0001866581-25-000048 | 10-K | XBRL Viewer

Subsequent Events

12 Months Ended

Dec. 31, 2024

NOTE 20 — Subsequent Events

Credit Facility

On February 4, 2025, we drew the remaining $50 million on our delayed draw term loan facility under the 2022 Credit Facility before this portion was set to expire on February 4, 2025. We expect to use the funds for general corporate purposes, including, but not limited to, building new shops.

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.

The following tables reflect the changes in Dutch Bros OpCo ownership interest and Dutch Bros Inc.’s outstanding classes of common stock as a result of the Reverse Split on a pro forma basis as if they had occurred as of December 31, 2024:


Dutch Bros OpCo	December 31, 2024			Capital Contribution	Pre-Split	Reverse Split	Post Reverse Split
(in thousands)	OpCo Units	%		OpCo Units	OpCo Units	OpCo Units	OpCo Units	%
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	115,432	65.1	%	52	115,484	(52)	115,432	65.2	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	61,772	34.9	%	—	61,772	(27)	61,745	34.8	%
Total Dutch Bros OpCo Class A common units outstanding	177,204	100.0	%	52	177,256	(79)	177,177	100.0	%


Dutch Bros Inc.
(in thousands)	December 31, 2024	Reverse Split	Post Reverse Split
Class A common shares	115,432	—	115,432
Class B common shares	35,227	(16)	35,211
Class C common shares	3,545	(1)	3,544
Total Dutch Bros Inc. common shares outstanding	154,204	(17)	154,187

Leases (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and December 31, 2023 is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets
Finance leases	Finance lease right-of-use assets, net	$	374,623	$	382,734
Operating leases	Operating lease right-of-use assets, net	315,256		199,673
Total right-of-use assets		$	689,879	$	582,407

Lease liabilities
Finance leases	Current portion of finance lease liabilities	$	13,256	$	9,482
	Finance lease liabilities, net of current portion	369,297		367,775

Operating leases	Current portion of operating lease liabilities	13,979		10,239
	Operating lease liabilities, net of current portion	309,311		191,419
Total lease liabilities		$	705,843	$	578,915

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


	December 31, 2024	December 31, 2023
Weighted-average remaining lease term (years)
Finance leases	15.3	16.3
Operating leases	15.5	14.7

Weighted-average discount rate (percentages)
Finance leases	6.0%	5.9%
Operating leases	5.9%	4.9%

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)			2024		2023		2022
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	25,551	$	21,290	$	11,718
Amortization of right-of-use assets	Selling, general, and administrative		50		15		10
Interest on lease liabilities	Interest expense		22,053		17,516		9,263
Total finance lease costs			47,654		38,821		20,991

Operating lease costs
Lease expenses	Cost of sales		28,703		19,385		16,428
Lease expenses	Selling, general, and administrative		1,646		55		37
Total operating lease costs			30,349		19,440		16,465



Variable lease costs	Cost of sales		6,874		5,216		3,979
Total lease costs			$	84,877	$	63,477	$	41,435

Schedule of Future Minimum Lease Payments for Financing Lease Liabilities

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2024 are as follows:


(in thousands)	Finance		Operating

2025	$	35,094	$	20,644
2026	35,201		31,570
2027	35,959		31,722
2028	37,074		31,357
2029	38,000		32,127
Thereafter	413,822		366,879
Total	$	595,150	$	514,299
Less: imputed interest	(212,597)		(191,009)
Present value of minimum lease payments	382,553		323,290
Less: current portion	(13,256)		(13,979)
Lease liabilities, net of current portion	$	369,297	$	309,311

Schedule of Future Minimum Lease Payments for Operating Lease Liabilities

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2024 are as follows:


(in thousands)	Finance		Operating

2025	$	35,094	$	20,644
2026	35,201		31,570
2027	35,959		31,722
2028	37,074		31,357
2029	38,000		32,127
Thereafter	413,822		366,879
Total	$	595,150	$	514,299
Less: imputed interest	(212,597)		(191,009)
Present value of minimum lease payments	382,553		323,290
Less: current portion	(13,256)		(13,979)
Lease liabilities, net of current portion	$	369,297	$	309,311

Schedule of Supplemental Cash Flow Information Regarding Leases

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	22,053	$	17,516	9,264
Operating cash flows from operating leases	22,127		17,167		16,269
Financing cash flows from finance leases	10,541		12,432		5,838
Right-of-use assets obtained in exchange for lease obligations
Finance leases	15,838		144,588		167,687
Operating leases	130,059		40,253		178,138

Revenue Recognition

12 Months Ended

Dec. 31, 2024

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)		2024		2023		2022
Company-operated shops		$	1,165,830	$	857,939	$	639,710
Franchising		109,610		101,907		93,756
Other		5,575		5,930		5,546
Total revenues		$	1,281,015	$	965,776	$	739,012

Deferred Revenue

Components of our deferred revenue liability are as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Gift card and loyalty programs	$	48,265	$	34,616
Initial unearned franchise fees	2,618		2,409

Total deferred revenue	$	50,883	$	37,025

Deferred revenue activity was as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Beginning balance	$	37,025	$	31,454
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned	419,107		362,482
Revenue recognized - gift card, loyalty app, loyalty rewards redemptions, and breakage	(405,458)		(354,770)


Other deferred revenue, net 1	209		(2,141)
Ending balance	50,883		37,025
Less: current portion	(42,868)		(30,349)
Deferred revenue, net of current portion	$	8,015	$	6,676

_______________

1 Other deferred revenue, net, includes activity related to initial unearned franchise fees, and in 2023 includes recognition of previously outstanding performance obligations.

Revenue recognized during each of the three years ended December 31, 2024 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)		2024		2023		2022
Gift card redemptions 1		$	6,215	$	5,149	$	3,965
Earned franchise fees		450		454		507

_____________________

1 Amounts exclude cash loads and transactions related to the Company’s loyalty rewards program.

Future recognition of initial unearned franchise fees as of December 31, 2024 is as follows:


(in thousands)

2025	$	430
2026	388
2027	343
2028	294
2029	249
Thereafter	914
Total	$	2,618

- 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

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2024	Feb. 06, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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	300 N Valley Dr
Entity Address, City or Town	Grants Pass,
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97526
City Area Code	541
Local Phone Number	955-4700
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			$ 4.9
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to the 2025 Annual Meeting of Stockholders of Dutch Bros Inc., which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2024, 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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		116,247,434
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,226,680
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,730,334

Leases - Schedule of Lease Terms and Discount Rates for Finance and Operating Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (years), Finance leases	15 years 3 months 18 days	16 years 3 months 18 days
Weighted-average remaining lease term (years), Operating leases	15 years 6 months	14 years 8 months 12 days
Weighted-average discount rate (percentages), Finance leases	6.00%	5.90%
Weighted-average discount rate (percentages), Operating leases	5.90%	4.90%

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 860,541	$ 658,778
Less: accumulated depreciation	(176,570)	(116,338)
Property and equipment, net	$ 683,971	542,440
Software
Property, Plant and Equipment [Line Items]
Useful Life (Years)	3 years
Property and equipment, gross	$ 10,666	7,212
Equipment and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 229,307	157,352
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	$ 54,535	42,441
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	$ 487,060	269,186
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	7,338
Aircraft
Property, Plant and Equipment [Line Items]
Property and equipment, gross	0	9,195
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 71,951	$ 166,054

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
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
Common stock, outstanding (in shares)	154,204
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)	115,432	69,958
Common stock, outstanding (in shares)	115,432	69,958
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)	35,227	60,629
Common stock, outstanding (in shares)	35,227	60,629
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)	3,545	35,864
Common stock, outstanding (in shares)	3,545	35,864
Class D common stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized ( in shares)	42,000	42,000
Common stock, issued (in shares)	0	10,669
Common stock, outstanding (in shares)	0	10,669

Organization Realignment and Restructuring - Schedule of Restructuring Related Charges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense
Organization Realignment and Restructuring
Restructuring Cost and Reserve [Line Items]
Total other costs	$ 2,327
Total restructuring costs incurred	17,876
Organization Realignment and Restructuring \| Relocation and travel costs
Restructuring Cost and Reserve [Line Items]
Total employee-related costs	11,403
Total restructuring costs incurred	11,403
Organization Realignment and Restructuring \| One-time termination benefits
Restructuring Cost and Reserve [Line Items]
Total employee-related costs	4,146
Total restructuring costs incurred	4,146
Organization Realignment and Restructuring \| Total employee-related costs
Restructuring Cost and Reserve [Line Items]
Total employee-related costs	15,549
Total restructuring costs incurred	15,549
Organization Realignment and Restructuring \| Building donation
Restructuring Cost and Reserve [Line Items]
Total other costs	1,811
Total restructuring costs incurred	1,811
Organization Realignment and Restructuring \| Duplicate rent
Restructuring Cost and Reserve [Line Items]
Total other costs	461
Total restructuring costs incurred	461
Organization Realignment and Restructuring \| Consulting
Restructuring Cost and Reserve [Line Items]
Total other costs	55
Total restructuring costs incurred	$ 55

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Our income tax expense consisted of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current tax provision
Federal	$	396	$	193	$	181
State	2,653		844		1,340
Total current tax provision	3,049		1,037		1,521

Deferred tax expense (benefit)
Federal	8,520		1,605		(6,081)
State	6,866		4,325		7,159
Total deferred tax provision	15,386		5,930		1,078

Income tax expense	$	18,435	$	6,967	$	2,599

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,
	2024		2023		2022
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Income allocable to non-controlling interests not subject to tax	(8.5)		6.3		(32.9)
State and local income taxes, net of federal benefit	5.3		10.1		(9.5)
State rate adjustment	5.9		17.5		(39.1)

Non-deductible compensation	—		0.7		(2.0)
Tax credits	(5.2)		(12.9)		10.1
TRA adjustments	0.4		0.2		4.4
Return-to-provision adjustments	0.6		(5.4)		32.4
Stock-based compensation	0.3		3.8		—
Other	2.1		0.4		—
Valuation allowance	(0.2)		(0.5)		—
Effective income tax rate	21.7	%	41.2	%	(15.6)	%

Schedule of Components of Deferred Tax Assets

The components of our deferred tax assets are as follows:


(in thousands)	December 31, 2024		December 31, 2023
Deferred tax assets
Investment in Dutch Bros OpCo	$	638,110	$	346,172
Net operating loss carryforwards	50,862		34,988
Interest expense	40,247		14,187
Credit carryforwards	9,399		4,991
Charitable contribution carryforward	1,505		1,546
Other	2,866		2,130
Total deferred tax assets	742,989		404,014




Less: valuation allowance	(863)		(1,019)
Net deferred tax assets	$	742,126	$	402,995

Equity-Based Compensation - Schedule of Equity-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total stock-based compensation expense	$ 11,482	$ 39,222	$ 41,657
Cost of sales
Class of Stock [Line Items]
Total stock-based compensation expense	887	0	0
Selling, general and administrative expenses
Class of Stock [Line Items]
Total stock-based compensation expense	$ 10,595	$ 39,222	$ 41,657

- 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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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net


(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 consists of the following:



(in thousands)	Useful Life (Years)			December 31, 2024		December 31, 2023
Software	3			$	10,666	$	7,212

Equipment and fixtures	3	—	7	229,307		157,352
Leasehold improvements	5	—	15	54,535		42,441
Buildings	10	—	39	487,060		269,186
Land	N/A			7,022		7,338
Aircraft 1	N/A			—		9,195
Construction-in-progress 2	N/A			71,951		166,054
Property and equipment, gross				860,541		658,778
Less: accumulated depreciation				(176,570)		(116,338)
Property and equipment, net				$	683,971	$	542,440

_______________

1 Airplane, and hangar and related equipment, were sold to our Co-Founder in 2024. See NOTE 18 — Related Party Transactions for additional information.

