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Dutch Bros Inc. (BROS) stock

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NYSE: BROS NYSE Restaurants Next results ~November 4, 2026

C+ Fundamentals grade

Dutch Bros Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($7.23) was left out of our combined valuation (it is 0.17x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($7.23) was left out of our combined valuation (it is 0.17x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Dutch Bros Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 4 selling2 purchases and 81 sales by directors and officers, last 12 monthsInsider trades
  • Funds279 adding, 225 cuttingOf 65 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Dutch Bros files

Where Dutch Bros stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.88bn, up 29.6% on a year earlier, faster than 28.4% a quarter earlier. That growth ranks 96 of 931 among all the companies we cover. Free-cash-flow margin held at 5.0%. The diluted share count is up 7.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. At that price, our model says the market is pricing in about 55.4% a year of cash-flow growth for five years, faster than the 30.5% a year revenue growth it has delivered.

Our model value for Dutch Bros is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Dutch Bros Inc.'s trailing-twelve-month revenue grew 29.6% year on year, with a free-cash-flow margin of 5.0%. Where it stands out: revenue growth of 29.6% ranks 1 of 44 restaurants companies we cover. Where it lags: change in share count of 7.9% ranks 38 of 42 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$7.2 per share in the base case (~$5.3–$9.7 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 30.4% while net income grew 61.4%: a 31pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 29.6% over the last 12 months, against a median of 4.7% for restaurants companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 7.9% in a year.
  • High earnings multiple. The shares trade at 61 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 1.2 against the S&P 500.
  • Below peers: gross margin. Gross margin of 25.1% ranks 13 of 15 restaurants companies we cover (median 63.0%).
  • Heavily shorted. 49.1% of the shares available to trade are sold short (4.5 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.33 against an average estimate of $0.30: beat by 11.2%
Revenue
$551m, up 32.5% on a year earlier
Share reaction
-16.8% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
total revenues $2.1bn to $2.13bn (2026); same shop sales growth growth 5% to 6% (2026)
Next report
November 4, 2026; average EPS estimate $0.25

Dutch Bros' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week+4.4%
  • 1 month+13.4%
  • This year-28.3%
  • 1 year-21.0%
  • 5 years-35.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Operating margin
9.6%
Net margin
4.9%
EPS (TTM, diluted)
$0.71

Growth

Revenue growth
+29.6%
Change in growth rate
+1.3 pts
Share count change
+7.9%

Cash

Free cash flow (TTM)
$95M
FCF margin
5.0%
Stock pay % of revenue
1.1%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Results
  10. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Dutch Bros Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($7.23) was left out of our combined valuation (it is 0.17x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Dutch Bros Inc.'s free cash flow after stock-based pay ( $22.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Dutch Bros Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$7.2 ~$5.3–$9.7 Left out: out of range vs price (0.16x)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$12–$25 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$19–$38 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Dutch Bros Inc. with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$50.91$28.19$31.67$52.38$61.22$43.87
Market value$2.3bn$1.5bn$2.0bn$5.5bn$7.7bn$5.7bn
+ Net debt (− = net cash)$49m$193m−$30m−$38m−$63m−$64m
Enterprise value$2.4bn$1.7bn$1.9bn$5.4bn$7.6bn$5.6bn
Multiples
Price / sales 4.7x2.0x2.0x4.3x4.7x3.0x
Price / earnings ——n/m154.7x96.4x61.4x
Price / free cash flow ———n/m141.5x59.6x
EV / EBITDA —39.3x16.8x27.2x27.6x18.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

19 /100

Weak moat

How hard Dutch Bros's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Cash operating profit has been a median 3.7% of total assets over 5 years.

  • Pricing power 9 / 20

    Gross margin has been a median 26.3%, moving by 3.4 percentage points (standard deviation) across 6 years.

