Filing Flows › Dutch Bros (BROS) › Q1 2025
Dutch Bros (BROS) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Dutch Bros (BROS) reported revenue of $355M for the first quarter 2025 (Q1 2025), +29% from a year earlier and +4% from the quarter before. Operating margin was 8.7%, net earnings $15.4M (4.3% of revenue).
Dutch Bros, Q1 2025: revenue $355M (+29% year over year), operating margin 8.7%, net earnings $15.4M, operating cash flow $36.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $355M | +4% | +29% |
| Operating profit | $31.1M | +97% | +21% |
| Net earnings | $15.4M | +325% | +117% |
| Operating cash flow | $36.9M | -41% | -10% |
What changed
Revenue was $355.2M in Q1 2025, up 29% year over year and up 4% from the previous quarter. Company-operated shops was the largest line at 92% of revenue. Company-operated shops added $78.3M year over year (up 32%), 98% of the total change.
Operating profit was $31.1M, a 8.7% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 9% margin then. Total costs grew 30% against revenue growth of 29%. The fastest-growing cost line was Cost of revenue (+30%). Net earnings were $15.4M, up 117% year over year. The effective tax rate was 6.1%.
Operating cash flow was $36.9M (down 10% year over year), 164% of net income including minority interests. Non-cash charges added back $26.4M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items used $16.2M. Capital expenditures of $45.6M exceeded it, leaving free cash flow of −$8.7M.
Questions
What was Dutch Bros' revenue in the first quarter 2025?
Dutch Bros (BROS) reported revenue of $355M for the first quarter 2025 (Q1 2025), +29% from a year earlier and +4% from the quarter before.
Was Dutch Bros profitable in the first quarter 2025?
Operating profit was $31.1M (8.7% of revenue) and net earnings $15.4M.
Source: Dutch Bros 10-Q on SEC EDGAR.