Dutch Bros Inc.

For the period ended Dec 31, 2025. Filed Feb 13, 2026.

About this filing

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.

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.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Operations

	Year Ended December 31,
(in thousands, except per share amounts)	2025	2024	2023
Revenues
Company-operated shops	$1,509,329	$1,165,830	$857,939
Franchising and other	128,830	115,185	107,837
Total revenues	1,638,159	1,281,015	965,776
Costs and Expenses
Cost of sales	1,214,213	940,886	714,480
Selling, general and administrative	262,766	234,036	205,074
Total costs and expenses	1,476,979	1,174,922	919,554
Income from operations	161,180	106,093	46,222
Other expense
Interest expense, net	(28,305)	(27,020)	(32,321)
Other income	2,748	5,812	3,018
Total other expense	(25,557)	(21,208)	(29,303)
Income before income taxes	135,623	84,885	16,919
Income tax expense	18,348	18,435	6,967
Net income	$117,275	$66,450	$9,952
Less: Net income attributable to non-controlling interests	37,433	31,192	8,234
Net income attributable to Dutch Bros Inc.	$79,842	$35,258	$1,718
Net income per share of Class A and Class D common stock1:
Basic	$0.64	$0.34	$0.03
Diluted	$0.64	$0.34	$0.03
Weighted-average shares of Class A and Class D common stock outstanding1:
Basic	125,329	103,504	62,074
Diluted	125,764	104,129	62,074

1 Class D common shares were included in net income per share and weighted-average number of shares calculations in periods prior to June 2024. As of June 2024, all Class D common shares were converted to Class A common shares.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.