  • Durability 0 / 20

    Operating margin has been a median 5.5%; its worst year was -21.9%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 2 of 5 years, at a median -4.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $548m and EPS of $0.25 (range $0.22 to $0.28) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.98 +28% $2.1bn +30%
Next $1.31 +34% $2.6bn +24%

Next year's EPS estimate has moved +3.4% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.7% on 90 days ago. In the last 30 days, 1 analyst raised Dutch Bros Inc.'s forecast and 0 cut it.

Consensus EPS forecast Dutch Bros Inc., last 90 days
$0.90 $1.00 $1.10 $1.20 $1.30 $1.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.94 Current fiscal year, 60 days ago: $0.98 Current fiscal year, 30 days ago: $0.98 Current fiscal year, 7 days ago: $0.98 Current fiscal year, Now: $0.98 $0.98 Next fiscal year, 90 days ago: $1.26 Next fiscal year, 60 days ago: $1.31 Next fiscal year, 30 days ago: $1.34 Next fiscal year, 7 days ago: $1.33 Next fiscal year, Now: $1.31 $1.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.94$1.26
60 days ago $0.98$1.31
30 days ago $0.98$1.34
7 days ago $0.98$1.33
Now $0.98$1.31

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.30 $0.33 +11.2%
Mar 2026 $0.15 $0.16 +3.3%
Dec 2025 $0.10 $0.17 +73.9%
Sept 2025 $0.17 $0.19 +11.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total revenues 2026 $2.1bn to $2.13bn Raised
    “Total revenues are now projected to be between approximately $2.1 billion and $2.13 billion.” source
  • Same shop sales growth 2026 5% growth to 6% growth Raised
    “Same shop sales 1 growth is now estimated to be in the range of 5% to 6%.” source
  • Adjusted EBITDA 2026 $385m to $390m Non-GAAP Raised
    “Adjusted EBITDA 4 is now estimated to be between $385 million and $390 million.” source
  • Capital expenditures 2026 $350m to $370m
    “Capital expenditures are now estimated to be between $350 million and $370 million.” source
  • Total system shop openings 2026 about 185 Maintained
    “Total system shop openings are estimated to be at least 185.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Dutch Bros Inc.'s revenue by +25.1% next year and +21.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+27.1%, weight 56%) , management guidance (+26.1%, weight 19%) and the company's own record (+20.0%, weight 25%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy2492%
Hold14%
Sell14%

Monthly trend

  1. Oct 202632126
  2. Sep 202642126
  3. Aug 202642026
  4. Jul 202642025

Counts of recommendations published by analysts covering Dutch Bros Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
49.1%
of tradable shares
Days to cover
4.49
at average volume
Short interest, 1 month
+23%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
5.1%
of shares
Employees
27,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −21.0%

$55.54 on October 31, 2025 to $43.87

ThenNowEffect
Revenue (last 12 months) $1.5bn $1.9bn +29.6%
Net margin 3.9% 4.9% +24.5%
P/E multiple 116.2x 61.4x −47.2%
Share count 120m 129m −7.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
BROS−45%+12%+65%+17%−28%
Industry peers (median)−15%+16%−1%−10%+6%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
BROS42%50%58%58%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
BROS−60%−44%−32%−44%−49%
S&P 500−25%−10%−8%−19%−9%

Worst fall since September 15, 2021: 70% from November 1, 2021 to September 27, 2023. Getting back needed a 234% gain, reached on February 13, 2025, 505 days after the low.

Price behaviour

52-week range
$37.28 – $73.31
From 52-week high
−40.2%
vs 50-day average
+3.4%
vs 200-day average
−17.7%
Volatility (1 year)
51%
Beta vs S&P 500
1.22

