← Dutch Bros Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | $28.4m | $5.7m | ($120.0m) | ($19.3m) | $10.0m | $66.5m | $117.3m | |
| Depreciation and amortization | $9.7m | $15.5m | $25.2m | $44.7m | $69.1m | $93.0m | $115.1m | |
| Deferred income taxes | $0 | $0 | ($2.7m) | $1.1m | $5.9m | $15.4m | $17.6m | |
| Non-cash interest expense | $98k | $98k | $280k | $691k | $887k | $1.1m | $824k | |
| Loss on extinguishment of debt | $0 | $0 | $1.3m | $0 | $0 | $0 | $809k | |
| Non-cash operating lease cost | $56.7m | $0 | $0 | $9.9m | $11.4m | $15.8m | $20.7m | |
| Operating lease liabilities | — | $0 | $0 | ($9.7m) | ($9.1m) | ($7.5m) | ($2.3m) | |
| Non-cash donation expense | — | — | — | $0 | $0 | $1.8m | $0 | |
| (Gain) loss on disposal of assets | $232k | $475k | $657k | ($340k) | ($23k) | ($1.3m) | $300k | |
| Equity-based compensation | $6.8m | $35.1m | $157.7m | $41.7m | $39.2m | $11.5m | $18.0m | |
| Remeasurement gain on TRAs | — | $0 | $0 | ($3.5m) | ($2.6m) | ($4.2m) | ($4.8m) | |
| Accounts receivable, net | ($612k) | ($4.2m) | $193k | ($1.3m) | $2.8m | ($1.5m) | ($7.8m) | |
| Inventories, net | $222k | ($4.6m) | ($7.7m) | ($15.8m) | ($7.7m) | $10.5m | ($12.4m) | |
| Prepaid expenses and other current assets | $2.2m | ($1.3m) | ($3.8m) | ($695k) | ($4.8m) | ($2.3m) | ($3.7m) | |
| Other long-term assets | $495k | ($573k) | $13k | $1.1m | ($578k) | $611k | ($2.0m) | |
| Accounts payable | $3.5m | ($518k) | $2.2m | $1.6m | $3.9m | $3.7m | $3.7m | |
| Other current liabilities | $217k | $584k | $5.0m | $1.4m | $484k | $644k | $20.4m | |
| Deferred revenue | $5.0m | $4.4m | $11.7m | $3.4m | $5.6m | $13.9m | $13.7m | |
| Other long-term liabilities | ($3.0m) | ($66k) | ($118k) | ($672k) | $0 | $0 | ($8k) | |
| Purchases of property and equipment | ($39.5m) | ($40.6m) | ($118.4m) | ($187.9m) | ($228.5m) | ($221.7m) | ($241.1m) | |
| Proceeds from disposal of property and equipment | — | — | — | — | $1.2m | $9.7m | $66k | |
| Proceeds from line of credit | $0 | $30.0m | $65.0m | $157.7m | $90.0m | $2.4m | $0 | |
| Payments on line of credit | ($2.0m) | ($15.0m) | ($15.0m) | ($10.0m) | ($202.7m) | ($2.4m) | $0 | |
| Payments on finance lease liabilities | — | ($1.2m) | ($2.7m) | ($5.8m) | ($12.4m) | ($10.5m) | ($16.1m) | |
| Proceeds from equity offering, net of underwriting discounts and commissions | — | — | $524.9m | $0 | $331.2m | $0 | $0 | |
| Payment of deferred offering costs | — | — | ($3.8m) | ($250k) | ($1.1m) | $0 | $0 | |
| Tax withholding payments upon vesting of equity awards | $0 | $0 | ($11.3m) | ($3.9m) | ($1.9m) | ($1.1m) | ($12.5m) | |
| Distributions to non-controlling interest holders | — | — | — | $0 | $0 | ($1.9m) | ($6.9m) | |
| Payments under tax receivable agreements | — | — | — | — | $0 | $0 | ($4.7m) | |
| Additions of property and equipment recorded as liabilities as of end of period | $4.3m | $3.5m | $6.5m | $6.7m | $13.9m | $12.6m | $10.8m | |
| Net cash provided by operating activities | $56.7m | $53.5m | $80.4m | $59.9m | $139.9m | $246.4m | $295.5m | |
| Net cash used in investing activities | ($39.9m) | ($45.6m) | ($121.1m) | ($192.6m) | ($227.3m) | ($212.1m) | ($241.1m) | |
| Proceeds from long-term debt | $0 | $5.2m | $200.0m | $1.4m | $1.6m | $150.0m | $250.0m | |
| Payments of debt issuance costs | $0 | $0 | ($2.4m) | ($2.7m) | ($1.4m) | $0 | ($1.5m) | |
| Payments on long-term debt | ($3.0m) | ($3.2m) | ($227.6m) | ($2.0m) | ($2.6m) | ($11.1m) | ($286.7m) | |
| Net cash provided by (used in) financing activities | ($12.7m) | $8.1m | $27.6m | $134.4m | $200.7m | $125.4m | ($78.4m) | |
| Net increase (decrease) in cash and cash equivalents | $4.1m | $16.1m | ($13.1m) | $1.7m | $113.4m | $159.8m | ($23.9m) | |
| Cash and cash equivalents, beginning of period | $15.6m | $31.6m | $18.5m | $20.2m | $133.5m | $293.4m | $269.4m | |
| Interest paid | $2.4m | $3.8m | $7.3m | $17.6m | $35.0m | $39.1m | $39.0m | |
| Income taxes paid | $103k | $338k | $886k | $1.3m | $1.7m | $2.3m | $996k |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.