Filing Flows › Dutch Bros (BROS) › Q4 2025
Dutch Bros (BROS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 13, 2026
Dutch Bros (BROS) reported revenue of $444M for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +5% from the quarter before. Operating margin was 7.7%, net earnings $21.4M (4.8% of revenue).
Dutch Bros, Q4 2025: revenue $444M (+29% year over year), operating margin 7.7%, net earnings $21.4M, operating cash flow $79.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $444M | +5% | +29% |
| Operating profit | $34.0M | -18% | +115% |
| Net earnings | $21.4M | +22% | +492% |
| Operating cash flow | $79.6M | -11% | +28% |
| Free cash flow | $8.5M | -55% | -56% |
What changed
Revenue was $443.6M in Q4 2025, up 29% year over year and up 5% from the previous quarter. Company-operated shops was the largest line at 92% of revenue.
Operating profit was $34.0M, a 7.7% margin (up 3.1 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 5% margin then. Total costs grew 25% against revenue growth of 29%. The fastest-growing cost line was Cost of revenue (+32%). Net earnings were $21.4M, up 492% year over year. The effective tax rate was 6.4%.
Operating cash flow was $79.6M (up 28% year over year), 273% of net income including minority interests. Non-cash charges added back $31.7M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items added $14.2M. Capital expenditures of $71.2M left free cash flow of $8.5M.
Questions
What was Dutch Bros' revenue in the fourth quarter 2025?
Dutch Bros (BROS) reported revenue of $444M for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +5% from the quarter before.
Was Dutch Bros profitable in the fourth quarter 2025?
Operating profit was $34.0M (7.7% of revenue) and net earnings $21.4M.
Source: Dutch Bros 10-K on SEC EDGAR.