0001866581-26-000006 | 10-K | XBRL Viewer

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Organization Realignment and Restructurings -Schedule of Restructuring Liability (Details) - Organization Realignment and Restructuring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,781
Charges	8,238	$ 17,876
Cash Payments	(8,895)
Ending balance	2,124	2,781
Relocation and travel costs
Restructuring Reserve [Roll Forward]
Beginning balance	698
Charges	3,288
Cash Payments	(3,818)
Ending balance	168	698
Termination benefits
Restructuring Reserve [Roll Forward]
Beginning balance	2,028
Charges	4,319
Cash Payments	(4,400)
Ending balance	1,947	2,028
Total employee-related costs
Restructuring Reserve [Roll Forward]
Beginning balance	2,726
Charges	7,607
Cash Payments	(8,218)
Ending balance	2,115	2,726
Duplicate rent
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	244
Cash Payments	(244)
Ending balance	0	0
Consulting
Restructuring Reserve [Roll Forward]
Beginning balance	55
Charges	387
Cash Payments	(433)
Ending balance	9	55
Total other costs
Restructuring Reserve [Roll Forward]
Beginning balance	55
Charges	631
Cash Payments	(677)
Ending balance	$ 9	$ 55

Revenue Recognition - Schedule of Disaggregates Revenue by Major Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,638,159	$ 1,281,015	$ 965,776
Company-operated shops
Disaggregation of Revenue [Line Items]
Total revenues	1,509,329	1,165,830	857,939
Franchising
Disaggregation of Revenue [Line Items]
Total revenues	122,046	109,610	101,907
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,784	$ 5,575	$ 5,930

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) renewal taxReceivableAgreement	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Allowance for doubtful accounts \| $	$ 0	$ 0
Goodwill, impairment charges \| $	$ 0	$ 0	$ 0
Contract with customer, loyalty rewards, term	180 days
Contract with customer, redeemed loyalty rewards expiration term	180 days
Contract with customer, birthday and other promotional awards expiration term	30 days
Franchise agreement terms	10 years
Number of tax receivable agreements \| taxReceivableAgreement	2
Tax benefits owed to pre-IPO unitholders (as a percentage)	85.00%
RSUs
Property, Plant and Equipment [Line Items]
Vesting period (in years)	3 years
RSUs \| Share-Based Payment Arrangement, Tranche One
Property, Plant and Equipment [Line Items]
Vesting percentage	33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Two
Property, Plant and Equipment [Line Items]
Vesting percentage	33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Three
Property, Plant and Equipment [Line Items]
Vesting percentage	33.33%
PSUs
Property, Plant and Equipment [Line Items]
Determination period, maximum (in days)	90 days
Performance period (in years)	3 years
Share-based compensation arrangement by share-based payment award, expiration period (in years)	3 years
Minimum \| PSUs
Property, Plant and Equipment [Line Items]
Stock to be received, percent of target amount	0.00%
Maximum \| PSUs
Property, Plant and Equipment [Line Items]
Stock to be received, percent of target amount	200.00%
Software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Real Estate \| Real Estate Lease, Five Year Renewal Option
Property, Plant and Equipment [Line Items]
Term of lease renewals	5 years
Real Estate \| Minimum
Property, Plant and Equipment [Line Items]
Initial terms of real estate leases	15 years
Real Estate \| Minimum \| Real Estate Lease, Five Year Renewal Option
Property, Plant and Equipment [Line Items]
Number of renewal options \| renewal	1
Real Estate \| Maximum
Property, Plant and Equipment [Line Items]
Initial terms of real estate leases	20 years
Real Estate \| Maximum \| Real Estate Lease, Five Year Renewal Option
Property, Plant and Equipment [Line Items]
Number of renewal options \| renewal	3

Income Taxes - Schedule of Income From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 135,623	$ 84,885	$ 16,919

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Our income before income taxes is domestic-sourced only, and was as follows for the periods presented:


	Year Ended December 31,
(in thousands)	2025		2024		2023


Income before income taxes	$	135,623	$	84,885	$	16,919

Our income tax expense consisted of the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Current income taxes
Federal	$	200	$	396	$	193
State and local	530		2,653		844
Total current income taxes	730		3,049		1,037

Deferred tax expense
Federal	13,391		8,520		1,605
State and local	4,227		6,866		4,325
Total deferred income taxes	17,618		15,386		5,930

Income tax expense	$	18,348	$	18,435	$	6,967

Schedule of Effective Income Tax Rate Reconciliation

Our effective income tax rate differs from the U.S. federal statutory income tax rate as itemized below:


	Year Ended December 31,
	2025		2024		2023
(dollars in thousands)	$	%	$	%	$	%
U.S. federal statutory income tax rate	28,481	21.0	17,826	21.0	3,553	21.0
Domestic state and local income taxes, net of federal effect 1	4,749	3.5	9,497	11.2	4,245	25.1
Domestic federal:
Tax credits:
Tip credit	(6,415)	(4.7)	(4,258)	(5.0)	(2,040)	(12.1)
Other	(243)	(0.2)	(149)	(0.2)	(138)	(0.8)
Nontaxable and nondeductible items:
Income allocable to non-controlling interests not subject to tax	(8,108)	(6.0)	(6,950)	(8.2)	(1,944)	(11.5)
Stock compensation - (windfall) shortfall	(3,267)	(2.4)	257	0.3	644	3.8
Stock compensation - RSAs	—	—	40	—	2,385	14.1
Section 162(m) compensation limitation	1,461	1.1	—	—	122	0.7
TRA remeasurement	(1,001)	(0.7)	(892)	(1.0)	(556)	(3.3)
Tip credit addback	1,380	1.0	884	1.0	423	2.5
Other	271	0.2	913	1.1	249	1.5
Changes in valuation allowance	1,247	0.9	(157)	(0.2)	(57)	(0.3)
Impact of TRA adjustments	359	0.2	965	1.2	(15)	(0.1)
Other	(566)	(0.4)	459	0.5	96	0.6

Total	18,348	13.5	18,435	21.7	6,967	41.2

_________________

1 For the years ended December 31, 2025, 2024 and 2023, domestic state and local income taxes, net of federal effect primarily relate to the state of Oregon.

Schedule of Income Taxes Paid (Net Of Refunds)

Supplemental cash flow information related to leases is as follows for the periods presented:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	23,289	$	22,053	$	17,516
Operating cash flows from operating leases1	25,316		22,127		17,167
Financing cash flows from finance leases	16,105		10,541		12,432
Right-of-use assets obtained in exchange for lease obligations
Finance leases	53,547		15,838		144,588
Operating leases	148,332		130,059		40,253

_______________

1 For the year ended December 31, 2025, the amount presented is net of a $5.4 million tenant improvement allowance received from the landlord related to our Arizona headquarters office lease.

Our income taxes paid (net of refunds) consisted of the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
U.S. federal	$	54	$	370	$	239





U.S. state and local total	943		1,884		1,492

Total	$	996	$	2,253	$	1,731

Income taxes paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
(in thousands)	2025	2024		2023


Tennessee	*	$	1,276	*
Oregon	545	263		773
Texas	393	217		395

_________________

* Jurisdiction did not exceed the 5% threshold in the period presented.

Schedule of Components of Deferred Tax Assets

The components of our deferred tax assets are as follows1:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Investment in Dutch Bros OpCo	$	833,598	$	678,358
Net operating loss carryforwards	94,290		50,862

Credit carryforwards	16,056		9,399
Charitable contribution carryforward	3,030		1,505
Other	1,825		2,865
Total deferred tax assets	948,799		742,989




Less: valuation allowance	(2,228)		(863)
Net deferred tax assets	$	946,571	$	742,126

_________________

1 Certain prior year balances have been reclassified to conform with current year presentation.

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenues

Total revenues

$ 1,638,159

$ 1,281,015

$ 965,776

Costs and Expenses

Cost of sales

1,214,213

940,886

714,480

Selling, general and administrative

262,766

234,036

205,074

Total costs and expenses

1,476,979

1,174,922

919,554

Income from operations

161,180

106,093

46,222

Other expense

Interest expense, net

(28,305)

(27,020)

(32,321)

Other income

2,748

5,812

3,018

Total other expense

(25,557)

(21,208)

(29,303)

Income before income taxes

135,623

84,885

16,919

Income tax expense

18,348

18,435

6,967

Net income

117,275

66,450

9,952

Less: Net income attributable to non-controlling interests

37,433

31,192

8,234

Net income attributable to Dutch Bros Inc.

$ 79,842

$ 35,258

$ 1,718

Net income per share of Class A and Class D common stock

Basic (in dollars per share)

^[1]

$ 0.64

$ 0.34

$ 0.03

Diluted (in dollars per share)

^[1]

$ 0.64

$ 0.34

$ 0.03

Weighted-average shares of Class A and Class D common stock outstanding

Basic (in shares)

^[1]

125,329

103,504

62,074

Diluted (in shares)

^[1]

125,764

104,129

62,074

Company-operated shops

Revenues

Total revenues

$ 1,509,329

$ 1,165,830

$ 857,939

Franchising and other

Revenues

Total revenues

$ 128,830

$ 115,185

$ 107,837

[1]	1 Class D common shares were included in net income per share and weighted-average number of shares calculations in periods prior to June 2024. As of June 2024, all Class D common shares were converted to Class A common shares.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

NOTE 2 — Basis of Presentation and Summary of Significant Accounting Policies

Financial Statements Presentation

Our consolidated financial statements as of December 31, 2025 and for the three years then ended have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC

Reclassifications

As of December 31, 2025, the following reclassifications were made to the prior year balance sheet presentation to better reflect the nature of the assets and liabilities:

•Goodwill and Intangibles, net were consolidated into Other long-term assets. See NOTE 7 — Other Long-Term Assets for additional details.

•Operating and finance lease right-of-use assets are presented within Lease right-of-use assets, net, and the related lease liabilities are presented within Current portion of lease liabilities and Lease liabilities, net of current portion, on the Consolidated Balance Sheets. See NOTE 8 — Leases for additional details.

•The separate balance sheet line items of Accrued compensation and benefits, Other accrued liabilities and Other current liabilities have been combined into a single line item titled Other current liabilities. See NOTE 5 — Supplemental Financial Information for additional details.

Principles of Consolidation

The consolidated financial statements include the accounts of our Company and subsidiaries that we control due to ownership of a majority voting interest or pursuant to accounting guidance for non-controlling interests. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The presentation of consolidated financial statements in conformity with GAAP requires that we make estimates and assumptions, primarily related to long-lived asset valuation, leases, deferred revenue, tax receivable agreements, income taxes, and equity-based compensation that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Although we base our estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include all short-term highly liquid instruments with original maturities of three months or less at the time of purchase, as well as credit card receivables for sales to customers in company-operated shops that generally settle within two to five business days. Our cash accounts are maintained at various high credit quality financial institutions and may exceed federally insured limits. We have not experienced any losses in such accounts.

Fair Value Measurements

We apply fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in our consolidated financial statements. We categorize assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. The three levels of the hierarchy are defined as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices in active markets for identical assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Inputs that are both unobservable and significant to the overall fair value measurements reflecting an entity's estimates of assumptions that market participants would use in pricing the asset or liability.

Our consolidated balance sheets include cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, and other current liabilities, for which the carrying amounts approximate fair value due to their short-term maturity. The fair value of our variable-rate credit facilities approximate their carrying amounts as the cost of borrowing is variable and approximates current market prices, which is considered Level 2 in the fair value hierarchy.

Derivative Instruments

We manage exposure to fluctuations in interest rates within our consolidated financial statements according to a hedging policy. Under this policy, we may from time to time enter into interest rate swap agreements to fix a portion of interest expense and hedge interest rate risk. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. We do not enter into derivative instruments for speculative purposes or for any other purpose other than to manage its risks related to fluctuations in interest rates.

By using swap instruments, we are exposed to potential credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. We minimize this credit risk by entering into transactions with carefully selected, credit-worthy counterparties.

Cash Flow Hedges

Cash flow hedges related to anticipated transactions are designated and documented at the inception of each hedge. Cash flows from hedging transactions are classified in the same categories as the cash flows from the respective hedged items.

For derivative instruments that are designated and qualify as a cash flow hedge, the derivative's gain or loss is reported as a component of other comprehensive income and recorded in accumulated other comprehensive income on the Company’s consolidated balance sheets. The gain or loss is subsequently reclassified into net earnings when the hedged exposure affects net earnings, in the same line item as the underlying hedged item on our consolidated statements of operations.

We may discontinue hedge accounting when:

•it is determined that the cash flow derivative is no longer effective in offsetting changes in the cash flows of a hedged item;

•the derivative expires or is sold, terminated or exercised;

•it is no longer probable that the forecasted transaction will occur; or

•management determines that designation of the derivatives as a hedge instrument is no longer appropriate.

Refer to NOTE 10 — Derivative Financial Instrument for further discussion of the Company’s derivative instruments.

Accounts Receivable

Accounts receivable, net of allowance for credit losses, consist primarily of royalty revenues, outstanding balances for sales of roasted coffee beans, Dutch Bros Rebel, retail gift cards, other retail-related supplies to franchisees, and vendor rebates. The allowance for credit losses is estimated based on our historical losses adjusted for current, reasonable and supportable forecasts of economic conditions and other pertinent factors affecting our customers and vendors, including review of specific accounts, financial stability and credit worthiness. Accounts receivable are charged off against the allowance for credit losses when the financial condition of our customers and vendors is adversely affected and they are unable to meet their financial obligations. We had no allowance for credit losses at December 31, 2025 and 2024.

Inventories

Inventories, net consist primarily of roasted and unroasted coffee beans, Dutch Bros Rebel, and other retail related supplies. Inventories are stated at the lower of cost or net realizable value, with cost being determined on a first-in, first-out basis. We record product returns as they are received, and obsolete and slow-moving inventory when identified, as these types of transactions have generally been immaterial to our historical operations.

Property and Equipment

Property and equipment, net are stated at cost less accumulated depreciation. Expenditures for maintenance, repairs, and routine replacements are charged to expense as incurred. Expenditures for major repairs and improvements that extend the useful lives of property and equipment are capitalized. When property or equipment is sold or otherwise disposed of, the asset and related accumulated depreciation are removed from the balance sheet and any gain or loss is included in income from operations in the accompanying consolidated statements of operations. Depreciation is computed on a straight-line basis over the following useful lives:


(in years)						Estimated Useful Life
Software						3
Equipment and fixtures						3 - 7
Leasehold improvements						5 - 15 1
Buildings						10 - 39

_________________

1 Lesser of lease term or useful life

We capitalize costs associated with the acquisition or development of major software for internal use and amortize the assets over the expected life of the software, generally 3 years. We only capitalize subsequent additions, modifications, or upgrades to internal-use software to the extent that such changes allow the software to perform a task it previously did not perform. Software maintenance and training costs are expensed as incurred.

Leases

We lease our company-operated shops, warehouse facilities, headquarters buildings, and certain equipment under non-cancelable lease agreements that expire on various dates through 2050. Our real estate leases consist of build-to-suit and commercial ground leases with typical initial terms of 15 or 20 years, respectively and include one to three renewal periods of five-years each. Renewals are included in the lease term when it is reasonably certain that the renewal period will be exercised. We recognize a right-of-use asset and lease liability for each lease with a contractual term of greater than 12 months at lease inception, and have elected not to recognize leases with terms of 12 months or less.

We calculate right-of-use assets and lease liabilities based on the present value of the fixed minimum lease payments, including any estimated lease incentives, at lease commencement using an estimated incremental borrowing rate corresponding to the lease term and applied on a portfolio basis. We’ve elected not to separate lease and non-lease components on real estate leases.

Lease classification is determined as operating or finance at lease commencement, and expense recognition occurs over the lease term from the date we take possession of the property. For operating leases, expense is recognized on a straight-line basis; for finance leases, expense is recognized on an accelerated basis. We record lease expense in cost of sales and selling, general and administrative expense on our consolidated statements of operations. Variable lease costs are expensed as incurred and recognized in cost of sales on the consolidated statements of operations.

From time to time we may have sale and leaseback transactions that do not qualify for sale-leaseback accounting because of our deemed continuing involvement. Additionally, we may procure a building related to an acquired lease in an asset acquisition. Both of these types of transactions are recorded under the financing method. These financing obligations are included in long-term debt on our consolidated balance sheets.

For additional information, see NOTE 8 — Leases and NOTE 9 — Debt to the consolidated financial statements.

