financial Measures","","40"]]
[[/GREPCENT_TABLE]]

Dutch Bros Inc.| Form 10-Q | 30

Table of Contents

Overview

Dutch Bros Inc. (NYSE: BROS) is a fun-loving, mind-blowing drive-thru specialty beverage leader dedicated to making a massive difference, one cup at a time. It was founded in Grants Pass, Oregon, in 1992 and now shares its vibrant culture and fully customizable drinks at 1,225 locations as of June 30, 2026. Dutch Bros serves a wide variety of unique, handcrafted beverages such as its exclusive Dutch Bros Rebel® energy drink, Myst Energy RefresherTM, specialty coffee, nitrogen-infused cold brew, tea, lemonade, soda and more.

Impact of Global Events

General Macroeconomic Uncertainties

As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in macroeconomic conditions. Inflation or consumer recession concerns, coupled with a rise in the U.S. unemployment rate, may have a material adverse effect on our business, financial condition or results of operations. Our customers may have or in the future may have less money available for discretionary purchases and may reduce or stop purchasing our products.

On a macro level, conditions, including changes in tariffs, tax laws, interest rates, inflation, commodity costs, geopolitical conflicts, and significant weather events, have created significant uncertainty in the global economy. While we are not able to fully predict the potential impacts of these conditions, we do not currently believe any potential impacts of these macroeconomic conditions would be material to our business.

Minimum Wage Increases

We expect pressures from minimum wage increases to continue to affect our operating results in the foreseeable future. Several states that we operate in have increased their minimum wage requirements in recent years. While these pressures have impacted our operating results, we have taken measures to gradually increase our menu prices, adjust our Dutch Rewards loyalty program, and make operating adjustments that increase productivity to help offset them. Menu price increases may lead to decreases in consumer demand. We will continue to evaluate further pricing actions to protect our operating results, however, if there is a time lag between increasing costs and our ability to increase menu prices or take other action in response, or if we choose not to pass on the cost increases by increasing menu prices, our operating results could be negatively affected.

Dutch Bros Inc.| Form 10-Q | 31

Table of Contents

Results of Operations

As of June 30, 2026, we had 1,225 systemwide shops in 25 states, an increase of approximately 17.4% from the same period in the prior year. For the six months ended June 30, 2026, we generated $1,015.3 million of revenue, $75.3 million of net income, and $0.41 of income per diluted share. We have two reportable operating segments: Company-operated shops and Franchising and other.

[[GREPCENT_TABLE]]
[["","","2026 vs 2025"],["Increase in total shops","","17.4","%"],["Increase in total revenue","","31.7","%"]]
[[/GREPCENT_TABLE]]

Dutch Bros Inc.| Form 10-Q | 32

Table of Contents

Key Performance Indicators

The key performance indicators that we use to effectively manage and evaluate our business are as follows:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in thousands; unaudited)","","2026","","2025","","2026","","2025"],["Shop count, beginning of period"],["Company-operated","","844","","","695","","","811","","","670"],["Franchised","","333","","","317","","","325","","","312"],["Total shop count","","1,177","","","1,012","","","1,136","","","982"],["Company-operated new openings","","44","","","30","","","77","","","55"],["Franchised new openings","","4","","","1","","","12","","","6"],["Shop count, end of period"],["Company-operated","","888","","","725","","","888","","","725"],["Franchised","","337","","","318","","","337","","","318"],["Total shop count","","1,225","","","1,043","","","1,225","","","1,043"],["Systemwide AUV 1","","N/A","","N/A","","$","2,193","","","$","2,053"],["Company-operated shops AUV 1","","N/A","","N/A","","$","2,164","","","$","1,982"],["Systemwide same shop sales 1, 2","","5.8","%","","6.1","%","","6.9","%","","5.3","%"],["Ticket","","4.1","%","","2.4","%","","3.6","%","","3.0","%"],["Transactions","","1.7","%","","3.7","%","","3.3","%","","2.3","%"],["Company-operated same shop sales 1","","8.3","%","","7.8","%","","9.3","%","","7.2","%"],["Ticket","","4.9","%","","1.9","%","","4.3","%","","2.6","%"],["Transactions","","3.4","%","","5.9","%","","5.0","%","","4.6","%"],["Systemwide sales 2","","$","703,320","","","$","571,273","","","$","1,312,919","","","$","1,060,945"],["Company-operated shops operating weeks 3","","11,189","","","9,184","","","21,682","","","17,921"],["Franchising shops operating weeks 3","","4,353","","","4,119","","","8,583","","","8,130"],["Dutch Rewards transactions as a percentage of total transactions 4","","73","%","","72","%","","74","%","","72","%"]]
[[/GREPCENT_TABLE]]

