Drive-thru coffee chain with Dutch-inspired culture and store expansion across the United States.MoreShow less
Profile & Fundamentals
Dutch Bros (BROS.NYSE) Profile & Fundamentals
Review Dutch Bros reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Dutch Bros: Company Profile & Ownership
Dutch Bros Inc., together with its subsidiaries, operates and franchises drive-thru shops in the United States. The company sells and distributes coffee, coffee-related products, and accessories. It operates through Company-Operated Shops and Franchising and Other segments. The company sells its products under various brands such as Dutch Bros, Dutch Bros Coffee, Dutch Bros Rebel, Dutch Bros, and Blue Rebel. Dutch Bros Inc. was founded in 1992 and is based in Tempe, Arizona.
Company profile record
Dutch Bros Inc
Common Stock · Consumer Discretionary · Restaurants
Company
- Company / asset
- Dutch Bros Inc
- Security type
- Common Stock
- Sector
- Consumer Discretionary
- Industry
- Restaurants
- HQ
- 🇺🇸 United States
- Head office
- 1930 W. Rio Salado Pkwy, Tempe, AZ, United States, 85281
Leadership & scale
- Chief executive
- Ms. Christine Barone
- CEO year born
- 1974
- Full-time employees
- 27K
- Fiscal year end
- December
- IPO date
- 2021-09-15
Fundamentals snapshot
- Market Cap
- USD 4.6B
- P/E
- 49.3x
- Revenue (Q2 26)
- USD 550.9M
- Profit (Q2 26)
- USD 37.4M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 1.6B
- Shares in public float
- 130.3M
- Insider ownership
- 4.74%
Reporting & identifiers
- Symbol
- BROS.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US26701L1008
- Asset ID
- equity_9a83d7ac-5850-53a4-9808-9d6642c4dea4
Dutch Bros: Ownership
Shares Outstanding
Latest: 134.8M | Max: 134.8M | Min: 45.9M
Latest reported ownership snapshot
Float Shares
96.71%
130.3M latest reported shares
Insider Ownership
4.74%
Latest reported insider stake
Short Float
0.49%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2020-01-01 | 46,748,600 |
| 2021-01-01 | 45,874,000 |
| 2022-01-01 | 55,286,000 |
| 2023-01-01 | 75,356,000 |
| 2024-01-01 | 115,248,000 |
| 2025-01-01 | 127,438,000 |
| 2026-01-01 | 134,765,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| FMR Inc | 16,724,132 | 12.12% | 2026-06-30 |
| BlackRock Inc | 14,662,985 | 10.63% | 2026-06-30 |
| T. Rowe Price Associates, Inc. | 9,593,935 | 6.96% | 2026-06-30 |
| T. Rowe Price New Horizons | 6,405,628 | 4.64% | 2026-09-30 |
| Vanguard Capital Management, LLC | 6,066,585 | 4.4% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 5,938,536 | 4.31% | 2026-06-30 |
| Fidelity Contrafund | 5,080,196 | 3.68% | 2026-08-31 |
| iShares Core S&P Mid-Cap ETF | 4,658,571 | 3.38% | 2026-10-29 |
| Vanguard MStar Total Stk Mkt Idx Invest | 4,377,194 | 3.17% | 2026-09-30 |
| T. Rowe Price Investment Management,Inc. | 4,265,542 | 3.09% | 2026-06-30 |
| State Street Corp | 3,851,321 | 2.79% | 2026-06-30 |
| Vanguard Small Cap Index | 3,106,372 | 2.25% | 2026-09-30 |
| Wellington Management Company LLP | 3,090,882 | 2.24% | 2026-06-30 |
| Baillie Gifford & Co Limited. | 2,738,885 | 1.99% | 2026-06-30 |
| Geode Capital Management, LLC | 2,483,555 | 1.8% | 2026-06-30 |
Dutch Bros: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Dutch Bros has demonstrated strong top-line momentum, expanding revenue to $1.88 billion trailing twelve months by mid-2026. This performance reflects rapid drive-thru openings and healthy same-store sales growth, powered by enthusiastic customer adoption of digital ordering and loyalty rewards. Beneath headline sales, operating income reached $182 million TTM as maturing store cohorts began generating solid four-wall profits. While reported net income of $92.4 million is burdened by depreciation from heavy construction, the business has successfully transitioned into generating positive free cash flow. This confirms that top-line growth is supported by real operational cash generation.
