Dutch Bros Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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, 2026 · Filed Nov 5, 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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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands; unaudited) | 2026 | 2025 |
| Cash flows from operating activities: | ||
| Net income | $112,497 | $88,120 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 113,076 | 83,389 |
| Non-cash interest expense | 370 | 635 |
| (Gain) loss on disposal of assets | (90) | 115 |
| Loss on extinguishment of debt | — | 809 |
| Equity-based compensation | 19,112 | 13,513 |
| Deferred income taxes | 22,801 | 14,649 |
| Non-cash operating lease cost | 22,629 | 14,959 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable, net | 2,619 | (3,705) |
| Inventories, net | 6,916 | (8,807) |
| Prepaid expenses and other current assets | (598) | 2,800 |
| Other long-term assets | 954 | (9,541) |
| Accounts payable | 7,035 | 1,131 |
| Other current liabilities | 16,905 | 18,603 |
| Deferred revenue | (7,391) | 1,827 |
| Other long-term liabilities | — | (8) |
| Operating lease liabilities | (19,802) | (2,583) |
| Net cash provided by operating activities | 297,033 | 215,906 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (214,577) | (169,967) |
| Proceeds from disposal of property and equipment | 48 | 31 |
| Escrow deposit for potential acquisition | (10,000) | — |
| Acquisitions, net of cash acquired | (83,330) | — |
| Net cash used in investing activities | (307,859) | (169,936) |
| Cash flows from financing activities: | ||
| Payments on finance lease liabilities | (13,621) | (11,266) |
| Proceeds from long-term debt | — | 250,000 |
| Payments on long-term debt | (2,910) | (285,716) |
| Payments of debt issuance costs | — | (1,547) |
| Tax withholding payments upon vesting of equity awards | (7,392) | (12,035) |
| Distributions to non-controlling interest holders | (26,096) | (6,867) |
| Payments under tax receivable agreements | (13,953) | (4,698) |
| Net cash used in financing activities | (63,972) | (72,129) |
| Net decrease in cash and cash equivalents | (74,798) | (26,159) |
| Cash and cash equivalents, beginning of period | 269,404 | 293,354 |
| Cash and cash equivalents, end of period | $194,606 | $267,195 |
Condensed Consolidated Statements of Cash Flows (continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands; unaudited) | 2026 | 2025 |
| Supplemental disclosure of cash flow information | ||
| Interest paid | $27,062 | $29,196 |
| Income taxes paid | 1,999 | 900 |
| Supplemental disclosure of noncash investing and financing activities | ||
| Additions of property and equipment recorded as liabilities as of end of period | 19,782 | 19,180 |
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