2 Construction-in-progress primarily consists of construction and equipment costs for new and existing shops and, for 2023, our new roasting facility in Texas.

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


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	63,707	$	42,807	$	26,261
Selling, general and administrative expenses		1,229		1,634		2,705
Total depreciation expense		$	64,936	$	44,441	$	28,966

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	Dec. 31, 2024
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

Equity-Based Compensation - Schedule of Activity of Company's Restricted Stock and Restricted Stock Units (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares
RSAs
Shares
Beginning balance (in shares) \| shares	1,283,000
Vested (in shares) \| shares	(1,283,000)
Ending balance (in shares) \| shares	0	1,283,000
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 23.00
Vested (in dollars per share)	23.00
Ending balance (in dollars per share)	$ 0	$ 23.00
Fair value of vested share-based payment awards \| $	$ 39,752	$ 37,373	$ 69,604
Weighted-average vest date fair value per share (in dollars per share)	30.99	27.36	52.22
RSUs
Shares
Beginning balance (in shares) \| shares	648,000
New grants (in shares) \| shares	846,000
Vested (in shares) \| shares	(119,000)
Forfeitures (in shares) \| shares	(164,000)
Ending balance (in shares) \| shares	1,211,000	648,000
Weighted-average grant date fair value per share
Beginning balance (in dollars per share)	$ 35.99
New grants (in dollars per share)	31.21
Vested (in dollars per share)	42.57
Forfeitures (in dollars per share)	33.21
Ending balance (in dollars per share)	$ 32.38	$ 35.99
Fair value of vested share-based payment awards \| $	$ 3,825	$ 6,185	$ 10,627
Weighted-average vest date fair value per share (in dollars per share)	32.25	27.16	51.59

Equity-Based Compensation - Schedule of Total Unrecognized Stock Based Compensation Related to Unvested Stock Awards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2028	$ 0
2029	0
Thereafter	0
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
2025	12,403
2026	8,751
2027	2,044
Total unrecognized stock-based compensation	$ 23,198

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Equity-Based Compensation-Narrative (Details)	12 Months Ended
Equity-Based Compensation-Narrative (Details)	Dec. 31, 2024
Class of Stock [Line Items]
Vesting period (in years)	3 years
50% Vesting on 2nd Anniversary of Commencement Date
Class of Stock [Line Items]
Vesting percentage	50.00%
50% Vesting on 3rd Anniversary of Commencement Date
Class of Stock [Line Items]
Vesting percentage	50.00%
100% Vesting on 3rd Anniversary of Commencement Date
Class of Stock [Line Items]
Vesting percentage	100.00%
1/3 Vesting on 1st Anniversary of Commencement Date
Class of Stock [Line Items]
Vesting percentage	33.33%
1/3 Vesting on 2nd Anniversary of Commencement Date
Class of Stock [Line Items]
Vesting percentage	33.33%
1/3 Vesting on 3rd Anniversary of Commencement Date
Class of Stock [Line Items]
Vesting percentage	33.33%

- 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

Organization Realignment and Restructuring (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Related Charges

During the year ended December 31, 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:


(in thousands)	Year Ended December 31, 2024
Relocation and travel costs	$	11,403
One-time termination benefits	4,146
Total employee-related costs	15,549
Building donation	1,811
Duplicate rent	461
Consulting	55
Total other costs	2,327
Total restructuring costs incurred	$	17,876

Schedule of Restructuring Liability

The following table summarizes the activity for the restructuring liability during the year ended December 31, 2024:


(in thousands)	Liability, December 31, 2023		Charges		Cash Payments		Non-Cash		Liability, December 31, 2024
Relocation and travel costs	$	—	$	11,403	$	(10,705)	$	—	$	698
One-time termination benefits	—		4,146		(2,118)		—		2,028
Total employee-related costs	—		15,549		(12,823)		—		2,726
Duplicate rent	—		461		(461)		—		—
Consulting	—		55		—		—		55
Building donation	—		1,811		—		(1,811)		—
Total other costs	—		2,327		(461)		(1,811)		55
Totals	$	—	$	17,876	$	(13,284)	$	(1,811)	$	2,781

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net consist of the following:



(in thousands)	December 31, 2024		December 31, 2023
Raw materials	$	14,594	$	28,523
Finished goods	21,894		18,430
Total inventories	$	36,488	$	46,953

Tax Receivable Agreements

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Beginning balance	$	290,920	$	220,923
Additions (reductions) to TRAs:
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	341,161		72,635
TRAs remeasurements 1	(4,247)		(2,638)

Ending balance	$	627,834	$	290,920
Less: current portion	(71)		—
TRAs liability, net of current portion	$	627,763	$	290,920

_________________

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

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Activity of Company's Restricted Stock

RSA activity was as follows:


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




Balance, December 31, 2023	1,283	$	23.00


Vested	(1,283)	23.00

Balance, December 31, 2024	—	$	—

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, 2023	648	$	35.99

New grants	846	31.21
Vested	(119)	42.57
Forfeitures	(164)	33.21
Balance, December 31, 2024	1,211	$	32.38

Total release date fair value of vested RSAs and RSUs for the three years ended December 31, 2024 are presented below:


	Year Ended December 31,
(in thousands, except per share amounts)	2024				2023				2022
	Awards/units		WA vest date fair value		Awards/units		WA vest date fair value		Awards/units		WA vest date fair value
RSAs	$	39,752	$	30.99	$	37,373	$	27.36	$	69,604	$	52.22
RSUs	3,825		32.25		6,185		27.16		10,627		51.59

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)		2024		2023		2022
Cost of sales		$	887	$	—	$	—
Selling, general, and administrative expenses		10,595		39,222		41,657
Total stock-based compensation expense		$	11,482	$	39,222	$	41,657

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

As of December 31, 2024, total unrecognized stock-based compensation related to unvested RSUs was $23.2 million, which will be recognized as follows:


(in thousands)

2025	$	12,403
2026	8,751
2027	2,044
2028	—
2029	—
Thereafter	—
Total unrecognized stock-based compensation	$	23,198

Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 7 — Intangible Assets

The details of the intangible assets are as follows:



(in thousands)	Weighted-average amortization period (in years)	December 31, 2024		December 31, 2023
Reacquired franchise rights	2.94	$	27,049	$	27,049
Less: accumulated amortization		(24,102)		(21,634)
Intangibles, net		$	2,947	$	5,415

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


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	2,468	$	3,389	$	4,034

The estimated future amortization expense of the reacquired franchise rights as of December 31, 2024 is as follows:


(in thousands)

2025	$	1,435
2026	681
2027	383
2028	247
2029	153
Thereafter	48
Total	$	2,947

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6 — Property and Equipment

Property and equipment, net consists of the following:



(in thousands)	Useful Life (Years)			December 31, 2024		December 31, 2023
Software	3			$	10,666	$	7,212

Equipment and fixtures	3	—	7	229,307		157,352
Leasehold improvements	5	—	15	54,535		42,441
Buildings	10	—	39	487,060		269,186
Land	N/A			7,022		7,338
Aircraft 1	N/A			—		9,195
Construction-in-progress 2	N/A			71,951		166,054
Property and equipment, gross				860,541		658,778
Less: accumulated depreciation				(176,570)		(116,338)
Property and equipment, net				$	683,971	$	542,440

_______________

1 Airplane, and hangar and related equipment, were sold to our Co-Founder in 2024. See NOTE 18 — Related Party Transactions for additional information.

2 Construction-in-progress primarily consists of construction and equipment costs for new and existing shops and, for 2023, our new roasting facility in Texas.

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


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	63,707	$	42,807	$	26,261
Selling, general and administrative expenses		1,229		1,634		2,705
Total depreciation expense		$	64,936	$	44,441	$	28,966

Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2024

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 (loss) per share of Class A common stock for the periods presented:


	Year Ended December 31,
(in thousands)		2024		2023		2022
Numerator:
Net income (loss)		$	66,450	$	9,952	$	(19,253)

Less: Net income (loss) attributable to non-controlling interests		31,192		8,234		(14,500)
Net income (loss) attributable to Dutch Bros Inc.		$	35,258	$	1,718	$	(4,753)


	Year Ended December 31,
(in thousands, except per share amounts)		2024		2023		2022
Basic net income (loss) per share attributable to common stockholders
Numerator:
Net income (loss) attributable to Dutch Bros Inc.		$	35,258	$	1,718	$	(4,753)
Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic ¹		103,504		62,074		51,871




Basic net income (loss) per share attributable to common stockholders ¹		$	0.34	$	0.03	$	(0.09)

_______________

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)		2024		2023		2022
Diluted net income (loss) per share attributable to common stockholders
Numerator:
Undistributed net income (loss) for basic computation		$	35,258	$	1,718	$	(4,753)
Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments		110		—		—
Allocation of undistributed net income (loss)		$	35,368	$	1,718	$	(4,753)

Denominator:
Number of shares used in basic computation		103,504		62,074		51,871
Add: weighted-average effect of dilutive securities
RSAs		12		—		—
RSUs		613		—		—
Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income (loss) per share ¹		104,129		62,074		51,871
Diluted net income (loss) per share attributable to common stockholders ¹		$	0.34	$	0.03	$	(0.09)

_______________

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 (loss) per share in the periods presented because they were anti-dilutive:


	Year Ended December 31,
(in thousands)		2024	2023	2022
RSAs		—	1,283	2,667
RSUs		90	648	583
Total anti-dilutive securities		90	1,931	3,250

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finance
2025	$ 35,094
2026	35,201
2027	35,959
2028	37,074
2029	38,000
Thereafter	413,822
Total	595,150
Less: imputed interest	(212,597)
Present value of minimum lease payments	382,553
Less: current portion	(13,256)	$ (9,482)
Finance lease liabilities, net of current portion	369,297	367,775
Operating
2025	20,644
2026	31,570
2027	31,722
2028	31,357
2029	32,127
Thereafter	366,879
Total	514,299
Less: imputed interest	(191,009)
Present value of minimum lease payments	323,290
Less: current portion	(13,979)	(10,239)
Operating lease liabilities, net of current portion	$ 309,311	$ 191,419

Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangibles, net	$ 2,947	$ 5,415
Reacquired franchise rights
Finite-Lived Intangible Assets [Line Items]
2025	1,435
2026	681
2027	383
2028	247
2029	153
Thereafter	48
Intangibles, net	$ 2,947

- 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

Inventories -Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 14,594	$ 28,523
Finished goods	21,894	18,430
Total inventories	$ 36,488	$ 46,953

Income (Loss) 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Undistributed net income (loss) for basic computation	$ 35,258	$ 1,718	$ (4,753)
Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments	110	0	0
Allocation of undistributed net income (loss)	$ 35,368	$ 1,718	$ (4,753)
Denominator:
Number of shares used in basic computation (in shares)	103,504	62,074	51,871
Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income (loss) per share (in shares)	104,129	62,074	51,871
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.34	$ 0.03	$ (0.09)
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.34	$ 0.03	$ (0.09)
RSAs
Denominator:
Weighted-average effect of dilutive securities, restricted stock (in shares)	12	0	0
RSUs
Denominator:
Weighted-average effect of dilutive securities, restricted stock (in shares)	613	0	0

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The details of the intangible assets are as follows:



(in thousands)	Weighted-average amortization period (in years)	December 31, 2024		December 31, 2023
Reacquired franchise rights	2.94	$	27,049	$	27,049
Less: accumulated amortization		(24,102)		(21,634)
Intangibles, net		$	2,947	$	5,415

Schedule of Intangible Assets Amortization Expense / Estimated Future Amortization Expense