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±13.1%
After a week
8 up, 4 down
typical move ±17.8%
After a month
7 up, 5 down
typical move ±20.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −16.8% −0.4% −20.4% −27.9%
May 6, 2026 −6.3% +1.1% −15.3% −2.9%
February 12, 2026 −0.6% −1.5% −8.8% −6.1%
November 5, 2025 −3.5% −0.7% +4.4% +5.9%
August 6, 2025 +22.3% +0.7% +17.6% +14.8%
May 7, 2025 +8.1% +1.1% +20.7% +22.6%
February 12, 2025 +30.1% +0.7% +27.8% −2.7%
January 13, 2025 +3.3% +0.3% +4.9% +13.1%
November 6, 2024 +33.1% +3.3% +41.1% +64.0%
August 7, 2024 −19.9% +1.6% −19.8% −15.6%
May 7, 2024 +12.1% +0.1% +27.3% +36.2%
February 21, 2024 +1.0% +2.2% +5.7% +31.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Dutch Bros Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Dutch Bros Inc.
$500M $1B $1.5B $2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $913.5M Revenue (TTM), FY23 Q4: $965.8M Revenue (TTM), FY24 Q1: $1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.2B Revenue (TTM), FY24 Q4: $1.3B Revenue (TTM), FY25 Q1: $1.4B Revenue (TTM), FY25 Q2: $1.5B Revenue (TTM), FY25 Q3: $1.5B Revenue (TTM), FY25 Q4: $1.6B Revenue (TTM), FY26 Q1: $1.7B Revenue (TTM), FY26 Q2: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $913.5M
FY23 Q4 $965.8M
FY24 Q1 $1B
FY24 Q2 $1.1B
FY24 Q3 $1.2B
FY24 Q4 $1.3B
FY25 Q1 $1.4B
FY25 Q2 $1.5B
FY25 Q3 $1.5B
FY25 Q4 $1.6B
FY26 Q1 $1.7B
FY26 Q2 $1.9B
Revenue growth, TTM YoY Dutch Bros Inc.
26% 28% 30% 32% 34% 36% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 34.9% Revenue growth, TTM YoY, FY23 Q4: 30.7% Revenue growth, TTM YoY, FY24 Q1: 33.1% Revenue growth, TTM YoY, FY24 Q2: 32.0% Revenue growth, TTM YoY, FY24 Q3: 30.5% Revenue growth, TTM YoY, FY24 Q4: 32.6% Revenue growth, TTM YoY, FY25 Q1: 30.4% Revenue growth, TTM YoY, FY25 Q2: 29.8% Revenue growth, TTM YoY, FY25 Q3: 28.9% Revenue growth, TTM YoY, FY25 Q4: 27.9% Revenue growth, TTM YoY, FY26 Q1: 28.4% Revenue growth, TTM YoY, FY26 Q2: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 34.9%
