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NYSE · Consumer Discretionary

Dutch Bros Inc. (BROS)

As-reported financials and SEC filings for Dutch Bros Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Dutch Bros Inc.

Dutch Bros Inc. operates and franchises drive-thru shops that serve hand-crafted coffee, energy drinks, teas, lemonades, smoothies, sodas, and select food items. The company focuses on speed, quality, and customer service, offering customizable beverages made with premium ingredients, including proprietary coffee blends and energy drinks. Dutch Bros serves customers primarily through drive-thru and walk-up windows across 25 states in the United States.

Snapshot

Revenue
$1.64B
Revenue growth (YoY)
27.9%
Net income
$79.8M
Diluted EPS
$0.64
Gross margin
25.9%
Operating margin
9.8%
Net margin
4.9%
FCF margin
3.3%
ROE
8.9%
net income / fiscal-year-end equity
P/E
52.7×
trailing when available, otherwise FY EPS
Market cap
$6.66B
Long-term debt / equity
0.22×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Dutch Bros

  • Revenue grew 27.9% to $1.6B in FY2025, slower than the 32.6% the year before.
  • Operating margin turned positive at 9.8% in FY2025, from a 22.3% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $551M, up 32.5% from Q2 FY2025.
  • Free cash flow was $54M in FY2025, 3.3% of revenue.
  • Net income rose 126.5% to $80M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Dutch Bros’s fundamentals sit among the 410 Consumer Discretionary companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin25.9%
34th percentile of 277
Operating margin9.8%
72nd percentile of 348
Net margin4.9%
62nd percentile of 384
FCF margin3.3%
45th percentile of 358
Revenue growth (YoY)+27.9%
92nd percentile of 401
ROE8.9%
56th percentile of 349
P/E52.7×
93rd percentile of 245
Long-term debt / equity0.22×
27th percentile of 236
Short interest4.37d
53rd percentile of 408

Dutch Bros’s P/E of 52.7 ranks in the 93rd percentile of the 245 peers with a meaningful P/E. Dutch Bros’s revenue growth of +27.9% ranks in the 92nd percentile of the 401 Consumer Discretionary companies reporting it.

1 reported insider purchase (code P) totaling $103,120 in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+5 quant / multi-strat
Initiated / added
4
1 new, 3 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$192.4M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$158.8M2.2MAdded
Point72 Asset ManagementquantQ2 2026$23.6M328.5KReduced
Millennium ManagementquantQ2 2026$5.6M77.5KReduced
AQR Capital ManagementquantQ2 2026$2.1M28.9KAdded
D. E. ShawquantQ2 2026$1.2M17.1KAdded
Gotham Asset ManagementQ2 2026$756,23110.5KNew
Bridgewater AssociatesQ2 2026$466,5506.5KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$103K
code P value
Sells (90d)
0
—
Reported activity
Net buying
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-13
filed 2026-08-14
Todd Allan PenegorDirectorBuy2.0K$51.56$103K
2026-06-11
filed 2026-06-12
DM Trust Aggregator, LLC10% ownerSell233.7K$62.47$14.6M
2026-06-11
filed 2026-06-12
Travis BoersmaExecutive Chairman of BoardSell233.7K$62.47$14.6M
2026-06-11
filed 2026-06-12
DM Trust Aggregator, LLC10% ownerSell226.1K$63.46$14.3M
2026-06-11
filed 2026-06-12
Travis BoersmaExecutive Chairman of BoardSell226.1K$63.46$14.3M
2026-06-11
filed 2026-06-12
DM Individual Aggregator, LLC10% ownerSell124.8K$62.47$7.8M
2026-06-11
filed 2026-06-12
Travis BoersmaExecutive Chairman of BoardSell124.8K$62.47$7.8M
2026-06-11
filed 2026-06-12
DM Individual Aggregator, LLC10% ownerSell120.7K$63.46$7.7M
2026-06-11
filed 2026-06-12
Travis BoersmaExecutive Chairman of BoardSell120.7K$63.46$7.7M
2026-06-11
filed 2026-06-12
DM Trust Aggregator, LLC10% ownerSell29.1K$64.10$1.9M
2026-06-11
filed 2026-06-12
Travis BoersmaExecutive Chairman of BoardSell29.1K$64.10$1.9M
2026-06-11
filed 2026-06-12
DM Individual Aggregator, LLC10% ownerSell15.6K$64.10$997K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
20.9M
settled 2026-09-30
Change vs prior
+27.0%
vs previous settlement
Days to cover
4.37
at avg daily volume
Avg daily volume
4.8M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3020.9M+27.0%4.37
2026-09-1516.4M-4.2%3.89
2026-08-3117.1M+20.1%4.66
2026-08-1414.3M+3.5%2.59
2026-07-3113.8M-1.9%5.93
2026-07-1514.0M-1.8%4.71
2026-06-3014.3M-11.2%4.02
2026-06-1516.1M-10.7%4.32

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$1.64B$1.28B$965.8M$739.0M$497.9M
Gross profit
Operating income$161.2M$106.1M$46.2M$-2.6M$-111.2M
Net income$79.8M$35.3M$1.7M$-4.8M$-12.7M
Diluted EPS$0.64$0.34$0.03$-0.09$-0.28

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$295.5M$246.4M$139.9M$59.9M$80.4M
Capital expenditure$241.1M$221.7M$228.5M$187.9M$118.4M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$550.9M32.5%$37.4M$0.28
Q1 FY2026$464.4M30.8%$16.1M$0.13
Q4 FY202529.4%
Q3 FY2025$423.6M25.2%$17.5M$0.14
Q2 FY2025$415.8M28.0%$25.6M$0.20
Q1 FY2025$355.2M29.1%$15.4M$0.13
Q4 FY202434.9%
Q3 FY2024$338.2M27.9%$12.6M$0.11

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorConsumer Discretionary
SIC industryRetail-Eating & Drinking Places
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2021
SEC CIK1866581

Selected SEC filings

10-Q2026-08-06
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K/A2026-05-19
View on EDGAR →
8-K2026-05-15
View on EDGAR →
8-K2026-05-06
View on EDGAR →

Largest Consumer Discretionary peers

All Consumer Discretionary companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.