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Side-by-side financial comparison of Antero Midstream Corp (AM) and Dutch Bros Inc. (BROS). Click either name above to swap in a different company.
Dutch Bros Inc. is the larger business by last-quarter revenue ($464.4M vs $291.1M, roughly 1.6× Antero Midstream Corp). Antero Midstream Corp runs the higher net margin — 41.5% vs 5.1%, a 36.4% gap on every dollar of revenue. On growth, Dutch Bros Inc. posted the faster year-over-year revenue change (30.8% vs -7.3%). Over the past eight quarters, Dutch Bros Inc.'s revenue compounded faster (19.6% CAGR vs 3.9%).
Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.
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.
AM vs BROS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $291.1M | $464.4M |
| Net Profit | $120.7M | $23.7M |
| Gross Margin | — | 23.1% |
| Operating Margin | 60.9% | 7.4% |
| Net Margin | 41.5% | 5.1% |
| Revenue YoY | -7.3% | 30.8% |
| Net Profit YoY | 2.1% | 5.3% |
| EPS (diluted) | $0.25 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $291.1M | $464.4M | ||
| Q4 25 | $297.0M | $443.6M | ||
| Q3 25 | $294.8M | $423.6M | ||
| Q2 25 | $305.5M | $415.8M | ||
| Q1 25 | $291.1M | $355.2M | ||
| Q4 24 | $287.5M | $342.8M | ||
| Q3 24 | $269.9M | $338.2M | ||
| Q2 24 | $269.8M | $324.9M |
| Q1 26 | $120.7M | $23.7M | ||
| Q4 25 | $51.9M | $21.4M | ||
| Q3 25 | $116.0M | $17.5M | ||
| Q2 25 | $124.5M | $25.6M | ||
| Q1 25 | $120.7M | $15.4M | ||
| Q4 24 | $111.2M | $3.6M | ||
| Q3 24 | $99.7M | $12.6M | ||
| Q2 24 | $86.0M | $11.9M |
| Q1 26 | — | 23.1% | ||
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 28.9% | ||
| Q1 25 | — | 25.3% | ||
| Q4 24 | — | 25.7% | ||
| Q3 24 | — | 26.6% | ||
| Q2 24 | — | 27.8% |
| Q1 26 | 60.9% | 7.4% | ||
| Q4 25 | 33.8% | 7.7% | ||
| Q3 25 | 61.2% | 9.8% | ||
| Q2 25 | 61.0% | 13.1% | ||
| Q1 25 | 60.9% | 8.7% | ||
| Q4 24 | 61.8% | 4.6% | ||
| Q3 24 | 60.2% | 9.6% | ||
| Q2 24 | 56.6% | 9.9% |
| Q1 26 | 41.5% | 5.1% | ||
| Q4 25 | 17.5% | 4.8% | ||
| Q3 25 | 39.3% | 4.1% | ||
| Q2 25 | 40.8% | 6.2% | ||
| Q1 25 | 41.5% | 4.3% | ||
| Q4 24 | 38.7% | 1.1% | ||
| Q3 24 | 37.0% | 3.7% | ||
| Q2 24 | 31.9% | 3.7% |
| Q1 26 | $0.25 | $0.13 | ||
| Q4 25 | $0.11 | $0.17 | ||
| Q3 25 | $0.24 | $0.14 | ||
| Q2 25 | $0.26 | $0.20 | ||
| Q1 25 | $0.25 | $0.13 | ||
| Q4 24 | $0.23 | $0.03 | ||
| Q3 24 | $0.21 | $0.11 | ||
| Q2 24 | $0.18 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $180.4M | $263.5M |
| Total DebtLower is stronger | $3.2B | $199.3M |
| Stockholders' EquityBook value | $2.0B | $920.5M |
| Total Assets | $5.9B | $3.1B |