FY23 Q4 30.7%
FY24 Q1 33.1%
FY24 Q2 32.0%
FY24 Q3 30.5%
FY24 Q4 32.6%
FY25 Q1 30.4%
FY25 Q2 29.8%
FY25 Q3 28.9%
FY25 Q4 27.9%
FY26 Q1 28.4%
FY26 Q2 29.6%
Operating margin (TTM) Dutch Bros Inc.
4% 6% 8% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.2% Operating margin (TTM), FY23 Q4: 4.8% Operating margin (TTM), FY24 Q1: 6.9% Operating margin (TTM), FY24 Q2: 7.6% Operating margin (TTM), FY24 Q3: 7.8% Operating margin (TTM), FY24 Q4: 8.3% Operating margin (TTM), FY25 Q1: 8.2% Operating margin (TTM), FY25 Q2: 9.2% Operating margin (TTM), FY25 Q3: 9.3% Operating margin (TTM), FY25 Q4: 9.8% Operating margin (TTM), FY26 Q1: 9.4% Operating margin (TTM), FY26 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.2%
FY23 Q4 4.8%
FY24 Q1 6.9%
FY24 Q2 7.6%
FY24 Q3 7.8%
FY24 Q4 8.3%
FY25 Q1 8.2%
FY25 Q2 9.2%
FY25 Q3 9.3%
FY25 Q4 9.8%
FY26 Q1 9.4%
FY26 Q2 9.6%
FCF margin (TTM) Dutch Bros Inc.
-15% -10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -11.9% FCF margin (TTM), FY23 Q4: -9.2% FCF margin (TTM), FY24 Q1: -6.2% FCF margin (TTM), FY24 Q2: -4.8% FCF margin (TTM), FY24 Q3: -0.9% FCF margin (TTM), FY24 Q4: 1.9% FCF margin (TTM), FY25 Q1: 2.4% FCF margin (TTM), FY25 Q2: 5.0% FCF margin (TTM), FY25 Q3: 4.3% FCF margin (TTM), FY25 Q4: 3.3% FCF margin (TTM), FY26 Q1: 5.2% FCF margin (TTM), FY26 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -11.9%
FY23 Q4 -9.2%
FY24 Q1 -6.2%
FY24 Q2 -4.8%
FY24 Q3 -0.9%
FY24 Q4 1.9%
FY25 Q1 2.4%
FY25 Q2 5.0%
FY25 Q3 4.3%
FY25 Q4 3.3%
FY26 Q1 5.2%
FY26 Q2 5.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Dutch Bros took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.6B
  2. Cost of revenue $1.2B · 74.1%
  3. Gross profit $424M · 25.9%
  4. Selling, general and admin $263M · 16.0%
  5. Operating income $161M · 9.8%
  6. Income tax $18.3M · 1.1%
  7. Interest and other $63M · 3.8%
  8. Net income $79.8M · 4.9%

