Dutch Bros Inc

For the period ended Dec 31, 2024. Filed Feb 13, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 13, 2025

BROS$35.29-2.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations

	Year Ended December 31,
(in thousands, except per share amounts)	2024	2023	2022
Revenues
Company-operated shops	$1,165,830	$857,939	$639,710
Franchising and other	115,185	107,837	99,302
Total revenues	1,281,015	965,776	739,012
Costs and Expenses
Cost of sales	940,886	714,480	558,096
Selling, general and administrative	234,036	205,074	183,528
Total costs and expenses	1,174,922	919,554	741,624
Income (loss) from operations	106,093	46,222	(2,612)
Other expense
Interest expense, net	(27,020)	(32,321)	(18,018)
Other income	5,812	3,018	3,976
Total other expense	(21,208)	(29,303)	(14,042)
Income (loss) before income taxes	84,885	16,919	(16,654)
Income tax expense	18,435	6,967	2,599
Net income (loss)	$66,450	$9,952	$(19,253)
Less: Net income (loss) attributable to non-controlling interests	31,192	8,234	(14,500)
Net income (loss) attributable to Dutch Bros Inc.	$35,258	$1,718	$(4,753)
Net income (loss) per share of Class A and Class D common stock:
Basic	$0.34	$0.03	$(0.09)
Diluted	$0.34	$0.03	$(0.09)
Weighted-average shares of Class A and Class D common stock outstanding:
Basic	103,504	62,074	51,871
Diluted	104,129	62,074	51,871

Consolidated Statements of Comprehensive Income (Loss)

	Year Ended December 31,
(in thousands)	2024	2023	2022
Net income (loss)	$66,450	$9,952	$(19,253)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit) of $(83), $10, and $273, respectively	(1)	(748)	2,908
Comprehensive income (loss)	66,449	9,204	(16,345)
Less: comprehensive income (loss) attributable to non-controlling interests	31,107	7,755	(12,405)
Comprehensive income (loss) attributable to Dutch Bros Inc.	$35,342	$1,449	$(3,940)

Consolidated Statements of Stockholders’ Equity

Year Ended December 31, 2024
	Dutch Bros Inc. Stockholders’ Equity
Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Class DCommon Stock
(in thousands)	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Non-Controlling Interests	Total Equity
Balance, December 31, 2023	69,958	$1	60,629	$1	35,864	$—	10,669	$—	$379,391	$544	$(15,592)	$311,576	$675,921
Net income	—	—	—	—	—	—	—	—	—	—	35,258	31,192	66,450
Unrealized gain (loss) on derivative securities, effective portion, net of income tax benefit of $83	—	—	—	—	—	—	—	—	(338)	84	—	(85)	(339)
Equity-based compensation expense	—	—	—	—	—	—	—	—	6,980	—	—	4,502	11,482
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	83	—	—	—	—	—	—	—	1,743	—	—	(2,812)	(1,069)
Issuance of Class A common stock in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class B and C common stock, pursuant to exchange transactions	45,391	—	(2,402)	—	(32,319)	—	(10,669)	—	—	—	—	—	—
Effect of equity transactions of Dutch Bros OpCo Class A common units	—	—	—	—	—	—	—	—	115,989	—	—	(115,989)	—
Impacts of Tax Receivable Agreements	—	—	—	—	—	—	—	—	12,921	—	—	—	12,921
Tax impacts of other equity-related transactions	—	—	—	—	—	—	—	—	388	—	—	—	388
Class B common stock decoupled from Dutch Bros OpCo Class A common units, surrendered and cancelled	—	—	(23,000)	(1)	—	—	—	—	—	—	—	—	(1)
Distributions paid to non-controlling interest holders	—	—	—	—	—	—	—	—	—	—	—	(1,888)	(1,888)
Balance, December 31, 2024	115,432	$1	35,227	$—	3,545	$—	—	$—	$517,074	$628	$19,666	$226,496	$763,865

Consolidated Statements of Stockholders’ Equity (continued)

Year Ended December 31, 2023
	Dutch Bros. Inc. Stockholders’ Equity
Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Class DCommon Stock
(in thousands)	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-Controlling Interests	Total Equity
Balance, December 31, 2022	45,544	$1	64,699	$1	41,056	$—	12,411	$—	$145,613	$813	$(17,310)	$122,858	$251,976
Net income	—	—	—	—	—	—	—	—	—	—	1,718	8,234	9,952
Unrealized loss on derivative securities, effective portion, net of income tax expense of $10	—	—	—	—	—	—	—	—	(217)	(269)	—	(479)	(965)
Equity-based compensation	—	—	—	—	—	—	—	—	15,177	—	—	24,045	39,222
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	140	—	—	—	—	—	—	—	(661)	—	—	(1,234)	(1,895)
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs	13,269	—	—	—	—	—	—	—	330,081	—	—	—	330,081
Issuance of Class A common stock in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class B and C common stock, pursuant to exchange transactions	11,005	—	(4,070)	—	(5,192)	—	(1,742)	—	—	—	—	—	—
Effect of equity transactions of Dutch Bros OpCo Class A common units	—	—	—	—	—	—	—	—	(158,152)	—	—	158,152	—
Tax impacts of follow-on offering	—	—	—	—	—	—	—	—	46,594	—	—	—	46,594
Tax impacts of other equity-related transactions	—	—	—	—	—	—	—	—	655	—	—	—	655
Impacts of Tax Receivable Agreements	—	—	—	—	—	—	—	—	301	—	—	—	301
Balance, December 31, 2023	69,958	$1	60,629	$1	35,864	$—	10,669	$—	$379,391	$544	$(15,592)	$311,576	$675,921

Consolidated Statements of Stockholders’ Equity (continued)

Year Ended December 31, 2022
	Dutch Bros. Inc. Stockholders’ Equity
Class ACommon Stock · Class BCommon Stock · Class CCommon Stock · Class DCommon Stock
(in thousands)	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-Controlling Interests	Total Equity
Balance, December 31, 2021	34,433	$—	64,699	$1	49,006	$1	15,441	$—	$107,193	$—	$(12,679)	$119,213	$213,729
Adoption of ASU 2016-02, as amended	—	—	—	—	—	—	—	—	—	—	122	301	423
Net loss	—	—	—	—	—	—	—	—	—	—	(4,753)	(14,500)	(19,253)
Unrealized gain on derivative securities, effective portion, net of income tax expense of $273	—	—	—	—	—	—	—	—	(17)	813	—	2,095	2,891
Equity-based compensation	—	—	—	—	—	—	—	—	13,743	—	—	27,914	41,657
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax	131	—	—	—	—	—	—	—	(1,145)	—	—	(2,755)	(3,900)
Issuance of Class A common stock, in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class C common stock, pursuant to exchange transactions	10,980	1	—	—	(7,950)	(1)	(3,030)	—	—	—	—	—	—
Impact of Tax Receivable Agreements	—	—	—	—	—	—	—	—	16,429	—	—	—	16,429
Effect of equity transactions of Dutch Bros OpCo Class A common units	—	—	—	—	—	—	—	—	9,410	—	—	(9,410)	—
Balance, December 31, 2022	45,544	$1	64,699	$1	41,056	$—	12,411	$—	$145,613	$813	$(17,310)	$122,858	$251,976

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