Goodwill

Recoverability of goodwill is reviewed by reporting unit at least annually, as of the beginning of our fourth fiscal quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The annual impairment test includes an option to perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying value; the qualitative test may be performed prior to, or as an alternative to, performing a quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, it is determined that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we are required to perform the quantitative goodwill impairment test. Otherwise, no further analysis is required. We performed the annual qualitative impairment assessments for each of the three years in the period ended December 31, 2025, and no impairment charges were recognized, nor were there any accumulated impairment losses.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The assessment of recoverability of property and equipment and finite-lived intangible assets is performed at the component level, which is generally an individual shop, and requires judgment and an estimate of future undiscounted shop-generated cash flows. Estimates of fair values are based on the best information available and require the use of estimates, judgments, and projections. We test for recoverability by comparing the carrying value of the asset to the undiscounted cash flows. If the carrying value is not recoverable, we would recognize an impairment loss if the carrying value of the asset exceeds the fair value. We performed the annual assessments for each of the three years in the period ended December 31, 2025, and no impairment charges were recognized, nor were there any accumulated impairment losses.

Revenue Recognition

Consolidated revenues are recognized net of any discounts, returns, allowances and sales incentives.

Company-operated Shops Revenue

Retail sales from company-operated shops are recognized at the point in time when the products are sold to the customers. We report revenues net of sales taxes collected from customers and remitted to government taxing authorities.

Loyalty Program

The Company operates Dutch Pass, our digital loyalty program accessible via mobile app, which provides customers the opportunity to collect points based on purchases. Points can be redeemed for rewards which include free drinks. Additionally, customers can receive birthday and other promotional awards within Dutch Pass.

Points earned and not redeemed for rewards within 180 days automatically expire, and rewards that are not used within 180 days of issuance automatically expire. Separately, birthday and other promotional awards generally automatically expire after 30 days, depending on the specific award.

We defer revenue based on the estimated value of beverages for which the points, rewards, and awards are expected to be redeemed. Based on historical expiration rates, a portion of points, rewards, and awards are not expected to be redeemed and are recognized as breakage.

Gift Card Program

We maintain a contract liability for physical gift cards sold at Company-owned shops, digital gift cards, and retail gift cards purchased at third party retails stores, recognizing revenue when a gift card is redeemed. Gift cards do not have an expiration date or a service fee causing a decrement to the customer balance. Program costs related to retail gift cards sales are deferred and recognized in selling general and administrative expenses in the period in which the gift cards are redeemed. Based on historical redemptions rates, a portion of gift cards are not expected to be redeemed and are recognized as breakage. Our breakage income is not material.

Franchising Revenue

Franchise royalty fees are generally computed as a percentage of net franchise sales and are charged for continuing support of franchisees for various services provided by us. These services are highly interrelated, and as such are accounted for as a single performance obligation.

Separately, we receive marketing fees from franchisees for promotion of the Dutch Bros brand. Contributions are based on a percentage of shop sales and marketing expenditures include payments to third parties and other costs. We determined our advertising and promotion management services do not represent individually distinct performance obligations and are included in the franchise performance obligation.

Initial and other deferred franchise fees are recorded as a contract liability, and revenue is recognized ratably over the term of the franchise agreement, which is generally ten years.

Other franchising revenue, including coffee bean sales, Dutch Bros Rebel energy drink sales, and other sales, are recognized when shipped.

Other Revenue

Other revenue includes retail coffee and other food and beverage sales, recognized at the date of sale, as well as sales of products through our website, recognized at the point in time of shipment to customers.

Deferred Revenue

Deferred revenue primarily consists of the unredeemed gift card liability and unredeemed points/rewards from our Dutch Rewards loyalty program. Deferred revenue also includes bean and beverage sales to distributors where the performance obligation has not yet been satisfied as control has not transferred to the customer.

Shop Pre-opening Expenses

Pre-opening expenses incurred with the opening of new company-operated shops are expensed as incurred. These costs include rent expense, wages, benefits, travel and lodging for the training and opening management teams, and beverage and other operating expenses incurred prior to a shop opening for business and are included in cost of sales.

Vendor Rebates

We have food and beverage supply agreements with certain major vendors. Per the terms of these arrangements, vendor rebates are provided to us based on the dollar value of purchases for systemwide shops. These rebates are recognized as earned throughout the year and are recorded as accounts receivable and a reduction to cost of sales.

Advertising Expense

Advertising costs are expensed as incurred. Company-operated shop advertising expenses are included within Cost of sales; company-wide promotions and initiatives are included within Selling, general and administrative expenses. See NOTE 5 — Supplemental Financial Information for additional details.

Equity-based Compensation

The Company granted time-based RSAs to certain officers and employees in connection with the IPO which, as of December 31, 2024, had each fully vested. Additionally, the Company grants time-based RSUs to directors and certain employees. These awards vest over a three-year service period with one-third of the award value vesting annually. The RSUs are accounted for as equity-classified awards, and are granted at the fair value of the underlying Class A common stock of Dutch Bros Inc. as of the grant date.

In 2025, the Company granted PSUs to a small group of senior management employees. The PSUs are subject to a three-year plus maximum 90-day service period and a market condition. The number of shares of Dutch Bros Inc.'s Class A common stock to be received at vesting range from 0% to 200% of the target amount. The payout percentage is based on TSR performance measured during a three-year performance period that commences on the grant date of any given award and ends three years from that date. TSR performance is measured based on Dutch Bros Inc.'s stock price appreciation compared to peer companies' stock price appreciation during the performance period. The PSUs are accounted for as equity-classified awards, valued upon grant using the Monte Carlo Simulation model.

Vesting of all awards granted are subject to the grantee’s continued service at Dutch Bros through the applicable vesting date. The cost of the Company’s equity awards is recognized as expense over the grantee’s requisite service period, and forfeitures are accounted for as they occur.

Tax Receivables Agreements

In connection with the IPO, the Company executed two TRAs which provide for payment by the Company to certain Dutch Bros OpCo owners of 85% of the benefits, if any, that the Company would be deemed to realize (calculated using certain assumptions) as a result of certain tax attributes and benefits covered by the TRAs.

The Company expects to obtain an increase in its share of the tax basis in the net assets of Dutch Bros OpCo when OpCo Units are exchanged by Pre-IPO Dutch Bros OpCo Unitholders. The Company treats any redemptions and exchanges of OpCo Units as direct purchases for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that it would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

TRA-related liabilities are classified on the Company’s consolidated balance sheets as current or non-current assets based on the expected date of payment under the captions “Current portion of tax receivable agreements liability” and “Tax receivable agreements liability, net of current portion,” respectively.

Income Taxes

The Company is a corporation and sole managing member of Dutch Bros OpCo which is treated as a partnership for tax purposes.

The Company records income tax provision, deferred tax assets, deferred tax liabilities, uncertain tax positions, and valuation allowance, as applicable, only for the items for which the Company is responsible to the relevant tax authority.

Deferred income taxes result from temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws expected to be in effect when such differences are expected to reverse. These temporary differences are reflected as deferred income tax assets, net on the consolidated balance sheets. A deferred tax asset is recognized if it is more likely than not that a tax benefit will be realized.

The Company recognizes tax benefits from entity-level uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Income Per Share

Basic income per share of Class A and Class D common stock is computed by dividing net income attributable to Dutch Bros Inc. by the weighted-average number of shares of Class A and Class D common stock outstanding during the period. Diluted income per share of Class A and Class D common stock is computed by dividing net income attributable to Dutch Bros Inc., adjusted for the assumed exchange of all potentially dilutive instruments for Class A common stock, by the weighted-average number of shares of Class A and Class D common stock outstanding, adjusted to give effect to potentially dilutive elements. Share counts used in the diluted income per share calculations are adjusted for the deemed repurchases provided for in the treasury stock method for RSAs, RSUs and PSUs, and under the if-converted method for the outstanding convertible Class B and Class C common stock, if dilutive.

As of June 2024, all Class D common shares were converted to Class A common shares.

Shares of the Company’s Class B and Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted income (loss) per share of Class B and Class C common stock under the two-class method has not been presented.

Recently Issued Accounting Standards

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The intent of this ASU is to address businesses’ shift from using prescriptive and sequential software development methods to using incremental and iterative development methods. The amendments in this ASU remove all references to prescriptive and sequential software development stages, and also provides criteria for when an entity is required to start capitalizing software costs. ASU 2025-06 is effective for all entities' annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods using a prospective transition, modified transition or retrospective transition approach. Early adoption is permitted as of the beginning of an annual reporting period. We are currently assessing potential impacts of this standard on our business processes and future disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The intent of this ASU is to improve public entity financial footnote disclosures around types of expenses in commonly presented expense categories (i.e., cost of sales; selling, general, and administrative expense; and research and development expense). The amendments in this ASU do not change or remove current expense disclosure requirements, but rather 1) impact where this information appears in the notes to the consolidated financial statements and 2) add additional disclosure requirements for certain expense line items appearing on the face of our consolidated statements of operations. ASU 2024-03, as amended, is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently assessing potential impacts of this standard on our business processes and future disclosures.

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures, primarily through improvements to the rate reconciliation and income taxes paid information, specifically requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregation by jurisdiction. We adopted ASU 2023-09 on a retrospective basis, and the standard has had no material impact on our consolidated financial statements. We have, however, provided additional detail and disclosures under the new guidance in NOTE 12 — Income Taxes.

Organization and Background (Details) $ in Millions		12 Months Ended
Organization and Background (Details) $ in Millions	Feb. 07, 2025 USD ($) shares	Dec. 31, 2025 store state shares	Dec. 31, 2024 shares	May 31, 2024 shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores \| store		1,136
Number of states in which entity operates \| state		25
Percentage of voting interest held		100.00%
Consolidation, less than wholly owned subsidiary, parent ownership interest, changes, additional interest issued to parent \| $	$ 3.5
Number of shares issued in reorganization transaction (in shares)	1
Class B common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Reverse split transaction pursuant to OpCo recapitalization (in shares)	15,734
Number of common stock surrendered (in shares)				23,000,000
Class C common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Reverse split transaction pursuant to OpCo recapitalization (in shares)	1,220
Class A common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs (in shares)		11,300,000	45,400,000
Conversion of stock, shares converted (in shares)			34,700,000
Class D common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock cancelled during period (in shares)		1,300,000	10,700,000
Class A Common Units
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Conversion of stock, shares converted (in shares)		11,300,000
Class A common units held by Dutch Bros Inc.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of class A common units held by Dutch Bros.		71.60%
Capital contribution (in shares)	51,942
Class A common units held by Dutch Bros Inc. \| Class A common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued in reorganization transaction (in shares)		1	1
Continuing LLC Equity Owners
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Voting interest held by noncontrolling interest		0.00%
Continuing LLC Members
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Dutch Bros OpCo Class A common units held by non-controlling interest holders		28.40%
Company-operated shops
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores \| store		811
Franchising
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores \| store		325

Income Taxes - Schedule of Income Taxes Paid Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
U.S. federal	$ 54	$ 370	$ 239
U.S. state and local total	943	1,884	1,492
Income taxes paid	996	2,253	1,731
Tennessee
Valuation Allowance [Line Items]
U.S. state and local total		1,276
Oregon
Valuation Allowance [Line Items]
U.S. state and local total	545	263	773
Texas
Valuation Allowance [Line Items]
U.S. state and local total	$ 393	$ 217	$ 395

Income Per Share - Schedule of Reconciliation of Numerator for Income (Loss) Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 117,275	$ 66,450	$ 9,952
Less: Net income attributable to non-controlling interests	37,433	31,192	8,234
Net income attributable to Dutch Bros Inc.	$ 79,842	$ 35,258	$ 1,718

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	20,000	20,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding ( in shares)	0	0
Class A common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	400,000	400,000
Common stock, issued (in shares)	127,054	115,432
Common stock, outstanding (in shares)	127,054	115,432
Class B common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	144,000	144,000
Common stock, issued (in shares)	35,211	35,227
Common stock, outstanding (in shares)	35,211	35,227
Class C common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	105,000	105,000
Common stock, issued (in shares)	2,280	3,545
Common stock, outstanding (in shares)	2,280	3,545

Equity-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

NOTE 13 — Equity-Based Compensation

Equity Awards

As of December 31, 2025, we had equity-based compensation awards outstanding consisting of RSUs and PSUs with three years service vesting periods. Awards currently outstanding vest under one of the following schedules:

•Approximately one-third installments on each first, second, and third anniversary of the vesting commencement date;

•50% each of the second and third anniversaries of the vesting commencement date; or

•100% vesting after completion of three years service period with maximum 90-day determination period.

We estimate the fair value of PSUs using a Monte Carlo simulation model at the grant date. The estimated grant date fair value of $132.96 was derived from inputs and assumptions utilized in the valuation model as follows:


	Year Ended December 31,
	2025			2024

Grant date stock price	$	82.03		N/A
Beginning average price1	$	67.71		N/A
Risk-free interest rate	4.2		%	N/A

Volatility	63.1		%	N/A

_________________

1 Beginning average price is calculated as the volume-weighted average daily closing stock price over the 30 trading days preceding the start of the PSU performance period.

Restricted and Performance Stock Units

RSU activity was as follows:


(in thousands, except per share amounts)	Restricted Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2024	1,211	$	32.38

New grants	345	75.16
Vested	(521)	34.71
Forfeitures	(193)	40.74
Balance, December 31, 2025	842	$	46.55

PSU activity was as follows:


(in thousands, except per share amounts)	Performance - Based Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2024	—	$	—

New grants	63	132.96

Forfeitures	(8)	132.96
Balance, December 31, 2025	55	$	132.96

Total release date fair value of vested equity awards for each of the three years in the period ended December 31, 2025 are presented below:


	Year Ended December 31,
(in thousands, except per share amounts)	2025			2024			2023
	Awards/units	W/A vest date fair value		Awards/units	W/A vest date fair value		Awards/units	WA vest date fair value
RSAs	—	$	—	39,752	$	30.99	37,373	$	27.36
RSUs	39,730	76.31		3,825	32.25		6,185	27.16

Equity-Based Compensation

Equity-based compensation expense is recognized on a straight-line basis and is included in our consolidated statements of operations as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	2,136	$	887	$	—
Selling, general, and administrative expenses		15,886		10,595		39,222
Total stock-based compensation expense		$	18,022	$	11,482	$	39,222

As of December 31, 2025, total unrecognized stock-based compensation related to unvested RSUs and PSUs was $30.4 million, which will be recognized as follows:


(in thousands)

2026	$	16,603
2027	11,014
2028	2,786



Total unrecognized stock-based compensation	$	30,403

Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Non-Controlling Interests	Class A common stock	Class A common stock Common Stock	Class B common stock	Class B common stock Common Stock	Class C common stock	Class C common stock Common Stock	Class D common stock Common Stock
Beginning balance (in shares) at Dec. 31, 2022							45,544		64,699		41,056	12,411
Beginning balance at Dec. 31, 2022	$ 251,976	$ 145,613	$ 813	$ (17,310)	$ 122,858		$ 1		$ 1		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,952			1,718	8,234
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	(965)	(217)	(269)		(479)
Equity-based compensation expense	39,222	15,177			24,045
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations (in shares)							140
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations	(1,895)	(661)			(1,234)
Issuance of Class A common stock, in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class C common stock, pursuant to exchange transactions (in shares)							11,005		(4,070)		(5,192)	(1,742)
Effect of equity transactions of Dutch Bros OpCo Class A common units		(158,152)			158,152
Impacts of Tax Receivable Agreements	301	301
Tax impacts of other equity-related transactions	655	655
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs (in shares)							13,269
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs	330,081	330,081
Tax impacts of follow-on offering	46,594	46,594
Ending balance (in shares) at Dec. 31, 2023							69,958		60,629		35,864	10,669
Ending balance at Dec. 31, 2023	675,921	379,391	544	(15,592)	311,576		$ 1		$ 1		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66,450			35,258	31,192
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	(339)	(338)	84		(85)
Equity-based compensation expense	11,482	6,980			4,502
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations (in shares)							83
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations	(1,069)	1,743			(2,812)
Issuance of Class A common stock, in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class C common stock, pursuant to exchange transactions (in shares)							45,391		(2,402)		(32,319)	(10,669)
Effect of equity transactions of Dutch Bros OpCo Class A common units		115,989			(115,989)
Impacts of Tax Receivable Agreements	12,921	12,921
Distributions paid to non-controlling interest holders	(1,888)				(1,888)
Tax impacts of other equity-related transactions	388	388
Class B common stock decoupled from Dutch Bros OpCo Class A common units, surrendered and cancelled (in shares)									(23,000)
Class B common stock decoupled from Dutch Bros OpCo Class A common units, surrendered and cancelled	(1)								$ (1)
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs (in shares)						45,400
Ending balance (in shares) at Dec. 31, 2024						115,432	115,432	35,227	35,227	3,545	3,545	0
Ending balance at Dec. 31, 2024	763,865	517,074	628	19,666	226,496		$ 1		$ 0		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117,275			79,842	37,433
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	(1,059)	(108)	(580)		(371)
Equity-based compensation expense	18,022	12,794			5,228
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations (in shares)							358
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax withholding obligations	(12,525)	(8,850)			(3,675)
Issuance of Class A common stock, in exchange for surrender and cancellation of Class D common stock, and conversion of Dutch Bros OpCo Class A common units for surrender and cancellation of Class C common stock, pursuant to exchange transactions (in shares)							11,264				(1,264)
Effect of equity transactions of Dutch Bros OpCo Class A common units	0	41,193			(41,193)
Impacts of Tax Receivable Agreements	19,158	19,158
Reverse Split transaction pursuant to OpCo Recapitalization (in shares)									(16)		(1)
Distributions paid to non-controlling interest holders	(6,867)				(6,867)
Issuance of Class A common stock sold pursuant to follow-on offering, net of offering costs (in shares)						11,300
Ending balance (in shares) at Dec. 31, 2025						127,054	127,054	35,211	35,211	2,280	2,280
Ending balance at Dec. 31, 2025	$ 897,869	$ 581,261	$ 48	$ 99,508	$ 217,051		$ 1		$ 0		$ 0

