Dutch Bros (BROS) Cash Flow: Operating & Free Cash Flow

Dutch Bros Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Dutch Bros Inc. (BROS) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Operating Activities
Net Income	117.28	66.45	9.95	-19.25	-117.93	5.73	28.39
Depreciation & Amortization	115.13	93.01	69.14	44.73	25.22	15.54	9.67
Deferred Income Tax	17.62	15.42	5.95	1.08	-2.66	0.48	0.00
Stock Based Compensation	18.02	11.48	39.22	41.66	157.72	35.09	6.76
Change in Working Capital	9.67	46.91	6.02	-15.13	15.81	-3.37	11.56
Change in Accounts Receivable	-7.79	-1.47	2.84	-1.32	0.19	-4.22	-0.61
Change in Inventory	-12.43	10.47	-7.72	-15.82	-7.67	-4.59	0.22
Change in Accounts Payable	3.71	3.66	3.90	1.61	2.15	-0.52	3.53
Change in Other Working Capital	26.18	34.26	1.43	-8.94	1.34	5.95	8.42
Other Operating Activities	17.83	13.17	15.59	7.88	-0.44	0.10	0.33
Net Cash from Operating Activities	295.55	246.43	139.92	59.88	80.38	53.55	56.70
Investing Activities
Capital Expenditures	-241.13	-221.74	-228.46	-187.88	-118.44	-40.58	-39.47
Acquisitions	0.00	0.00	0.00	-6.05	-5.39	-5.09	-0.53
Other Investing Activities	0.07	9.67	1.18	1.36	2.74	0.10	0.05
Net Cash from Investing Activities	-241.07	-212.07	-227.28	-192.57	-121.09	-45.57	-39.95
Financing Activities
Debt Repayment	-54.34	128.41	-2.61	-1.98	-227.59	15.83	-6.06
Common Stock Issued	0.00	0.00	331.20	0.00	524.86	0.00	0.00
Common Stock Repurchased	0.00	-1.07	-1.90	-3.90	-299.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	0.00	-213.31	-7.75	-6.63
Other Financing Activities	-24.09	-1.89	-2.47	-3.00	-6.21	0.00	0.00
Net Cash from Financing Activities	-78.43	125.45	200.73	134.36	27.58	8.08	-12.68
Summary
Net Change in Cash	-23.95	159.81	113.37	1.67	-13.13	16.06	4.07
Cash at Beginning of Period	293.35	133.55	20.18	18.51	31.64	15.58	11.51
Cash at End of Period	269.40	293.35	133.55	20.18	18.51	31.64	15.58
Free Cash Flow	54.41	24.69	-88.54	-128.00	-38.07	12.97	17.24
Supplemental Disclosures
Interest Paid	38.97	39.10	34.97	17.61	7.35	-	-
Income Taxes Paid	1.00	2.25	1.73	1.32	0.89	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Dutch Bros Cash Flow

What is Dutch Bros's free cash flow?

Dutch Bros generated free cash flow of $54.41M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $295.55M minus $241.13M of capital expenditures. That was up 120.3% from $24.69M a year earlier. Free cash flow equaled 3.3% of revenue.

How much does Dutch Bros spend on capital expenditures?

Dutch Bros spent $241.13M on capital expenditures in fiscal 2025, compared with $221.74M a year earlier. That equals 81.6% of operating cash flow.

Does Dutch Bros pay dividends or buy back shares?

Dutch Bros's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition