vs
Side-by-side financial comparison of BRC Inc. (BRCC) and DULUTH HOLDINGS INC. (DLTH). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $112.7M, roughly 1.0× BRC Inc.). BRC Inc. runs the higher net margin — -2.8% vs -8.8%, a 5.9% gap on every dollar of revenue. On growth, BRC Inc. posted the faster year-over-year revenue change (6.5% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-9.4M). Over the past eight quarters, BRC Inc.'s revenue compounded faster (7.0% CAGR vs -31.6%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
BRCC vs DLTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $114.9M |
| Net Profit | $-3.2M | $-10.1M |
| Gross Margin | 32.1% | 53.8% |
| Operating Margin | -6.3% | -7.7% |
| Net Margin | -2.8% | -8.8% |
| Revenue YoY | 6.5% | -9.6% |
| Net Profit YoY | -29.3% | 64.6% |
| EPS (diluted) | $-0.02 | $-0.29 |
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.
| Q4 25 | $112.7M | $114.9M | ||
| Q3 25 | $100.7M | $131.7M | ||
| Q2 25 | $94.8M | $102.7M | ||
| Q1 25 | $90.0M | $241.3M | ||
| Q4 24 | $105.9M | $127.1M | ||
| Q3 24 | $98.2M | $141.6M | ||
| Q2 24 | $89.0M | $116.7M | ||
| Q1 24 | $98.4M | $245.6M |
| Q4 25 | $-3.2M | $-10.1M | ||
| Q3 25 | $-486.0K | $1.3M | ||
| Q2 25 | $-5.3M | $-15.3M | ||
| Q1 25 | $-2.9M | $-5.6M | ||
| Q4 24 | $-2.5M | $-28.2M | ||
| Q3 24 | $-535.0K | $-2.0M | ||
| Q2 24 | $-482.0K | $-7.9M | ||
| Q1 24 | $548.0K | $6.4M |
| Q4 25 | 32.1% | 53.8% | ||
| Q3 25 | 36.9% | 54.7% | ||
| Q2 25 | 33.9% | 52.0% | ||
| Q1 25 | 36.1% | 44.1% | ||
| Q4 24 | 38.1% | 52.3% | ||
| Q3 24 | 42.1% | 52.3% | ||
| Q2 24 | 41.9% | 52.8% | ||
| Q1 24 | 42.9% | 48.2% |
| Q4 25 | -6.3% | -7.7% | ||
| Q3 25 | 0.5% | 1.8% | ||
| Q2 25 | -13.3% | -12.0% | ||
| Q1 25 | -6.0% | -1.8% | ||
| Q4 24 | -2.1% | -17.4% | ||
| Q3 24 | 1.1% | -1.1% | ||
| Q2 24 | 1.1% | -7.7% | ||
| Q1 24 | 4.0% | 3.6% |
| Q4 25 | -2.8% | -8.8% | ||
| Q3 25 | -0.5% | 1.0% | ||
| Q2 25 | -5.6% | -14.9% | ||
| Q1 25 | -3.2% | -2.3% | ||
| Q4 24 | -2.3% | -22.2% | ||
| Q3 24 | -0.5% | -1.4% | ||
| Q2 24 | -0.5% | -6.7% | ||
| Q1 24 | 0.6% | 2.6% |
| Q4 25 | $-0.02 | $-0.29 | ||
| Q3 25 | $0.00 | $0.04 | ||
| Q2 25 | $-0.07 | $-0.45 | ||
| Q1 25 | $-0.04 | $-0.17 | ||
| Q4 24 | $-0.03 | $-0.84 | ||
| Q3 24 | $-0.01 | $-0.06 | ||
| Q2 24 | $-0.01 | $-0.24 | ||
| Q1 24 | $0.01 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3M | $8.2M |
| Total DebtLower is stronger | $34.7M | — |
| Stockholders' EquityBook value | $45.7M | $160.6M |
| Total Assets | $209.2M | $468.0M |
| Debt / EquityLower = less leverage | 0.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | $8.2M | ||