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 117,275	$ 66,450	$ 9,952
Other comprehensive loss:
Unrealized loss on derivative securities, effective portion, net of income tax (benefit) expense of $(224), $(83) and $10, respectively	(951)	(1)	(748)
Comprehensive income	116,324	66,449	9,204
Less: comprehensive income attributable to non-controlling interests	37,062	31,107	7,755
Comprehensive income attributable to Dutch Bros Inc.	$ 79,262	$ 35,342	$ 1,449

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Our long-term debt consisted of the following for the periods presented:



(in thousands)	December 31, 2025		December 31, 2024
Term loan under credit facility	$	148,125	$	234,688
Revolving loan under credit facility	50,000		—
Finance obligations1	4,162		3,022
Unsecured note payable	176		299
Total debt	202,463		238,009
Less: loan origination fees	(2,287)		(943)
Less: current portion	(3,881)		(17,311)
Total long-term debt, net of current portion	$	196,295	$	219,755

_______________

1 Represents failed sale-leaseback arrangements, and also in 2025, a consideration payable associated with acquired leases

Schedule of Maturities of Long-Term Debt

Future annual maturities of long-term debt as of December 31, 2025 are as follows:


(in thousands)

2026	3,881
2027	5,670
2028	7,500
2029	11,250
2030	170,000
Thereafter	4,162
Total	$	202,463

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Supplemental Financial Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2025
Supplemental Financial Information [Abstract]
Company percentage match of employee contributions	100.00%
Percent of employee's gross pay matched	4.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Non-Controlling Interests - Schedule of Non-Controlling Interest Holders' Weighted-Average Ownership percentage (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Weighted-average ownership percentage of non-controlling interest holders	29.40%	41.60%	62.80%

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregates Revenue by Major Component

The following table disaggregates revenue by major component:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Company-operated shops		$	1,509,329	$	1,165,830	$	857,939
Franchising		122,046		109,610		101,907
Other		6,784		5,575		5,930
Total revenues		$	1,638,159	$	1,281,015	$	965,776

Schedule of Deferred Revenue Activity

Components of our deferred revenue liability are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Gift card and loyalty programs	$	62,014	$	48,265
Initial unearned franchise fees	2,562		2,618

Total deferred revenue	$	64,576	$	50,883

Deferred revenue activity was as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Beginning balance	$	50,883	$	37,025
Revenue deferred 1	567,005		419,107
Revenue recognized 2	(553,256)		(405,458)


Other deferred revenue, net	(56)		209
Ending balance	64,576		50,883
Less: current portion	(55,658)		(42,868)
Deferred revenue, net of current portion	$	8,918	$	8,015

_______________

1 Revenue deferred includes gift card activations, loyalty app cash loads and loyalty points and rewards earned.

2 Revenue recognized includes redemptions of gift cards, loyalty app and loyalty rewards redemptions, and breakage.

Revenue recognized during each of the three years in the period ended December 31, 2025, that was included in the respective deferred revenue liability balances at the beginning of the period, are shown below.


	Year Ended December 31,
(in thousands)		2025		2024		2023
Gift card redemptions 1		$	8,072	$	6,215	$	5,149
Earned franchise fees		430		450		454

_____________________

1 Amounts exclude cash loads and transactions related to our loyalty rewards program.

Schedule of Unearned Franchise Fees

Future recognition of initial unearned franchise fees as of December 31, 2025 is as follows:


(in thousands)

2026	427
2027	382
2028	333
2029	288
2030	256
Thereafter	876
Total	$	2,562

Equity-Based Compensation - Narrative (Details)	12 Months Ended
Equity-Based Compensation - Narrative (Details)	Dec. 31, 2025
RSUs & PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)	3 years
RSUs & PSUs \| Vesting Schedule 1 \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
RSUs & PSUs \| Vesting Schedule 1 \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
RSUs & PSUs \| Vesting Schedule 1 \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
RSUs & PSUs \| Vesting Schedule 2 \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	50.00%
RSUs & PSUs \| Vesting Schedule 2 \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	50.00%
RSUs & PSUs \| Vesting Schedule 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)	3 years
Vesting percentage	100.00%
Determination period, maximum (in days)	90 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)	3 years
RSUs \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 06, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40798
Entity Registrant Name	DUTCH BROS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1041305
Entity Address, Address Line One	1930 W. Rio Salado Pkwy
Entity Address, City or Town	Tempe,
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85281
City Area Code	877)
Local Phone Number	899-2767
Title of 12(b) Security	Class A Common Stock, par value $0.00001 per share
Trading Symbol	BROS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 8.5
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.
Entity Central Index Key	0001866581
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		127,054,187
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,210,946
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,279,846

Other Long-Term Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Reacquired franchise rights, net	$ 1,510	$ 2,947
Reacquired Franchise Rights
Finite-Lived Intangible Assets [Line Items]
2026	682
2027	383
2028	247
2029	153
2030	42
Thereafter	3
Reacquired franchise rights, net	$ 1,510

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Revenue Recognition - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 64,576	$ 50,883	$ 37,025
Gift card and loyalty programs
Disaggregation of Revenue [Line Items]
Total deferred revenue	62,014	48,265
Initial unearned franchise fees
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 2,562	$ 2,618

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Financial Statements Presentation

Our consolidated financial statements as of December 31, 2025 and for the three years then ended have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Fair Value Measurements

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Derivative Instruments

Cash Flow Hedges

We may discontinue hedge accounting when:

•it is determined that the cash flow derivative is no longer effective in offsetting changes in the cash flows of a hedged item;

•the derivative expires or is sold, terminated or exercised;

•it is no longer probable that the forecasted transaction will occur; or

•management determines that designation of the derivatives as a hedge instrument is no longer appropriate.

Accounts Receivable

Inventories

Property and Equipment


(in years)						Estimated Useful Life
Software						3
Equipment and fixtures						3 - 7
Leasehold improvements						5 - 15 1
Buildings						10 - 39

_________________

1 Lesser of lease term or useful life

Leases

Goodwill

Impairment of Long-Lived Assets

Revenue Recognition

Consolidated revenues are recognized net of any discounts, returns, allowances and sales incentives.

Company-operated Shops Revenue

Loyalty Program

Gift Card Program

Franchising Revenue

Initial and other deferred franchise fees are recorded as a contract liability, and revenue is recognized ratably over the term of the franchise agreement, which is generally ten years.

Other franchising revenue, including coffee bean sales, Dutch Bros Rebel energy drink sales, and other sales, are recognized when shipped.

Other Revenue

Deferred Revenue

Store Pre-opening Expenses

Shop Pre-opening Expenses

Vendor Rebates

Advertising Expense

Equity-based Compensation

Tax Receivable Agreements

Tax Receivables Agreements

Income Taxes

The Company is a corporation and sole managing member of Dutch Bros OpCo which is treated as a partnership for tax purposes.

Income Per Share

As of June 2024, all Class D common shares were converted to Class A common shares.

Recently Issued Accounting Standards and Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

NOTE 3 — Revenue Recognition

Revenue

The following table disaggregates revenue by major component:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Company-operated shops		$	1,509,329	$	1,165,830	$	857,939
Franchising		122,046		109,610		101,907
Other		6,784		5,575		5,930
Total revenues		$	1,638,159	$	1,281,015	$	965,776

Deferred Revenue

Components of our deferred revenue liability are as follows:


(in thousands)	December 31, 2025		December 31, 2024
Gift card and loyalty programs	$	62,014	$	48,265
Initial unearned franchise fees	2,562		2,618

Total deferred revenue	$	64,576	$	50,883

Deferred revenue activity was as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Beginning balance	$	50,883	$	37,025
Revenue deferred 1	567,005		419,107
Revenue recognized 2	(553,256)		(405,458)


Other deferred revenue, net	(56)		209
Ending balance	64,576		50,883
Less: current portion	(55,658)		(42,868)
Deferred revenue, net of current portion	$	8,918	$	8,015

_______________

1 Revenue deferred includes gift card activations, loyalty app cash loads and loyalty points and rewards earned.

2 Revenue recognized includes redemptions of gift cards, loyalty app and loyalty rewards redemptions, and breakage.


	Year Ended December 31,
(in thousands)		2025		2024		2023
Gift card redemptions 1		$	8,072	$	6,215	$	5,149
Earned franchise fees		430		450		454

_____________________

1 Amounts exclude cash loads and transactions related to our loyalty rewards program.

Future recognition of initial unearned franchise fees as of December 31, 2025 is as follows:


(in thousands)

2026	427
2027	382
2028	333
2029	288
2030	256
Thereafter	876
Total	$	2,562

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

NOTE 9 — Debt

Credit Facility

On May 29, 2025 (the Effective Date), we amended and restated our existing $650 million senior secured credit facility, dated February 28, 2022 (as previously amended, the 2022 Credit Facility), with JPMorgan Chase Bank, N.A. as administrative agent (Administrative Agent) and other financial institutions as the lenders party thereto (the 2025 Credit Facility). The 2025 Credit Facility consists of a $500 million revolving credit facility and a term loan facility of up to $150 million. The 2025 Credit Facility also includes sublimits for letters of credit and swingline loans of up to $100 million and $20 million, respectively. The 2025 Credit Facility expires on May 29, 2030 (the Maturity Date). It also contains an option allowing the Loan Parties to increase the size of the 2025 Credit Facility by up to an additional (i) $230 million or (ii) 80% of EBITDAR, whichever is greater, with the agreement of the Administrative Agent and the applicable lenders party thereto.

On the Effective Date, we drew the full $150 million in term loan and $50 million in revolving loans under the 2025 Credit Facility, and all outstanding debt under the 2022 Credit Facility was repaid. As a result of the amendment and restatement, we recognized a loss on debt extinguishment of approximately $2.0 million, comprised of: (i) approximately $1.2 million of fees to intermediaries and other costs related to the 2025 Credit Facility, and (ii) the write-off of approximately $0.8 million unamortized loan costs related to the 2022 Credit Facility. These expenses were recognized in Other income (expense), net on our consolidated statements of operations. In addition, we capitalized approximately $1.5 million of debt issuance costs related to the 2025 Credit Facility in Long-term debt, net of current portion on our consolidated balance sheets.

Interest on borrowings under the 2025 Credit Facility is based on (i) the Alternate Base Rate plus an applicable margin, or (ii) the Term SOFR Rate plus an applicable margin (each as defined in the 2025 Credit Facility), and is payable in accordance with the selected interest rate period and upon maturity. Principal payments for the term loans are required on a quarterly basis in accordance with an amortization schedule up through and including the Maturity Date.

We are required to pay a commitment fee on a quarterly basis, at a per annum rate of between 0.20% and 0.45%, depending on the Net Lease-Adjusted Total Leverage Ratio (as defined in the 2025 Credit Facility), based on the average daily unused portion of the revolving credit facility. These fees are recorded as interest expense on our consolidated statements of operations.

The 2025 Credit Facility contains financial covenants that require us to not exceed a maximum Net Lease-Adjusted Total Leverage Ratio and maintain a minimum Coverage Ratio (as defined in the 2025 Credit Facility). The 2025 Credit Facility also contains certain negative covenants that, among other things, restrict our ability to incur additional debt, grant liens on assets, merge with or acquire other companies, make other investments, dispose of assets, and make restricted payments. Obligations under the 2025 Credit Facility are guaranteed by Dutch Bros OpCo and its subsidiaries, and secured by a first priority perfected security interest in substantially all of the assets of the guarantors.

As of December 31, 2025, $50.0 million was outstanding on our revolving credit facility, and $435.8 million was available for borrowing, net of $14.2 million in letters of credit, and approximately $148.1 million of principal was outstanding on the term loan facility. The revolving loan and term loan both bear interest at approximately 5.22% as of December 31, 2025, excluding any impacts from our interest rate swap. We were in compliance with our financial covenants as of that date.

Long-Term Debt

Our long-term debt consisted of the following for the periods presented:



(in thousands)	December 31, 2025		December 31, 2024
Term loan under credit facility	$	148,125	$	234,688
Revolving loan under credit facility	50,000		—
Finance obligations1	4,162		3,022
Unsecured note payable	176		299
Total debt	202,463		238,009
Less: loan origination fees	(2,287)		(943)
Less: current portion	(3,881)		(17,311)
Total long-term debt, net of current portion	$	196,295	$	219,755

_______________

1 Represents failed sale-leaseback arrangements, and also in 2025, a consideration payable associated with acquired leases

Future annual maturities of long-term debt as of December 31, 2025 are as follows:


(in thousands)

2026	3,881
2027	5,670
2028	7,500
2029	11,250
2030	170,000
Thereafter	4,162
Total	$	202,463

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Revenue Recognition - Schedule of Deferred Revenue Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Gift card redemptions
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 8,072	$ 6,215	$ 5,149
Earned franchise fees
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 430	$ 450	$ 454

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2
Reportable segments not disclosed	segments

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance lease costs
Interest on lease liabilities	$ 23,289	$ 22,053	$ 17,516
Total finance lease costs	50,796	47,654	38,821
Operating lease costs
Total operating lease costs	43,664	30,349	19,440
Variable lease costs	9,652	6,874	5,216
Total lease costs	104,112	84,877	63,477
Cost of sales
Finance lease costs
Amortization of right-of-use assets	27,467	25,551	21,290
Operating lease costs
Total operating lease costs	40,829	28,703	19,385
Selling, general and administrative
Finance lease costs
Amortization of right-of-use assets	40	50	15
Operating lease costs
Total operating lease costs	$ 2,835	$ 1,646	$ 55

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
$
U.S. federal statutory income tax rate	$ 28,481	$ 17,826	$ 3,553
Domestic state and local income taxes, net of federal effect	4,749	9,497	4,245
Tip credit	(6,415)	(4,258)	(2,040)
Other	(243)	(149)	(138)
Income allocable to non-controlling interests not subject to tax	(8,108)	(6,950)	(1,944)
Stock compensation - (windfall) shortfall	(3,267)	257	644
Stock compensation - RSAs	0	40	2,385
Section 162(m) compensation limitation	1,461	0	122
TRA remeasurement	(1,001)	(892)	(556)
Tip credit addback	1,380	884	423
Other	271	913	249
Changes in valuation allowance	1,247	(157)	(57)
Impact of TRA adjustments	359	965	(15)
Other	(566)	459	96
Income tax expense	$ 18,348	$ 18,435	$ 6,967
%
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Domestic state and local income taxes, net of federal effect	3.50%	11.20%	25.10%
Tip credit	(4.70%)	(5.00%)	(12.10%)
Other	(0.20%)	(0.20%)	(0.80%)
Income allocable to non-controlling interests not subject to tax	(6.00%)	(8.20%)	(11.50%)
Stock compensation - (windfall) shortfall	(2.40%)	0.30%	3.80%
Stock compensation - RSAs	0.00%	0.00%	14.10%
Section 162(m) compensation limitation	1.10%	0.00%	0.70%
TRA remeasurement	(0.70%)	(1.00%)	(3.30%)
Tip credit addback	1.00%	1.00%	2.50%
Other	0.20%	1.10%	1.50%
Changes in valuation allowance	0.90%	(0.20%)	(0.30%)
Impact of TRA adjustments	0.20%	1.20%	(0.10%)
Other	(0.40%)	0.50%	0.60%
Total	13.50%	21.70%	41.20%

Derivative Financial Instrument (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value Derivative Instruments Included in Condensed Consolidated Balance Sheets

Designated as a Level 2 instrument within the fair value hierarchy, the fair value and effect of the derivative instrument included in our consolidated financial statements was as follows:


(in thousands)	Balance Sheets Classification	December 31, 2025		December 31, 2024
Derivative instrument designated as cash flow hedge
Interest rate swap contract	Prepaid expenses and other current assets	$	466	$	953
Interest rate swap contract	Other long-term assets	36		832
Total derivative instrument designated as cash flow hedge		$	502	$	1,785

Schedule of Derivatives Instruments Effect on Condensed Consolidated Statement of Operations


		Year Ended December 31,
(in thousands)	Financial Statements Classification		2025		2024		2023
Derivative instrument designated as cash flow hedge
Income (loss) recognized in other comprehensive income before reclassifications	Statements of Comprehensive Income		$	(112)	$	1,661	$	954
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statements of Operations - Interest expense, net		(1,063)		(1,745)		(1,692)
Income tax benefit (expense)	Statements of Operations - Income tax expense		224		83		(10)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	NOTE 19 — Subsequent Event On January 23, 2026, the Company purchased the assets, primarily consisting of right-of-use leases, of Clutch Coffee for the base purchase price of $19.8 million, less purchase price adjustments, which was funded with cash on hand. Clutch Coffee had 22 locations operating or under construction in North Carolina and South Carolina. The Company principally intends to develop 20 of the acquired sites as Dutch Bros-branded company-operated shops by the end of 2026.

Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Income Per Share

NOTE 15 — Income Per Share

The following tables set forth the numerators and denominators used to compute basic and diluted net income per share of Class A and Class D common stock for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Numerator:
Net income		$	117,275	$	66,450	$	9,952

Less: Net income attributable to non-controlling interests		37,433		31,192		8,234
Net income attributable to Dutch Bros Inc.		$	79,842	$	35,258	$	1,718


	Year Ended December 31,
(in thousands, except per share amounts)		2025		2024		2023
Basic net income per share attributable to common stockholders
Numerator:
Net income attributable to Dutch Bros Inc.		$	79,842	$	35,258	$	1,718

Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic ¹		125,329		103,504		62,074




Basic net income per share attributable to common stockholders ¹		$	0.64	$	0.34	$	0.03

_______________

1 Class D common shares were included in net income per share and weighted-average number of shares calculations in periods prior to June 2024. As of June 2024, all Class D common shares were converted to Class A common shares.


	Year Ended December 31,
(in thousands, except per share amounts)		2025		2024		2023
Diluted net income per share attributable to common stockholders
Numerator:
Undistributed net income for basic computation		$	79,842	$	35,258	$	1,718
Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments		92		110		—
Allocation of undistributed net income		$	79,934	$	35,368	$	1,718

Denominator:
Number of shares used in basic computation		125,329		103,504		62,074
Add: weighted-average effect of dilutive securities
RSAs		—		12		—
RSUs		435		613		—
Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income per share ¹		125,764		104,129		62,074
Diluted net income per share attributable to common stockholders ¹		$	0.64	$	0.34	$	0.03

_______________

The following Class A common stock equivalents were excluded from diluted net income per share in the periods presented because they were anti-dilutive:


	Year Ended December 31,
(in thousands)		2025	2024	2023
RSAs		—	—	1,283
RSUs		218	90	648
PSUs		51	—	—
Total anti-dilutive securities		269	90	1,931

Equity-Based Compensation - Schedule of Grant Date Fair Value and Assumptions Utilized (Details) - PSUs	12 Months Ended
	Dec. 31, 2025 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated grant date fair value (in dollars per share)	$ 132.96
Grant date stock price (in dollars per share)	82.03
Beginning average price (in dollars per share)	$ 67.71
Share based compensation arrangement, Risk-free interest rate	4.20%
Share based compensation arrangement, expected volatility rate	63.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Subsequent Events (Details) - Subsequent event - Clutch Coffee $ in Millions	Jan. 23, 2026 USD ($) location site
Subsequent Event [Line Items]
Payments to acquire productive assets \| $	$ 19.8
Number of locations acquired \| location	22
Number of planned development sites acquired \| site	20

Non-Controlling Interests - Schedule of Distributions to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Amounts paid to non-controlling interest holders	$ 6,867	$ 1,888	$ 0

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income taxes
Federal	$ 200	$ 396	$ 193
State and local	530	2,653	844
Total current income taxes	730	3,049	1,037
Deferred tax expense
Federal	13,391	8,520	1,605
State and local	4,227	6,866	4,325
Total deferred income taxes	17,618	15,386	5,930
Income tax expense	$ 18,348	$ 18,435	$ 6,967

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-SubTopic 20
-Topic 740
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Equity-Based Compensation - Schedule of Activity of Company's Restricted Stock and Restricted Stock Units (Details) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares
RSUs
Shares
Beginning balance (in shares) \| shares	1,211
New grants (in shares) \| shares	345
Vested (in shares) \| shares	(521)
Forfeitures (in shares) \| shares	(193)
Ending balance (in shares) \| shares	842	1,211
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 32.38
Estimated grant date fair value (in dollars per share)	75.16
Vested (in dollars per share)	34.71
Forfeitures (in dollars per share)	40.74
Ending balance (in dollars per share)	$ 46.55	$ 32.38
Fair value of vested share-based payment awards \| $	$ 39,730	$ 3,825	$ 6,185
Weighted-average vest date fair value per share (in dollars per share)	76.31	32.25	27.16
RSAs
Weighted-average grant date fair value per share
Fair value of vested share-based payment awards \| $	$ 0	$ 39,752	$ 37,373
Weighted-average vest date fair value per share (in dollars per share)	0	30.99	27.36

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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	0	1,811	0
(Gain) loss on disposal of assets	300	(1,277)	(23)
Loss on extinguishment of debt	809	0	0
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)	0	0
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	0	2,449	90,000
Payments on line of credit	0	(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)	0	(1,350)
Proceeds from equity offering, net of underwriting discounts and commissions	0	0	331,200
Payment of deferred offering costs	0	0	(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)	0
Payments under tax receivable agreements	(4,698)	0	0
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
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

Supplemental Financial Information

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Supplemental Financial Information

NOTE 5 — Supplemental Financial Information

Inventories

Inventories, net consisted of the following:



(in thousands)	December 31, 2025		December 31, 2024
Raw materials	$	25,516	$	14,594
Finished goods	23,401		21,894
Total inventories	$	48,917	$	36,488

Other current liabilities

Other current liabilities consisted of the following:



(in thousands)	December 31, 2025		December 31, 2024
Accrued compensation and benefits	$	50,314	$	49,778
Sales, use and property taxes payable	15,354		4,667
Other accrued liabilities	33,505		28,916
Other current liabilities	$	99,173	$	83,361

Employee benefit plan contribution

Our 401(k) plan covers substantially all employees who meet certain requirements. Contributions to the 401(k) plan are determined by each participant by means of an elective compensation deferral, subject to annual limits. We match 100% of employee contributions, up to 4% of eligible compensation. The total employer matching contributions to the 401(k) plan recognized in our consolidated statements of operations were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cost of sales	$	45	$	62	$	60
Selling, general, and administrative expenses	3,426		2,909		2,281
Total employer matching contributions	$	3,471	$	2,971	$	2,341

Advertising expense

Advertising expenses consisted of the following for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	26,270	$	21,897	$	18,946
Selling, general and administrative		12,752		17,313		10,953
Total advertising expense		$	39,022	$	39,210	$	29,899

Supplemental Financial Information (Table)

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Schedule of Inventories, Net

Inventories, net consisted of the following:



(in thousands)	December 31, 2025		December 31, 2024
Raw materials	$	25,516	$	14,594
Finished goods	23,401		21,894
Total inventories	$	48,917	$	36,488

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:



(in thousands)	December 31, 2025		December 31, 2024
Accrued compensation and benefits	$	50,314	$	49,778
Sales, use and property taxes payable	15,354		4,667
Other accrued liabilities	33,505		28,916
Other current liabilities	$	99,173	$	83,361

Schedule of Total Employer Contributions

The total employer matching contributions to the 401(k) plan recognized in our consolidated statements of operations were as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cost of sales	$	45	$	62	$	60
Selling, general, and administrative expenses	3,426		2,909		2,281
Total employer matching contributions	$	3,471	$	2,971	$	2,341

Schedule of Advertising Expense

Advertising expenses consisted of the following for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	26,270	$	21,897	$	18,946
Selling, general and administrative		12,752		17,313		10,953
Total advertising expense		$	39,022	$	39,210	$	29,899

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance
2026	$ 41,575
2027	40,644
2028	41,786
2029	42,715
2030	43,118
Thereafter	431,664
Total	641,502
Less: imputed interest	(221,507)
Present value of minimum lease payments	419,995
Less: current portion	(17,298)	$ (13,256)
Lease liabilities, net of current portion	402,697	369,297
Operating
2026	35,367
2027	46,409
2028	45,965
2029	46,706
2030	47,384
Thereafter	544,593
Total	766,424
Less: imputed interest	(297,573)
Present value of minimum lease payments	468,851
Less: current portion	(19,168)	(13,979)
Lease liabilities, net of current portion	$ 449,683	$ 309,311

Supplemental Financial Information - Schedule of Advertising Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Advertising Expense [Line Items]
Total advertising expense	$ 39,022	$ 39,210	$ 29,899
Cost of sales
Advertising Expense [Line Items]
Total advertising expense	26,270	21,897	18,946
Selling, general and administrative
Advertising Expense [Line Items]
Total advertising expense	$ 12,752	$ 17,313	$ 10,953

Other Long-Term Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Other Long-Term Assets

NOTE 7 — Other Long-Term Assets

The details of other long-term assets were as follows:



(dollars in thousands)	December 31, 2025		December 31, 2024
Reacquired franchise rights1	$	27,049	$	27,049
Less: accumulated amortization	(25,539)		(24,102)
Reacquired franchise rights, net	1,510		2,947
Goodwill	21,629		21,629
Other	2,385		2,592
Total other long-term assets, net	$	25,524	$	27,168

_______________

1 Weighted-average amortization periods (in years) were 2.93 and 2.94 for the years ended December 31, 2025 and 2024, respectively.

Amortization expense of reacquired franchise rights included in our consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	1,437	$	2,468	$	3,389

The estimated future amortization expense of the reacquired franchise rights as of December 31, 2025 is as follows:


(in thousands)

2026	682
2027	383
2028	247
2029	153
2030	42
Thereafter	3
Total	$	1,510

Tax Receivable Agreements (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Changes related and projected future payments to the TRAs

The changes related to our TRAs liability were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Beginning balance	$	627,834	$	290,920
Additions (reductions) to TRAs:
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	202,680		341,161
TRAs payments	(4,698)		—
TRAs remeasurements 1	(4,767)		(4,247)

Ending balance	$	821,049	$	627,834
Less: current portion	(7,696)		(71)
TRAs liability, net of current portion	$	813,353	$	627,763

_________________

1 Impact primarily related to state tax rates and adjustments from previous estimates upon finalization of the tax attributes subject to the TRA.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Portland, Oregon
Auditor Firm ID	185

Derivative Financial Instrument

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instrument

NOTE 10 — Derivative Financial Instrument

We have a receive-variable (Receive Leg), pay-fixed (Pay Leg) interest rate swap with JPMorgan Chase Bank, N.A. As of December 31, 2025, the interest rate swap had a notional amount of approximately $59.1 million and hedges interest rate risk on the term loan under the 2025 Credit Facility. The interest rate swap matures on February 28, 2027, and has a fixed rate of 2.67% per annum for the Pay Leg. The variable rate on the Receive Leg of the interest rate swap is the one-month adjusted term SOFR plus an applicable margin. As of December 31, 2025, the one-month adjusted term SOFR was 3.72%.

Our interest rate swap has been designated as a cash flow hedge, and as such, we record the change in fair value for the effective portion of the interest rate swap in AOCI rather than in current period earnings until the underlying hedged transaction affects earnings. As of December 31, 2025, we expect to reclassify a gain of approximately $0.5 million from AOCI to earnings within the next twelve months.

Designated as a Level 2 instrument within the fair value hierarchy, the fair value and effect of the derivative instrument included in our consolidated financial statements was as follows:


(in thousands)	Balance Sheets Classification	December 31, 2025		December 31, 2024
Derivative instrument designated as cash flow hedge
Interest rate swap contract	Prepaid expenses and other current assets	$	466	$	953
Interest rate swap contract	Other long-term assets	36		832
Total derivative instrument designated as cash flow hedge		$	502	$	1,785


		Year Ended December 31,
(in thousands)	Financial Statements Classification		2025		2024		2023
Derivative instrument designated as cash flow hedge
Income (loss) recognized in other comprehensive income before reclassifications	Statements of Comprehensive Income		$	(112)	$	1,661	$	954
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statements of Operations - Interest expense, net		(1,063)		(1,745)		(1,692)
Income tax benefit (expense)	Statements of Operations - Income tax expense		224		83		(10)

The amendment to our credit facility, as discussed in NOTE 9 — Debt, had no impact on our interest rate swap derivative.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 16 — Commitments and Contingencies Purchase Obligations We enter into fixed-price and price-to-be-fixed green coffee purchase commitments. For both fixed-price and price-to-be-fixed purchase commitments, we expect to take delivery of green coffee and to utilize the coffee in a reasonable period of time in the ordinary course of business. Such contracts are used for the normal purchases of green coffee and not for speculative purposes. We do not enter into futures contracts or other derivative instruments related to our green coffee purchase commitments. Guarantees We periodically provide guarantees to franchise partners for lease payments. As of December 31, 2025 and December 31, 2024, we had guaranteed approximately $7.8 million and $8.2 million, respectively, in franchise partners’ lease payments and have not established a liability for these guarantees as any liability arising from the guarantees is not material to the consolidated financial statements. Legal Proceedings The Company is a party to routine legal actions arising in the ordinary course of and incidental to its business. These claims, legal proceedings, and litigation principally arise from alleged casualty, employment, and other disputes. In determining loss contingencies, the Company considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recognized when it is considered probable that a liability has been incurred and when the amount of loss can be reasonably estimated. Because litigation is inherently unpredictable, assessing contingencies is highly subjective and requires judgments about future events. When evaluating litigation contingencies, we may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, developments in legislation or regulations that affect the validity of certain claims and defenses, the availability of appellate remedies, insurance coverage related to the claim or claims in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matter. Any claim, proceeding, or litigation has an element of uncertainty, and an unfavorable outcome may have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Liabilities Under Tax Receivable Agreements Under the TRAs, Dutch Bros Inc. is contractually committed to pay the non-controlling interest holders 85% of the amount of any tax benefits that Dutch Bros Inc. actually realizes, or in some cases is deemed to realize, as a result of certain transactions. As of December 31, 2025, Dutch Bros Inc. recognized $821.0 million of liabilities related to its obligations under the TRAs. Refer to NOTE 11 — Tax Receivable Agreements for additional information.

