BROSNYSERetail-Eating & Drinking PlacesFiscal year ends December 31
Dutch Bros Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$42.86+1.70 (+4.13%)
Close on Oct 19, 2026
- Market cap
- $5.78B
- P/E (TTM)
- 59.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
25.9%−9.5 pts over 5 years
Operating margin
9.8%+6.5 pts over 5 years
Net margin
4.9%+4.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +27.9% | +30.4% | +38.0% | – | |
| Gross profit | +24.6% | +32.8% | +29.6% | – | |
| Operating income | +51.9% | – | +71.1% | – | |
| Net income | +126.5% | – | – | – | |
| EPS, diluted | +88.2% | – | – | – | |
| Free cash flow | +120.3% | – | +33.2% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 13.1% | |
| Return on assets | – | – | 2.9% | |
| Current ratio | – | 1.05 | 1.49 | |
| Debt to equity | – | 0.37 | 0.29 | |
| Net debt to EBITDA | – | -0.13× | -0.25× | |
| Inventory turnover | – | – | 28.4× | |
| Capex to revenue | – | 12.4% | 14.7% | |
| Diluted shares | – | – | 126M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Dutch Bros generated $822.15M from operations and spent $1.29B on capital expenditure, dividends and share buybacks. 78% of that went back into the business.
Generated
$822.15M
Used
$1.29B
Capital expenditure$997.65M78%Dividends$00%Share buybacks$287.66M22%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.9%
×Asset turnover0.59×
×Equity multiplier4.52×
=Return on equity, FY202513.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.9% | 0.59× | 4.52× | 13.1% |
| FY2024 | 2.8% | 0.60× | 4.73× | 7.8% |
| FY2023 | 0.2% | 0.65× | 5.98× | 0.7% |
| FY2022 | -0.6% | 0.85× | 7.78× | -4.3% |
| FY2021 | -2.5% | 1.22× | 4.77× | -14.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$79.84M
- Cash generatingOperating cash flow above zero$295.55M
- Return on assets improvedROA up on the prior year2.0% → 3.2%
- Earnings backed by cashOperating cash flow above net income$295.55M vs $79.84M
- Less leverageLong-term debt to assets fell8.8% → 6.5%
- Better liquidityCurrent ratio rose1.76 → 1.49
- No dilutionShare count did not rise104M → 126M
- Gross margin improvedGross margin up on the prior year26.55% → 25.88%
- More efficientAsset turnover rose0.73 → 0.65