Dutch Bros Inc.

Dutch Bros Inc. reported strong financial results for the fiscal year ended December 31, 2025, demonstrating significant operational scale and profitability. Total revenues reached $1.64 billion, driven by the expansion of company-operated shops. The company achieved net income of $117.3 million, with net income attributable to Dutch Bros Inc. totaling $79.8 million after accounting for non-controlling interests of $37.4 million. Income from operations stood at $161.2 million, reflecting an operating margin of approximately 9.8%. The company generated robust operating cash flow of $295.5 million, supporting heavy capital investment of $241.1 million in property and equipment to fuel growth. Despite a net decrease in cash of $23.9 million, the balance sheet remains solid with total assets of $3.01 billion and total equity of $897.9 million. Diluted earnings per share were reported at $1.00. The significant deferred income tax assets of $946.6 million and tax receivable agreement liabilities of $821.1 million highlight the complex tax structure following the corporate reorganization.

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