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


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	2,468	$	3,389	$	4,034

The estimated future amortization expense of the reacquired franchise rights as of December 31, 2024 is as follows:


(in thousands)

2025	$	1,435
2026	681
2027	383
2028	247
2029	153
Thereafter	48
Total	$	2,947

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12 — Income Taxes

Our income tax expense consisted of the following:


	Year Ended December 31,
(in thousands)	2024		2023		2022
Current tax provision
Federal	$	396	$	193	$	181
State	2,653		844		1,340
Total current tax provision	3,049		1,037		1,521

Deferred tax expense (benefit)
Federal	8,520		1,605		(6,081)
State	6,866		4,325		7,159
Total deferred tax provision	15,386		5,930		1,078

Income tax expense	$	18,435	$	6,967	$	2,599

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


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Income allocable to non-controlling interests not subject to tax	(8.5)		6.3		(32.9)
State and local income taxes, net of federal benefit	5.3		10.1		(9.5)
State rate adjustment	5.9		17.5		(39.1)

Non-deductible compensation	—		0.7		(2.0)
Tax credits	(5.2)		(12.9)		10.1
TRA adjustments	0.4		0.2		4.4
Return-to-provision adjustments	0.6		(5.4)		32.4
Stock-based compensation	0.3		3.8		—
Other	2.1		0.4		—
Valuation allowance	(0.2)		(0.5)		—
Effective income tax rate	21.7	%	41.2	%	(15.6)	%

The components of our deferred tax assets are as follows:


(in thousands)	December 31, 2024		December 31, 2023
Deferred tax assets
Investment in Dutch Bros OpCo	$	638,110	$	346,172
Net operating loss carryforwards	50,862		34,988
Interest expense	40,247		14,187
Credit carryforwards	9,399		4,991
Charitable contribution carryforward	1,505		1,546
Other	2,866		2,130
Total deferred tax assets	742,989		404,014




Less: valuation allowance	(863)		(1,019)
Net deferred tax assets	$	742,126	$	402,995

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, 2024 and 2023, 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.

As of December 31, 2024, we had U.S. federal net operating losses of $208.3 million and tax credit carryforwards of approximately $9.4 million. Our federal net operating losses do not expire and tax credits will begin to expire in 2039, if not utilized. As of December 31, 2024, we had $133.4 million of state tax net operating losses and no state tax credits. Of the state tax net operating losses, $97.0 million will begin to expire in 2033 if not utilized and the remaining $36.4 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, 2024. 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, 2024 or 2023, 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 2018 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: 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 13: 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 14: 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

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Advertising Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Advertising Expense [Line Items]
Total advertising expense	$ 39,210	$ 29,899	$ 32,327
Cost of sales
Advertising Expense [Line Items]
Total advertising expense	21,897	18,946	19,150
Selling, general and administrative expenses
Advertising Expense [Line Items]
Total advertising expense	$ 17,313	$ 10,953	$ 13,177

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Finance obligations	$ 3,022	$ 3,022
Total debt	238,009	99,062
Less: loan origination fees	(943)	(1,396)
Less: current portion	(17,311)	(4,491)
Total long-term debt, net of current portion	219,755	93,175
Secured Debt \| The 2022 Credit Facility
Line of Credit Facility [Line Items]
Term loans under credit facility	234,688	95,625
Unsecured Debt
Line of Credit Facility [Line Items]
Unsecured note payable	$ 299	$ 415

Non-Controlling Interests - Narrative (Details)	Dec. 31, 2024 shares
Class A common stock \| Public Stock Offering - Shares From Continuing Members
Noncontrolling Interest [Line Items]
Number of shares issued in reorganization transaction	1

Non-Controlling Interests - Schedule of Non-Controlling Interest Holders' Weighted-Average Ownership percentage (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Weighted-average ownership percentage of non-controlling interest holders	41.60%	62.80%	67.80%

Non-Controlling Interests - Schedule of Changes in Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Net income (loss) attributable to Dutch Bros Inc.	$ 35,258	$ 1,718	$ (4,753)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	(339)	(965)	2,891
Transfers from (to) non-controlling interests:
Decrease in accumulated deficit as a result of the adoption of ASC 842	0	0	122
Increase in additional paid-in capital as a result of equity-based compensation	6,980	15,177	13,743
Increase (decrease) in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax	1,743	(661)	(1,145)
Increase (decrease) in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo Class A common units	115,989	(158,152)	9,410
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.	160,054	(142,187)	18,190
Accumulated Other Comprehensive Income
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts	$ 84	$ (269)	$ 813

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

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Property and Equipment, Net


(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 consists of the following:



(in thousands)	Useful Life (Years)			December 31, 2024		December 31, 2023
Software	3			$	10,666	$	7,212

Equipment and fixtures	3	—	7	229,307		157,352
Leasehold improvements	5	—	15	54,535		42,441
Buildings	10	—	39	487,060		269,186
Land	N/A			7,022		7,338
Aircraft 1	N/A			—		9,195
Construction-in-progress 2	N/A			71,951		166,054
Property and equipment, gross				860,541		658,778
Less: accumulated depreciation				(176,570)		(116,338)
Property and equipment, net				$	683,971	$	542,440

_______________

1 Airplane, and hangar and related equipment, were sold to our Co-Founder in 2024. See NOTE 18 — Related Party Transactions for additional information.

2 Construction-in-progress primarily consists of construction and equipment costs for new and existing shops and, for 2023, our new roasting facility in Texas.

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


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	63,707	$	42,807	$	26,261
Selling, general and administrative expenses		1,229		1,634		2,705
Total depreciation expense		$	64,936	$	44,441	$	28,966

Schedule of Advertising Expense

Advertising expense is recorded in cost of sales and selling, general and administrative on our consolidated statements of operations, and was as follows for the periods presented:


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	21,897	$	18,946	$	19,150
Selling, general and administrative		17,313		10,953		13,177
Total advertising expense		$	39,210	$	29,899	$	32,327

Related Party Transactions- Schedule of Tax Distribution (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Donations to Dutch Bros Foundation			$ 5,149
Related Party
Related Party Transaction [Line Items]
Donations to Dutch Bros Foundation	$ 4,250	$ 250

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Income allocable to non-controlling interests not subject to tax	(8.50%)	6.30%	(32.90%)
State and local income taxes, net of federal benefit	5.30%	10.10%	(9.50%)
State rate adjustment	5.90%	17.50%	(39.10%)
Non-deductible compensation	0.00%	0.70%	(2.00%)
Tax credits	(5.20%)	(12.90%)	10.10%
TRA adjustments	0.40%	0.20%	4.40%
Return-to-provision adjustments	0.60%	(5.40%)	32.40%
Stock-based compensation	0.30%	3.80%	0.00%
Other	2.10%	0.40%	0.00%
Valuation allowance	(0.20%)	(0.50%)	0.00%
Effective income tax rate	21.70%	41.20%	(15.60%)

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-in-Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interests	Non-Controlling Interests Cumulative Effect, Period of Adoption, Adjustment	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	Class D common stock Common Stock
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-02 [Member]
Beginning balance (in shares) at Dec. 31, 2021										34,433,000		64,699,000		49,006,000		15,441,000
Beginning balance at Dec. 31, 2021	$ 213,729	$ 423	$ 107,193	$ 0	$ (12,679)	$ 122	$ 119,213	$ 301		$ 0		$ 1		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(19,253)				(4,753)		(14,500)
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit)	2,891		(17)	813			2,095
Equity-based compensation expense	41,657		13,743				27,914
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures (in shares)										131,000
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	(3,900)		(1,145)				(2,755)
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 B and C common stock, pursuant to exchange transactions (in shares)										10,980,000				(7,950,000)		(3,030,000)
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 B and C common stock, pursuant to exchange transactions	0									$ 1				$ (1)
Effect of equity transactions of Dutch Bros OpCo Class A common units	0		9,410				(9,410)
Impacts of Tax Receivable Agreements	16,429		16,429
Ending balance (in shares) at Dec. 31, 2022										45,544,000		64,699,000		41,056,000		12,411,000
Ending 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 (loss)	9,952				1,718		8,234
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit)	(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 and forfeitures (in shares)										140,000
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	(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 B and C common stock, pursuant to exchange transactions (in shares)										11,005,000		(4,070,000)		(5,192,000)		(1,742,000)
Effect of equity transactions of Dutch Bros OpCo Class A common units	0		(158,152)				158,152
Tax impacts of other equity-related transactions	655		655
Impacts of Tax Receivable Agreements	301		301
Issuance of Class A common stock sold pursuant to secondary offerings (in shares)										13,269,000
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									69,958,000	69,958,000	60,629,000	60,629,000	35,864,000	35,864,000	10,669,000	10,669,000
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 (loss)	66,450				35,258		31,192
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit)	(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 and forfeitures (in shares)										83,000
Issuance of Class A common stock pursuant to vesting of equity awards, net of stock withheld for tax and forfeitures	(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 B and C common stock, pursuant to exchange transactions (in shares)										45,391,000		(2,402,000)		(32,319,000)		(10,669,000)
Effect of equity transactions of Dutch Bros OpCo Class A common units	0		115,989				(115,989)
Tax impacts of other equity-related transactions	388		388
Impacts of Tax Receivable Agreements	12,921		12,921
Stock surrendered and cancelled (in shares)												(23,000,000)
Stock surrendered and cancelled	(1)
Distributions paid to non-controlling interest holders	$ (1,888)						(1,888)
Issuance of Class A common stock sold pursuant to secondary offerings (in shares)									45,400,000
Ending balance (in shares) at Dec. 31, 2024	154,204,000								115,432,000	115,432,000	35,227,000	35,227,000	3,545,000	3,545,000	0	0
Ending balance at Dec. 31, 2024	$ 763,865		$ 517,074	$ 628	$ 19,666		$ 226,496			$ 1		$ 0		$ 0		$ 0

Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 17,311
2026	32,943
2027	184,733
2028	0
2029	0
Thereafter	3,022
Total debt	$ 238,009

- Definition

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

+ References + Details

Organization and Background	12 Months Ended
Organization and Background	Dec. 31, 2024
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) is in the business of operating and franchising drive-thru coffee shops as well as the wholesale and distribution of coffee, coffee-related products, and accessories. As of December 31, 2024, there were 982 shops in operation in 18 U.S. states, of which 670 were company-operated and 312 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, 2024, Dutch Bros Inc. held 100.0% of the voting interest and 65.1% of the economic interest of Dutch Bros OpCo. The Continuing Members held none of the voting interest and the remaining 34.9% of the economic interest of Dutch Bros OpCo. During 2024, in connection with various equity-related transactions by the Company’s Sponsor and Co-Founder, Dutch Bros Inc. 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. These transactions in total increased the Company’s interest in Dutch Bros OpCo to 65.1% as of December 31, 2024 from 45.5% as of the prior year-end. 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. n 2023, we completed a follow-on offering of approximately 13.3 million shares of Class A common stock at a public offering price of $26.00 per share, which resulted in net proceeds of approximately $331.2 million. The proceeds were used to purchase an equal number of Class A common units of Dutch Bros OpCo. Dutch Bros OpCo used the proceeds for working capital and general corporate purposes, including principal repayment of the Company’s revolving credit facility and for payment of offering costs.