| Q3 25 | $9.5M | $5.7M | ||
| Q2 25 | $4.3M | $8.6M | ||
| Q1 25 | $3.9M | $3.3M | ||
| Q4 24 | $6.8M | $9.3M | ||
| Q3 24 | $7.3M | $9.8M | ||
| Q2 24 | $9.6M | $6.8M | ||
| Q1 24 | $4.0M | $32.2M |
| Q4 25 | $34.7M | — | ||
| Q3 25 | $35.0M | — | ||
| Q2 25 | $72.7M | — | ||
| Q1 25 | $68.8M | — | ||
| Q4 24 | $65.1M | — | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $66.5M | — | ||
| Q1 24 | $61.5M | — |
| Q4 25 | $45.7M | $160.6M | ||
| Q3 25 | $48.0M | $170.0M | ||
| Q2 25 | $10.1M | $167.9M | ||
| Q1 25 | $11.2M | $182.7M | ||
| Q4 24 | $13.2M | $188.1M | ||
| Q3 24 | $14.5M | $215.7M | ||
| Q2 24 | $14.9M | $218.4M | ||
| Q1 24 | $14.6M | $222.8M |
| Q4 25 | $209.2M | $468.0M | ||
| Q3 25 | $222.4M | $433.8M | ||
| Q2 25 | $225.3M | $463.7M | ||
| Q1 25 | $222.9M | $452.4M | ||
| Q4 24 | $227.4M | $533.1M | ||
| Q3 24 | $233.7M | $488.6M | ||
| Q2 24 | $229.9M | $471.4M | ||
| Q1 24 | $227.2M | $491.2M |
| Q4 25 | 0.76× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 7.19× | — | ||
| Q1 25 | 6.15× | — | ||
| Q4 24 | 4.94× | — | ||
| Q3 24 | 4.47× | — | ||
| Q2 24 | 4.46× | — | ||
| Q1 24 | 4.21× | — |
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 | $-8.7M | $-6.7M |
| Free Cash FlowOCF − Capex | $-9.4M | $-8.9M |
| FCF MarginFCF / Revenue | -8.3% | -7.8% |
| Capex IntensityCapex / Revenue | 0.6% | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | $1.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $-6.7M | ||
| Q3 25 | $6.4M | $32.0M | ||
| Q2 25 | $-3.3M | $-56.5M | ||
| Q1 25 | $-4.1M | $41.2M | ||
| Q4 24 | $2.2M | $-41.1M | ||
| Q3 24 | $1.9M | $16.6M | ||
| Q2 24 | $2.3M | $-33.7M | ||
| Q1 24 | $4.9M | $69.7M |
| Q4 25 | $-9.4M | $-8.9M | ||
| Q3 25 | $5.6M | $29.8M | ||
| Q2 25 | $-4.3M | $-57.8M | ||
| Q1 25 | $-5.3M | $38.7M | ||
| Q4 24 | $504.0K | $-43.7M | ||
| Q3 24 | $-205.0K | $15.0M | ||
| Q2 24 | $147.0K | $-35.2M | ||
| Q1 24 | $2.2M | $60.6M |
| Q4 25 | -8.3% | -7.8% | ||
| Q3 25 | 5.5% | 22.6% | ||
| Q2 25 | -4.5% | -56.3% | ||
| Q1 25 | -5.9% | 16.0% | ||
| Q4 24 | 0.5% | -34.4% | ||
| Q3 24 | -0.2% | 10.6% | ||
| Q2 24 | 0.2% | -30.2% | ||
| Q1 24 | 2.2% | 24.7% |
| Q4 25 | 0.6% | 2.0% | ||
| Q3 25 | 0.8% | 1.7% | ||
| Q2 25 | 1.0% | 1.3% | ||
| Q1 25 | 1.3% | 1.0% | ||
| Q4 24 | 1.6% | 2.1% | ||
| Q3 24 | 2.2% | 1.2% | ||
| Q2 24 | 2.4% | 1.3% | ||
| Q1 24 | 2.8% | 3.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | 25.40× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 8.97× | 10.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
