Dutch Bros Inc.
For the period ended Dec 31, 2025. Filed Feb 13, 2026.
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FY2025 · Filed Feb 13, 2026
BROS$35.29-2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income | $117,275 | $66,450 | $9,952 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 115,133 | 93,005 | 69,135 |
| Non-cash interest expense | 824 | 1,113 | 887 |
| Non-cash donation expense | — | 1,811 | — |
| (Gain) loss on disposal of assets | 300 | (1,277) | (23) |
| Loss on extinguishment of debt | 809 | — | — |
| Equity-based compensation | 18,022 | 11,482 | 39,222 |
| Deferred income taxes | 17,617 | 15,421 | 5,946 |
| Remeasurement gain on TRAs | (4,767) | (4,247) | (2,638) |
| Non-cash operating lease cost | 20,666 | 15,765 | 11,413 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (7,789) | (1,474) | 2,842 |
| Inventories, net | (12,429) | 10,465 | (7,724) |
| Prepaid expenses and other current assets | (3,656) | (2,282) | (4,775) |
| Other long-term assets | (1,961) | 611 | (578) |
| Accounts payable | 3,706 | 3,658 | 3,903 |
| Other current liabilities | 20,426 | 29,618 | 15,921 |
| Deferred revenue | 13,693 | 13,858 | 5,571 |
| Other long-term liabilities | (8) | — | — |
| Operating lease liabilities | (2,316) | (7,545) | (9,139) |
| Net cash provided by operating activities | 295,545 | 246,432 | 139,915 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (241,134) | (221,738) | (228,457) |
| Proceeds from disposal of property and equipment | 66 | 9,666 | 1,177 |
| Net cash used in investing activities | (241,068) | (212,072) | (227,280) |
| Cash flows from financing activities: | |||
| Proceeds from line of credit | — | 2,449 | 90,000 |
| Payments on line of credit | — | (2,449) | (202,705) |
| Payments on finance lease liabilities | (16,105) | (10,541) | (12,432) |
| Proceeds from long-term debt | 250,000 | 150,000 | 1,647 |
| Payments on long-term debt | (286,685) | (11,053) | (2,613) |
| Payments of debt issuance costs | (1,547) | — | (1,350) |
| Proceeds from equity offering, net of underwriting discounts and commissions | — | — | 331,200 |
| Payment of deferred offering costs | — | — | (1,119) |
| Tax withholding payments upon vesting of equity awards | (12,525) | (1,069) | (1,896) |
| Distributions to non-controlling interest holders | (6,867) | (1,888) | — |
| Payments under tax receivable agreements | (4,698) | — | — |
| Net cash provided by (used in) financing activities | (78,427) | 125,449 | 200,732 |
| Net increase (decrease) in cash and cash equivalents | (23,950) | 159,809 | 113,367 |
| Cash and cash equivalents, beginning of period | 293,354 | 133,545 | 20,178 |
| Cash and cash equivalents, end of period | $269,404 | $293,354 | $133,545 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Supplemental disclosure of cash flow information | |||
| Interest paid | $38,973 | $39,103 | $34,969 |
| Income taxes paid | 996 | 2,253 | 1,731 |
| Supplemental disclosure of noncash investing and financing activities | |||
| Additions of property and equipment recorded as liabilities as of end of period | 10,804 | 12,635 | 13,880 |
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