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Side-by-side financial comparison of Dutch Bros Inc. (BROS) and Quad/Graphics, Inc. (QUAD). Click either name above to swap in a different company.
Quad/Graphics, Inc. is the larger business by last-quarter revenue ($630.6M vs $443.6M, roughly 1.4× Dutch Bros Inc.). On growth, Dutch Bros Inc. posted the faster year-over-year revenue change (29.4% vs -11.0%). Quad/Graphics, Inc. produced more free cash flow last quarter ($137.2M vs $8.5M). Over the past eight quarters, Dutch Bros Inc.'s revenue compounded faster (27.0% CAGR vs -1.9%).
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.
Quad is an American marketing services company headquartered in Sussex, Wisconsin. It provides a range of print and marketing services that support physical and digital media channels through audience targeting services, omnichannel media planning and placement, creative and content production, retail display and packaging, postal optimization, and consumer analytics. In 2025, Quad ranked as one of the largest agency companies in the U.S. and as one of the largest commercial printers in North...
BROS vs QUAD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $443.6M | $630.6M |
| Net Profit | $21.4M | — |
| Gross Margin | 24.1% | 21.6% |
| Operating Margin | 7.7% | 5.9% |
| Net Margin | 4.8% | — |
| Revenue YoY | 29.4% | -11.0% |
| Net Profit YoY | 491.6% | — |
| EPS (diluted) | $0.17 | $0.22 |
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 | $443.6M | $630.6M | ||
| Q3 25 | $423.6M | $588.0M | ||
| Q2 25 | $415.8M | $571.9M | ||
| Q1 25 | $355.2M | $629.4M | ||
| Q4 24 | $342.8M | $708.4M | ||
| Q3 24 | $338.2M | $674.8M | ||
| Q2 24 | $324.9M | $634.2M | ||
| Q1 24 | $275.1M | $654.8M |
| Q4 25 | $21.4M | — | ||
| Q3 25 | $17.5M | $10.2M | ||
| Q2 25 | $25.6M | $-100.0K | ||
| Q1 25 | $15.4M | $5.8M | ||
| Q4 24 | $3.6M | — | ||
| Q3 24 | $12.6M | $-24.7M | ||
| Q2 24 | $11.9M | $-2.8M | ||
| Q1 24 | $7.1M | $-28.1M |
| Q4 25 | 24.1% | 21.6% | ||
| Q3 25 | 25.2% | 22.8% | ||
| Q2 25 | 28.9% | 21.6% | ||
| Q1 25 | 25.3% | 20.6% | ||
| Q4 24 | 25.7% | 22.4% | ||
| Q3 24 | 26.6% | 21.8% | ||
| Q2 24 | 27.8% | 22.1% | ||
| Q1 24 | 26.1% | 20.4% |
| Q4 25 | 7.7% | 5.9% | ||
| Q3 25 | 9.8% | 4.5% | ||
| Q2 25 | 13.1% | 2.4% | ||
| Q1 25 | 8.7% | 3.1% | ||
| Q4 24 | 4.6% | 2.8% | ||
| Q3 24 | 9.6% | -0.7% | ||
| Q2 24 | 9.9% | 2.4% | ||
| Q1 24 | 9.3% | -1.6% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.1% | 1.7% | ||
| Q2 25 | 6.2% | -0.0% | ||
| Q1 25 | 4.3% | 0.9% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 3.7% | -3.7% | ||
| Q2 24 | 3.7% | -0.4% | ||
| Q1 24 | 2.6% | -4.3% |
| Q4 25 | $0.17 | $0.22 | ||
| Q3 25 | $0.14 | $0.21 | ||
| Q2 25 | $0.20 | $0.00 | ||
| Q1 25 | $0.13 | $0.11 | ||
| Q4 24 | $0.03 | $0.11 | ||
| Q3 24 | $0.11 | $-0.52 | ||
| Q2 24 | $0.12 | $-0.06 | ||
| Q1 24 | $0.08 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $269.4M | $63.3M |
| Total DebtLower is stronger | $202.5M | $369.9M |
| Stockholders' EquityBook value | $680.8M | $-59.5M |
| Total Assets | $3.0B | $1.3B |
