At a glance
Dutch Bros Inc is worth $7.50B, about 67 times its fiscal 2025 earnings. Revenue grew 27.9% to $1.64B in fiscal 2025, with 4.9% kept as profit; over 5 years it has grown 38.0% a year. It pays no dividend; it spent $287.7M buying back its shares over FY2021–FY2025. The stock returned −27.6% over the past year with dividends reinvested and −9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 60.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 33 months after the low.
The business in plain English
Dutch Bros runs drive-thru shops that sell hand-crafted coffee, energy drinks and other beverages. Brothers Dane and Travis Boersma started it in 1992 with a pushcart in Grants Pass, Oregon. As of December 31, 2025, it had 1,136 shops in 25 states. The company ran 811 of them itself. Franchise partners, who are independent owners using the brand, ran the other 325. Most new shops are company-run, and the company targets "mid-teens" yearly growth in its shop count.
Customers pay for drinks they can tailor with flavors, protein milk, boba and other add-ins. Based on 2025 sales, coffee drinks made up about 50% of the menu mix. The company's own Rebel energy drink made up about 25%. Teas, lemonades, smoothies, sodas and some food made up the other 25%. Dutch Bros imports its own coffee beans and roasts them at its plants in Oregon and Texas.
About 85% of business goes through the drive-thru and 15% through walk-up windows. Most shops have no seating. Members of the Dutch Rewards loyalty app made about 72% of transactions in 2025, up from about 68% in 2024. Revenue reached $1.64 billion in fiscal 2025, up 27.9%. The shops are concentrated in the Western United States, where the brand began.
Price history
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BROS -27.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $550.9M, up 32.5% from a year earlier, and net income was $37.4M (+46.0%).
- For fiscal 2025, revenue was $1.64B (+27.9% year over year; +38.0% a year from FY2020 to FY2025) with a 4.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +38.0% good |
|---|---|
| Operating margin | 9.8% watch |
| Free cash flow margin | 3.3% watch |
| Return on equity (FY2025) | 11.7% watch |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $68.1M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $327.4M | $0.00 | $13.0M |
| FY2021 | $497.9M | $-12.7M | $-38.1M |
| FY2022 | $739.0M | $-4.8M | $-128.0M |
| FY2023 | $965.8M | $1.7M | $-88.5M |
| FY2024 | $1.28B | $35.3M | $24.7M |
| FY2025 | $1.64B | $79.8M | $54.4M |
Valuation snapshot
| Market value | $7.50B |
|---|---|
| P/E ratio | 67.1 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BROS price data to Oct 28, 2026 | -29.9% | -27.6% | +20.2% | -9.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -29.9% |
| 2025 | +16.9% |
| 2024 | +65.4% |
| 2023 | +12.3% |
| 2022 | -44.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.9% over that stretch · deepest drop along the way 60%, back to its old high 32.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($103K) and 41 sales ($328.9M), 41 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 10, 2026 | Travis Boersma Executive Chairman of Board, Director, 10% owner | sell (plan) | $27.9M |
| Jun 10, 2026 | DM Trust Aggregator, LLC 10% owner | sell (plan) | $27.9M |
| Jun 1, 2026 | Travis Boersma Executive Chairman of Board, Director, 10% owner | sell (plan) | $17.0M |
| Jun 1, 2026 | DM Trust Aggregator, LLC 10% owner | sell (plan) | $17.0M |
| Jun 10, 2026 | Travis Boersma Executive Chairman of Board, Director, 10% owner | sell (plan) | $14.9M |
Who owns it
Large shareholders (13G filings)
| Travis Boersma | 27.5% | Dec 31, 2025 |
| FMR LLC | 12.2% | Jun 30, 2026 |
| BlackRock, Inc. | 9.3% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 6% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| BAILLIE GIFFORD & CO | 3.3% | Mar 31, 2025 |
ETFs with the most weight in BROS
| FCUS Pinnacle Focused Opportunities ETF | 3.11% |
| PBJ Invesco Food & Beverage ETF | 2.13% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 1.42% |
| FPX First Trust US Equity Opportunities ETF | 0.88% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.84% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.71% |
| BRNY Burney U.S. Factor Rotation ETF | 0.6% |
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity Fund | 0.5% |
What could go wrong
- New shops may not pay off. Growth depends on opening many new shops, often in new markets. New shops may not turn a profit or may close, and past gains in sales per shop may not continue.