Tax Receivable Agreements - Schedule of Changes related to the TRAs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Tax Receivable Agreement, Liability [Roll Forward]
Beginning balance	$ 627,834	$ 290,920
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	202,680	341,161
TRAs payments	(4,698)	0
TRAs remeasurements	(4,767)	(4,247)
Ending balance	821,049	627,834
Less: current portion	(7,696)	(71)
Tax receivable agreements liability, net of current portion	$ 813,353	$ 627,763

Income Taxes - Narrative (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Deferred tax liabilities	$ 0	$ 0
Deferred tax asset, increase related to conversion of units	221,700,000
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	202,680,000	341,161,000
Tax receivable agreement	821,049,000	627,834,000	$ 290,920,000
Income tax interest and penalties accrued	0
Unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Valuation Allowance [Line Items]
Operating loss carryforward	386,900,000
Tax credit carryforward	16,100,000
State and Local Jurisdiction
Valuation Allowance [Line Items]
Operating loss carryforward	248,400,000
Tax credit carryforward	0
Operating loss carryforward subject to expiration	176,600,000
Operating loss carryforward not subject to expiration	$ 71,800,000
Class A common stock
Valuation Allowance [Line Items]
Conversion of stock, shares converted (in shares)		34.7
Class A Common Units
Valuation Allowance [Line Items]
Conversion of stock, shares converted (in shares)	11.3

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	May 29, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Finance obligations	$ 4,162		$ 3,022
Total debt	202,463		238,009
Less: loan origination fees	(2,287)		(943)
Less: current portion	(3,881)		(17,311)
Total long-term debt, net of current portion	196,295		219,755
Secured Debt \| The 2025 Credit Facility
Line of Credit Facility [Line Items]
Term loan under credit facility	148,125		234,688
Line of Credit \| The 2025 Credit Facility
Line of Credit Facility [Line Items]
Less: loan origination fees		$ (1,500)
Line of Credit \| The 2025 Credit Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Term loan under credit facility	50,000		0
Unsecured Debt
Line of Credit Facility [Line Items]
Unsecured note payable	$ 176		$ 299

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Depreciation is computed on a straight-line basis over the following useful lives:


(in years)						Estimated Useful Life
Software						3
Equipment and fixtures						3 - 7
Leasehold improvements						5 - 15 1
Buildings						10 - 39

_________________

1 Lesser of lease term or useful life

Property and equipment, net consisted of the following:



(dollars in thousands)	Useful Life (Years)			December 31, 2025		December 31, 2024
Software	3			$	14,630	$	10,666

Equipment and fixtures	3	—	7	305,116		229,307
Leasehold improvements	5	—	15	68,023		54,535
Buildings	10	—	39	616,299		487,060
Land	N/A			7,022		7,022

Construction-in-progress 1	N/A			75,225		71,951
Property and equipment, gross				1,086,315		860,541
Less: accumulated depreciation				(261,813)		(176,570)
Property and equipment, net				$	824,502	$	683,971

_______________

1 Construction-in-progress primarily consisted of construction and equipment costs for new and existing shops.

Depreciation expense included in our consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	82,850	$	63,707	$	42,807
Selling, general, and administrative		3,339		1,229		1,634
Total depreciation expense		$	86,189	$	64,936	$	44,441

Debt - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	May 29, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Proceeds from line of credit		$ 0	$ 2,449	$ 90,000
Loss on extinguishment of debt		809	0	$ 0
Debt issuance and other costs		2,287	943
Total		202,463
The 2025 & 2022 Credit Facilities \| Line of Credit
Line of Credit Facility [Line Items]
Loss on extinguishment of debt	$ 2,000
The 2025 Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	650,000
Additional borrowing capacity	$ 230,000
Percentage of additional borrowing capacity	80.00%
Fees to intermediaries and other costs	$ 1,200
Debt issuance and other costs	1,500
The 2025 Credit Facility \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity	500,000
Proceeds from line of credit	$ 50,000
Total		50,000
Remaining borrowing capacity		435,800
Line of credit		$ 50,000	0
Interest rate on term loan		5.22%
The 2025 Credit Facility \| Line of Credit \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.20%
The 2025 Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage	0.45%
The 2025 Credit Facility \| Line of Credit \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000
Proceeds from line of credit	150,000
The 2025 Credit Facility \| Line of Credit \| Bridge Loan
Line of Credit Facility [Line Items]
Borrowing capacity	20,000
The 2025 Credit Facility \| Line of Credit \| Letter of Credit
Line of Credit Facility [Line Items]
Borrowing capacity	100,000
Line of credit		$ 14,200
The 2025 Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Total		148,100
Line of credit		$ 148,125	$ 234,688
The 2022 Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Deferred debt issuance cost, writeoff	$ 800

Supplemental Financial Information - Schedule of Employer Matching Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Total employer matching contributions	$ 3,471	$ 2,971	$ 2,341
Cost of sales
Defined Contribution Plan Disclosure [Line Items]
Total employer matching contributions	45	62	60
Selling, general and administrative
Defined Contribution Plan Disclosure [Line Items]
Total employer matching contributions	$ 3,426	$ 2,909	$ 2,281

Other Long-Term Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Less: accumulated amortization	$ (25,539)	$ (24,102)
Reacquired franchise rights, net	1,510	2,947
Goodwill	21,629	21,629
Other	2,385	2,592
Total other long-term assets, net	25,524	27,168
Franchise Rights
Intangible Asset, Acquired, Finite-Lived [Line Items]
Reacquired franchise rights	$ 27,049	$ 27,049
Weighted-average amortization period (in years)	2 years 11 months 4 days	2 years 11 months 8 days

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Organization Realignment and Restructurings (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Related Charges

During the years ended December 31, 2025 and 2024 we recorded restructuring charges for employee-related and other costs in selling, general and administrative expenses on the consolidated statements of operations as follows:


	Year Ended December 31,
(in thousands)		2025		2024
Relocation and travel costs		$	3,288	$	11,403
Termination benefits		4,319		4,146
Total employee-related costs		7,607		15,549

Duplicate rent		244		461
Consulting		387		55
Total other costs		631		2,327
Total restructuring costs incurred		$	8,238	$	17,876

Schedule of Restructuring Liability

The following table summarizes the activity for the restructuring liabilities during the year ended December 31, 2025:


(in thousands)	December 31, 2024		Charges		Cash Payments		December 31, 2025
Relocation and travel costs	$	698	$	3,288	$	(3,818)	$	168
Termination benefits	2,028		4,319		(4,400)		1,947
Total employee-related costs	2,726		7,607		(8,218)		2,115
Duplicate rent	—		244		(244)		—
Consulting	55		387		(433)		9

Total other costs	55		631		(677)		9
Totals	$	2,781	$	8,238	$	(8,895)	$	2,124

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12 — Income Taxes

Our income before income taxes is domestic-sourced only, and was as follows for the periods presented:


	Year Ended December 31,
(in thousands)	2025		2024		2023


Income before income taxes	$	135,623	$	84,885	$	16,919

Our income tax expense consisted of the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Current income taxes
Federal	$	200	$	396	$	193
State and local	530		2,653		844
Total current income taxes	730		3,049		1,037

Deferred tax expense
Federal	13,391		8,520		1,605
State and local	4,227		6,866		4,325
Total deferred income taxes	17,618		15,386		5,930

Income tax expense	$	18,348	$	18,435	$	6,967

Our effective income tax rate differs from the U.S. federal statutory income tax rate as itemized below:


	Year Ended December 31,
	2025		2024		2023
(dollars in thousands)	$	%	$	%	$	%
U.S. federal statutory income tax rate	28,481	21.0	17,826	21.0	3,553	21.0
Domestic state and local income taxes, net of federal effect 1	4,749	3.5	9,497	11.2	4,245	25.1
Domestic federal:
Tax credits:
Tip credit	(6,415)	(4.7)	(4,258)	(5.0)	(2,040)	(12.1)
Other	(243)	(0.2)	(149)	(0.2)	(138)	(0.8)
Nontaxable and nondeductible items:
Income allocable to non-controlling interests not subject to tax	(8,108)	(6.0)	(6,950)	(8.2)	(1,944)	(11.5)
Stock compensation - (windfall) shortfall	(3,267)	(2.4)	257	0.3	644	3.8
Stock compensation - RSAs	—	—	40	—	2,385	14.1
Section 162(m) compensation limitation	1,461	1.1	—	—	122	0.7
TRA remeasurement	(1,001)	(0.7)	(892)	(1.0)	(556)	(3.3)
Tip credit addback	1,380	1.0	884	1.0	423	2.5
Other	271	0.2	913	1.1	249	1.5
Changes in valuation allowance	1,247	0.9	(157)	(0.2)	(57)	(0.3)
Impact of TRA adjustments	359	0.2	965	1.2	(15)	(0.1)
Other	(566)	(0.4)	459	0.5	96	0.6

Total	18,348	13.5	18,435	21.7	6,967	41.2

_________________

1 For the years ended December 31, 2025, 2024 and 2023, domestic state and local income taxes, net of federal effect primarily relate to the state of Oregon.

Our income taxes paid (net of refunds) consisted of the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
U.S. federal	$	54	$	370	$	239





U.S. state and local total	943		1,884		1,492

Total	$	996	$	2,253	$	1,731

Income taxes paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
(in thousands)	2025	2024		2023


Tennessee	*	$	1,276	*
Oregon	545	263		773
Texas	393	217		395

_________________

* Jurisdiction did not exceed the 5% threshold in the period presented.

The components of our deferred tax assets are as follows1:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Investment in Dutch Bros OpCo	$	833,598	$	678,358
Net operating loss carryforwards	94,290		50,862

Credit carryforwards	16,056		9,399
Charitable contribution carryforward	3,030		1,505
Other	1,825		2,865
Total deferred tax assets	948,799		742,989




Less: valuation allowance	(2,228)		(863)
Net deferred tax assets	$	946,571	$	742,126

_________________

1 Certain prior year balances have been reclassified to conform with current year presentation.

We recognize deferred tax assets to the extent, based on available evidence, that it is more-likely-than-not that they will be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent results of operations. For the years ended December 31, 2025 and 2024, we recorded a valuation allowance on our deferred tax assets, primarily related to charitable contributions, of which we do not expect to recognize benefit from in the foreseeable future. We have no deferred tax liabilities.

During 2025, in connection with our Tax Receivable Agreements, deferred tax assets associated with our investment in Dutch Bros OpCo increased $221.7 million due to the exchange of approximately 11.3 million units of our Class A common units for Class A common stock. In addition, during 2025 the TRA liability increased $202.7 million as a result of these exchanges. See NOTE 11 — Tax Receivable Agreements for additional details.

As of December 31, 2025, we had U.S. federal net operating losses of $386.9 million and tax credit carryforwards of approximately $16.1 million. Our federal net operating losses do not expire and tax credits will begin to expire in 2038, if not utilized. As of December 31, 2025, we had $248.4 million of state tax net operating losses and no state tax credits. Of the state tax net operating losses, $176.6 million will begin to expire in 2033 if not utilized and the remaining $71.8 million do not expire.

Utilization of net operating losses, credit carryforwards, and certain deductions may be subject to a substantial annual limitation due to ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The tax benefits related to future utilization of federal and state net operating losses, tax credit carryforwards, and other deferred tax assets may be limited or lost if cumulative changes in ownership exceeds 50% within any three-year period. Additional limitations on the use of these tax attributes could occur in the event of possible disputes arising in examinations from various taxing authorities.

There were no interest and penalties accrued for the three years ended December 31, 2025. We have assessed our tax positions taken and concluded there are no significant uncertain tax positions. We have no unrecognized tax benefits as of December 31, 2025 or 2024, that, if recognized, would affect the amount of income tax expense reported.

We file returns with the Internal Revenue Service and multiple state jurisdictions, which are subject to examination by the taxing authorities for years 2019 and later. The earlier tax years are subject to examination due to the utilization of net operating losses in recent tax years. None of our federal or state income tax returns are currently under examination by federal or state taxing authorities.

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. The OBBBA includes several significant changes in the U.S. tax law, 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 near term cash distributions to the members of Dutch Bros OpCo (including Dutch Bros Inc.), we do not expect the effects of this legislation to have a material impact on the Company’s financial results.

- Definition

The entire disclosure for income tax.

+ References

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Share

The following tables set forth the numerators and denominators used to compute basic and diluted net income per share of Class A and Class D common stock for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Numerator:
Net income		$	117,275	$	66,450	$	9,952

Less: Net income attributable to non-controlling interests		37,433		31,192		8,234
Net income attributable to Dutch Bros Inc.		$	79,842	$	35,258	$	1,718


	Year Ended December 31,
(in thousands, except per share amounts)		2025		2024		2023
Basic net income per share attributable to common stockholders
Numerator:
Net income attributable to Dutch Bros Inc.		$	79,842	$	35,258	$	1,718

Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic ¹		125,329		103,504		62,074




Basic net income per share attributable to common stockholders ¹		$	0.64	$	0.34	$	0.03

_______________


	Year Ended December 31,
(in thousands, except per share amounts)		2025		2024		2023
Diluted net income per share attributable to common stockholders
Numerator:
Undistributed net income for basic computation		$	79,842	$	35,258	$	1,718
Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments		92		110		—
Allocation of undistributed net income		$	79,934	$	35,368	$	1,718

Denominator:
Number of shares used in basic computation		125,329		103,504		62,074
Add: weighted-average effect of dilutive securities
RSAs		—		12		—
RSUs		435		613		—
Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income per share ¹		125,764		104,129		62,074
Diluted net income per share attributable to common stockholders ¹		$	0.64	$	0.34	$	0.03

_______________

Schedule of Common Stock Equivalents were Excluded from Diluted Net Income (loss) Per Share

The following Class A common stock equivalents were excluded from diluted net income per share in the periods presented because they were anti-dilutive:


	Year Ended December 31,
(in thousands)		2025	2024	2023
RSAs		—	—	1,283
RSUs		218	90	648
PSUs		51	—	—
Total anti-dilutive securities		269	90	1,931

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net

Depreciation is computed on a straight-line basis over the following useful lives:


(in years)						Estimated Useful Life
Software						3
Equipment and fixtures						3 - 7
Leasehold improvements						5 - 15 1
Buildings						10 - 39

_________________

1 Lesser of lease term or useful life

Property and equipment, net consisted of the following:



(dollars in thousands)	Useful Life (Years)			December 31, 2025		December 31, 2024
Software	3			$	14,630	$	10,666

Equipment and fixtures	3	—	7	305,116		229,307
Leasehold improvements	5	—	15	68,023		54,535
Buildings	10	—	39	616,299		487,060
Land	N/A			7,022		7,022

Construction-in-progress 1	N/A			75,225		71,951
Property and equipment, gross				1,086,315		860,541
Less: accumulated depreciation				(261,813)		(176,570)
Property and equipment, net				$	824,502	$	683,971

_______________

1 Construction-in-progress primarily consisted of construction and equipment costs for new and existing shops.

Depreciation expense included in our consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	82,850	$	63,707	$	42,807
Selling, general, and administrative		3,339		1,229		1,634
Total depreciation expense		$	86,189	$	64,936	$	44,441

Income Taxes - Schedule of Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Investment in Dutch Bros OpCo	$ 833,598	$ 678,358
Net operating loss carryforwards	94,290	50,862
Credit carryforwards	16,056	9,399
Charitable contribution carryforward	3,030	1,505
Other	1,825	2,865
Total deferred tax assets	948,799	742,989
Less: valuation allowance	(2,228)	(863)
Net deferred tax assets	$ 946,571	$ 742,126

Non-Controlling Interests - Schedule of Ownership Interest (Details) - shares	Dec. 31, 2025	Feb. 07, 2025	Dec. 31, 2024
Noncontrolling Interest [Line Items]
Unit conversion ratio (in shares)		1
Class A common stock \| Public Stock Offering - Shares From Continuing Members
Noncontrolling Interest [Line Items]
Unit conversion ratio (in shares)	1
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	127,054,000
Percentage of class A common units held by Dutch Bros.	71.60%
Dutch Bros OpCo Class A common units held by Dutch Bros Inc. \| Class A common stock
Noncontrolling Interest [Line Items]
Unit conversion ratio (in shares)	1		1
Dutch Bros OpCo Class A common units held by non-controlling interest holders
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	50,481,000
Dutch Bros OpCo Class A common units held by non-controlling interest holders	28.40%
Dutch Bros OpCo Class A common units held by non-controlling interest holders \| Class A common stock
Noncontrolling Interest [Line Items]
Noncontrolling interest, shares decoupled (in shares)	13,000,000
Total Dutch Bros OpCo Class A common units outstanding
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	177,535,000
Ownership %	100.00%

Income Per Share - Schedule of Common Stock Equivalents were Excluded from Diluted Net Income (Loss) Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	269	90	1,931
RSAs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	0	0	1,283
RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	218	90	648
PSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	51	0	0

Leases - Schedule of Finance and Operating Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets [Abstract]
Finance lease, right-of-use asset	$ 406,381	$ 374,623
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets, net	Lease right-of-use assets, net
Operating lease, right-of-use asset	$ 448,958	$ 315,256
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets, net	Lease right-of-use assets, net
Lease right-of-use assets, net	$ 855,339	$ 689,879
Lease Liability, Current [Abstract]
Finance lease, liability, current	$ 17,298	$ 13,256
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of lease liabilities	Current portion of lease liabilities
Operating lease, liability, current	$ 19,168	$ 13,979
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of lease liabilities	Current portion of lease liabilities
Current portion of lease liabilities	$ 36,466	$ 27,235
Lease Liability, Noncurrent [Abstract]
Finance lease, liability, noncurrent	$ 402,697	$ 369,297
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, net of current portion	Lease liabilities, net of current portion
Operating lease, liability, noncurrent	$ 449,683	$ 309,311
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, net of current portion	Lease liabilities, net of current portion
Lease liabilities, net of current portion	$ 852,380	$ 678,608
Total lease liabilities	$ 888,846	$ 705,843

Other Long-Term Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Assets, Noncurrent

The details of other long-term assets were as follows:



(dollars in thousands)	December 31, 2025		December 31, 2024
Reacquired franchise rights1	$	27,049	$	27,049
Less: accumulated amortization	(25,539)		(24,102)
Reacquired franchise rights, net	1,510		2,947
Goodwill	21,629		21,629
Other	2,385		2,592
Total other long-term assets, net	$	25,524	$	27,168

_______________

1 Weighted-average amortization periods (in years) were 2.93 and 2.94 for the years ended December 31, 2025 and 2024, respectively.

