BROS

MKT CAP:$10B

Dutch Bros Inc.

Market Cap

$10B

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$53.44-$8.72 (-14.03%)

Apr 17, 2026

Company Details

Dutch Bros Inc., together with its subsidiaries, operates and franchises drive-thru shops in the United States. The company operates through Company-Operated Shops and Franchising and Other segments. It serves through company-operated shops...

CEO

Christine Barone

IPO Date

Sep 15, 2021

Website

www.dutchbros.com

Key Metrics TTM

Revenue

$572M

— YoY

Net Income

-$542.0K

EPS (Diluted)

$0.00

Free Cash Flow

$1M

Revenue / Share

$7.59

Gross Margin

28.8%

Operating Margin

1.4%

Net Margin

-0.1%

FCF Margin

0.3%

P/S

17.3x

P/E

—

Earnings Reports

Q1 2024

May 6, 2026

PENDING

FY 2023

Feb 21, 2024

$966MEPS $0.03

Q4 2023

Feb 21, 2024

$254MEPS -$0.02

Q2 2021

Jun 30, 2021

$129M+71.3%EPS $0.25

Q1 2021

Mar 31, 2021

$99M+31.0%EPS -$0.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$75M	$28M	$4M
Q2 20	$75M	$28M	$4M
Q3 20	$87M	$34M	$8M
Q4 20	$90M	$26M	-$5M
Q1 21	$99M	$32M	-$4M
Q2 21	$129M	$48M	$14M
Q4 23	$254M	$59M	$2M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	30.2x	1729.3x
Q1 21	28.2x	—
Q2 21	24.5x	1317.2x
Q4 23	17.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$10M	$3M
Q2 20	$10M	$3M
Q3 20	$22M	$11M
Q4 20	$11M	-$4M
Q1 21	$15M	$8M
Q2 21	$41M	$14M
Q4 23	$45M	-$16M

Capital Expenditures

Quarter	CapEx
Q1 20	$7M
Q2 20	$7M
Q3 20	$11M
Q4 20	$15M
Q1 21	$8M
Q2 21	$27M
Q4 23	$61M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+31.0%	+43.1%
Q2 21	+71.3%	+60.5%
Q4 23	+193.2%	+220.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$7M	9.0%
Q2 20	$7M	9.0%
Q3 20	$10M	11.3%
Q4 20	$12M	13.0%
Q1 21	$15M	14.8%
Q2 21	$8M	6.4%
Q4 23	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 20	$24M
Q2 20	$24M
Q3 20	$26M
Q4 20	$31M
Q1 21	$36M
Q2 21	$33M
Q4 23	$57M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$27M	$0	$27M
Q2 22	$21M	$0	$21M
Q3 22	$35M	$0	$35M
Q4 22	$20M	$0	$20M
Q1 23	$14M	$0	$14M
Q2 23	$24M	$0	$24M
Q3 23	$150M	$0	$150M
Q4 23	$134M	$0	$134M
Q1 24	$263M	$0	$263M
Q2 24	$261M	$0	$261M
Q3 24	$281M	$0	$281M
Q4 24	$293M	$0	$293M
Q1 25	$316M	$0	$316M
Q2 25	$254M	$0	$254M
Q3 25	$267M	$0	$267M
Q4 25	$269M	$0	$269M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	49M	—	—
Q2 20	48M	-1.6%	—
Q3 20	47M	-3.2%	—
Q4 20	47M	0.0%	—
Q1 21	47M	0.0%	-4.8%
Q2 21	47M	+0.0%	-3.2%
Q4 23	75M	+61.1%	+61.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q4 23	$10.6K	24K

Revenue / Employee