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Dutch Bros cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$14.8M in Q3 2026 · $90.9M over twelve months

Operating cash flow$100M
Capital spending−$85.3M
Free cash flow+$14.8M
Cash / net income2.7×
Cash conversion cycle2 days

Analysis

In Q3 2026, Dutch Bros generated $100M of operating cash flow and spent $85.3M on capital projects, leaving free cash flow of $14.8M. That is $4.1M less than in Q3 2025 ($18.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $377M; the largest uses were capital spending ($286M), other investing ($93.3M), partners ($26.1M); besides operations, cash came from asset & business sales ($83K); the cash balance fell by $72.6M.

Operating cash flow was $100M against net income of $37.2M — 2.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$39.3M, stock-based pay +$7.0M, deferred revenue +$3.3M.

Its cash conversion cycle was 2 days (receivables 3 + inventory 9 − payables 10).

Free cash flow

Dutch Bros: free cash flow by quarterDutch Bros: free cash flow by quarter$19.5MQ4 2024−$8.7MQ1 2025$35.7MQ2 2025$18.9MQ3 2025$8.5MQ4 2025$27.7MQ1 2026$39.9MQ2 2026$14.8MQ3 2026
Operating cash flow less capital spending.
Dutch Bros: operating cash flow against capital spendingDutch Bros: operating cash flow against capital spendingOperating cash flowCapital spending$62.2M$42.8MQ4 2024$36.9M$45.6MQ1 2025$89.9M$54.2MQ2 2025$89.1M$70.2MQ3 2025$79.6M$71.2MQ4 2025$84.7M$57.0MQ1 2026$112M$72.3MQ2 2026$100M$85.3MQ3 2026
Latest (Q3 2026): Operating cash flow $100M, Capital spending $85.3M.

Capital allocation, year by year

Dutch Bros: where the cash came from (up) and went (down), by fiscal yearDutch Bros: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $80.4MFY2021: Net borrowing $19.8MFY2021: Shares issued $525MFY2021: Capital spending −$118MFY2021: Acquisitions −$5.4MFY2021: Buybacks −$288M$625MFY2021FY2022: Operating cash flow $59.9MFY2022: Net borrowing $141MFY2022: Capital spending −$188MFY2022: Acquisitions −$6.1M$201MFY2022FY2023: Operating cash flow $140MFY2023: Net borrowing −$126MFY2023: Asset sales $1.2MFY2023: Capital spending −$228M$141MFY2023FY2024: Operating cash flow $246MFY2024: Net borrowing $128MFY2024: Asset sales $9.7MFY2024: Capital spending −$222M$385MFY2024FY2025: Operating cash flow $296MFY2025: Net borrowing −$52.8MFY2025: Asset sales $66KFY2025: Capital spending −$241M$296MFY2025
Over these 5 years operating cash flow totalled $822M; the largest uses were capital spending ($998M) and buybacks ($288M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$195M
Debt$200M
Net debt$4.9M
Due within a year$3.9M

Dutch Bros funds itself: free cash flow was $90.9M over the last twelve months, and $195M of cash and investments stands against $200M of debt ($3.9M due within a year, 50.1× covered by cash).

Dutch Bros: debt maturities by year (FY2025)Dutch Bros: debt maturities by year (FY2025)$3.9MYear 1$5.7MYear 2$7.5MYear 3$11.2MYear 4$170MYear 5$4.2MAfter year 5
Principal due in each year as disclosed in the annual report, against $195M of cash and investments now.

Where the cash came from and went

Dutch Bros: sources (+) and uses (−) of cash, Q3 2026Dutch Bros: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$100MCapital spending−$85.3MCash drawn (+) / kept (−)$74.0MOther investing−$73.5MPartners−$9.2MNet borrowing (+) / repaid (−)−$5.0MTaxes on employees’ shares−$1.0MAsset & business sales$1K
Dutch Bros: sources (+) and uses (−) of cash, TTM to Q3 2026Dutch Bros: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$377MCapital spending−$286MOther investing−$93.3MCash drawn (+) / kept (−)$72.6MPartners−$26.1MNet borrowing (+) / repaid (−)−$22.3MOther financing−$14.0MTaxes on employees’ shares−$7.9MAsset & business sales$83K

From profit to cash

Dutch Bros: net income to operating cash flow, Q3 2026Dutch Bros: net income to operating cash flow, Q3 2026Net income$37.2MDepreciation & amortization$39.3MStock-based pay$7.0MGains on disposals−$91KReceivables$3.1MInventory−$748KPayables$1.8MDeferred revenue$3.3MPrepaid and other assets$2.5MOther liabilities−$34KOperating cash flow$100M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202639102
Q2 202639102
Q1 2026411104
Q4 2025313106
Q3 2025313105
Q2 2025312105
Q1 2025313115
Q4 2024314125

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$100M−$85.3M−$5.0M$74.0M$14.8M
Q2 2026$112M−$72.3M−$4.8M−$5.1M$39.9M
Q1 2026$84.7M−$57.0M−$6.7M$5.9M$27.7M
Q4 2025$79.6M−$71.2M−$5.8M−$2.2M$8.5M
Q3 2025$89.1M−$70.2M−$5.1M−$12.8M$18.9M
Q2 2025$89.9M−$54.2M−$84.7M$62.0M$35.7M
Q1 2025$36.9M−$45.6M$42.8M−$23.1M−$8.7M
Q4 2024$62.2M−$42.8M−$6.0M−$12.2M$19.5M

Dutch Bros: income statement and cash flow

Dutch Bros, Q3 2026: revenue $550M (+30% year over year), operating margin 9.6%. The chart follows the revenue to costs, profit and cash.

Dutch Bros: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.