| Debt / EquityLower = less leverage | 1.63× | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $180.4M | $263.5M | ||
| Q4 25 | $180.4M | $269.4M | ||
| Q3 25 | — | $267.2M | ||
| Q2 25 | — | $254.4M | ||
| Q1 25 | — | $316.4M | ||
| Q4 24 | — | $293.4M | ||
| Q3 24 | — | $281.1M | ||
| Q2 24 | — | $260.9M |
| Q1 26 | $3.2B | $199.3M | ||
| Q4 25 | $3.2B | $202.5M | ||
| Q3 25 | $3.0B | $202.3M | ||
| Q2 25 | $3.0B | $203.3M | ||
| Q1 25 | $3.1B | $284.2M | ||
| Q4 24 | $3.1B | $238.0M | ||
| Q3 24 | $3.2B | $241.2M | ||
| Q2 24 | $3.2B | $244.3M |
| Q1 26 | $2.0B | $920.5M | ||
| Q4 25 | $2.0B | $680.8M | ||
| Q3 25 | $2.1B | $656.6M | ||
| Q2 25 | $2.1B | $636.2M | ||
| Q1 25 | $2.1B | $599.1M | ||
| Q4 24 | $2.1B | $537.4M | ||
| Q3 24 | $2.1B | $523.1M | ||
| Q2 24 | $2.1B | $509.1M |
| Q1 26 | $5.9B | $3.1B | ||
| Q4 25 | $5.9B | $3.0B | ||
| Q3 25 | $5.7B | $2.9B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | $5.8B | $2.8B | ||
| Q4 24 | $5.8B | $2.5B | ||
| Q3 24 | $5.8B | $2.4B | ||
| Q2 24 | $5.8B | $2.4B |
| Q1 26 | 1.63× | 0.22× | ||
| Q4 25 | 1.63× | 0.30× | ||
| Q3 25 | 1.46× | 0.31× | ||
| Q2 25 | 1.45× | 0.32× | ||
| Q1 25 | 1.49× | 0.47× | ||
| Q4 24 | 1.47× | 0.44× | ||
| Q3 24 | 1.49× | 0.46× | ||
| Q2 24 | 1.50× | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $198.9M | $84.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 11.1% | — |
| Cash ConversionOCF / Net Profit | 1.65× | 3.58× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $198.9M | $84.7M | ||
| Q4 25 | $255.5M | $79.6M | ||
| Q3 25 | $212.8M | $89.1M | ||
| Q2 25 | $265.2M | $89.9M | ||
| Q1 25 | $198.9M | $36.9M | ||
| Q4 24 | $232.7M | $62.2M | ||
| Q3 24 | $184.9M | $83.5M | ||
| Q2 24 | $215.8M | $59.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $8.5M | ||
| Q3 25 | — | $18.9M | ||
| Q2 25 | — | $35.7M | ||
| Q1 25 | — | $-8.7M | ||
| Q4 24 | — | $19.5M | ||
| Q3 24 | $184.3M | $26.4M | ||
| Q2 24 | $147.2M | $-4.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | 68.3% | 7.8% | ||
| Q2 24 | 54.6% | -1.5% |
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 16.0% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 13.0% | ||
| Q1 25 | — | 12.8% | ||
| Q4 24 | 0.0% | 12.5% | ||
| Q3 24 | 0.2% | 16.9% | ||
| Q2 24 | 25.4% | 19.8% |
| Q1 26 | 1.65× | 3.58× | ||
| Q4 25 | 4.92× | 3.73× | ||
| Q3 25 | 1.84× | 5.09× | ||
| Q2 25 | 2.13× | 3.51× | ||
| Q1 25 | 1.65× | 2.40× | ||
| Q4 24 | 2.09× | 17.23× | ||
| Q3 24 | 1.85× | 6.60× | ||
| Q2 24 | 2.51× | 4.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
BROS
| Company-operated shops | $429.1M | 92% |
| Franchising and other | $35.4M | 8% |
