Dutch Bros Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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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.
FY2025 · Filed Feb 13, 2026
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Selling, General, and Administrative
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2025 · 2024 · 2023 · 2025 v. 2024 · 2024 v 2023 | |||||||
| Selling, general, and administrative | $262,766 | $234,036 | $205,074 | $28,730 | 12.3% | $28,962 | 14.1% |
| As a percentage of total revenues | 16.0% | 18.3% | 21.2% | N/A | (230) bps | N/A | N/M |
The selling, general, and administrative increase of approximately $28.7 million was primarily driven by increased expenses of $24.7 million consisting of investments in human capital to support our revenue growth and higher performance-based compensation; an increase of $9.9 million related to professional fees and technology services to support our growing business; and $5.3 million of higher equity-based compensation. These increases were partially offset by lower realignment and restructuring charges of $9.7 million and lower nonrecurring equity offering expenses of $1.5 million.
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