| Debt / EquityLower = less leverage | 0.30× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $269.4M | $63.3M | ||
| Q3 25 | $267.2M | $6.2M | ||
| Q2 25 | $254.4M | $6.7M | ||
| Q1 25 | $316.4M | $8.1M | ||
| Q4 24 | $293.4M | $29.2M | ||
| Q3 24 | $281.1M | $12.5M | ||
| Q2 24 | $260.9M | $12.8M | ||
| Q1 24 | $262.7M | $10.2M |
| Q4 25 | $202.5M | $369.9M | ||
| Q3 25 | $202.3M | — | ||
| Q2 25 | $203.3M | — | ||
| Q1 25 | $284.2M | — | ||
| Q4 24 | $238.0M | $377.1M | ||
| Q3 24 | $241.2M | — | ||
| Q2 24 | $244.3M | — | ||
| Q1 24 | $247.5M | — |
| Q4 25 | $680.8M | $-59.5M | ||
| Q3 25 | $656.6M | $96.7M | ||
| Q2 25 | $636.2M | $87.0M | ||
| Q1 25 | $599.1M | $87.4M | ||
| Q4 24 | $537.4M | $-131.2M | ||
| Q3 24 | $523.1M | $50.9M | ||
| Q2 24 | $509.1M | $79.1M | ||
| Q1 24 | $417.1M | $89.2M |
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $2.9B | $1.3B | ||
| Q2 25 | $2.8B | $1.2B | ||
| Q1 25 | $2.8B | $1.2B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.4B | $1.4B | ||
| Q1 24 | $2.1B | $1.4B |
| Q4 25 | 0.30× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.46× | — | ||
| Q2 24 | 0.48× | — | ||
| Q1 24 | 0.59× | — |
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 | $79.6M | $145.9M |
| Free Cash FlowOCF − Capex | $8.5M | $137.2M |
| FCF MarginFCF / Revenue | 1.9% | 21.8% |
| Capex IntensityCapex / Revenue | 16.0% | 1.4% |
| Cash ConversionOCF / Net Profit | 3.73× | — |
| TTM Free Cash FlowTrailing 4 quarters | $54.4M | $50.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $79.6M | $145.9M | ||
| Q3 25 | $89.1M | $-8.4M | ||
| Q2 25 | $89.9M | $47.4M | ||
| Q1 25 | $36.9M | $-89.0M | ||
| Q4 24 | $62.2M | $158.8M | ||
| Q3 24 | $83.5M | $2.4M | ||
| Q2 24 | $59.5M | $3.9M | ||
| Q1 24 | $41.2M | $-52.2M |
| Q4 25 | $8.5M | $137.2M | ||
| Q3 25 | $18.9M | $-20.6M | ||
| Q2 25 | $35.7M | $34.4M | ||
| Q1 25 | $-8.7M | $-100.3M | ||
| Q4 24 | $19.5M | $147.3M | ||
| Q3 24 | $26.4M | $-9.8M | ||
| Q2 24 | $-4.9M | $-11.7M | ||
| Q1 24 | $-16.3M | $-70.1M |
| Q4 25 | 1.9% | 21.8% | ||
| Q3 25 | 4.5% | -3.5% | ||
| Q2 25 | 8.6% | 6.0% | ||
| Q1 25 | -2.4% | -15.9% | ||
| Q4 24 | 5.7% | 20.8% | ||
| Q3 24 | 7.8% | -1.5% | ||
| Q2 24 | -1.5% | -1.8% | ||
| Q1 24 | -5.9% | -10.7% |
| Q4 25 | 16.0% | 1.4% | ||
| Q3 25 | 16.6% | 2.1% | ||
| Q2 25 | 13.0% | 2.3% | ||
| Q1 25 | 12.8% | 1.8% | ||
| Q4 24 | 12.5% | 1.6% | ||
| Q3 24 | 16.9% | 1.8% | ||
| Q2 24 | 19.8% | 2.5% | ||
| Q1 24 | 20.9% | 2.7% |
| Q4 25 | 3.73× | — | ||
| Q3 25 | 5.09× | -0.82× | ||
| Q2 25 | 3.51× | — | ||
| Q1 25 | 2.40× | -15.34× | ||
| Q4 24 | 17.23× | — | ||
| Q3 24 | 6.60× | — | ||
| Q2 24 | 4.99× | — | ||
| Q1 24 | 5.83× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BROS
| Company Operated Shops | $409.6M | 92% |
| Franchise Fees | $32.3M | 7% |
| Other | $1.8M | 0% |
QUAD
| Catalog Publications Retail Inserts Books And Directories | $300.6M | 48% |
| Direct Mail And Other Printed Products | $147.1M | 23% |
| Imaging Marketing Services And Other Services | $79.8M | 13% |
| Logistic Services | $61.4M | 10% |
| Other | $39.3M | 6% |
| Other Revenues | $2.4M | 0% |
