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Dutch Bros Inc.

For the period ended Dec 31, 2025. Filed Feb 13, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 13, 2026

BROS$35.29-2.0%Stored close · as of Nov 10, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year ended December 31, 2025

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 001-40798

(Exact name of registrant as specified in its charter)

Delaware87-1041305
(State or other jurisdiction ofincorporation or organization)(I.R.S. Employer Identification No.)
1930 W. Rio Salado Pkwy
Tempe,Arizona85281
(Address of principal executive offices)(Zip Code)

(877) 899-2767

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Exchange on which Registered
Class A Common Stock, par value $0.00001 per shareBROSThe New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ No☒

The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant, as of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, was approximately $8.5 billion, computed using the closing price on that day of $68.37.

As of February 6, 2026, the registrant’s outstanding shares of common stock were as follows:

Class A common stock127,054,187
Class B common stock35,210,946
Class C common stock2,279,846

Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement relating to the 2026 Annual Meeting of Stockholders of Dutch Bros Inc., which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2025, are incorporated by reference in Items 10, 11, 12, 13, and 14 of Part III of this report.

ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS

Page
Glossary1
Forward-Looking Statements3
PART I
ITEM 1.Business4
ITEM 1A.Risk Factors18
ITEM 1B.Unresolved Staff Comments67
ITEM 1C.Cybersecurity67
ITEM 2.Properties70
ITEM 3.Legal Proceedings71
ITEM 4.Mine Safety Disclosures71
PART II
ITEM 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities72
ITEM 6.[Reserved]74
ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations75
ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk92
ITEM 8.Financial Statements and Supplementary Data93
ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure135
ITEM 9A.Controls and Procedures135
ITEM 9B.Other Information136
ITEM 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections136
PART III
ITEM 10.Directors, Executive Officers and Corporate Governance137
ITEM 11.Executive Compensation137
ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters137
ITEM 13.Certain Relationships and Related Transactions, and Director Independence137
ITEM 14.Principal Accountant Fees and Services137
PART IV
ITEM 15.Exhibits and Financial Statement Schedules138
SIGNATURES142

GLOSSARY

As used in this Annual Report on Form 10-K (this Form 10-K), the terms identified below have the meanings specified below unless otherwise noted or the context requires otherwise. References in this Form 10-K to “Dutch Bros,” the “Company,” “we,” “us” and “our” refer to Dutch Bros Inc. and its consolidated subsidiaries unless the context indicates otherwise.

TERMDEFINITION
2022 Credit FacilityHas the meaning set forth in NOTE 9 — Debt to the consolidated financial statements, included elsewhere in this Form 10-K
2025 Credit FacilityHas the meaning set forth in NOTE 9 — Debt to the consolidated financial statements, included elsewhere in this Form 10-K
AIArtificial intelligence
AOCIAccumulated Other Comprehensive Income
ASUAccounting Standards Update
AUVAverage Unit Volume; determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months.
Blocker CompaniesTSG7 A AIV VI Holdings, LLC and DG Coinvestor Blocker, LLC
BPS or bpsBasis points which is used to express differences in rates. One basis point is the equivalent of 1/100 of one percent.
CODMChief Operating Decision Maker
Co-FounderTravis Boersma and affiliated entities over which he maintains voting control.
Continuing MembersThe Co-Founder and the Sponsor and any of their assignees or successors pursuant to the terms of the Exchange Tax Receivable Agreement or OpCo LLC Agreement
Dutch Bros OpCoDutch Mafia, LLC, a Delaware limited liability company and direct subsidiary of Dutch Bros Inc.
Dutch Bros Inc.A Delaware corporation, the Class A common stock of which is publicly traded on the New York Stock Exchange under the symbol “BROS”.
EBITDAREarnings before interest, taxes, depreciation, amortization, and rent costs
ESGEnvironmental, social, and corporate governance
Exchange Tax Receivable AgreementThe Exchange Tax Receivable Agreement among the Company and the Continuing Members entered into in connection with reorganization transactions prior to the IPO.
FASBFinancial Accounting Standards Board
GAAPU.S. Generally Accepted Accounting Principles
IPOInitial Public Offering
MOBA group of master broistas who travel to help open new locations and markets. They train new broistas on operations and infuse them with the culture of Dutch Bros.
N/MA not meaningful percentage.
OpCo LLC AgreementThe Fifth Amended and Restated Limited Liability Company Agreement of Dutch Bros OpCo.
OpCo UnitsClass A common units, Class B voting units and Class C voting units of Dutch Bros OpCo, each as further defined in the OpCo LLC Agreement, collectively.
Pre-IPO Blocker HoldersTSG7 A AIV VI Holdings-A, L.P. and DG Coinvestor Blocker Aggregator, L.P. or their assignees or successors pursuant to the terms of that certain Reorganization Tax Receivable Agreement.
PSUPerformance-Based Stock Units
QSRQuick Service Restaurant

GLOSSARY

TERMDEFINITION
Reorganization Tax Receivable AgreementThe Reorganization Tax Receivable Agreement among the Company and the Pre-IPO Blocker Holders entered into in connection with the reorganization transactions prior to the IPO.
RSARestricted Stock Awards
RSURestricted Stock Units
Same Shop SalesThe estimated percentage change in year-over-year sales, for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period.
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
SponsorTSG Consumer Partners, L.P. and certain of its affiliates.
Tax Receivable Agreements and TRAsThe Reorganization Tax Receivable Agreement, and the Exchange Tax Receivable Agreement entered into in connection with reorganization transactions prior to the IPO.
TSRRelative Total Shareholder Return
Western United StatesThe collection of states including Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Utah and Washington.

Dutch Bros, our Windmill logo (), Dutch Bros Rebel, and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appearing in this Form 10-K are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Form 10-K may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.