- Heavy reliance on the Western US. Shops are concentrated in the Western United States. An economic slump or other trouble specific to that region could hurt results more than it would hurt a chain spread evenly across the country.
- Co-founder holds voting control. A multi-class share structure concentrates voting power with co-founder Travis Boersma. As a "controlled company" under NYSE rules, Dutch Bros may skip some corporate governance requirements that protect other shareholders.
- Tax payments owed to early owners. Under Tax Receivable Agreements, Dutch Bros must pay owners who held stakes before it went public for tax benefits it gains. Payments may be large, can sometimes be accelerated, and may exceed the benefits realized.
- Hiring, labor costs and culture. The model depends on fast, friendly staff. Rising labor costs, trouble recruiting, unionization efforts or losing its culture as it grows could slow expansion and hurt service.
- Coffee, dairy and tariff costs. Higher or lasting inflation in arabica coffee beans, dairy and other commodities, or shortages of them, could squeeze profits. Tariffs and trade barriers could raise costs further. Net profit margin was 4.9% in fiscal 2025.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Dutch Bros does not pay a dividend and paid none from fiscal 2021 through 2025, so it provides no income stream. Any return depends on the share price. The company is focused on expansion. Its free cash flow, the cash left after capital spending, was $54 million in fiscal 2025, just 3.3% of revenue. Share buybacks over fiscal 2021 to 2025 totaled about $288 million, all of it in fiscal 2021.
The shares swing widely. In the 2022 bear market (a long, broad market decline), they fell about 60% from their March 29, 2022 high to May 12, 2022. They did not regain that level until January 30, 2025, nearly 33 months after the low. As of October 28, 2026, the stock was down 29.9% year to date. Its price history does not reach back to the 2008 crisis or the 2020 COVID crash. As a single stock, Dutch Bros carries more risk than a diversified fund.
Questions investors ask
How does Dutch Bros make money?
Dutch Bros makes money mainly by selling customizable drinks from drive-thru shops. Based on 2025 sales, coffee drinks were about 50% of the menu mix and its own Rebel energy drink about 25%. Teas, lemonades, smoothies, sodas and some food made up the other 25%. As of December 31, 2025, the company ran 811 of its 1,136 shops itself, and franchise partners ran 325. Revenue was $1.64 billion in fiscal 2025.
Does Dutch Bros pay a dividend?
No. Dutch Bros paid no dividends from fiscal 2021 through 2025 and had no dividend yield as of October 28, 2026. The company is focused on growth and targets "mid-teens" yearly growth in its shop count. Free cash flow was $54 million in fiscal 2025, about 3.3% of revenue. For an income investor, any return would have to come from a rising share price, and getting cash out would mean selling shares.
Is Dutch Bros profitable?
Yes, though profits are new and margins are thin. After net losses in fiscal 2021 and 2022, Dutch Bros earned $1.7 million in fiscal 2023, $35 million in 2024 and $80 million in 2025. Its net margin was 4.9% in fiscal 2025. In the quarter ended June 30, 2026, revenue rose 32.5% from a year earlier to $551 million, and net income rose 46% to $37 million.
How fast is Dutch Bros growing?
Quickly. Revenue grew from $327 million in fiscal 2020 to $1.64 billion in fiscal 2025, about 38% a year, including a 27.9% gain in fiscal 2025 alone. That growth comes at a high price. As of October 28, 2026, the price-to-earnings (P/E) ratio, which compares the share price with profit per share, was 67.1 based on fiscal 2025 earnings. A high P/E can shrink quickly if growth slows.
Who controls Dutch Bros?
Co-founder and executive chairman Travis Boersma. Boersma held a 27.5% stake as of December 31, 2025, and a multi-class share structure concentrates voting control with the co-founder. That makes Dutch Bros a "controlled company" under NYSE rules, so it may rely on exemptions from some corporate governance requirements. Boersma sold shares in May and June 2026 under trading plans set up in advance, including about $28 million on June 10, 2026.