Schedule of Intangible Assets Amortization Expense

Amortization expense of reacquired franchise rights included in our consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	1,437	$	2,468	$	3,389

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense of the reacquired franchise rights as of December 31, 2025 is as follows:


(in thousands)

2026	682
2027	383
2028	247
2029	153
2030	42
Thereafter	3
Total	$	1,510

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Tax receivable agreement, contractually committed amount, percentage	85.00%
Tax receivable agreement	$ 821,049	$ 627,834	$ 290,920
Property Lease Guarantee
Other Commitments [Line Items]
Guarantor obligation in franchise lease payment	$ 7,800	$ 8,200

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Distributions and TRA payments to Co-Founder and Sponsor	$ 6,867	$ 1,888	$ 0
Related Party
Related Party Transaction [Line Items]
Distributions and TRA payments to Co-Founder and Sponsor	11,565	1,888	0
Sales price	0	9,545	0
Net book value	0	8,243	0
Gain on disposal of Aircraft	0	1,302	0
Donations to Dutch Bros Foundation	$ 4,250	$ 4,250	$ 250

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	Dec. 31, 2025
Software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	39 years

Organization Realignment and Restructurings - Schedule of Restructuring Related Charges (Details) - Organization Realignment and Restructuring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Total other costs	$ 631	$ 2,327
Total restructuring costs incurred	$ 8,238	17,876
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Relocation and travel costs
Restructuring Cost and Reserve [Line Items]
Total employee-related costs	$ 3,288	11,403
Total restructuring costs incurred	3,288
Termination benefits
Restructuring Cost and Reserve [Line Items]
Total employee-related costs	4,319	4,146
Total restructuring costs incurred	4,319
Total employee-related costs
Restructuring Cost and Reserve [Line Items]
Total employee-related costs	7,607	15,549
Total restructuring costs incurred	7,607
Duplicate rent
Restructuring Cost and Reserve [Line Items]
Total other costs	244	461
Total restructuring costs incurred	244
Consulting
Restructuring Cost and Reserve [Line Items]
Total other costs	387	$ 55
Total restructuring costs incurred	$ 387

Organization Realignment and Restructurings

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Organization Realignment and Restructurings

NOTE 4 — Organization Realignment and Restructurings

On January 29, 2024, our Board of Directors approved an organizational realignment and restructuring plan to expand support operations at our Phoenix, Arizona office. As part of this large-scale initiative, we relocated certain support center staff from our Grants Pass, Oregon headquarters to the Phoenix office. As of March 31, 2025, this initiative was substantially complete, including the build-out and move into our new Phoenix office location. We incurred total aggregate charges of approximately $19.1 million related to this initiative, consisting of (i) approximately $16.6 million in employee-related costs, including relocation, retention and transition costs, termination benefits, and duplicate transition wages and benefits; and (ii) approximately $2.5 million in other costs, including the donation of a building, consulting fees, and duplicate rent. Substantially all of the charges have resulted in current or expected future cash expenditures.

On May 13, 2025, our Board of Directors approved the plan for an additional restructuring program, primarily related to the relocation and streamlining of our remaining back-office operations from our former Grants Pass, Oregon headquarters to our newly-designated Phoenix office corporate headquarters. Affected employees were either offered an opportunity to relocate and continue employment in the Phoenix office or were offered a severance package; these communications were largely completed by May 20, 2025. During the year ended December 31, 2025, we incurred approximately $7.0 million in charges for this program and expect to incur total aggregate charges of approximately $9.0 million through completion, consisting of (i) employee-related costs, including relocation, retention and transition costs, termination benefits, and duplicate transition wages and benefits; and (ii) other costs, including consulting fees. As of December 31, 2025, substantially all of our headquarters employees have been relocated to our Phoenix office. We expect this program to be completed by the end of the second quarter of 2026.


	Year Ended December 31,
(in thousands)		2025		2024
Relocation and travel costs		$	3,288	$	11,403
Termination benefits		4,319		4,146
Total employee-related costs		7,607		15,549

Duplicate rent		244		461
Consulting		387		55
Total other costs		631		2,327
Total restructuring costs incurred		$	8,238	$	17,876

As of December 31, 2025 and 2024, the accruals for corporate restructuring costs are included in accounts payable, and other current liabilities on the consolidated balance sheets. The following table summarizes the activity for the restructuring liabilities during the year ended December 31, 2025:


(in thousands)	December 31, 2024		Charges		Cash Payments		December 31, 2025
Relocation and travel costs	$	698	$	3,288	$	(3,818)	$	168
Termination benefits	2,028		4,319		(4,400)		1,947
Total employee-related costs	2,726		7,607		(8,218)		2,115
Duplicate rent	—		244		(244)		—
Consulting	55		387		(433)		9

Total other costs	55		631		(677)		9
Totals	$	2,781	$	8,238	$	(8,895)	$	2,124

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information for Reportable Segments

Financial information for our reportable segments was as follows for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Revenues
Company-operated shops		$	1,509,329	$	1,165,830	$	857,939
Franchising and other		128,830		115,185		107,837
Total revenues		1,638,159		1,281,015		965,776
Cost of sales
Company-operated shops
Beverage, food & packaging		390,331		296,752		230,133
Labor costs		405,932		315,805		230,505
Occupancy & other costs		251,106		191,372		140,895
Pre-opening costs		25,355		15,133		14,083

Franchising and other		29,736		30,100		31,378
Segment cost of sales1		1,102,460		849,162		646,994
Segment contribution
Company-operated shops		436,605		346,768		242,323
Franchising and other		99,094		85,085		76,459
Total segment contribution		$	535,699	$	431,853	$	318,782





Segment depreciation and amortization		(111,753)		(91,724)		(67,486)


Selling, general and administrative		(262,766)		(234,036)		(205,074)
Interest expense, net		(28,305)		(27,020)		(32,321)
Other income, net		2,748		5,812		3,018
Income before income taxes		$	135,623	$	84,885	$	16,919

__________________

1 Segment cost of sales for this presentation excludes the impact of depreciation and amortization.

Leases - Schedule of Lease Terms and Discount Rates for Finance and Operating Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (years), Finance leases	14 years 6 months	15 years 3 months 18 days
Weighted-average remaining lease term (years), Operating leases	15 years 6 months	15 years 6 months
Weighted-average discount rate (percentages), Finance leases	6.00%	6.00%
Weighted-average discount rate (percentages), Operating leases	6.30%	5.90%

Non-Controlling Interests - Schedule of Changes in Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Net income attributable to Dutch Bros Inc.	$ 79,842	$ 35,258	$ 1,718
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	(1,059)	(339)	(965)
Additional paid-in capital:
Increase as a result of equity-based compensation	12,794	6,980	15,177
Increase (decrease) as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax	(8,850)	1,743	(661)
Increase (decrease) as a result of the acquisition of Dutch Bros OpCo Class A common units	41,193	115,989	(158,152)
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.	124,399	160,054	(142,187)
Accumulated Other Comprehensive Income
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	$ (580)	$ 84	$ (269)

Equity-Based Compensation - Schedule of PSU Activity (Details) - PSUs shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Beginning balance (in shares) \| shares	0
New grants (in shares) \| shares	63
Forfeitures (in shares) \| shares	(8)
Ending balance (in shares) \| shares	55
Weighted-average grant date fair value per share
Beginning balance (in dollars per share) \| $ / shares	$ 0
Estimated grant date fair value (in dollars per share) \| $ / shares	132.96
Forfeitures (in dollars per share) \| $ / shares	132.96
Ending balance (in dollars per share) \| $ / shares	$ 132.96

Income Per Share - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Numerator:

Undistributed net income for basic computation

$ 79,842

$ 35,258

$ 1,718

Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments

110

Allocation of undistributed net income

$ 79,934

$ 35,368

$ 1,718

Denominator:

Number of shares used in basic computation (in shares)

^[1]

125,329

103,504

62,074

Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income per share (in shares)

^[1]

125,764

104,129

62,074

Basic net income per share attributable to common stockholders (in dollars per share)

^[1]

$ 0.64

$ 0.34

$ 0.03

Diluted net income per share attributable to common stockholders (in dollars per share)

^[1]

$ 0.64

$ 0.34

$ 0.03

RSAs

Denominator:

Weighted-average effect of dilutive securities, restricted stock (in shares)

RSUs

Denominator:

Weighted-average effect of dilutive securities, restricted stock (in shares)

435

613

[1]	1 Class D common shares were included in net income per share and weighted-average number of shares calculations in periods prior to June 2024. As of June 2024, all Class D common shares were converted to Class A common shares.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2025 and December 31, 2024 is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2025		December 31, 2024
Right-of-use assets
Finance leases		$	406,381	$	374,623
Operating leases		448,958		315,256
	Lease right-of-use assets, net	$	855,339	$	689,879

Lease liabilities
Current lease liabilities
Finance leases		$	17,298	$	13,256
Operating leases		19,168		13,979
	Current portion of lease liabilities	36,466		27,235

Non-current lease liabilities
Finance leases		402,697		369,297
Operating leases		449,683		309,311
	Lease liabilities, net of current portion	852,380		678,608
Total lease liabilities		$	888,846	$	705,843

The components of lease costs, excluding short-term lease costs and sublease income (both immaterial for the periods presented), were as follows:


	Statements of Operations Classification	Year Ended December 31,
(in thousands)			2025		2024		2023
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	27,467	$	25,551	$	21,290
Amortization of right-of-use assets	Selling, general, and administrative		40		50		15
Interest on lease liabilities	Interest expense		23,289		22,053		17,516
Total finance lease costs			50,796		47,654		38,821

Operating lease costs
Lease expenses	Cost of sales		40,829		28,703		19,385
Lease expenses	Selling, general, and administrative		2,835		1,646		55
Total operating lease costs			43,664		30,349		19,440



Variable lease costs	Cost of sales		9,652		6,874		5,216
Total lease costs			$	104,112	$	84,877	$	63,477

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2025 are as follows:


(in thousands)	Finance		Operating

2026	$	41,575	$	35,367
2027	40,644		46,409
2028	41,786		45,965
2029	42,715		46,706
2030	43,118		47,384
Thereafter	431,664		544,593
Total	$	641,502	$	766,424
Less: imputed interest	(221,507)		(297,573)
Present value of minimum lease payments	419,995		468,851
Less: current portion	(17,298)		(19,168)
Lease liabilities, net of current portion	$	402,697	$	449,683

A summary of lease terms and discount rates for finance and operating leases is as follows:


	December 31, 2025	December 31, 2024
Weighted-average remaining lease term (years)
Finance leases	14.5	15.3
Operating leases	15.5	15.5

Weighted-average discount rate (percentages)
Finance leases	6.0%	6.0%
Operating leases	6.3%	5.9%

Supplemental cash flow information related to leases is as follows for the periods presented:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	23,289	$	22,053	$	17,516
Operating cash flows from operating leases1	25,316		22,127		17,167
Financing cash flows from finance leases	16,105		10,541		12,432
Right-of-use assets obtained in exchange for lease obligations
Finance leases	53,547		15,838		144,588
Operating leases	148,332		130,059		40,253

_______________

1 For the year ended December 31, 2025, the amount presented is net of a $5.4 million tenant improvement allowance received from the landlord related to our Arizona headquarters office lease.

Leases

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2025 and December 31, 2024 is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2025		December 31, 2024
Right-of-use assets
Finance leases		$	406,381	$	374,623
Operating leases		448,958		315,256
	Lease right-of-use assets, net	$	855,339	$	689,879

Lease liabilities
Current lease liabilities
Finance leases		$	17,298	$	13,256
Operating leases		19,168		13,979
	Current portion of lease liabilities	36,466		27,235

Non-current lease liabilities
Finance leases		402,697		369,297
Operating leases		449,683		309,311
	Lease liabilities, net of current portion	852,380		678,608
Total lease liabilities		$	888,846	$	705,843

The components of lease costs, excluding short-term lease costs and sublease income (both immaterial for the periods presented), were as follows:


	Statements of Operations Classification	Year Ended December 31,
(in thousands)			2025		2024		2023
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	27,467	$	25,551	$	21,290
Amortization of right-of-use assets	Selling, general, and administrative		40		50		15
Interest on lease liabilities	Interest expense		23,289		22,053		17,516
Total finance lease costs			50,796		47,654		38,821

Operating lease costs
Lease expenses	Cost of sales		40,829		28,703		19,385
Lease expenses	Selling, general, and administrative		2,835		1,646		55
Total operating lease costs			43,664		30,349		19,440



Variable lease costs	Cost of sales		9,652		6,874		5,216
Total lease costs			$	104,112	$	84,877	$	63,477

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2025 are as follows:


(in thousands)	Finance		Operating

2026	$	41,575	$	35,367
2027	40,644		46,409
2028	41,786		45,965
2029	42,715		46,706
2030	43,118		47,384
Thereafter	431,664		544,593
Total	$	641,502	$	766,424
Less: imputed interest	(221,507)		(297,573)
Present value of minimum lease payments	419,995		468,851
Less: current portion	(17,298)		(19,168)
Lease liabilities, net of current portion	$	402,697	$	449,683

A summary of lease terms and discount rates for finance and operating leases is as follows:


	December 31, 2025	December 31, 2024
Weighted-average remaining lease term (years)
Finance leases	14.5	15.3
Operating leases	15.5	15.5

Weighted-average discount rate (percentages)
Finance leases	6.0%	6.0%
Operating leases	6.3%	5.9%

Supplemental cash flow information related to leases is as follows for the periods presented:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	23,289	$	22,053	$	17,516
Operating cash flows from operating leases1	25,316		22,127		17,167
Financing cash flows from finance leases	16,105		10,541		12,432
Right-of-use assets obtained in exchange for lease obligations
Finance leases	53,547		15,838		144,588
Operating leases	148,332		130,059		40,253

_______________

1 For the year ended December 31, 2025, the amount presented is net of a $5.4 million tenant improvement allowance received from the landlord related to our Arizona headquarters office lease.

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of Ownership Interest

The following table summarizes the ownership interest in Dutch Bros OpCo¹:


	December 31, 2025
(units in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	127,054	71.6	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders2	50,481	28.4	%
Total Dutch Bros OpCo Class A common units outstanding	177,535	100.0	%

_______________

1 Dutch Bros OpCo effected a recapitalization on February 7, 2025. For additional information, refer to NOTE 1 — Organization and Background.

2 Non-controlling interest ownership includes approximately 13 million Class A common units that were decoupled from Class B common shares; these units can be converted on a one-for-one basis to Class A common stock.

Schedule of Changes in Ownership

The following table summarizes the effect of changes in ownership of Dutch Bros OpCo on our equity for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Net income attributable to Dutch Bros Inc.		$	79,842	$	35,258	$	1,718
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts		(580)		84		(269)
Additional paid-in capital:


Increase as a result of equity-based compensation		12,794		6,980		15,177
Increase (decrease) as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax		(8,850)		1,743		(661)

Increase (decrease) as a result of the acquisition of Dutch Bros OpCo Class A common units		41,193		115,989		(158,152)
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.		$	124,399	$	160,054	$	(142,187)

Schedule of Non-Controlling Interest Holders' Weighted-Average Ownership Percentage

The non-controlling interest holders’ weighted-average ownership percentage were as follows for the periods presented:


	Year Ended December 31,
		2025		2024		2023
Weighted-average ownership percentage of non-controlling interest holders		29.4	%	41.6	%	62.8	%

Schedule of Payments to Noncontrolling Interests

Such distributions paid to members were as follows for the periods presented, and no amounts were payable as of the periods then ended.


	Year Ended December 31,
(in thousands)		2025		2024		2023
Amounts paid to non-controlling interest holders		$	6,867	$	1,888	$	—

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 3,881
2027	5,670
2028	7,500
2029	11,250
2030	170,000
Thereafter	4,162
Total	$ 202,463

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Leases - Schedule of Supplemental Cash Flow Information Regarding Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 23,289	$ 22,053	$ 17,516
Operating cash flows from operating leases	25,316	22,127	17,167
Financing cash flows from finance leases	16,105	10,541	12,432
Right-of-use assets obtained in exchange for lease obligations
Finance leases	53,547	15,838	144,588
Operating leases	148,332	$ 130,059	$ 40,253
Payments for tenant improvements	$ 5,400

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on information technology networks and systems and data processing to manage a variety of business processes and activities, including, without limitation, to process customer payments and conduct our marketing efforts. We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic, or competitive in nature, and customer data. We utilize certain third-party service providers to perform a variety of functions, such as outsourcing certain business critical functions, augmenting staff for after-hours support, help tracking chain of custody for physical PCI devices for our shops, providing applications, hosting our systems, distributing our products, property management, providing cloud-based infrastructure, data center facilities, encryption and authentication technology, supporting corporate productivity services, and other functions. Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, for certain service providers, our vendor management process includes reviewing the cybersecurity practices of certain providers, contractually imposing obligations on certain providers related to the services they provide and/or the information they process, conducting security vulnerability assessments, requiring providers to complete written questionnaires regarding their services and data handling practices, conducting periodic re-assessments during their engagement, using a third party vendor management security company to provide certain ongoing monitoring, or annually collecting certain information security-related compliance documentation and reports. Our assessment and management of material risks from cybersecurity threats are considered in the Company’s overall risk management processes. For example, the Company maintains various policies and procedures related to information security, including, for example, an Incident Response Policy and a Cybersecurity Incident Reporting Policy and an AI working group that analyzes the potential risks in connection with the Company’s use of generative AI technologies and/or automated decision-making tools. We identify cybersecurity threats as part of our risk management processes, including (depending on the environment or systems) through internal monitoring, monitoring the threat environment using manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environments, evaluating our and our industry’s risk profile, evaluating threats reported to us, conducting threat assessments for internal and external threats, and conducting security vulnerability assessments to identify vulnerabilities. Our information technology team is responsible for identifying, assessing, and managing the Company’s cybersecurity threats and risks under the oversight of our Chief Information Security Officer. This team works with third parties from time to time to help identify, assess, and manage cybersecurity risks, including professional services firms and other vendors. Based on our assessment process, we implement and maintain various technical, physical, and organizational measures designed to manage and mitigate cybersecurity risks and potential material impacts. Depending on the environment or systems, we implement measures designed to prevent, detect, respond to, mitigate, and recover from identified and significant cybersecurity threats. The risk management and reduction measures we implement for certain of our environments or systems include: policies and procedures designed to address cybersecurity threats, including an incident response policy, acceptable use policy, and vulnerability management policy; internal and/or external security audit assessments of select environments to assess our exposure to cybersecurity threats, compliance with risk mitigation procedures, and the effectiveness of relevant controls; documented risk assessments; encryption of certain data; network security controls in certain systems; physical and electronic access controls in certain environments; asset management, tracking and disposal; systems monitoring of certain systems; employee security training; penetration testing of certain environments; maintaining cyber insurance; and a dedicated cybersecurity leader. Our business, results of operations, financial condition, or reputation could be materially affected as a result of certain risks from cybersecurity threats, including for example, due to: the cost of and modification of business activities and implementation of security measures; system failure, data loss, fraud or theft; disruptions, including in operations; delays in remediation of high risk or critical vulnerabilities; costs of notices and other disclosures that may be required by applicable data privacy and security obligations; or our inability to recover such costs under insurance policies or contractual rights. See "Risks Related to Our Business" in Item 1A, Risk Factors for more information and a description of the risks from cybersecurity threats that materially affect the Company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic, or competitive in nature, and customer data.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit and Risk Committee of the board of directors is responsible for oversight of the Company’s processes and policies for enterprise risk identification, management, and assessment, including certain risks around data privacy, technology, and information security.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit and Risk Committee of the board of directors is responsible for oversight of the Company’s processes and policies for enterprise risk identification, management, and assessment, including certain risks around data privacy, technology, and information security.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including reporting certain incidents to a cross-functional group responsible for making ongoing assessments of reported incidents. This group is led by our Chief Legal Officer and Chief Information Security Officer, and includes members of our standing Disclosure Committee. The Chief Legal Officer is responsible for informing the Audit and Risk Committee regarding certain significant cybersecurity threats and risks, and meets with the Audit and Risk Committee periodically or at special meetings to review and discuss issues. Additionally, our Chief Legal Officer oversees an annual enterprise risk assessment that addresses certain applicable cybersecurity risks, the results of which are presented to the Audit and Risk Committee. We also engage a third party consulting firm to assist with our annual enterprise risk assessment. Our Chief Legal Officer works with the Board, senior management, others at various levels of the organization, and our outside advisors to help identify, assess, and validate the Company’s top risks, taking into account past risk mitigation activities and future plans. Under our Cybersecurity Incident Reporting Policy, the Chief Legal Officer is also responsible for communicating to the Audit and Risk Committee the activities of the Company related to the assessments and reporting of potentially significant cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]	The Audit and Risk Committee of the board of directors is responsible for oversight of the Company’s processes and policies for enterprise risk identification, management, and assessment, including certain risks around data privacy, technology, and information security. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Chief Information Security Officer, who has over 20 years of experience designing, building, and executing teams and programs in the cybersecurity field, in both leadership and hands-on technical positions across numerous industries including retail, software and technology, medical device manufacturing, and cyber advisory and audit services. Our Chief Information Security Officer is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our Chief Information Security Officer and his team are responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including reporting certain incidents to a cross-functional group responsible for making ongoing assessments of reported incidents. This group is led by our Chief Legal Officer and Chief Information Security Officer, and includes members of our standing Disclosure Committee. The Chief Legal Officer is responsible for informing the Audit and Risk Committee regarding certain significant cybersecurity threats and risks, and meets with the Audit and Risk Committee periodically or at special meetings to review and discuss issues. Additionally, our Chief Legal Officer oversees an annual enterprise risk assessment that addresses certain applicable cybersecurity risks, the results of which are presented to the Audit and Risk Committee. We also engage a third party consulting firm to assist with our annual enterprise risk assessment. Our Chief Legal Officer works with the Board, senior management, others at various levels of the organization, and our outside advisors to help identify, assess, and validate the Company’s top risks, taking into account past risk mitigation activities and future plans. Under our Cybersecurity Incident Reporting Policy, the Chief Legal Officer is also responsible for communicating to the Audit and Risk Committee the activities of the Company related to the assessments and reporting of potentially significant cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Chief Information Security Officer, who has over 20 years of experience designing, building, and executing teams and programs in the cybersecurity field, in both leadership and hands-on technical positions across numerous industries including retail, software and technology, medical device manufacturing, and cyber advisory and audit services.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	who has over 20 years of experience designing, building, and executing teams and programs in the cybersecurity field, in both leadership and hands-on technical positions across numerous industries including retail, software and technology, medical device manufacturing, and cyber advisory and audit services.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including reporting certain incidents to a cross-functional group responsible for making ongoing assessments of reported incidents. This group is led by our Chief Legal Officer and Chief Information Security Officer, and includes members of our standing Disclosure Committee. The Chief Legal Officer is responsible for informing the Audit and Risk Committee regarding certain significant cybersecurity threats and risks, and meets with the Audit and Risk Committee periodically or at special meetings to review and discuss issues. Additionally, our Chief Legal Officer oversees an annual enterprise risk assessment that addresses certain applicable cybersecurity risks, the results of which are presented to the Audit and Risk Committee. We also engage a third party consulting firm to assist with our annual enterprise risk assessment. Our Chief Legal Officer works with the Board, senior management, others at various levels of the organization, and our outside advisors to help identify, assess, and validate the Company’s top risks, taking into account past risk mitigation activities and future plans. Under our Cybersecurity Incident Reporting Policy, the Chief Legal Officer is also responsible for communicating to the Audit and Risk Committee the activities of the Company related to the assessments and reporting of potentially significant cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Derivative Financial Instrument - Schedule of Fair Value Derivative Instruments Included in Condensed Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative instrument designated as cash flow hedge	$ 502	$ 1,785
Interest rate swap contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Prepaid expenses and other current assets	466	953
Other long-term assets	$ 36	$ 832

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Finance and Operation Lease Right-of-Use Assets and Lease Liabilities / Lease Terms and Discount Rates for Finance and Operating Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2025 and December 31, 2024 is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2025		December 31, 2024
Right-of-use assets
Finance leases		$	406,381	$	374,623
Operating leases		448,958		315,256
	Lease right-of-use assets, net	$	855,339	$	689,879

Lease liabilities
Current lease liabilities
Finance leases		$	17,298	$	13,256
Operating leases		19,168		13,979
	Current portion of lease liabilities	36,466		27,235

Non-current lease liabilities
Finance leases		402,697		369,297
Operating leases		449,683		309,311
	Lease liabilities, net of current portion	852,380		678,608
Total lease liabilities		$	888,846	$	705,843

A summary of lease terms and discount rates for finance and operating leases is as follows:


	December 31, 2025	December 31, 2024
Weighted-average remaining lease term (years)
Finance leases	14.5	15.3
Operating leases	15.5	15.5

Weighted-average discount rate (percentages)
Finance leases	6.0%	6.0%
Operating leases	6.3%	5.9%

Schedule of Components of Lease Cost

The components of lease costs, excluding short-term lease costs and sublease income (both immaterial for the periods presented), were as follows:


	Statements of Operations Classification	Year Ended December 31,
(in thousands)			2025		2024		2023
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	27,467	$	25,551	$	21,290
Amortization of right-of-use assets	Selling, general, and administrative		40		50		15
Interest on lease liabilities	Interest expense		23,289		22,053		17,516
Total finance lease costs			50,796		47,654		38,821

Operating lease costs
Lease expenses	Cost of sales		40,829		28,703		19,385
Lease expenses	Selling, general, and administrative		2,835		1,646		55
Total operating lease costs			43,664		30,349		19,440



Variable lease costs	Cost of sales		9,652		6,874		5,216
Total lease costs			$	104,112	$	84,877	$	63,477

Schedule of Future Minimum Lease Payments for Financing Lease Liabilities

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2025 are as follows:


(in thousands)	Finance		Operating

2026	$	41,575	$	35,367
2027	40,644		46,409
2028	41,786		45,965
2029	42,715		46,706
2030	43,118		47,384
Thereafter	431,664		544,593
Total	$	641,502	$	766,424
Less: imputed interest	(221,507)		(297,573)
Present value of minimum lease payments	419,995		468,851
Less: current portion	(17,298)		(19,168)
Lease liabilities, net of current portion	$	402,697	$	449,683

Schedule of Future Minimum Lease Payments for Operating Lease Liabilities

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2025 are as follows:


(in thousands)	Finance		Operating

2026	$	41,575	$	35,367
2027	40,644		46,409
2028	41,786		45,965
2029	42,715		46,706
2030	43,118		47,384
Thereafter	431,664		544,593
Total	$	641,502	$	766,424
Less: imputed interest	(221,507)		(297,573)
Present value of minimum lease payments	419,995		468,851
Less: current portion	(17,298)		(19,168)
Lease liabilities, net of current portion	$	402,697	$	449,683

Schedule of Income Taxes Paid (Net Of Refunds)

Supplemental cash flow information related to leases is as follows for the periods presented:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	23,289	$	22,053	$	17,516
Operating cash flows from operating leases1	25,316		22,127		17,167
Financing cash flows from finance leases	16,105		10,541		12,432
Right-of-use assets obtained in exchange for lease obligations
Finance leases	53,547		15,838		144,588
Operating leases	148,332		130,059		40,253

_______________

1 For the year ended December 31, 2025, the amount presented is net of a $5.4 million tenant improvement allowance received from the landlord related to our Arizona headquarters office lease.

Our income taxes paid (net of refunds) consisted of the following:


	Year Ended December 31,
(in thousands)	2025		2024		2023
U.S. federal	$	54	$	370	$	239





U.S. state and local total	943		1,884		1,492

Total	$	996	$	2,253	$	1,731

Income taxes paid (net of refunds) exceeded five percent of total income taxes paid (net of refunds) in the following jurisdictions:


	Year Ended December 31,
(in thousands)	2025	2024		2023


Tennessee	*	$	1,276	*
Oregon	545	263		773
Texas	393	217		395

_________________

* Jurisdiction did not exceed the 5% threshold in the period presented.

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit)	$ (224)	$ (83)	$ 10

Consolidated Statements of Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Unrealized (loss) gain on derivative securities, effective portion, net of income tax (benefit) expense	$ (224)	$ (83)	$ 10

Equity-Based Compensation - Schedule of Total Unrecognized Stock Based Compensation Related to Unvested Stock Awards (Details) - RSUs $ in Thousands	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2026	$ 16,603
2027	11,014
2028	2,786
Total unrecognized stock-based compensation	$ 30,403

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 269,404	$ 293,354
Accounts receivable, net	18,387	10,598
Inventories, net	48,917	36,488
Prepaid expenses and other current assets	20,670	17,501
Total current assets	357,378	357,941
Property and equipment, net	824,502	683,971
Lease right-of-use assets, net	855,339	689,879
Deferred income tax assets, net	946,571	742,126
Other long-term assets	25,524	27,168
Total assets	3,009,314	2,501,085
Current liabilities:
Accounts payable	37,625	32,225
Other current liabilities	99,173	83,361
Deferred revenue	55,658	42,868
Current portion of tax receivable agreements liability	7,696	71
Current portion of lease liabilities	36,466	27,235
Current portion of long-term debt	3,881	17,311
Total current liabilities	240,499	203,071
Deferred revenue, net of current portion	8,918	8,015
Lease liabilities, net of current portion	852,380	678,608
Long-term debt, net of current portion	196,295	219,755
Tax receivable agreements liability, net of current portion	813,353	627,763
Other long-term liabilities	0	8
Total liabilities	2,111,445	1,737,220
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	581,261	517,074
Accumulated other comprehensive income	48	628
Retained earnings	99,508	19,666
Total stockholders' equity attributable to Dutch Bros Inc.	680,818	537,369
Non-controlling interests	217,051	226,496
Total equity	897,869	763,865
Total liabilities and equity	3,009,314	2,501,085
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	0	0
Class C common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Non-Controlling Interests - Narrative (Details) - shares	Dec. 31, 2025	Feb. 07, 2025
Noncontrolling Interest [Line Items]
Number of shares issued in reorganization transaction (in shares)		1
Class A common stock \| Public Stock Offering - Shares From Continuing Members
Noncontrolling Interest [Line Items]
Number of shares issued in reorganization transaction (in shares)	1

Supplemental Financial Information - Schedule of Other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Accrued compensation and benefits	$ 50,314	$ 49,778
Sales, use and property taxes payable	15,354	4,667
Other accrued liabilities	33,505	28,916
Other current liabilities	$ 99,173	$ 83,361

Segment Reporting - Schedule of Financial Information for Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 1,638,159	$ 1,281,015	$ 965,776
Cost of sales	1,214,213	940,886	714,480
Segment depreciation and amortization	(115,133)	(93,005)	(69,135)
Selling, general and administrative	(262,766)	(234,036)	(205,074)
Interest expense, net	(28,305)	(27,020)	(32,321)
Other income, net	2,748	5,812	3,018
Income before income taxes	135,623	84,885	16,919
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	1,638,159	1,281,015	965,776
Cost of sales	1,102,460	849,162	646,994
Segment contribution	535,699	431,853	318,782
Segment depreciation and amortization	(111,753)	(91,724)	(67,486)
Company-operated shops
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	1,509,329	1,165,830	857,939
Company-operated shops \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	1,509,329	1,165,830	857,939
Segment contribution	436,605	346,768	242,323
Company-operated shops \| Operating Segments \| Beverage, food & packaging
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of sales	390,331	296,752	230,133
Company-operated shops \| Operating Segments \| Labor costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of sales	405,932	315,805	230,505
Company-operated shops \| Operating Segments \| Occupancy & other costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of sales	251,106	191,372	140,895
Company-operated shops \| Operating Segments \| Pre-opening costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of sales	25,355	15,133	14,083
Franchising and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	128,830	115,185	107,837
Franchising and other \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	128,830	115,185	107,837
Cost of sales	29,736	30,100	31,378
Segment contribution	$ 99,094	$ 85,085	$ 76,459

Tax Receivable Agreements

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Tax Receivable Agreements

NOTE 11 — Tax Receivable Agreements

The changes related to our TRAs liability were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Beginning balance	$	627,834	$	290,920
Additions (reductions) to TRAs:
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	202,680		341,161
TRAs payments	(4,698)		—
TRAs remeasurements 1	(4,767)		(4,247)

Ending balance	$	821,049	$	627,834
Less: current portion	(7,696)		(71)
TRAs liability, net of current portion	$	813,353	$	627,763

_________________

1 Impact primarily related to state tax rates and adjustments from previous estimates upon finalization of the tax attributes subject to the TRA.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

Related party transactions were as follows for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Distributions and TRA payments to Co-Founder and Sponsor ¹		$	11,565	$	1,888	$	—
Sales of Company Aircraft ²:
Sales price		—		9,545		—
Net book value		—		8,243		—
Gain on disposal of Aircraft		—		1,302		—
Donations to Dutch Bros Foundation		4,250		4,250		250

_______________

1 See NOTE 11 — Tax Receivable Agreements and NOTE 14 — Non-Controlling Interests for further information.

2 In June 2024 and July 2024, respectively, we sold our airplane, and hangar and related equipment (collectively, the Aircraft), to our Co-Founder.

