Dutch Bros Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Selling, General, and Administrative
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2025 · 2024 · 2025 v. 2024 · 2025 · 2024 · 2025 v. 2024 | ||||||||
| Selling, General, and Administrative | $65,289 | $57,536 | $7,753 | 13.5% | $189,595 | $161,866 | $27,729 | 17.1% |
| As a percentage of total revenues | 15.4% | 17.0% | N/A | (160) bps | 15.9% | 17.3% | N/A | (140) bps |
The selling, general, and administrative increase of approximately $7.8 million was primarily driven by increased expenses of $5.8 million consisting of investments in human capital to support our revenue growth along with higher performance-based compensation and $1.4 million of higher equity-based compensation. These increases were partially offset by lower realignment and restructuring charges of $1.5 million, as the 2024 realignment program was larger in scope.
The selling, general, and administrative increase of approximately $27.7 million was primarily driven by increased expenses of $21.2 million consisting of investments in human capital to support our revenue growth and higher performance-based compensation; an increase of $9.5 million related to professional fees and technology services to support our growing business; $4.4 million of higher equity-based compensation; and $2.0 million of increased donations to the Dutch Bros Foundation. These increases were partially offset by lower realignment and restructuring charges of $7.9 million and lower nonrecurring equity offering expenses of $1.5 million.
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