Subsequent Events - Schedule of Ownership Interest (Details) - shares	Feb. 08, 2025	Feb. 07, 2025	Feb. 06, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A common units held by Dutch Bros Inc.
Subsequent Event [Line Items]
Common units outstanding (in units)				115,432,000
Percentage of class A common units held by Dutch Bros.				65.10%	45.50%
Capital contribution (in units)				51,942
Class A common units held by Dutch Bros Inc. \| Subsequent event
Subsequent Event [Line Items]
Common units outstanding (in units)	115,432,000		115,484,000
Percentage of class A common units held by Dutch Bros.	65.20%
Common unit, reverse split (in units)		(52,000)
Dutch Bros OpCo Class A common units held by non-controlling interest holders
Subsequent Event [Line Items]
Common units outstanding (in units)				61,772,000
Dutch Bros OpCo Class A common units held by non-controlling interest holders				34.90%
Capital contribution (in units)				0
Dutch Bros OpCo Class A common units held by non-controlling interest holders \| Subsequent event
Subsequent Event [Line Items]
Common units outstanding (in units)	61,745,000		61,772,000
Dutch Bros OpCo Class A common units held by non-controlling interest holders	34.80%
Common unit, reverse split (in units)		(27,000)
Total Dutch Bros OpCo Class A common units outstanding
Subsequent Event [Line Items]
Common units outstanding (in units)				177,204,000
Ownership %				100.00%
Capital contribution (in units)				52,000
Total Dutch Bros OpCo Class A common units outstanding \| Subsequent event
Subsequent Event [Line Items]
Common units outstanding (in units)	177,177,000		177,256,000
Ownership %	100.00%
Common unit, reverse split (in units)		(79,000)

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Revenues
Company-operated shops	$	1,165,830	$	857,939	$	639,710
Franchising and other	115,185		107,837		99,302
Total revenues	1,281,015		965,776		739,012
Cost of sales
Company-operated shops
Beverage, food & packaging	296,752		230,133		171,864
Labor costs	315,805		230,505		182,861
Occupancy & other costs	191,372		140,895		109,366
Pre-opening costs	15,133		14,083		17,986

Franchising and other	30,100		31,378		34,007
Segment cost of sales1	849,162		646,994		516,084
Segment contribution
Company-operated shops	346,768		242,323		157,633
Franchising and other	85,085		76,459		65,295
Total segment contribution	$	431,853	$	318,782	$	222,928





Segment depreciation and amortization	(91,724)		(67,486)		(42,012)


Selling, general and administrative	(234,036)		(205,074)		(183,528)
Interest expense, net	(27,020)		(32,321)		(18,018)
Other income, net	5,812		3,018		3,976
Income (loss) before income taxes	$	84,885	$	16,919	$	(16,654)

__________________

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

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2024 and December 31, 2023 is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets
Finance leases	Finance lease right-of-use assets, net	$	374,623	$	382,734
Operating leases	Operating lease right-of-use assets, net	315,256		199,673
Total right-of-use assets		$	689,879	$	582,407

Lease liabilities
Finance leases	Current portion of finance lease liabilities	$	13,256	$	9,482
	Finance lease liabilities, net of current portion	369,297		367,775

Operating leases	Current portion of operating lease liabilities	13,979		10,239
	Operating lease liabilities, net of current portion	309,311		191,419
Total lease liabilities		$	705,843	$	578,915

he 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)			2024		2023		2022
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	25,551	$	21,290	$	11,718
Amortization of right-of-use assets	Selling, general, and administrative		50		15		10
Interest on lease liabilities	Interest expense		22,053		17,516		9,263
Total finance lease costs			47,654		38,821		20,991

Operating lease costs
Lease expenses	Cost of sales		28,703		19,385		16,428
Lease expenses	Selling, general, and administrative		1,646		55		37
Total operating lease costs			30,349		19,440		16,465



Variable lease costs	Cost of sales		6,874		5,216		3,979
Total lease costs			$	84,877	$	63,477	$	41,435

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2024 are as follows:


(in thousands)	Finance		Operating

2025	$	35,094	$	20,644
2026	35,201		31,570
2027	35,959		31,722
2028	37,074		31,357
2029	38,000		32,127
Thereafter	413,822		366,879
Total	$	595,150	$	514,299
Less: imputed interest	(212,597)		(191,009)
Present value of minimum lease payments	382,553		323,290
Less: current portion	(13,256)		(13,979)
Lease liabilities, net of current portion	$	369,297	$	309,311

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


	December 31, 2024	December 31, 2023
Weighted-average remaining lease term (years)
Finance leases	15.3	16.3
Operating leases	15.5	14.7

Weighted-average discount rate (percentages)
Finance leases	6.0%	5.9%
Operating leases	5.9%	4.9%

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	22,053	$	17,516	9,264
Operating cash flows from operating leases	22,127		17,167		16,269
Financing cash flows from finance leases	10,541		12,432		5,838
Right-of-use assets obtained in exchange for lease obligations
Finance leases	15,838		144,588		167,687
Operating leases	130,059		40,253		178,138

Leases

NOTE 8 — Leases

A summary of finance and operating lease right-of-use assets and lease liabilities as of December 31, 2024 and December 31, 2023 is as follows:


(in thousands)	Balance Sheet Classification	December 31, 2024		December 31, 2023
Right-of-use assets
Finance leases	Finance lease right-of-use assets, net	$	374,623	$	382,734
Operating leases	Operating lease right-of-use assets, net	315,256		199,673
Total right-of-use assets		$	689,879	$	582,407

Lease liabilities
Finance leases	Current portion of finance lease liabilities	$	13,256	$	9,482
	Finance lease liabilities, net of current portion	369,297		367,775

Operating leases	Current portion of operating lease liabilities	13,979		10,239
	Operating lease liabilities, net of current portion	309,311		191,419
Total lease liabilities		$	705,843	$	578,915

he 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)			2024		2023		2022
Finance lease costs
Amortization of right-of-use assets	Cost of sales		$	25,551	$	21,290	$	11,718
Amortization of right-of-use assets	Selling, general, and administrative		50		15		10
Interest on lease liabilities	Interest expense		22,053		17,516		9,263
Total finance lease costs			47,654		38,821		20,991

Operating lease costs
Lease expenses	Cost of sales		28,703		19,385		16,428
Lease expenses	Selling, general, and administrative		1,646		55		37
Total operating lease costs			30,349		19,440		16,465



Variable lease costs	Cost of sales		6,874		5,216		3,979
Total lease costs			$	84,877	$	63,477	$	41,435

Future minimum lease payments for finance and operating lease liabilities as of December 31, 2024 are as follows:


(in thousands)	Finance		Operating

2025	$	35,094	$	20,644
2026	35,201		31,570
2027	35,959		31,722
2028	37,074		31,357
2029	38,000		32,127
Thereafter	413,822		366,879
Total	$	595,150	$	514,299
Less: imputed interest	(212,597)		(191,009)
Present value of minimum lease payments	382,553		323,290
Less: current portion	(13,256)		(13,979)
Lease liabilities, net of current portion	$	369,297	$	309,311

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


	December 31, 2024	December 31, 2023
Weighted-average remaining lease term (years)
Finance leases	15.3	16.3
Operating leases	15.5	14.7

Weighted-average discount rate (percentages)
Finance leases	6.0%	5.9%
Operating leases	5.9%	4.9%

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	22,053	$	17,516	9,264
Operating cash flows from operating leases	22,127		17,167		16,269
Financing cash flows from finance leases	10,541		12,432		5,838
Right-of-use assets obtained in exchange for lease obligations
Finance leases	15,838		144,588		167,687
Operating leases	130,059		40,253		178,138

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

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)	2024		2023		2022
Selling, general, and administrative expenses	$	2,971	$	2,341	$	1,680

Property and Equipment - Schedule of Property and Equipment Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 64,936	$ 44,441	$ 28,966
Cost of sales
Property, Plant and Equipment [Line Items]
Total depreciation expense	63,707	42,807	26,261
Selling, general and administrative expenses
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 1,229	$ 1,634	$ 2,705

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Deferred tax liabilities	$ 0	$ 0
Income tax interest and penalties accrued	0
Unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Valuation Allowance [Line Items]
Operating loss carryforward	208,300,000
Tax credit carryforward	9,400,000
State and Local Jurisdiction
Valuation Allowance [Line Items]
Operating loss carryforward	133,400,000
Tax credit carryforward	0
Operating loss carryforward subject to expiration	97,000,000.0
Operating loss carryforward not subject to expiration	$ 36,400,000

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (24,102)	$ (21,634)
Intangibles, net	$ 2,947	5,415
Franchise rights
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period (in years)	2 years 11 months 8 days
Reacquired franchise rights	$ 27,049	$ 27,049

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance lease costs
Interest on lease liabilities	$ 22,053	$ 17,516	$ 9,263
Total finance lease costs	47,654	38,821	20,991
Operating lease costs
Total operating lease costs	30,349	19,440	16,465
Variable lease costs	6,874	5,216	3,979
Total lease costs	84,877	63,477	41,435
Cost of sales
Finance lease costs
Amortization of right-of-use assets	25,551	21,290	11,718
Operating lease costs
Total operating lease costs	28,703	19,385	16,428
Selling, general and administrative expenses
Finance lease costs
Amortization of right-of-use assets	50	15	10
Operating lease costs
Total operating lease costs	$ 1,646	$ 55	$ 37

Debt - Narrative (Details) - USD ($)			12 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 20, 2024	Aug. 04, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 03, 2023
Line of Credit Facility [Line Items]
Proceeds from line of credit			$ 2,449,000	$ 90,000,000	$ 157,705,000
Total debt			238,009,000
The 2022 Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Increase in borrowing capacity		$ 150,000,000
Borrowing capacity		650,000,000
Total debt			234,700,000
Term loan under credit facility			234,688,000	$ 95,625,000
The 2022 Credit Facility \| Secured Debt \| Term Loan Facility
Line of Credit Facility [Line Items]
Borrowing capacity		100,000,000
The 2022 Credit Facility \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity		$ 350,000,000
Remaining borrowing capacity			343,800,000
Total debt			$ 0
Interest rate on term loan			6.20%
The 2022 Credit Facility \| Line of Credit \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.20%
The 2022 Credit Facility \| Line of Credit \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage		0.45%
The 2022 Credit Facility \| Line of Credit \| Delayed Draw Term Loan Facility
Line of Credit Facility [Line Items]
Borrowing capacity		$ 200,000,000
Proceeds from line of credit	$ 150,000,000
Remaining borrowing capacity	$ 50,000,000
The 2022 Credit Facility \| Line of Credit \| Letter of Credit
Line of Credit Facility [Line Items]
Borrowing capacity						$ 50,000,000
Term loan under credit facility			$ 6,200,000
The 2022 Credit Facility \| Line of Credit \| Bridge Loan
Line of Credit Facility [Line Items]
Borrowing capacity						$ 15,000,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 1,281,015	$ 965,776	$ 739,012
Costs and Expenses
Cost of sales	940,886	714,480	558,096
Selling, general and administrative	234,036	205,074	183,528
Total costs and expenses	1,174,922	919,554	741,624
Income (loss) from operations	106,093	46,222	(2,612)
Other expense
Interest expense, net	(27,020)	(32,321)	(18,018)
Other income	5,812	3,018	3,976
Total other expense	(21,208)	(29,303)	(14,042)
Income (loss) before income taxes	84,885	16,919	(16,654)
Income tax expense	18,435	6,967	2,599
Net income (loss)	66,450	9,952	(19,253)
Less: Net income (loss) attributable to non-controlling interests	31,192	8,234	(14,500)
Net income (loss) attributable to Dutch Bros Inc.	$ 35,258	$ 1,718	$ (4,753)
Net income (loss) per share of Class A and Class D common stock:
Basic (in dollars per share)	$ 0.34	$ 0.03	$ (0.09)
Diluted (in dollars per share)	$ 0.34	$ 0.03	$ (0.09)
Weighted-average shares of Class A and Class D common stock outstanding:
Basic (in shares)	103,504	62,074	51,871
Diluted (in shares)	104,129	62,074	51,871
Company-operated shops
Revenues
Total revenues	$ 1,165,830	$ 857,939	$ 639,710
Franchising and other
Revenues
Total revenues	$ 115,185	$ 107,837	$ 99,302

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Tax receivable agreement, contractually committed amount, percentage	85.00%
Tax receivable agreements liability, net of current portion	$ 627,763	$ 290,920
Property Lease Guarantee
Other Commitments [Line Items]
Guarantor obligation in franchise lease payment	$ 8,200	$ 1,400

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Schedule of Ownership Interest

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


	December 31, 2024
(in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	115,432	65.1	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	61,772	34.9	%
Total Dutch Bros OpCo Class A common units outstanding	177,204	100.0	%

_______________

1 Dutch Bros OpCo effected a recapitalization on February 7, 2025. Refer to NOTE 20 — Subsequent Events for additional information.