Shares of revenue. Source: Dutch Bros's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 238 327 498 739 966 1,281 1,638 1,882
Gross profit 96 116 153 181 251 340 424 472
EBITDA 40 27 −86 42 115 199 276 300
Operating income 30 11 −111 −3 46 106 161 180
Net income 0 0 −13 −5 2 35 80 92
Diluted EPS — — −$0.28 −$0.09 $0.03 $0.34 $0.64 $0.71
Growth (year on year)
Revenue — +37.4% +52.1% +48.4% +30.7% +32.6% +27.9% +29.6%
EBITDA — −33.6% −424.1% — +173.9% +72.6% +38.8% +30.0%
Operating income — −63.7% <−999% — — +129.5% +51.9% +34.4%
Net income — — — — — — +126.5% +61.4%
Diluted EPS — — — — — — +88.2% +49.6%
Margins
Gross margin 40.3% 35.4% 30.8% 24.5% 26.0% 26.6% 25.9% 25.1%
EBITDA margin 16.8% 8.1% −17.3% 5.7% 11.9% 15.5% 16.9% 15.9%
Operating margin 12.7% 3.4% −22.3% −0.4% 4.8% 8.3% 9.8% 9.6%
Net margin 0.0% 0.0% −2.5% −0.6% 0.2% 2.8% 4.9% 4.9%
Free-cash-flow margin 7.2% 4.0% −7.6% −17.3% −9.2% 1.9% 3.3% 5.0%
Cash flow
Cash from operations 57 54 80 60 140 246 296 366
Capital spending 39 41 118 188 228 222 241 271
Free cash flow 17 13 −38 −128 −89 25 54 95
Stock-based pay 7 35 158 42 39 11 18 21
Free cash flow after stock pay 10 −22 −196 −170 −128 13 36 74
Balance sheet
Cash 16 32 19 20 134 293 269 269
Total debt 0 43 68 214 104 255 206 204
Net debt (negative = net cash) −16 12 49 193 −30 −38 −63 −64
Diluted shares — — 46m 52m 62m 104m 126m 129m
Returned to shareholders
Buybacks 0 0 288 0 0 — — —
Total returned 0 0 288 0 0 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $3.4bn
Short-term assets $352mLonger-term assets $3.0bn
What it owes, and who funded it · $3.2bn
Short-term liabilities $261mLonger-term liabilities $2.1bnShareholders' equity $798m
  • Short-term assets cover short-term liabilities $352m of assets due within a year against $261m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $352m short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt $269m of cash against $198m of debt.
  • Debt below 40% of shareholders' equity Debt is 25% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 4% to 25% over five years.
  • A year's operating cash flow covers at least 20% of debt $366m of operating cash flow against $198m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Dutch Bros Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+7.9%
year over year
Sales & admin spending
15.5%
of revenue
Days sales outstanding
4 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated BROS PZZA CHA PLAY WEN SHAK Median
Revenue, last 12 months $1.9bn $2.0bn $1.8bn $2.1bn $2.2bn $1.6bn $1.4bn
Revenue growth, last 12 months 29.6% −5.6% 4.2% −1.5% −1.0% 17.3% 4.6%
Revenue growth, 3-year average 30.5% −1.8% — −1.6% 0.7% 16.1% 5.1%
Revenue growth, latest quarter 32.5% −8.8% — −2.4% 1.7% 17.2% 4.5%
Gross margin 25.1% — — 85.4% 63.0% — 68.6%
Operating margin 9.6% 4.3% 10.4% 1.7% 13.6% 3.6% 4.9%
Operating margin, 3-year average 8.8% 5.9% — 7.4% 15.8% 2.1% 6.9%
Net margin 4.9% 1.4% 9.1% −4.3% 5.7% 2.6% 2.5%
Cash from operations / revenue 19.4% 4.8% 12.7% 15.5% 16.3% 12.3% 11.9%
Free-cash-flow margin 5.0% 1.7% 9.5% −0.8% 12.0% −0.8% 3.4%
Free-cash-flow margin, 3-year average 1.8% 2.6% — −5.9% 11.8% 1.4% 2.8%
Stock pay / revenue 1.1% 0.8% 5.6% 0.6% 0.5% 1.2% 0.8%
Change in share count 7.9% 0.5% 63.7% −6.7% −4.9% −6.7% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 29.6% 4.7% 1 of 44
Change in growth rate Growth +1.3pp +0.3pp 12 of 44
Gross margin Profitability 25.1% 63.0% 13 of 15
Operating margin Profitability 9.6% 5.2% 16 of 42
Net margin Profitability 4.9% 2.6% 18 of 44
Free-cash-flow margin Cash generation 5.0% 3.6% 20 of 44
Stock pay as % of revenue Cash generation 1.1% 0.8% 29 of 40
Long-term debt as % of assets Balance sheet 5.8% 29.0% 9 of 36
Change in share count Balance sheet 7.9% 0.3% 38 of 42
Days sales outstanding Balance sheet 4 days 6 days 6 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Company Operated Shops $1.5B 92.1% ▲ 29.5%
Franchising and Other $129M 7.9% ▲ 11.8%
Products and services
Line of business Revenue Share YoY
Company Operated Shops $1.5B 92.1% ▲ 29.5%
Franchise Fees $122M 7.5% ▲ 11.3%
Other $6.8M 0.4% ▲ 21.7%

