Dutch Bros Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
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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Consolidated Balance Sheets
| (in thousands, except per share amounts) | December 31,2025 | December 31,2024 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $269,404 | $293,354 |
| Accounts receivable, net | 18,387 | 10,598 |
| Inventories, net | 48,917 | 36,488 |
| Prepaid expenses and other current assets | 20,670 | 17,501 |
| Total current assets | 357,378 | 357,941 |
| Property and equipment, net | 824,502 | 683,971 |
| Lease right-of-use assets, net | 855,339 | 689,879 |
| Deferred income tax assets, net | 946,571 | 742,126 |
| Other long-term assets | 25,524 | 27,168 |
| Total assets | $3,009,314 | $2,501,085 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable | $37,625 | $32,225 |
| Other current liabilities | 99,173 | 83,361 |
| Deferred revenue | 55,658 | 42,868 |
| Current portion of tax receivable agreements liability | 7,696 | 71 |
| Current portion of lease liabilities | 36,466 | 27,235 |
| Current portion of long-term debt | 3,881 | 17,311 |
| Total current liabilities | 240,499 | 203,071 |
| Deferred revenue, net of current portion | 8,918 | 8,015 |
| Lease liabilities, net of current portion | 852,380 | 678,608 |
| Long-term debt, net of current portion | 196,295 | 219,755 |
| Tax receivable agreements liability, net of current portion | 813,353 | 627,763 |
| Other long-term liabilities | — | 8 |
| Total liabilities | 2,111,445 | 1,737,220 |
| Commitments and contingencies (Note 16) | ||
| Preferred stock, $0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | — |
| Class A common stock, $0.00001 par value per share - 400,000 shares authorized; 127,054 and 115,432 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 1 | 1 |
| Class B common stock, $0.00001 par value per share - 144,000 shares authorized; 35,211 and 35,227 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | — |
| Class C common stock, $0.00001 par value per share - 105,000 shares authorized; 2,280 and 3,545 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | — |
| Additional paid-in capital | 581,261 | 517,074 |
| Accumulated other comprehensive income | 48 | 628 |
| Retained earnings | 99,508 | 19,666 |
| Total stockholders' equity attributable to Dutch Bros Inc. | 680,818 | 537,369 |
| Non-controlling interests | 217,051 | 226,496 |
| Total equity | 897,869 | 763,865 |
| Total liabilities and equity | $3,009,314 | $2,501,085 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.