Dutch Bros OpCo	December 31, 2024			Capital Contribution	Pre-Split	Reverse Split	Post Reverse Split
(in thousands)	OpCo Units	%		OpCo Units	OpCo Units	OpCo Units	OpCo Units	%
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	115,432	65.1	%	52	115,484	(52)	115,432	65.2	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	61,772	34.9	%	—	61,772	(27)	61,745	34.8	%
Total Dutch Bros OpCo Class A common units outstanding	177,204	100.0	%	52	177,256	(79)	177,177	100.0	%


Dutch Bros Inc.
(in thousands)	December 31, 2024	Reverse Split	Post Reverse Split
Class A common shares	115,432	—	115,432
Class B common shares	35,227	(16)	35,211
Class C common shares	3,545	(1)	3,544
Total Dutch Bros Inc. common shares outstanding	154,204	(17)	154,187

Revenue Recognition - Schedule of Deferred Revenue Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gift card redemptions
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 6,215	$ 5,149	$ 3,965
Earned franchise fees
Disaggregation of Revenue [Line Items]
Deferred revenue recognized	$ 450	$ 454	$ 507

- 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 - Schedule of Finance and Operating Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Finance lease right-of-use assets, net	$ 374,623	$ 382,734
Operating lease right-of-use assets, net	315,256	199,673
Total right-of-use assets	689,879	582,407
Lessee, Finance Lease, Description [Abstract]
Current portion of finance lease liabilities	13,256	9,482
Finance lease liabilities, net of current portion	369,297	367,775
Lessee, Operating Lease, Description [Abstract]
Current portion of operating lease liabilities	13,979	10,239
Operating lease liabilities, net of current portion	309,311	191,419
Total lease liabilities	$ 705,843	$ 578,915

Non-Controlling Interests

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Non-Controlling Interests

NOTE 15 — 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, 2024
(in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	115,432	65.1	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	61,772	34.9	%
Total Dutch Bros OpCo Class A common units outstanding	177,204	100.0	%

_______________

1 Dutch Bros OpCo effected a recapitalization on February 7, 2025. Refer to NOTE 20 — Subsequent Events for additional information.

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


(in thousands)	Year Ended December 31,
		2024		2023		2022
Net income (loss) attributable to Dutch Bros Inc.		$	35,258	$	1,718	$	(4,753)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts		84		(269)		813
Transfers from (to) non-controlling interests:

Decrease in accumulated deficit as a result of the adoption of ASC 842		—		—		122
Increase in additional paid-in capital as a result of equity-based compensation		6,980		15,177		13,743
Increase (decrease) in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax		1,743		(661)		(1,145)

Increase (decrease) in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo Class A common units		115,989		(158,152)		9,410
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.		$	160,054	$	(142,187)	$	18,190

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,
		2024		2023		2022
Weighted-average ownership percentage of non-controlling interest holders		41.6	%	62.8	%	67.8%

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)		2024		2023		2022
Amounts paid to non-controlling interest holders		$	1,888	$	—	$	—

Employee Benefit Plans - Schedule of Total Employer Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Selling, general, and administrative expenses	$ 2,971	$ 2,341	$ 1,680

Subsequent Events - Narrative (Details) - USD ($) $ in Thousands				1 Months Ended	12 Months Ended
	Feb. 07, 2025	Feb. 04, 2025	Feb. 20, 2024	Feb. 07, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from line of credit					$ 2,449	$ 90,000	$ 157,705
Class A common units held by Dutch Bros Inc.
Subsequent Event [Line Items]
Capital contribution (in units)					51,942
Delayed Draw Term Loan Facility \| The 2022 Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Proceeds from line of credit			$ 150,000
Subsequent event
Subsequent Event [Line Items]
Consolidation, less than wholly owned subsidiary, parent ownership interest, changes, additional interest issued to parent	$ 3,500
Number of shares issued in reorganization transaction	1,000			1,000
Reverse split (in shares)				(17,000)
Subsequent event \| Class B common stock
Subsequent Event [Line Items]
Reverse split (in shares)				(15,734)
Subsequent event \| Class C common stock
Subsequent Event [Line Items]
Reverse split (in shares)				(1,220)
Subsequent event \| Delayed Draw Term Loan Facility \| The 2022 Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Proceeds from line of credit		$ 50,000

Revenue Recognition - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 50,883	$ 37,025	$ 31,454
Card, reward redemptions and breakage
Disaggregation of Revenue [Line Items]
Total deferred revenue	48,265	34,616
Franchising
Disaggregation of Revenue [Line Items]
Total deferred revenue	$ 2,618	$ 2,409

- 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

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

NOTE 19 — 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 accounting policies applied to company-operated shops and franchising and other segments are the same as described in the Significant Accounting Policies section of NOTE 2 — Basis of Presentation and Summary of Significant Accounting Policies.

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 year ended December 31, 2024. In addition, no customer represented 10% or more of total revenue for the three years ended December 31, 2024, 2023, and 2022.

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


	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenues
Company-operated shops	$	1,165,830	$	857,939	$	639,710
Franchising and other	115,185		107,837		99,302
Total revenues	1,281,015		965,776		739,012
Cost of sales
Company-operated shops
Beverage, food & packaging	296,752		230,133		171,864
Labor costs	315,805		230,505		182,861
Occupancy & other costs	191,372		140,895		109,366
Pre-opening costs	15,133		14,083		17,986

Franchising and other	30,100		31,378		34,007
Segment cost of sales1	849,162		646,994		516,084
Segment contribution
Company-operated shops	346,768		242,323		157,633
Franchising and other	85,085		76,459		65,295
Total segment contribution	$	431,853	$	318,782	$	222,928





Segment depreciation and amortization	(91,724)		(67,486)		(42,012)


Selling, general and administrative	(234,036)		(205,074)		(183,528)
Interest expense, net	(27,020)		(32,321)		(18,018)
Other income, net	5,812		3,018		3,976
Income (loss) before income taxes	$	84,885	$	16,919	$	(16,654)

__________________

1 Segment cost of sales for this presentation excludes 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

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-Topic 280
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+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE 14 — Employee Benefit Plans

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)	2024		2023		2022
Selling, general, and administrative expenses	$	2,971	$	2,341	$	1,680

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain on derivative securities, effective portion, net of income tax expense (benefit)	$ (83)	$ 10	$ 273

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 66,450	$ 9,952	$ (19,253)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	93,005	69,135	44,728
Non-cash interest expense	1,113	887	691
Non-cash donation expense	1,811	0	0
Gain on disposal of assets	(1,277)	(23)	(340)
Equity-based compensation	11,482	39,222	41,657
Deferred income taxes	15,421	5,946	1,078
Remeasurement gain on TRAs	(4,247)	(2,638)	(3,466)
Non-cash operating lease cost	15,765	11,413	9,919
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(1,474)	2,842	(1,322)
Inventories, net	10,465	(7,724)	(15,817)
Prepaid expenses and other current assets	(2,282)	(4,775)	(695)
Other long-term assets	611	(578)	1,147
Accounts payable	3,658	3,903	1,606
Accrued compensation and benefits	18,373	11,699	5,333
Other accrued liabilities	10,601	3,738	643
Other current liabilities	644	484	1,001
Deferred revenue	13,858	5,571	3,367
Other long-term liabilities	0	0	(672)
Operating lease liabilities	(7,545)	(9,139)	(9,722)
Net cash provided by operating activities	246,432	139,915	59,883
Cash flows from investing activities:
Purchases of property and equipment	(221,738)	(228,457)	(187,880)
Proceeds from disposal of fixed assets	9,666	1,177	1,359
Acquisition of shops from franchisees	0	0	(6,051)
Net cash used in investing activities	(212,072)	(227,280)	(192,572)
Cash flows from financing activities:
Proceeds from line of credit	2,449	90,000	157,705
Payments on line of credit	(2,449)	(202,705)	(10,000)
Payments on finance lease liabilities	(10,541)	(12,432)	(5,838)
Proceeds from long-term debt	150,000	1,647	1,375
Payments on long-term debt	(11,053)	(2,613)	(1,982)
Payments of debt issuance costs	0	(1,350)	(2,749)
Proceeds from equity offering, net of underwriting discounts and commissions	0	331,200	0
Payment of deferred offering costs	0	(1,119)	(250)
Tax withholding payments upon vesting of equity awards	(1,069)	(1,896)	(3,900)
Distributions to non-controlling interest holders	(1,888)	0	0
Net cash provided by financing activities	125,449	200,732	134,361
Net increase in cash and cash equivalents	159,809	113,367	1,672
Cash and cash equivalents, beginning of period	133,545	20,178	18,506
Cash and cash equivalents, end of period	293,354	133,545	20,178
Supplemental disclosure of cash flow information
Interest paid	39,103	34,969	17,613
Income taxes paid, net of refunds	2,253	1,731	1,316
Supplemental disclosure of noncash investing and financing activities
Additions of property and equipment accrued as of end of period	12,635	13,880	6,731
Transfer between line of credit and term loan facility	$ 0	$ 0	$ 100,000

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Instruments

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



(in thousands)	December 31, 2024		December 31, 2023
Term loans under credit facility	$	234,688	$	95,625
Finance obligations1	3,022		3,022
Unsecured note payable	299		415
Total debt	238,009		99,062
Less: loan origination fees	(943)		(1,396)
Less: current portion	(17,311)		(4,491)
Total long-term debt, net of current portion	$	219,755	$	93,175

_______________

1 Represents failed sale-leaseback arrangements.

Schedule of Maturities of Long-Term Debt

Future annual maturities of long-term debt as of December 31, 2024 are as follows:


(in thousands)

2025	$	17,311
2026	32,943
2027	184,733
2028	—
2029	—
Thereafter	3,022
Total	$	238,009

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) renewal taxReceivableAgreement	Dec. 31, 2023 USD ($)	Dec. 31, 2022 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%
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 (Loss) 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	90	1,931	3,250
RSAs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	0	1,283	2,667
RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Total anti-dilutive securities (in shares)	90	648	583

Non-Controlling Interests - Schedule of Ownership Interest (Details) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	115,432
Percentage of class A common units held by Dutch Bros.	65.10%	45.50%
Dutch Bros OpCo Class A common units held by non-controlling interest holders
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	61,772
Dutch Bros OpCo Class A common units held by non-controlling interest holders	34.90%
Total Dutch Bros OpCo Class A common units outstanding
Noncontrolling Interest [Line Items]
Common units outstanding (in units)	177,204
Ownership %	100.00%