Dutch Bros has demonstrated strong top-line momentum, expanding revenue to $1.88 billion trailing twelve months by mid-2026. This performance reflects rapid drive-thru openings and healthy same-store sales growth, powered by enthusiastic customer adoption of digital ordering and loyalty rewards. Beneath headline sales, operating income reached $182 million TTM as maturing store cohorts began generating solid four-wall profits. While reported net income of $92.4 million is burdened by depreciation from heavy construction, the business has successfully transitioned into generating positive free cash flow. This confirms that top-line growth is supported by real operational cash generation.
Revenue, Net Income, and Free Cash Flow
Latest: USD 1.6B | Max: USD 1.6B | Min: USD -128.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 98x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Operating margins have expanded significantly from breakeven levels in 2022 to nearly 10% in 2025, demonstrating operating leverage as corporate overhead spreads over a larger network. Company-operated shop contribution margins remain solid around 30%, supported by high-margin customized energy drinks. Looking ahead, margins face contrasting forces. While proprietary cold beverages provide pricing power against green coffee price spikes, persistent statutory wage hikes and build-to-suit rental costs create ongoing store-level expense pressure. Future profit growth will primarily rely on opening more productive units and expanding transaction speed rather than dramatic further margin expansion.
Operating margins have expanded significantly from breakeven levels in 2022 to nearly 10% in 2025, demonstrating operating leverage as corporate overhead spreads over a larger network. Company-operated shop contribution margins remain solid around 30%, supported by high-margin customized energy drinks. Looking ahead, margins face contrasting forces. While proprietary cold beverages provide pricing power against green coffee price spikes, persistent statutory wage hikes and build-to-suit rental costs create ongoing store-level expense pressure. Future profit growth will primarily rely on opening more productive units and expanding transaction speed rather than dramatic further margin expansion.
Profitability Margins
Latest: 25.9% | Max: 40.3% | Min: -22.3%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
25.9%
Gross profit / revenue
Operating Margin
9.8%
Operating income / revenue
Net Margin
4.9%
Net income / revenue
FCF Margin
3.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2019-12-31 | 238,368,000 | 28,386,000 | 17,237,000 |
| 2020-12-31 | 327,413,000 | 5,725,000 | 12,974,000 |
| 2021-12-31 | 497,876,000 | -12,679,000 | -38,069,000 |
| 2022-12-31 | 739,012,000 | -4,753,000 | -127,997,000 |
| 2023-12-31 | 965,776,000 | 1,718,000 | -88,542,000 |
| 2024-12-31 | 1,281,015,000 | 35,258,000 | 24,694,000 |
| 2025-12-31 | 1,638,159,000 | 79,842,000 | 54,411,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 97.7 | Trailing four quarters |
| 2024-12-31 | 171.2 | Trailing four quarters |
| 2023-12-31 | 1,389.1 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2019-12-31 | 40.3 | 12.71 | 11.91 | 7.23 |
| 2020-12-31 | 35.41 | 3.36 | 1.75 | 3.96 |
| 2021-12-31 | 30.79 | -22.34 | -2.55 | -7.65 |
| 2022-12-31 | 24.48 | -0.35 | -0.64 | -17.32 |
| 2023-12-31 | 26.02 | 4.79 | 0.18 | -9.17 |
| 2024-12-31 | 26.55 | 8.28 | 2.75 | 1.93 |
| 2025-12-31 | 25.88 | 9.84 | 4.87 | 3.32 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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