Filing Flows › Dutch Bros (BROS) › Q2 2025
Dutch Bros (BROS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Dutch Bros (BROS) reported revenue of $416M for the second quarter 2025 (Q2 2025), +28% from a year earlier and +17% from the quarter before. Operating margin was 13.1%, net earnings $25.6M (6.2% of revenue).
Dutch Bros, Q2 2025: revenue $416M (+28% year over year), operating margin 13.1%, net earnings $25.6M, operating cash flow $89.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $416M | +17% | +28% |
| Operating profit | $54.7M | +76% | +70% |
| Net earnings | $25.6M | +67% | +115% |
| Operating cash flow | $89.9M | +144% | +51% |
| Free cash flow | $35.7M | — | — |
What changed
Revenue was $415.8M in Q2 2025, up 28% year over year and up 17% from the previous quarter. Company-operated shops was the largest line at 92% of revenue. Company-operated shops added $85.2M year over year (up 29%), 94% of the total change.
Operating profit was $54.7M, a 13.1% margin (up 3.2 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 10% margin then. Total costs grew 23% against revenue growth of 28%. The fastest-growing cost line was Cost of revenue (+26%). Net earnings were $25.6M, up 115% year over year. The effective tax rate was 15.9%.
Operating cash flow was $89.9M (up 51% year over year), 234% of net income including minority interests. Non-cash charges added back $27.9M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items added $19.0M. Capital expenditures of $54.2M left free cash flow of $35.7M.
Questions
What was Dutch Bros' revenue in the second quarter 2025?
Dutch Bros (BROS) reported revenue of $416M for the second quarter 2025 (Q2 2025), +28% from a year earlier and +17% from the quarter before.
Was Dutch Bros profitable in the second quarter 2025?
Operating profit was $54.7M (13.1% of revenue) and net earnings $25.6M.
Source: Dutch Bros 10-Q on SEC EDGAR.