Filing Flows › Dutch Bros (BROS) › Q3 2025
Dutch Bros (BROS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Dutch Bros (BROS) reported revenue of $424M for the third quarter 2025 (Q3 2025), +25% from a year earlier and +2% from the quarter before. Operating margin was 9.8%, net earnings $17.5M (4.1% of revenue).
Dutch Bros, Q3 2025: revenue $424M (+25% year over year), operating margin 9.8%, net earnings $17.5M, operating cash flow $89.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $424M | +2% | +25% |
| Operating profit | $41.5M | -24% | +28% |
| Net earnings | $17.5M | -32% | +38% |
| Operating cash flow | $89.1M | -0.9% | +7% |
| Free cash flow | $18.9M | -47% | -28% |
What changed
Revenue was $423.6M in Q3 2025, up 25% year over year and up 2% from the previous quarter. Company-operated shops was the largest line at 93% of revenue. Company-operated shops added $84.5M year over year (up 27%), 99% of the total change.
Operating profit was $41.5M, a 9.8% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 11% reached operating profit, above the 10% margin then. Total costs grew 25% against revenue growth of 25%. The fastest-growing cost line was Cost of revenue (+28%). Net earnings were $17.5M, up 38% year over year. The effective tax rate was 21.9%.
Operating cash flow was $89.1M (up 7% year over year), 327% of net income including minority interests. Non-cash charges added back $29.1M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items added $28.1M. Capital expenditures of $70.2M left free cash flow of $18.9M.
Questions
What was Dutch Bros' revenue in the third quarter 2025?
Dutch Bros (BROS) reported revenue of $424M for the third quarter 2025 (Q3 2025), +25% from a year earlier and +2% from the quarter before.
Was Dutch Bros profitable in the third quarter 2025?
Operating profit was $41.5M (9.8% of revenue) and net earnings $17.5M.
Source: Dutch Bros 10-Q on SEC EDGAR.