Dutch Bros Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	1,537	1,281	965.78	739.01	497.88	327.41
Revenue Growth (YoY)	28.93%	32.64%	30.69%	48.43%	52.06%	37.36%
Cost of Revenue	1,133	940.89	714.48	558.1	344.57	211.48
Gross Profit	404.76	340.13	251.3	180.92	153.3	115.94
Selling, General & Admin	253.25	216.09	199.97	180.53	264.53	104.94
Operating Expenses	253.25	216.09	199.97	180.53	264.53	104.94
Operating Income	151.52	124.04	51.33	0.38	-111.23	11
Interest Expense	-27.65	-27.02	-32.32	-18.02	-7.09	-3.74
Other Non Operating Income (Expenses)	-3.4	5.81	3.02	3.98	-1.24	-0.36
EBT Excluding Unusual Items	120.47	102.84	22.02	-13.66	-119.56	6.9
Merger & Restructuring Charges	-10.01	-17.88	-2.15	-	-	-
Legal Settlements	1.49	-	-1.95	-	-	-
Other Unusual Items	-	-0.08	-1	-3	67.37	-6.06
Pretax Income	111.96	84.89	16.92	-16.65	-52.19	0.84
Income Tax Expense	17.47	18.44	6.97	2.6	-1.63	0.84
Earnings From Continuing Operations	94.49	66.45	9.95	-19.25	-50.56	-
Minority Interest in Earnings	-32.4	-31.19	-8.23	14.5	37.88	-
Net Income	62.08	35.26	1.72	-4.75	-12.68	-
Net Income to Common	62.08	35.26	1.72	-4.75	-12.68	-
Net Income Growth	105.28%	1952.27%	-	-	-	-
Shares Outstanding (Basic)	122	104	62	52	46	5
Shares Outstanding (Diluted)	123	104	62	52	46	5
Shares Change (YoY)	30.93%	67.75%	19.67%	13.10%	815.45%	-
EPS (Basic)	0.51	0.34	0.03	-0.09	-0.28	-
EPS (Diluted)	0.51	0.34	0.03	-0.09	-0.28	-
EPS Growth	56.73%	1127.26%	-	-	-	-
Free Cash Flow	65.41	24.69	-88.54	-128	-38.07	12.97
Free Cash Flow Per Share	0.53	0.24	-1.43	-2.47	-0.83	2.59
Gross Margin	26.33%	26.55%	26.02%	24.48%	30.79%	35.41%
Operating Margin	9.86%	9.68%	5.31%	0.05%	-22.34%	3.36%
Profit Margin	4.04%	2.75%	0.18%	-0.64%	-2.55%	-
Free Cash Flow Margin	4.25%	1.93%	-9.17%	-17.32%	-7.65%	3.96%
EBITDA	260.43	217.05	120.46	45.11	-86.01	26.54
EBITDA Margin	16.94%	16.94%	12.47%	6.10%	-17.27%	8.11%
D&A For EBITDA	108.91	93.01	69.14	44.73	25.22	15.54
EBIT	151.52	124.04	51.33	0.38	-111.23	11
EBIT Margin	9.86%	9.68%	5.31%	0.05%	-22.34%	3.36%
Effective Tax Rate	15.60%	21.72%	41.18%	-	-	100.00%
Revenue as Reported	1,537	1,281	965.78	739.01	497.88	327.41
Advertising Expenses	-	39.21	29.9	32.33	30.65	18.05

Updated Nov 6, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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