Dutch Bros Inc.BROSEarnings & Financial Report
Dutch Bros Inc., originally written Dutch Bros., is a publicly held drive-through coffee chain in the United States. Founded in 1992 by Dane and Travis Boersma, it is headquartered in Tempe, Arizona, after having been based in Grants Pass, Oregon, for many years prior to 2025. It has company-owned and franchise locations primarily located in the Western United States, although the company has expanded as far east as Orlando, Florida.
Revenue
$338.2M
Gross Profit
$90.1M
Operating Profit
$32.5M
Net Profit
$12.6M
Gross Margin
26.6%
Operating Margin
9.6%
Net Margin
3.7%
YoY Growth
27.9%
EPS
$0.11
Dutch Bros Inc. Q3 FY2024 Financial Summary
Dutch Bros Inc. reported revenue of $338.2M (up 27.9% YoY) for Q3 FY2024, with a net profit of $12.6M (up 200.3% YoY) (3.7% margin). Cost of goods sold was $248.2M, operating expenses totaled $57.5M.
Key Financial Metrics
| Total Revenue | $338.2M |
|---|---|
| Net Profit | $12.6M |
| Gross Margin | 26.6% |
| Operating Margin | 9.6% |
| Report Period | Q3 FY2024 |
Revenue Breakdown
Dutch Bros Inc. Q3 FY2024 revenue of $338.2M breaks down across 3 segments, led by Company Operated Shops at $308.3M (91.2% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Company Operated Shops | $308.3M | 91.2% |
| Franchise Fees | $28.7M | 8.5% |
| Other | $1.2M | 0.4% |
Dutch Bros Inc. Revenue by Segment — Quarterly Trend
Dutch Bros Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Company Operated Shops and Franchise Fees) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Company Operated Shops | — | $409.6M | $392.8M | $380.5M |
| Franchise Fees | — | $32.3M | $29.1M | $33.6M |
| Other | — | $1.8M | $1.6M | $1.7M |
Dutch Bros Inc. Annual Revenue by Year
Dutch Bros Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $1.6B).
| Year | Annual Revenue |
|---|---|
| 2025 | $1.6B |
| 2024 | $1.3B |
| 2023 | $965.8M |
| 2022 | $739.0M |
Dutch Bros Inc. Quarterly Revenue & Net Profit History
Dutch Bros Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $464.4M | +30.8% | $23.7M | 5.1% |
| Q4 FY2025 | $443.6M | +29.4% | $21.4M | 4.8% |
| Q3 FY2025 | $423.6M | +25.2% | $17.5M | 4.1% |
| Q2 FY2025 | $415.8M | +28.0% | $25.6M | 6.2% |
| Q1 FY2025 | $355.2M | +29.1% | $15.4M | 4.3% |
| Q4 FY2024 | $342.8M | +34.9% | $3.6M | 1.1% |
| Q3 FY2024 | $338.2M | +27.9% | $12.6M | 3.7% |
| Q2 FY2024 | $324.9M | +30.0% | $11.9M | 3.7% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $324.9M | $338.2M | $342.8M | $355.2M | $415.8M | $423.6M | $443.6M | $464.4M |
| YoY Growth | 30.0% | 27.9% | 34.9% | 29.1% | 28.0% | 25.2% | 29.4% | 30.8% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $2.38B | $2.43B | $2.50B | $2.77B | $2.81B | $2.92B | $3.01B | $3.11B |
| Liabilities | $1.65B | $1.68B | $1.74B | $1.97B | $1.98B | $2.06B | $2.11B | $2.18B |
| Equity | $509.1M | $523.1M | $537.4M | $599.1M | $636.2M | $656.6M | $680.8M | $920.5M |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $59.5M | $83.5M | $62.2M | $36.9M | $89.9M | $89.1M | $79.6M | $84.7M |