Property and Equipment - Schedule of Property and Equipment Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 86,189	$ 64,936	$ 44,441
Cost of sales
Property, Plant and Equipment [Line Items]
Total depreciation expense	82,850	63,707	42,807
Selling, general and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 3,339	$ 1,229	$ 1,634

Non-Controlling Interests

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Non-Controlling Interests

NOTE 14 — Non-Controlling Interests

Dutch Bros Inc. is the sole managing member of Dutch Bros OpCo, and, as a result, consolidates the financial results of Dutch Bros OpCo. We report a non-controlling interest representing the economic interest in the Dutch Bros OpCo held by the other members of Dutch Bros OpCo. The OpCo LLC Agreement provides that holders of Dutch Bros OpCo Class A common units may, from time to time, require Dutch Bros OpCo to redeem all or a portion of their Dutch Bros OpCo Class A common units for newly issued shares of Class A common stock on a one-for-one basis. In connection with any redemption or exchange, Dutch Bros Inc. will receive a corresponding number of Dutch Bros OpCo Class A common units, increasing Dutch Bros Inc.’s total ownership in Dutch Bros OpCo. Changes in Dutch Bros Inc.’s ownership in Dutch Bros OpCo, while Dutch Bros Inc. retains its controlling interest in Dutch Bros OpCo, will be accounted for as equity transactions. As such, future redemptions or direct exchanges of Dutch Bros OpCo Class A common units by the other members of Dutch Bros OpCo will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in-capital.

The following table summarizes the ownership interest in Dutch Bros OpCo¹:


	December 31, 2025
(units in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	127,054	71.6	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders2	50,481	28.4	%
Total Dutch Bros OpCo Class A common units outstanding	177,535	100.0	%

_______________

1 Dutch Bros OpCo effected a recapitalization on February 7, 2025. For additional information, refer to NOTE 1 — Organization and Background.

The following table summarizes the effect of changes in ownership of Dutch Bros OpCo on our equity for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Net income attributable to Dutch Bros Inc.		$	79,842	$	35,258	$	1,718
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts		(580)		84		(269)
Additional paid-in capital:


Increase as a result of equity-based compensation		12,794		6,980		15,177
Increase (decrease) as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax		(8,850)		1,743		(661)

Increase (decrease) as a result of the acquisition of Dutch Bros OpCo Class A common units		41,193		115,989		(158,152)
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.		$	124,399	$	160,054	$	(142,187)

The weighted-average ownership percentage for the applicable reporting period is used to attribute net income to Dutch Bros Inc. and the non-controlling interest holders. The non-controlling interest holders’ weighted-average ownership percentage were as follows for the periods presented:


	Year Ended December 31,
		2025		2024		2023
Weighted-average ownership percentage of non-controlling interest holders		29.4	%	41.6	%	62.8	%

Under the OpCo LLC Agreement, Dutch Bros OpCo is required to make certain distributions to its members with regard to tax obligations. Such distributions paid to members were as follows for the periods presented, and no amounts were payable as of the periods then ended.


	Year Ended December 31,
(in thousands)		2025		2024		2023
Amounts paid to non-controlling interest holders		$	6,867	$	1,888	$	—

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

NOTE 17 — Related Party Transactions

Related party transactions were as follows for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Distributions and TRA payments to Co-Founder and Sponsor ¹		$	11,565	$	1,888	$	—
Sales of Company Aircraft ²:
Sales price		—		9,545		—
Net book value		—		8,243		—
Gain on disposal of Aircraft		—		1,302		—
Donations to Dutch Bros Foundation		4,250		4,250		250

_______________

1 See NOTE 11 — Tax Receivable Agreements and NOTE 14 — Non-Controlling Interests for further information.

2 In June 2024 and July 2024, respectively, we sold our airplane, and hangar and related equipment (collectively, the Aircraft), to our Co-Founder.

The Dutch Bros Foundation is a not-for-profit organization founded by our Company that provides grants to other not-for-profit organizations throughout the communities we serve. Our Vice Chair, Chief Financial Officer, Chief People Officer, Chief Legal Officer, and SVP of Brand Marketing serve on the board of directors, our Vice Chair serves as the President, and our Chief Legal Officer serves as the Secretary-Treasurer.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization Realignment and Restructurings - Narrative (Details) - Organization Realignment and Restructuring - USD ($) $ in Millions	12 Months Ended	14 Months Ended
	Dec. 31, 2025	Mar. 31, 2025	May 13, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 7.0	$ 19.1
Restructuring and related cost, expected cost			$ 9.0
Total employee-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost		16.6
Total other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost		$ 2.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,086,315	$ 860,541
Less: accumulated depreciation	(261,813)	(176,570)
Property and equipment, net	$ 824,502	683,971
Software
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Property and equipment, gross	$ 14,630	10,666
Equipment and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 305,116	229,307
Equipment and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Equipment and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 68,023	54,535
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 616,299	487,060
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	10 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	39 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,022	7,022
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 75,225	$ 71,951

Other Long-Term Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Cost of sales	$ 1,437	$ 2,468	$ 3,389

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The estimated grant date fair value of $132.96 was derived from inputs and assumptions utilized in the valuation model as follows:


	Year Ended December 31,
	2025			2024

Grant date stock price	$	82.03		N/A
Beginning average price1	$	67.71		N/A
Risk-free interest rate	4.2		%	N/A

Volatility	63.1		%	N/A

_________________

1 Beginning average price is calculated as the volume-weighted average daily closing stock price over the 30 trading days preceding the start of the PSU performance period.

Schedule of Activity of Company's Restricted Stock Units

RSU activity was as follows:


(in thousands, except per share amounts)	Restricted Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2024	1,211	$	32.38

New grants	345	75.16
Vested	(521)	34.71
Forfeitures	(193)	40.74
Balance, December 31, 2025	842	$	46.55

Total release date fair value of vested equity awards for each of the three years in the period ended December 31, 2025 are presented below:


	Year Ended December 31,
(in thousands, except per share amounts)	2025			2024			2023
	Awards/units	W/A vest date fair value		Awards/units	W/A vest date fair value		Awards/units	WA vest date fair value
RSAs	—	$	—	39,752	$	30.99	37,373	$	27.36
RSUs	39,730	76.31		3,825	32.25		6,185	27.16

Schedule of PSU Activity

PSU activity was as follows:


(in thousands, except per share amounts)	Performance - Based Stock Units	Weighted-average grant date fair value per share





Balance, December 31, 2024	—	$	—

New grants	63	132.96

Forfeitures	(8)	132.96
Balance, December 31, 2025	55	$	132.96

Schedule of Equity-Based Compensation

Equity-based compensation expense is recognized on a straight-line basis and is included in our consolidated statements of operations as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	2,136	$	887	$	—
Selling, general, and administrative expenses		15,886		10,595		39,222
Total stock-based compensation expense		$	18,022	$	11,482	$	39,222

Schedule of Total Unrecognized Stock Based Compensation Related to Unvested Stock Awards

As of December 31, 2025, total unrecognized stock-based compensation related to unvested RSUs and PSUs was $30.4 million, which will be recognized as follows:


(in thousands)

2026	$	16,603
2027	11,014
2028	2,786



Total unrecognized stock-based compensation	$	30,403

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

NOTE 18 — Segment Reporting

Segment information is prepared on the same basis that our CEO, who is the CODM, manages the segments, evaluates financial results and makes key operating decisions. Our CEO evaluates financial performance based on two operating segments, which offer distinct products and services to different customers: Company-operated shops and Franchising and other. The Company-operated shops segment includes retail coffee shop sales to end consumers. The Franchising and other segment includes bean and product sales to franchise partners, initial franchise fees, royalties, and marketing fees related to the franchise partners, as well as sales of products through our website.

The CODM reviews segment performance and allocates resources based upon segment contribution, which is defined as segment gross profit before depreciation and amortization. Segment contribution is used to monitor and assess segment results compared to prior periods, forecasted results, and our annual operating plan.

All segment revenue is earned in the United States. All intercompany sales amongst the Dutch Bros entities are fully eliminated in consolidation. Further, there are no intersegment revenues. The CODM does not evaluate operating segments using discrete asset information.

Selling, general and administrative expenses primarily consist of unallocated corporate expenses. Unallocated corporate expenses include corporate administrative functions that support the segments but are not directly attributable to or managed by any segment and are not included in the reported financial results of the segments.

No changes have been made to our segments during the three years ended December 31, 2025. In addition, no customer represented 10% or more of total revenue for each of the three years in the period ended December 31, 2025.

Financial information for our reportable segments was as follows for the periods presented:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Revenues
Company-operated shops		$	1,509,329	$	1,165,830	$	857,939
Franchising and other		128,830		115,185		107,837
Total revenues		1,638,159		1,281,015		965,776
Cost of sales
Company-operated shops
Beverage, food & packaging		390,331		296,752		230,133
Labor costs		405,932		315,805		230,505
Occupancy & other costs		251,106		191,372		140,895
Pre-opening costs		25,355		15,133		14,083

Franchising and other		29,736		30,100		31,378
Segment cost of sales1		1,102,460		849,162		646,994
Segment contribution
Company-operated shops		436,605		346,768		242,323
Franchising and other		99,094		85,085		76,459
Total segment contribution		$	535,699	$	431,853	$	318,782





Segment depreciation and amortization		(111,753)		(91,724)		(67,486)


Selling, general and administrative		(262,766)		(234,036)		(205,074)
Interest expense, net		(28,305)		(27,020)		(32,321)
Other income, net		2,748		5,812		3,018
Income before income taxes		$	135,623	$	84,885	$	16,919

__________________

1 Segment cost of sales for this presentation excludes the impact of depreciation and amortization.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
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+ Details

Revenue Recognition - Schedule of Deferred Revenue Activity Related to the Company’s Gift Card and Loyalty Programs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 50,883	$ 37,025
Revenue deferred	567,005	419,107
Revenue recognized	(553,256)	(405,458)
Other deferred revenue, net	(56)	209
Ending balance	64,576	50,883
Less: current portion	(55,658)	(42,868)
Deferred revenue, net of current portion	$ 8,918	$ 8,015

Revenue Recognition - Schedule of Future Recognition of Unearned Franchise Fees (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unearned franchise fees, future recognition	$ 2,562
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 427
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 382
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 333
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 288
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Unearned franchise fees, future recognition	$ 256
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Unearned franchise fees, future recognition	$ 876

Organization and Background	12 Months Ended
Organization and Background	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Background	NOTE 1 — Organization and Background Business Dutch Bros Inc., a Delaware corporation, together with its subsidiaries (the Company, we, us, or our, collectively) operates and franchises drive-thru shops as well as sells and distributes coffee, coffee-related products, and accessories. As of December 31, 2025, there were 1,136 shops in operation in 25 U.S. states, of which 811 were company-operated and 325 were franchised. Organization Dutch Bros Inc. is the sole managing member of Dutch Bros OpCo and operates and controls all of the business and affairs of Dutch Bros OpCo. As a result, Dutch Bros Inc. consolidates the financial results of Dutch Bros OpCo and reports a non-controlling interest representing the economic interest in Dutch Bros OpCo held by the other members of Dutch Bros OpCo. The Company’s fiscal year end is December 31. As of December 31, 2025, Dutch Bros Inc. held 100.0% of the voting interest and 71.6% of the economic interest of Dutch Bros OpCo. The Continuing Members held no voting interest and the remaining 28.4% of the economic interest of Dutch Bros OpCo. Dutch Bros OpCo Recapitalization From time to time, Dutch Bros Inc. receives cash distributions from Dutch Bros OpCo pursuant to the OpCo LLC Agreement. Dutch Bros Inc. may then loan any cash in excess of its liabilities back to Dutch Bros OpCo for operations, under the open-ended balance Subordinated Intercompany Note, between Dutch Bros OpCo and Dutch Bros Inc., dated February 28, 2022 (the Intercompany Note). On February 7, 2025, Dutch Bros Inc. entered into a subscription agreement with Dutch Bros OpCo, pursuant to which Dutch Bros OpCo issued 51,942 newly authorized Dutch Bros OpCo Class A common units to Dutch Bros Inc. in exchange for satisfaction of the outstanding balance of the Intercompany Note, which at that time was approximately $3.5 million. In accordance with the OpCo LLC Agreement, all outstanding Dutch Bros OpCo Class A common units were then recapitalized through a reverse unit split (the Reverse Split) in order to maintain a one-to-one ratio between the number of Dutch Bros OpCo Class A common units owned by Dutch Bros Inc. and the number of outstanding shares of Class A common stock. Consequently, 15,734 outstanding shares of Class B common stock, and 1,220 outstanding shares of Class C common stock, that were paired with Dutch Bros OpCo Class A common units eliminated as a result of the Reverse Split, were cancelled. During 2025, in connection with various equity-related transactions by our Sponsor and Co-Founder, the Company issued approximately 11.3 million shares of Class A common stock in exchange for the cancellation of approximately 1.3 million shares of Class C common stock and conversion of approximately 11.3 million Dutch Bros OpCo Class A common units on a one-for-one basis. These transactions in total increased the Company’s interest in Dutch Bros OpCo to 71.6% as of December 31, 2025. During 2024, in connection with various equity-related transactions by our Sponsor and Co-Founder, the Company issued approximately 45.4 million shares of Class A common stock in exchange for approximately 10.7 million shares of Class D common stock and conversion of approximately 34.7 million Dutch Bros OpCo Class A common units on a one-for-one basis. Further, in May 2024, pursuant to a share surrender agreement, among the Company, Dutch Bros OpCo, and our Co-Founder, our Co-Founder surrendered 23 million shares of Class B common stock, and the shares were cancelled by the Company. The surrender and cancellation of these shares had no impact on the economic interest in Dutch Bros OpCo held by our Co-Founder.

Supplemental Financial Information - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Raw materials	$ 25,516	$ 14,594
Finished goods	23,401	21,894
Total inventories	$ 48,917	$ 36,488

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6 — Property and Equipment

Property and equipment, net consisted of the following:



(dollars in thousands)	Useful Life (Years)			December 31, 2025		December 31, 2024
Software	3			$	14,630	$	10,666

Equipment and fixtures	3	—	7	305,116		229,307
Leasehold improvements	5	—	15	68,023		54,535
Buildings	10	—	39	616,299		487,060
Land	N/A			7,022		7,022

Construction-in-progress 1	N/A			75,225		71,951
Property and equipment, gross				1,086,315		860,541
Less: accumulated depreciation				(261,813)		(176,570)
Property and equipment, net				$	824,502	$	683,971

_______________

1 Construction-in-progress primarily consisted of construction and equipment costs for new and existing shops.

Depreciation expense included in our consolidated statements of operations was as follows:


	Year Ended December 31,
(in thousands)		2025		2024		2023
Cost of sales		$	82,850	$	63,707	$	42,807
Selling, general, and administrative		3,339		1,229		1,634
Total depreciation expense		$	86,189	$	64,936	$	44,441

Equity-Based Compensation - Schedule of Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total stock-based compensation expense	$ 18,022	$ 11,482	$ 39,222
Cost of sales
Class of Stock [Line Items]
Total stock-based compensation expense	2,136	887	0
Selling, general and administrative
Class of Stock [Line Items]
Total stock-based compensation expense	$ 15,886	$ 10,595	$ 39,222

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Derivative Financial Instrument - Schedule of Derivatives Instruments Effect on Condensed Consolidated Statement of Operations (Details) - Interest rate swap contract - Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) recognized in other comprehensive income before reclassifications	$ (112)	$ 1,661	$ 954
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from accumulated other comprehensive income to earnings for the effective portion	(1,063)	(1,745)	(1,692)
Income Tax Expense
Derivative Instruments, Gain (Loss) [Line Items]
Income tax benefit (expense)	$ 224	$ 83	$ (10)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Derivative Financial Instrument - Narrative (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest rate swap contract $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap outstanding	$ 59.1
Fixed interest rate	2.67%
Variable interest rate	3.72%
Expected reclassification of gain within the next twelve months	$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details