Organization and Background (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 store state shares	Dec. 31, 2023 USD ($) $ / shares shares	May 31, 2024 shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores \| store	982
Number of states in which entity operates \| state	18
Percentage of voting interest held	100.00%
Follow On Offering
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Proceeds received from sale of stock, net of offering costs \| $		$ 331.2
Class B common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of common stock surrendered (in shares)			23,000,000
Class A common stock
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Stock issued during period, shares, new issues (in shares)	45,400,000
Stock converted during period (in shares)	34,700,000
Class A common stock \| Follow On Offering
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Shares issued in follow-on offering (in shares)		13,300,000
Public offering price (in dollars per share) \| $ / shares		$ 26.00
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)	10,700,000
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.	65.10%	45.50%
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	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%
Dutch Bros OpCo Class A common units held by non-controlling interest holders
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	34.90%
Company-operated shops
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores \| store	670
Franchising
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of stores \| store	312

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 17 — 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 its green coffee purchase commitments. Guarantees We periodically provide guarantees to franchise partners for lease payments. Annually, we determine if a liability needs to be recorded related to these guarantees. As of December 31, 2024 and December 31, 2023, we had guaranteed approximately $8.2 million and $1.4 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. Litigation Related to Securities Claims On November 3, 2023, plaintiff David Briggs filed a putative stockholder derivative lawsuit in the Delaware Court of Chancery (the Briggs Complaint). The Briggs Complaint named Dutch Bros Inc. as a nominal defendant and purported to bring claims on behalf of Dutch Bros Inc. against certain of Dutch Bros Inc.’s directors and executive officers for alleged breaches of their fiduciary duties in relation to substantially the same factual allegations as the putative class action lawsuit in the U.S. District Court for the Southern District of New York, captioned Douglas Rein, Individually and On Behalf of All Others Similarly Situated v. Dutch Bros, Inc. et al (Rein), which asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the Exchange Act), on behalf of a proposed class consisting of those who acquired Dutch Bros Inc.’s securities between November 10, 2021 and May 11, 2022. On June 24, 2024, the court in Rein granted the defendants’ motion to dismiss in its entirety, with prejudice, and the time for the lead plaintiff to file a notice of appeal of the court’s dismissal has elapsed. The Briggs Complaint primarily sought to recover for Dutch Bros Inc. compensatory damages for losses allegedly sustained by Dutch Bros Inc. related to the facts alleged, restitution, and equitable relief in the form of revisions to Dutch Bros Inc.’s governing documents. On July 9, 2024, the parties provided the court notice of the motion to dismiss ruling in Rein. On August 20, 2024, the parties filed, and the court entered, a stipulation and proposed order dismissing the case. 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, 2024, Dutch Bros Inc. recognized $627.8 million of liabilities related to its obligations under the TRAs.

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Ownership Interest

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


	December 31, 2024
(in thousands)	OpCo Units	Ownership %
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	115,432	65.1	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	61,772	34.9	%
Total Dutch Bros OpCo Class A common units outstanding	177,204	100.0	%

_______________

1 Dutch Bros OpCo effected a recapitalization on February 7, 2025. Refer to NOTE 20 — Subsequent Events for additional information.


Dutch Bros OpCo	December 31, 2024			Capital Contribution	Pre-Split	Reverse Split	Post Reverse Split
(in thousands)	OpCo Units	%		OpCo Units	OpCo Units	OpCo Units	OpCo Units	%
Dutch Bros OpCo Class A common units held by Dutch Bros Inc.	115,432	65.1	%	52	115,484	(52)	115,432	65.2	%
Dutch Bros OpCo Class A common units held by non-controlling interest holders	61,772	34.9	%	—	61,772	(27)	61,745	34.8	%
Total Dutch Bros OpCo Class A common units outstanding	177,204	100.0	%	52	177,256	(79)	177,177	100.0	%


Dutch Bros Inc.
(in thousands)	December 31, 2024	Reverse Split	Post Reverse Split
Class A common shares	115,432	—	115,432
Class B common shares	35,227	(16)	35,211
Class C common shares	3,545	(1)	3,544
Total Dutch Bros Inc. common shares outstanding	154,204	(17)	154,187

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:


(in thousands)	Year Ended December 31,
		2024		2023		2022
Net income (loss) attributable to Dutch Bros Inc.		$	35,258	$	1,718	$	(4,753)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax impacts		84		(269)		813
Transfers from (to) non-controlling interests:

Decrease in accumulated deficit as a result of the adoption of ASC 842		—		—		122
Increase in additional paid-in capital as a result of equity-based compensation		6,980		15,177		13,743
Increase (decrease) in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, net of stock withheld for tax		1,743		(661)		(1,145)

Increase (decrease) in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo Class A common units		115,989		(158,152)		9,410
Total effect of changes in ownership interest on equity attributable to Dutch Bros Inc.		$	160,054	$	(142,187)	$	18,190

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,
		2024		2023		2022
Weighted-average ownership percentage of non-controlling interest holders		41.6	%	62.8	%	67.8%

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)		2024		2023		2022
Amounts paid to non-controlling interest holders		$	1,888	$	—	$	—

Equity-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

NOTE 13 — Equity-Based Compensation

Equity Awards

As of December 31, 2024, we had equity-based compensation awards outstanding consisting of time-based RSUs 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 on the third anniversary of the vesting commencement date.

Restricted Stock Awards

RSA activity was as follows:


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




Balance, December 31, 2023	1,283	$	23.00


Vested	(1,283)	23.00

Balance, December 31, 2024	—	$	—

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, 2023	648	$	35.99

New grants	846	31.21
Vested	(119)	42.57
Forfeitures	(164)	33.21
Balance, December 31, 2024	1,211	$	32.38

Total release date fair value of vested RSAs and RSUs for the three years ended December 31, 2024 are presented below:


	Year Ended December 31,
(in thousands, except per share amounts)	2024				2023				2022
	Awards/units		WA vest date fair value		Awards/units		WA vest date fair value		Awards/units		WA vest date fair value
RSAs	$	39,752	$	30.99	$	37,373	$	27.36	$	69,604	$	52.22
RSUs	3,825		32.25		6,185		27.16		10,627		51.59

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)		2024		2023		2022
Cost of sales		$	887	$	—	$	—
Selling, general, and administrative expenses		10,595		39,222		41,657
Total stock-based compensation expense		$	11,482	$	39,222	$	41,657

As of December 31, 2024, total unrecognized stock-based compensation related to unvested RSUs was $23.2 million, which will be recognized as follows:


(in thousands)

2025	$	12,403
2026	8,751
2027	2,044
2028	—
2029	—
Thereafter	—
Total unrecognized stock-based compensation	$	23,198

Subsequent Events - Schedule of Common Stock Outstanding (Details) - shares	1 Months Ended
	Feb. 07, 2025	Feb. 08, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, outstanding (in shares)			154,204,000
Subsequent event
Subsequent Event [Line Items]
Common stock, outstanding (in shares)		154,187,000
Reverse split (in shares)	(17,000)
Class A common shares
Subsequent Event [Line Items]
Common stock, outstanding (in shares)			115,432,000	69,958,000
Class A common shares \| Subsequent event
Subsequent Event [Line Items]
Common stock, outstanding (in shares)		115,432,000
Reverse split (in shares)	0
Class B common shares
Subsequent Event [Line Items]
Common stock, outstanding (in shares)			35,227,000	60,629,000
Class B common shares \| Subsequent event
Subsequent Event [Line Items]
Common stock, outstanding (in shares)		35,211,000
Reverse split (in shares)	(15,734)
Class C common shares
Subsequent Event [Line Items]
Common stock, outstanding (in shares)			3,545,000	35,864,000
Class C common shares \| Subsequent event
Subsequent Event [Line Items]
Common stock, outstanding (in shares)		3,544,000
Reverse split (in shares)	(1,220)

Tax Receivable Agreements - Schedule of Changes related to the TRAs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Tax Receivable Agreement, Liability [Roll Forward]
Beginning balance	$ 290,920	$ 220,923
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	341,161	72,635
TRAs remeasurements	(4,247)	(2,638)
Ending balance	627,834	290,920
Less: current portion	(71)	0
Tax receivable agreements liability, net of current portion	$ 627,763	$ 290,920

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

NOTE 9 — Debt

Credit Facility

On August 4, 2023, we amended our senior secured credit facility, dated February 28, 2022, with JPMorgan Chase Bank, N.A. (as amended, the 2022 Credit Facility) to increase borrowing capacity by $150 million to a total of $650 million. The 2022 Credit Facility consists of a $350 million revolving credit facility, a term loan facility of up to $100 million, and a delayed draw term loan facility of up to $200 million. The 2022 Credit Facility also includes sublimits for letters of credit and swingline loans of up to $50 million and $15 million, respectively. The 2022 Credit Facility expires on February 28, 2027 (the Maturity Date).

On February 20, 2024, we drew $150 million on our delayed draw term loan facility before this portion expired on February 28, 2024. The remaining $50 million of the delayed draw term loan is available until February 2025.

Interest on borrowings under the 2022 Credit Facility is based on (a) the Alternate Base Rate plus an applicable margin, or (b) the Adjusted Term SOFR plus an applicable margin, and is payable in accordance with the selected interest rate period (at least quarterly) 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 our maximum net lease-adjusted total leverage ratio) based on the (i) average daily unused portion of the revolving credit facility, and (ii) the daily undrawn amount of the delayed draw term loan facility. These fees are recorded as interest expense on our consolidated statements of operations.

The 2022 Credit Facility contains financial covenants that require us to not exceed a maximum net lease-adjusted total leverage ratio and maintain a minimum fixed charge coverage ratio. The 2022 Credit Facility also contains certain negative covenants that, among other things, limit 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 2022 Credit Facility are guaranteed by Dutch Bros OpCo and certain of its subsidiaries, and secured by a first priority perfected security interest in substantially all of the assets of the guarantors.

As of December 31, 2024, no amounts were outstanding on our revolving credit facility, and $343.8 million was available for borrowing, net of $6.2 million in letters of credit, and approximately $234.7 million of principal was outstanding on the term loan facilities. The term loans bear interest at approximately 6.20% as of December 31, 2024, excluding the impact from the Company’s 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, 2024		December 31, 2023
Term loans under credit facility	$	234,688	$	95,625
Finance obligations1	3,022		3,022
Unsecured note payable	299		415
Total debt	238,009		99,062
Less: loan origination fees	(943)		(1,396)
Less: current portion	(17,311)		(4,491)
Total long-term debt, net of current portion	$	219,755	$	93,175

_______________

1 Represents failed sale-leaseback arrangements.

Future annual maturities of long-term debt as of December 31, 2024 are as follows:


(in thousands)

2025	$	17,311
2026	32,943
2027	184,733
2028	—
2029	—
Thereafter	3,022
Total	$	238,009

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Organization Realignment and Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Organization Realignment and Restructuring

NOTE 4 — Organization Realignment and Restructuring

On January 29, 2024, the Company’s Board of Directors approved an organizational realignment and restructuring plan to expand the Company’s support operations at its Phoenix, Arizona office. As part of this large-scale initiative, the Company relocated certain of its support center staff from the Grants Pass, Oregon headquarters to the Phoenix office. As of December 31, 2024, approximately 40% of the Company’s total support operations staff were located in Phoenix, Arizona. All affected employees were either offered an opportunity to continue employment in the Phoenix office or were offered a severance package; these communications were largely completed by February 9, 2024. The Company expects to incur total aggregate charges of approximately $19 million to $20 million related to this initiative, consisting of (i) approximately $16 million to $17 million in employee-related costs, including relocation, retention and transition costs, termination benefits, and duplicate transition wages and benefits; and (ii) approximately $3 million in other costs, including building donation, consulting fees and costs and duplicate rent. Substantially all of the estimated charges have resulted in current cash expenditures or are expected in future cash expenditures.

We recorded severance related to this initiative as a one-time termination benefit and recognized the expense ratably over the employees’ required future service period.

All other costs, including other employee transition costs, recruitment and relocation costs, and third-party costs, are recognized in the period incurred.

