Dutch Bros Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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Income Tax Expense
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (dollars in thousands; unaudited) · 2025 · 2024 · 2025 v. 2024 · 2025 · 2024 · 2025 v. 2024 | ||||||||
| Income tax expense | $7,661 | $4,698 | $2,963 | 63.1% | $16,363 | $17,330 | $(967) | (5.6)% |
| Effective tax rate | 21.9% | 17.8% | N/A | N/A | 15.7% | 22.4% | N/A | N/A |
The increase in the effective tax rate to 21.9% from 17.8% in the same period in 2024 is primarily due to an increase in valuation allowance related to the realizability of our charitable contributions carryforward.
See NOTE 11 — Income Taxes for additional details.
The decrease in the effective tax rate to 15.7% from 22.4% in the same period in 2024 is due to tax deductions related to stock-based compensation, as well as the impact of changes in state rates and apportionment on deferred taxes.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. The OBBBA includes significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and the restoration of favorable tax treatment for specific business provisions. This legislation was enacted during the third quarter of 2025, resulting in an increase to our valuation allowance related to the realizability of our charitable contributions carryforward. Other than the permanent extension of bonus depreciation provisions in the OBBBA, which will lower future cash distributions to our Dutch Bros OpCo owners, we do not expect the effects of this legislation to have a material impact on the Company’s financial results.
See NOTE 11 — Income Taxes for additional details.
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