Dutch Bros Inc.| Form 10-Q | 33

Table of Contents

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["(dollars in thousands; unaudited)","","$","","%","","$","","%","","$","","%","","$","","%"],["Company-operated shops revenues","","510,031","","","100.0","","","380,500","","","100.0","","","939,088","","","100.0","","","706,921","","","100.0"],["Company-operated shops gross profit","","123,301","","","24.2","","","92,552","","","24.3","","","209,083","","","22.3","","","164,050","","","23.2"],["Company-operated shops contribution","","155,970","","","30.6","","","118,236","","","31.1","","","277,274","","","29.5","","","214,301","","","30.3"],["Selling, general, and administrative expenses","","80,651","","","14.6","","","65,385","","","15.7","","","153,827","","","15.2","","","124,306","","","16.1"],["Adjusted selling, general, and administrative expenses","","72,491","","","13.2","","","58,709","","","14.1","","","138,003","","","13.6","","","112,206","","","14.6"],["Net income","","51,605","","","9.4","","","38,357","","","9.2","","","75,269","","","7.4","","","60,837","","","7.9"],["Adjusted EBITDA","","113,714","","","20.6","","","89,003","","","21.4","","","193,087","","","19.0","","","151,909","","","19.7"]]
[[/GREPCENT_TABLE]]

_________________

1    Starting in 2026, AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops, and same shop sales represent the percentage change in year-over-year sales, for the comparable shop base, that have been open at least 15 complete months as of the first day of the quarterly reporting period. Prior to 2026, AUVs were determined based on shops that had been open a minimum of 15 months, and same shop base was defined as shops open for 15 complete months or longer as of the first day of the reporting period. Prior period numbers have not been adjusted to conform to the new definition as the changes did not have a material impact. AUVs are calculated by dividing the systemwide and company-operated shops net sales by the total number of systemwide and company-operated shops, respectively. Management uses these metrics as an indicator of shop growth, expectations of mature locations, and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["(unaudited)","","2026","","2025","","2026","","2025"],["Systemwide shop base","","982","","831","","982","","794"],["Company-operated shops base","","670","","542","","670","","510"]]
[[/GREPCENT_TABLE]]

2    Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchise partners. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.

3    Company-operated and franchise shops operating weeks are calculated based on the number of operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the period end date. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.

4    Dutch Rewards is our app-based digital loyalty program. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans.

Dutch Bros Inc.| Form 10-Q | 34

Table of Contents

Company-operated Shops Results

Results for our company-operated shops segment were as follows:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["(dollars in thousands; unaudited)","","$","","%","","$","","%","","$","","%","","$","","%"],["Company-operated shops revenues","","510,031","","","100.0","","","380,500","","","100.0","","","939,088","","","100.0","","","706,921","","","100.0"],["Beverage, food, and packaging costs","","133,108","","","26.1","","","96,468","","","25.3","","","245,430","","","26.1","","","177,847","","","25.2"],["Labor costs","","129,460","","","25.4","","","101,270","","","26.6","","","241,765","","","25.8","","","190,709","","","27.0"],["Occupancy and other costs","","83,085","","","16.3","","","59,984","","","15.8","","","159,870","","","17.0","","","113,911","","","16.1"],["Pre-opening costs","","8,408","","","1.6","","","4,542","","","1.2","","","14,749","","","1.6","","","10,153","","","1.4"],["Depreciation and amortization","","32,669","","","6.4","","","25,684","","","6.8","","","68,191","","","7.2","","","50,251","","","7.1"],["Company-operated shops costs and expenses","","386,730","","","75.8","","","287,948","","","75.7","","","730,005","","","77.7","","","542,871","","","76.8"],["Company-operated shops gross profit","","123,301","","","24.2","","","92,552","","","24.3","","","209,083","","","22.3","","","164,050","","","23.2"],["Company-operated shops contribution","","155,970","","","30.6","","","118,236","","","31.1","","","277,274","","","29.5","","","214,301","","","30.3"]]
[[/GREPCENT_TABLE]]

Company-operated Shops Segment Performance

Company-operated Shops Revenue

[[GREPC

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1866581/000186658126000006/bros-20251231.htm
Complete FY 2025 MD&A: /company/BROS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes included elsewhere in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this document includes forward looking statements that involve risks, uncertainties, and assumptions. You should carefully read the “Forward-Looking Statements” and “Risk Factors” sections of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-K. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Further, the section of this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 13, 2025.

Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Non-GAAP financial measures included herein are segment contribution. EBITDA, adjusted EBITDA, and adjusted selling, general and administrative.

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

[[GREPCENT_TABLE]]
[["Section","","Page"],["Overview","","76"],["Impact of Global Events","","76"],["Results of Operations","","77"],["Key Performance Indicators","","78"],["Company-operated Shops Results","","80"],["Franchising and Other Segment Performance","","82"],["Selling, General, and Administrative","","82"],["Other Expense","","83"],["Income Tax Expense","","83"],["Liquidity and Capital Resources","","83"],["Non-GAAP Financial Measures","","88"]]
[[/GREPCENT_TABLE]]

Dutch Bros Inc.| Form 10-K | 75

Table of Contents

Overview

Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States.

Impact of Global Events

General Macroeconomic Uncertainties

As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in macroeconomic conditions. Inflation or consumer recession concerns, coupled with a rise in the U.S. unemployment rate, may have a material adverse effect on our business, financial condition or results of operations. Our customers may have or in the future may have less money available for discretionary purchases and may reduce or stop purchasing our products.

On a macro level, conditions, including changes in tariffs, tax laws, interest rates, inflation, commodity costs, geopolitical conflicts, and significant weather events, have created significant uncertainty in the global economy. While we are not able to fully predict the potential impacts of these conditions, we do not currently believe any potential impacts of these macroeconomic conditions would be material to our business.

Minimum Wage Increases

We expect pressures from minimum wage increases to continue to affect our operating results in the foreseeable future. Several states that we operate in have increased their minimum wage requirements in 2024 and 2025. While these pressures have impacted our operating results, we have taken measures to gradually increase our menu prices, adjust our Dutch Rewards loyalty program, and make operating adjustments that increase productivity to help offset them. Menu price increases may lead to decreases in consumer demand. We will continue to evaluate further pricing actions to protect our operating results, however, if there is a time lag between increasing costs and our ability to increase menu prices or take other action in response, or if we choose not to pass on the cost increases by increasing menu prices, our operating results could be negatively affected.

Dutch Bros Inc.| Form 10-K | 76

Table of Contents

Results of Operations

As of December 31, 2025, we had 1,136 systemwide shops in 25 states, an increase of approximately 15.7% from the same period in the prior year. For the year ended December 31, 2025, we generated $1.6 billion of revenue, $117.3 million of net income, and $0.64 of income per diluted share. We have two reportable operating segments: Company-operated shops and Franchising and other.

[[GREPCENT_TABLE]]
[["","","2025 vs 2024","","2024 vs 2023"],["Increase in total shops","","15.7","%","","18.2","%"],["Increase in total revenue","","27.9","%","","32.6","%"]]
[[/GREPCENT_TABLE]]

Dutch Bros Inc.| Form 10-K | 77

Table of Contents

Key Performance Indicators

The key performance indicators that we use to effectively manage and evaluate our business are as follows:

[[GREPCENT_TABLE]]
[["","","","","Year Ended December 31,"],["(dollars in thousands; unaudited)","","","","","","2025","","2024","","2023"],["Shop count, beginning of period"],["Company-operated","","","","","","670","","542","","396"],["Franchised","","","","","","312","","289","","275"],["Total shop count","","","","","","982","","831","","671"],["Company-operated new openings","","","","","","141","","128","","146"],["Franchised new openings","","","","","","13","","23","","13"],["Re-openings 1","","","","","","\u2014","","\u2014","","1"],["Shop count, end of period"],["Company-operated","","","","","","811","","670","","542"],["Franchised","","","","","","325","","312","","289"],["Total shop count","","","","","","1,136","","982","","831"],["Systemwide AUV 2","","","","","","$","2,115","","$","2,018","","$","1,973"],["Company-operated shops AUV 2","","","","","","$","2,061","","$","1,933","","$","1,902"],["Systemwide same shop sales 3, 4","","","","","","5.6","%","","5.3","%","","2.8","%"],["Ticket","","","","","","2.4","%","","5.4","%","","7.3","%"],["Transactions","","","","","","3.2","%","","(0.1)","%","","(4.5)","%"],["Company-operated same shop sales 3","","","","","","7.4","%","","6.8","%","","1.5","%"],["Ticket","","","","","","2.0","%","","5.3","%","","7.2","%"],["Transactions","","","","","","5.4","%","","1.5","%","","(5.7)","%"],["Systemwide sales 4","","","","","","$","2,223,576","","$","1,819,018","","$","1,444,433"],["Company-operated shops operating weeks 5","","","","","","37,667","","31,708","","24,395"],["Franchising shops operating weeks 5","","","","","","16,527","","15,579","","14,624"],["Dutch Rewards transactions as a percentage of total transactions 6","","","","","","72","%","","68","%","","65","%"]]
[[/GREPCENT_TABLE]]

