Dutch Bros Inc.
investors.dutchbros.comWhat Do They Do?
Runs and franchises drive-thru shops selling customizable coffee, energy drinks and other beverages to consumers.
How Do They Make Money?
Most revenue comes from drinks sold at company-operated shops, paid for when customers buy them. Franchise partners pay fees tied to shop sales; the company also charges initial franchise fees over the agreement term and gets paid for product sales when shipped.
10-K for FY2025, filed Feb 13, 2026Retail sales from company-operated shops are recognized at the point in time when the products are sold to the customers. We report…View ↗
Franchise royalty fees are generally computed as a percentage of net franchise sales and are charged for continuing support of franchisees…View ↗
Initial and other deferred franchise fees are recorded as a contract liability, and revenue is recognized ratably over the term of the…View ↗
Other franchising revenue, including coffee bean sales, Dutch Bros Rebel energy drink sales, and other sales, are recognized when shipped.View ↗
-
10-K for FY2025, filed Feb 13, 2026
FY2025 revenue by product or service ↗
$1.6B
-
10-K for FY2025, filed Feb 13, 2026
$1.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Company-operated shops
Sold outright
10-K for FY2025, filed Feb 13, 2026 |
92%
FY2022: 87%
|
Company-operated shops, FY2025
$1.5B Sources
|
Sold outright |
|
Franchising
Usage-based
|
7.5%
FY2022: 13%
|
Franchising, FY2025
$122M Sources
|
Usage-based |
|
Other
|
0.4%
FY2022: 0.8%
|
Other, FY2025
$6.8M Sources
|
Who Are Their Customers?
Consumers buy drinks directly at company-operated shops; franchise partners operate franchised shops and buy beans and other products from Dutch Bros.
10-K for FY2025, filed Feb 13, 2026
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.
10-K for FY2025, filed Feb 13, 2026
$161.2MView ↗
10-K for FY2025, filed Feb 13, 2026
$79.8MView ↗
10-K for FY2025, filed Feb 13, 2026
$54.4MView ↗
How Are They Changing?
-
Aug 5, 2026
Raised 2026 revenue, same-shop sales and adjusted EBITDA guidance
Revenue is now projected at approximately $2.1 billion to $2.13 billion.
Sources
8-K, filed Aug 5, 2026
Total revenues are now projected to be between approximately $2.1 billion and $2.13 billion. Same shop sales1 growth is now estimated to be…View ↗
-
May 6, 2026
Raised 2026 guidance for revenue, same-shop sales, adjusted EBITDA and shop openings
Revenue was projected at approximately $2.05 billion to $2.08 billion.
Sources
8-K, filed May 6, 2026
Total revenues are now projected to be between approximately $2.05 billion and $2.08 billion. Same shop sales1 growth is now estimated to…View ↗
Growing. Revenue grew 3.3x in 4 years, from $497.9M in FY2021 to $1.6B in FY2025, about 35% a year.
Food added to the menu The latest report includes select food offerings alongside beverages, while the older report describes a beverage-only menu.
Loading...