There have been no material lease terminations or lease abandonments related to this initiative.

In December 2024, the Grants Pass, Oregon headquarters building was vacated as a result of the organization realignment and restructuring activities. The building was donated to a local charity for development of a children’s learning center, and we recorded a net donation expense of $1.8 million.


(in thousands)	Year Ended December 31, 2024
Relocation and travel costs	$	11,403
One-time termination benefits	4,146
Total employee-related costs	15,549
Building donation	1,811
Duplicate rent	461
Consulting	55
Total other costs	2,327
Total restructuring costs incurred	$	17,876

As of December 31, 2024, the accruals for corporate restructuring costs are included in accounts payable, accrued compensation and benefits, and accrued expenses on the consolidated balance sheets. The following table summarizes the activity for the restructuring liability during the year ended December 31, 2024:


(in thousands)	Liability, December 31, 2023		Charges		Cash Payments		Non-Cash		Liability, December 31, 2024
Relocation and travel costs	$	—	$	11,403	$	(10,705)	$	—	$	698
One-time termination benefits	—		4,146		(2,118)		—		2,028
Total employee-related costs	—		15,549		(12,823)		—		2,726
Duplicate rent	—		461		(461)		—		—
Consulting	—		55		—		—		55
Building donation	—		1,811		—		(1,811)		—
Total other costs	—		2,327		(461)		(1,811)		55
Totals	$	—	$	17,876	$	(13,284)	$	(1,811)	$	2,781

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Proceeds from disposal of fixed assets	$ 9,666	$ 1,177	$ 1,359
Related Party
Related Party Transaction [Line Items]
Proceeds from disposal of fixed assets	9,500
Gain (loss) on disposition of assets	$ 1,300

Income (Loss) Per Share - Schedule of Reconciliation of Numerator for Income (Loss) Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 66,450	$ 9,952	$ (19,253)
Less: Net income (loss) attributable to non-controlling interests	31,192	8,234	(14,500)
Net income (loss) attributable to Dutch Bros Inc.	$ 35,258	$ 1,718	$ (4,753)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

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

+ References

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+ Details

Income (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Income (Loss) Per Share

NOTE 16 — Income (Loss) Per Share

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


	Year Ended December 31,
(in thousands)		2024		2023		2022
Numerator:
Net income (loss)		$	66,450	$	9,952	$	(19,253)

Less: Net income (loss) attributable to non-controlling interests		31,192		8,234		(14,500)
Net income (loss) attributable to Dutch Bros Inc.		$	35,258	$	1,718	$	(4,753)


	Year Ended December 31,
(in thousands, except per share amounts)		2024		2023		2022
Basic net income (loss) per share attributable to common stockholders
Numerator:
Net income (loss) attributable to Dutch Bros Inc.		$	35,258	$	1,718	$	(4,753)
Denominator:
Weighted-average number of shares of Class A and Class D common stock outstanding - basic ¹		103,504		62,074		51,871




Basic net income (loss) per share attributable to common stockholders ¹		$	0.34	$	0.03	$	(0.09)

_______________


	Year Ended December 31,
(in thousands, except per share amounts)		2024		2023		2022
Diluted net income (loss) per share attributable to common stockholders
Numerator:
Undistributed net income (loss) for basic computation		$	35,258	$	1,718	$	(4,753)
Increase in net income attributable to common stockholders upon conversion of potentially dilutive instruments		110		—		—
Allocation of undistributed net income (loss)		$	35,368	$	1,718	$	(4,753)

Denominator:
Number of shares used in basic computation		103,504		62,074		51,871
Add: weighted-average effect of dilutive securities
RSAs		12		—		—
RSUs		613		—		—
Weighted-average number of shares of Class A and Class D common stock outstanding used to calculate diluted net income (loss) per share ¹		104,129		62,074		51,871
Diluted net income (loss) per share attributable to common stockholders ¹		$	0.34	$	0.03	$	(0.09)

_______________

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


	Year Ended December 31,
(in thousands)		2024	2023	2022
RSAs		—	1,283	2,667
RSUs		90	648	583
Total anti-dilutive securities		90	1,931	3,250

Tax Receivable Agreements (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Beginning balance	$	290,920	$	220,923
Additions (reductions) to TRAs:
Exchange of Dutch Bros OpCo Class A common units for Class A common stock	341,161		72,635
TRAs remeasurements 1	(4,247)		(2,638)

Ending balance	$	627,834	$	290,920
Less: current portion	(71)		—
TRAs liability, net of current portion	$	627,763	$	290,920

_________________

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

Leases - Schedule of Supplemental Cash Flow Information Regarding Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 22,053	$ 17,516	$ 9,264
Operating cash flows from operating leases	22,127	17,167	16,269
Financing cash flows from finance leases	10,541	12,432	5,838
Right-of-use assets obtained in exchange for lease obligations
Finance leases	15,838	144,588	167,687
Operating leases	$ 130,059	$ 40,253	$ 178,138

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

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, 2024 and for the three years then ended have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC

Significant Accounting Policies

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, accrued expenses 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 Instruments 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, 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, 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 is adversely affected and they are unable to meet their financial obligations. We had no allowance for credit losses at December 31, 2024 and 2023.

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 historical 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 (loss) 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 2048. 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 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, which results in the transaction being 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.

Business Combinations

Historically, our business combination activity has been related to reacquiring franchises. We account for the acquisition of reacquired franchises using the acquisition method of accounting for business combinations. We allocate the purchase price paid for acquired assets and liabilities in connection with an acquisition based on the estimated fair value at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following:

•Intangible assets, including valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, assumed market share, and estimated useful life;

•Deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances estimate; and

•Other assets and liabilities, and contingent consideration, as applicable.

Fair value measurements for reacquired franchise rights and property and equipment were determined using the income approach and cost approach, respectively. The fair value measurement of acquired assets and liabilities as of the acquisition date is based on significant inputs not observed in the market, and as such, represents a Level 3 fair value measurement.

Goodwill is measured as the excess of the purchase price paid over the net of the acquisition date fair values of assets acquired and liabilities assumed. Goodwill associated with the acquisition of reacquired franchises is allocated to the company-operated shops reportable segment and is expected to be fully deductible for tax purposes.

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, 2024, 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 an annual assessment in the fourth quarter of 2024, which indicated no changes in circumstances or triggering events for impairment.

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

Dutch Pass, our digital loyalty program accessible via mobile app, provides the following key opportunities for customers:

•Collect points based on purchases

•Convert points to rewards

•Redeem rewards for free drinks

•Share free drink rewards with other app users

•Receive birthday and other promotional awards

•Mobile ordering

•Digital gift cards

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 and digital gift cards sold, 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. Based on historical redemptions rates, a portion of gift cards are not expected to be redeemed and are recognized as breakage.

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. Franchise shops contribute to an advertising fund that we manage on behalf of the shops. Under our standard franchise agreement, the contributions received must be spent on specific marketing-related activities. The expenditures are primarily amounts paid to third parties and other costs. If receipts exceed expenditures, the excess is recorded as an accrued liability. As of December 31, 2024 and 2023, no excess marketing fees were accrued in our consolidated financial statements.

Advertising expense is recorded in cost of sales and selling, general and administrative on our consolidated statements of operations, and was as follows for the periods presented:


	Year Ended December 31,
(in thousands)		2024		2023		2022
Cost of sales		$	21,897	$	18,946	$	19,150
Selling, general and administrative		17,313		10,953		13,177
Total advertising expense		$	39,210	$	29,899	$	32,327

Equity-based Compensation

The Company granted time-based RSAs to certain officers and employees in connection with the IPO, and RSUs to directors and certain employees. The RSAs and 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 and vest over the requisite service period.

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 RSAs and RSUs is recognized as expense over the grantee’s requisite service period, and forfeitures are accounted for as they occur. To date, the Company has not granted any performance-based awards.

During the year ended December 31, 2024, the RSAs were fully expensed and fully vested.

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 (Loss) Per Share

Basic income (loss) per share of Class A and Class D common stock is computed by dividing net income (loss) 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 (loss) per share of Class A and Class D common stock is computed by dividing net income (loss) 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 (loss) per share calculations are adjusted for the deemed repurchases provided for in the treasury stock method for RSAs and RSUs, 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 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. These amendments are effective for public business entities' annual periods beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025, and should be applied on a prospective basis. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently assessing the potential impacts of this standard on its income tax disclosures, and expects to provide additional detail and disclosures under the new guidance.

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, SG&A, and research and development). 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 will assess potential impacts of this standard on our disclosures in future periods.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Public entities should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We have completed our analysis and identified significant segment expenses primarily related to segment cost of sales for disclosure in this 2024 Form 10-K. The new standard has not had a material impact on our consolidated financial statements; however, we have provided additional detail and disclosures under the new guidance in NOTE 19 — Segment Reporting.

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

NOTE 5 — Inventories

Inventories, net consist of the following:



(in thousands)	December 31, 2024		December 31, 2023
Raw materials	$	14,594	$	28,523
Finished goods	21,894		18,430
Total inventories	$	36,488	$	46,953

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of operating segments \| segment	2
Revenues	$ 1,281,015	$ 965,776	$ 739,012
Cost of sales	940,886	714,480	558,096
Segment depreciation and amortization	(93,005)	(69,135)	(44,728)
Selling, general and administrative	(234,036)	(205,074)	(183,528)
Interest expense, net	(27,020)	(32,321)	(18,018)
Other income, net	5,812	3,018	3,976
Income (loss) before income taxes	84,885	16,919	(16,654)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	1,281,015	965,776	739,012
Cost of sales	849,162	646,994	516,084
Segment contribution	431,853	318,782	222,928
Segment depreciation and amortization	(91,724)	(67,486)	(42,012)
Company-operated shops
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	1,165,830	857,939	639,710
Company-operated shops \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	1,165,830	857,939	639,710
Segment contribution	346,768	242,323	157,633
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	296,752	230,133	171,864
Company-operated shops \| Operating Segments \| Labor costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of sales	315,805	230,505	182,861
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	191,372	140,895	109,366
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	15,133	14,083	17,986
Franchising and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	115,185	107,837	99,302
Franchising and other \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	115,185	107,837	99,302
Cost of sales	30,100	31,378	34,007
Segment contribution	$ 85,085	$ 76,459	$ 65,295

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

NOTE 18 — Related Party Transactions

During the year ended December 31, 2024, we sold our airplane, hangar, and related equipment to our Co-Founder for approximately $9.5 million. The transactions resulted in total gains of approximately $1.3 million, reflected in the “Other income, net” line item of our consolidated statements of operations.

The Dutch Bros Foundation is a not-for-profit organization founded by our company that provides philanthropy to coffee farmers and local communities. Our Co-Founder, Vice Chair, and Chief Legal Officer serve on the board of directors, and our Vice Chair serves as the President. Donations to the Foundation were as follows:


	Year Ended December 31,
(in thousands)		2024		2023		2022
Donations to Dutch Bros Foundation		$	4,250	$	250	$	5,149

- 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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Organization Realignment and Restructuring - Narrative (Details) - Organization Realignment and Restructuring - USD ($) $ in Millions	Dec. 31, 2024	Jan. 29, 2024
Restructuring Cost and Reserve [Line Items]
Percentage of support center staff to be relocated	40.00%
Total other costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		$ 3.0
Charitable Donation
Restructuring Cost and Reserve [Line Items]
Donation expense	$ 1.8
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		19.0
Minimum \| Total employee-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		16.0
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		20.0
Maximum \| Total employee-related costs
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost		$ 17.0

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

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)		2024		2023		2022
Company-operated shops		$	1,165,830	$	857,939	$	639,710
Franchising		109,610		101,907		93,756
Other		5,575		5,930		5,546
Total revenues		$	1,281,015	$	965,776	$	739,012

Schedule of Deferred Revenue Activity

Deferred Revenue

Components of our deferred revenue liability are as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Gift card and loyalty programs	$	48,265	$	34,616
Initial unearned franchise fees	2,618		2,409

Total deferred revenue	$	50,883	$	37,025

Deferred revenue activity was as follows:


	Year Ended December 31,
(in thousands)	2024		2023
Beginning balance	$	37,025	$	31,454
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned	419,107		362,482
Revenue recognized - gift card, loyalty app, loyalty rewards redemptions, and breakage	(405,458)		(354,770)


Other deferred revenue, net 1	209		(2,141)
Ending balance	50,883		37,025
Less: current portion	(42,868)		(30,349)
Deferred revenue, net of current portion	$	8,015	$	6,676

_______________

1 Other deferred revenue, net, includes activity related to initial unearned franchise fees, and in 2023 includes recognition of previously outstanding performance obligations.