Dutch Bros Inc.| Form 10-K | 78

Table of Contents

[[GREPCENT_TABLE]]
[["","","","","Year Ended December 31,"],["","","","","","","2025","","2024","","2023"],["(dollars in thousands; unaudited)","","","","","","","","","","$","","%","","$","","%","","$","","%"],["Company-operated shops revenues","","","","","","","","","","1,509,329","","","100.0","","","1,165,830","","","100.0","","","857,939","","","100.0"],["Company-operated shops gross profit","","","","","","","","","","330,389","","","21.9","","","259,959","","","22.3","","","180,235","","","21.0"],["Company-operated shops contribution","","","","","","","","","","436,605","","","28.9","","","346,768","","","29.7","","","242,323","","","28.2"],["Selling, general, and administrative expenses","","","","","","","","","","262,766","","","16.0","","","234,036","","","18.3","","","205,074","","","21.2"],["Adjusted selling, general, and administrative expenses","","","","","","","","","","235,262","","","14.4","","","202,720","","","15.8","","","159,101","","","16.5"],["Net income","","","","","","","","","","117,275","","","7.2","","","66,450","","","5.2","","","9,952","","","1.0"],["Adjusted EBITDA","","","","","","","","","","302,554","","","18.5","","","230,283","","","18.0","","","160,062","","","16.6"]]
[[/GREPCENT_TABLE]]

_________________

1    Re-opening of a shop that was temporarily closed in 2021.

2    AUVs are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the systemwide and company-operated shops net sales by the total number of systemwide and company-operated shops, respectively. Management uses these metrics as an indicator of shop growth and future expectations of mature locations.

3    Same shop sales represents the estimated percentage change in year-over-year sales, for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period. Same shop sales can be impacted by changes in customer transaction counts and by changes in the per-ticket amounts. Management uses these metrics as an indicator of shop growth and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table.

[[GREPCENT_TABLE]]
[["","","","","Year Ended December 31,"],["(unaudited)","","","","","","2025","","2024","","2023"],["Systemwide shop base","","","","","","794","","641","","503"],["Company-operated shops base","","","","","","510","","370","","246"]]
[[/GREPCENT_TABLE]]

4    Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchise partners. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.

5    Company-operated and franchise shops operating weeks are calculated based on the number of operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the period end date. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects.

6    Dutch Rewards is our app-based digital loyalty program. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans.

Dutch Bros Inc.| Form 10-K | 7

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BROS/mda/fy2025/
All MD&A years: /company/BROS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BROS/mda/fy2024/): filed 2025-02-13; accession 0001866581-25-000048 (https://www.sec.gov/Archives/edgar/data/1866581/000186658125000048/bros-20241231.htm)
- [FY 2023 MD&A](/company/BROS/mda/fy2023/): filed 2024-02-23; accession 0001866581-24-000038 (https://www.sec.gov/Archives/edgar/data/1866581/000186658124000038/bros-20231231.htm)
- [FY 2022 MD&A](/company/BROS/mda/fy2022/): filed 2023-02-27; accession 0001866581-23-000038 (https://www.sec.gov/Archives/edgar/data/1866581/000186658123000038/bros-20221231.htm)
- [FY 2021 MD&A](/company/BROS/mda/fy2021/): filed 2022-03-11; accession 0001866581-22-000020 (https://www.sec.gov/Archives/edgar/data/1866581/000186658122000020/bros-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5810 Retail-Eating & Drinking Places) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BROS.md · JSON record: /company/BROS.json · verified financials: /company/BROS/financials.json / /company/BROS/financials.csv · machine TOC for the whole site: /llms.txt