From Dutch Bros Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.4B
Institutions reporting
551
Shares held vs prior quarter
▼ 1.0%
Positions opened / closed
105 / 61

Top buyers and sellers, Q2 2026: 279 institutions bought and 225 sold ; the biggest buyer was FMR LLC (+7.2M shares) and the biggest seller Millennium Management LLC (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $1.2B 16.7M 12.8% ▲ 74.8%
Blackrock, Inc. $1.1B 14.7M 11.2% ▲ 5.7%
Price T Rowe Associates Inc $689M 9.6M 7.4% ▲ 25.7%
Vanguard Capital Management LLC $436M 6.1M 4.7% ▲ 6.6%
Vanguard Portfolio Management LLC $426M 5.9M 4.6% ▲ 8.5%
T. Rowe Price Investment Management, Inc. $306M 4.3M 3.3% ▼ 7.9%
State Street Corp $277M 3.9M 3.0% ▲ 1.9%
Wellington Management Group LLP $222M 3.1M 2.4% ▲ 38.0%
Baillie Gifford & Co $197M 2.7M 2.1% ▼ 8.5%
Geode Capital Management, LLC $178M 2.5M 1.9% ▼ 1.8%
Citadel Advisors LLC $159M 2.2M 1.7% ▲ 10.2%
Westfield Capital Management Co LP $157M 2.2M 1.7% ▼ 5.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Dutch Bros Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $205,480 2 trades by 1 insider, last 12 months Insider sales History → $687M 81 trades by 4 insiders · 100% under pre-set plans
Net ▼ $687M net selling
Insider Date Trade Shares Price Value
Boersma Travis Executive Chairman of Board October 30, 2026 Sell pre-set plan 20,008 $44.09 $882,121
Boersma Travis Executive Chairman of Board October 30, 2026 Sell pre-set plan 37,470 $44.09 $1.7M
Dm Trust Aggregator, Llc 10% owner October 30, 2026 Sell pre-set plan 37,470 $44.09 $1.7M
Dm Individual Aggregator, Llc 10% owner October 30, 2026 Sell pre-set plan 20,008 $44.09 $882,121
Boersma Travis Executive Chairman of Board October 29, 2026 Sell pre-set plan 142,023 $44.03 $6.3M
Boersma Travis Executive Chairman of Board October 29, 2026 Sell pre-set plan 266,000 $44.03 $11.7M
Dm Trust Aggregator, Llc 10% owner October 29, 2026 Sell pre-set plan 266,000 $44.03 $11.7M
Dm Individual Aggregator, Llc 10% owner October 29, 2026 Sell pre-set plan 142,023 $44.03 $6.3M
Boersma Travis Executive Chairman of Board October 20, 2026 Sell pre-set plan 50,709 $44.01 $2.2M
Boersma Travis Executive Chairman of Board October 20, 2026 Sell pre-set plan 94,978 $44.01 $4.2M
Dm Trust Aggregator, Llc 10% owner October 20, 2026 Sell pre-set plan 94,978 $44.01 $4.2M
Dm Individual Aggregator, Llc 10% owner October 20, 2026 Sell pre-set plan 50,709 $44.01 $2.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Dutch Bros Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Earl Blumenauer(D-OR 3):Sale (full), $1,001 - $15,000, traded June 30, 2023, filed July 12, 2023
  • Earl Blumenauer(D-OR 3):Sale (partial), $1,001 - $15,000, traded October 15, 2021, filed November 7, 2021
  • Earl Blumenauer(D-OR 3):Purchase, $1,001 - $15,000, traded September 15, 2021, filed October 12, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 12, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Dutch Bros Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Dutch Bros Inc. in brief

What does Dutch Bros Inc. do?
Dutch Bros Inc. is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Dutch Bros Inc.'s stock ticker?
Dutch Bros Inc. trades under the ticker BROS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Dutch Bros Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Dutch Bros Inc. reported revenue of $1.9B, 29.6% higher than a year earlier, according to its SEC filings.
What is Dutch Bros Inc.'s free cash flow?
Dutch Bros Inc.'s free-cash-flow margin is 5.0% of revenue over the trailing twelve months, ranking 20 of the 44 restaurants companies we cover.
Who are Dutch Bros Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Dutch Bros Inc.'s market cap?
On November 2, 2026, Dutch Bros Inc.'s market capitalisation was about $5.7B, with a price-to-earnings ratio of 61.4 and net debt of -$64.2M. Market figures come from third-party market data and may be delayed.
How much debt does Dutch Bros Inc. have?
Dutch Bros Inc.'s debt-to-equity ratio is 24.9%, from its latest balance sheet (3.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Dutch Bros Inc.'s competitors?
In our Restaurants peer group, the companies closest to Dutch Bros Inc. are Papa Johns International Inc, Chagee Holdings Ltd., Dave & Buster's Entertainment, Inc., Wendy's Co and Shake Shack Inc. The side-by-side comparison below sets their revenue, margins and growth against Dutch Bros Inc.'s.
Are insiders buying or selling Dutch Bros Inc. stock?
Over the last 12 months, Dutch Bros Inc.'s directors and officers reported 2 open-market purchases and 81 sales on Form 4. The insider trading page charts every trade.
When is Dutch Bros Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Dutch Bros Inc. announces its own schedule.