Revenue recognized during each of the three years ended December 31, 2024 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)		2024		2023		2022
Gift card redemptions 1		$	6,215	$	5,149	$	3,965
Earned franchise fees		450		454		507

_____________________

1 Amounts exclude cash loads and transactions related to the Company’s loyalty rewards program.

Schedule of Unearned Franchise Fees

Future recognition of initial unearned franchise fees as of December 31, 2024 is as follows:


(in thousands)

2025	$	430
2026	388
2027	343
2028	294
2029	249
Thereafter	914
Total	$	2,618

Organization Realignment and Restructuring -Schedule of Restructuring Liability (Details) - Organization Realignment and Restructuring $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Charges	17,876
Cash Payments	(13,284)
Non-Cash	(1,811)
Ending balance	2,781
Relocation and travel costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	11,403
Cash Payments	(10,705)
Non-Cash	0
Ending balance	698
One-time termination benefits
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	4,146
Cash Payments	(2,118)
Non-Cash	0
Ending balance	2,028
Total employee-related costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	15,549
Cash Payments	(12,823)
Non-Cash	0
Ending balance	2,726
Duplicate rent
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	461
Cash Payments	(461)
Non-Cash	0
Ending balance	0
Consulting
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	55
Cash Payments	0
Non-Cash	0
Ending balance	55
Building donation
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	1,811
Cash Payments	0
Non-Cash	(1,811)
Ending balance	0
Total other costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	2,327
Cash Payments	(461)
Non-Cash	(1,811)
Ending balance	$ 55

Derivative Financial Instruments - Schedule of Fair Value Derivative Instruments Included in Condensed Consolidated Balance Sheets (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total derivative instrument designated as cash flow hedge	$ 1,785	$ 2,208
Interest rate swap contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Prepaid expenses and other current assets	953	1,371
Other long-term assets	$ 832	$ 837

- 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.

+ References

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+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024		December 31, 2023
Derivative instrument designated as cash flow hedge
Interest rate swap contract	Prepaid expenses and other current assets	$	953	$	1,371
Interest rate swap contract	Other long-term assets	832		837
Total derivative instrument designated as cash flow hedge		$	1,785	$	2,208

Schedule of Derivatives Instruments Effect on Condensed Consolidated Statement of Operations


		Year Ended December 31,
(in thousands)	Financial Statements Classification		2024		2023		2022
Derivative instrument designated as cash flow hedge
Income recognized in other comprehensive income before reclassifications	Statements of Comprehensive Income (Loss)		$	1,661	$	954	$	2,966
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statements of Operations - Interest expense, net		(1,745)		(1,692)		215
Income tax benefit (expense)	Statements of Operations - Income tax expense		83		(10)		(273)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Portland, Oregon
Auditor Firm ID	185

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

NOTE 10 — Derivative Financial Instruments

We have a receive-variable (Receive Leg), pay-fixed (Pay Leg) interest rate swap with JPMorgan Chase Bank, N.A. As of December 31, 2024, the interest rate swap had a notional amount of approximately $63.9 million and hedges interest rate risk on the term loan under the 2022 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, 2024, the one-month adjusted term SOFR was 4.36%.

We typically designate all interest rate swaps as cash flow hedges, and accordingly, 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, 2024, we expect to reclassify a gain of approximately $1.0 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, 2024		December 31, 2023
Derivative instrument designated as cash flow hedge
Interest rate swap contract	Prepaid expenses and other current assets	$	953	$	1,371
Interest rate swap contract	Other long-term assets	832		837
Total derivative instrument designated as cash flow hedge		$	1,785	$	2,208


		Year Ended December 31,
(in thousands)	Financial Statements Classification		2024		2023		2022
Derivative instrument designated as cash flow hedge
Income recognized in other comprehensive income before reclassifications	Statements of Comprehensive Income (Loss)		$	1,661	$	954	$	2,966
Reclassification from accumulated other comprehensive income to earnings for the effective portion	Statements of Operations - Interest expense, net		(1,745)		(1,692)		215
Income tax benefit (expense)	Statements of Operations - Income tax expense		83		(10)		(273)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 293,354	$ 133,545
Accounts receivable, net	10,598	9,124
Inventories, net	36,488	46,953
Prepaid expenses and other current assets	17,501	15,637
Total current assets	357,941	205,259
Property and equipment, net	683,971	542,440
Finance lease right-of-use assets, net	374,623	382,734
Operating lease right-of-use assets, net	315,256	199,673
Intangibles, net	2,947	5,415
Goodwill	21,629	21,629
Deferred income tax assets, net	742,126	402,995
Other long-term assets	2,592	3,865
Total assets	2,501,085	1,764,010
Current liabilities:
Accounts payable	32,225	29,957
Accrued compensation and benefits	49,778	31,405
Other accrued liabilities	26,516	15,770
Other current liabilities	7,067	6,423
Deferred revenue	42,868	30,349
Current portion of tax receivable agreements liability	71	0
Current portion of finance lease liabilities	13,256	9,482
Current portion of operating lease liabilities	13,979	10,239
Current portion of long-term debt	17,311	4,491
Total current liabilities	203,071	138,116
Deferred revenue, net of current portion	8,015	6,676
Finance lease liabilities, net of current portion	369,297	367,775
Operating lease liabilities, net of current portion	309,311	191,419
Long-term debt, net of current portion	219,755	93,175
Tax receivable agreements liability, net of current portion	627,763	290,920
Other long-term liabilities	8	8
Total liabilities	1,737,220	1,088,089
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $0.00001 par value per share - 20,000 shares authorized; zero shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	517,074	379,391
Accumulated other comprehensive income	628	544
Retained earnings (accumulated deficit)	19,666	(15,592)
Total stockholders' equity attributable to Dutch Bros Inc.	537,369	364,345
Non-controlling interests	226,496	311,576
Total equity	763,865	675,921
Total liabilities and equity	2,501,085	1,764,010
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	0	1
Class C common stock
Stockholders’ equity:
Common stock	0	0
Class D common stock
Stockholders’ equity:
Common stock	$ 0	$ 0

Intangible Assets - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cost of sales
Finite-Lived Intangible Assets [Line Items]
Cost of sales	$ 2,468	$ 3,389	$ 4,034

- 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

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Related Party Transactions


	Year Ended December 31,
(in thousands)		2024		2023		2022
Donations to Dutch Bros Foundation		$	4,250	$	250	$	5,149

Revenue Recognition - Schedule of Disaggregates Revenue by Major Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,281,015	$ 965,776	$ 739,012
Company-operated shops
Disaggregation of Revenue [Line Items]
Total revenues	1,165,830	857,939	639,710
Franchising
Disaggregation of Revenue [Line Items]
Total revenues	109,610	101,907	93,756
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,575	$ 5,930	$ 5,546

- 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

- 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.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Unrealized (loss) gain on derivative securities, effective portion, net of income tax (benefit) expense	$ (83)	$ 10	$ 273

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

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Financial Statements Presentation

Our consolidated financial statements as of December 31, 2024 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

Business Combinations

•Intangible assets, including valuation methodology, estimations of future cash flows, discount rates, market segment growth rates, assumed market share, and estimated useful life;

•Deferred tax assets and liabilities, uncertain tax positions, and tax-related valuation allowances estimate; and

•Other assets and liabilities, and contingent consideration, as applicable.

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

Dutch Pass, our digital loyalty program accessible via mobile app, provides the following key opportunities for customers:

•Collect points based on purchases

•Convert points to rewards

•Redeem rewards for free drinks

•Share free drink rewards with other app users

•Receive birthday and other promotional awards

•Mobile ordering

•Digital gift cards

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

Vesting of all awards granted are subject to the grantee’s continued service at Dutch Bros through the applicable vesting date.

During the year ended December 31, 2024, the RSAs were fully expensed and fully vested.

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 (Loss) Per Share

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

Recently Issued Accounting Standards / Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Undistributed net income (loss) for basic computation	$ 35,258	$ 1,718	$ (4,753)

- Definition

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

+ References

+ Details

Derivative Financial Instruments - 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, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Income recognized in other comprehensive income before reclassifications	$ 1,661	$ 954	$ 2,966
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from accumulated other comprehensive income to earnings for the effective portion	(1,745)	(1,692)	215
Income Tax Expense
Derivative Instruments, Gain (Loss) [Line Items]
Income tax benefit (expense)	$ 83	$ (10)	$ (273)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 66,450	$ 9,952	$ (19,253)
Other comprehensive income (loss):
Unrealized gain (loss) on derivative securities, effective portion, net of income tax expense (benefit) of $(83), $10, and $273, respectively	(1)	(748)	2,908
Comprehensive income (loss)	66,449	9,204	(16,345)
Less: comprehensive income (loss) attributable to non-controlling interests	31,107	7,755	(12,405)
Comprehensive income (loss) attributable to Dutch Bros Inc.	$ 35,342	$ 1,449	$ (3,940)

- 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

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+ Details

Revenue Recognition - Schedule of Future Recognition of Unearned Franchise Fees (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unearned franchise fees, future recognition	$ 2,618
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
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	$ 430
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	$ 388
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	$ 343
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	$ 294
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	$ 249
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
Unearned franchise fees, future recognition	$ 914

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, 2024	Dec. 31, 2023
Change In Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 37,025	$ 31,454
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned	419,107	362,482
Revenue recognized - gift card, loyalty app, loyalty rewards redemptions, and breakage	(405,458)	(354,770)
Other deferred revenue, net	209	(2,141)
Ending balance	50,883	37,025
Less: current portion	(42,868)	(30,349)
Deferred revenue, net of current portion	$ 8,015	$ 6,676

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax provision
Federal	$ 396	$ 193	$ 181
State	2,653	844	1,340
Total current tax provision	3,049	1,037	1,521
Deferred tax expense (benefit)
Federal	8,520	1,605	(6,081)
State	6,866	4,325	7,159
Total deferred tax provision	15,386	5,930	1,078
Income tax expense	$ 18,435	$ 6,967	$ 2,599

- Definition

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

+ References

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-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Income Taxes - Schedule of Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Investment in Dutch Bros OpCo	$ 638,110	$ 346,172
Net operating loss carryforwards	50,862	34,988
Interest expense	40,247	14,187
Credit carryforwards	9,399	4,991
Charitable contribution carryforward	1,505	1,546
Other	2,866	2,130
Total deferred tax assets	742,989	404,014
Less: valuation allowance	(863)	(1,019)
Net deferred tax assets	$ 742,126	$ 402,995

Non-Controlling Interests - Schedule of Distributions to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Amounts paid to non-controlling interest holders	$ 1,888	$ 0	$ 0

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest rate swap contract $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap outstanding	$ 63.9
Fixed interest rate	2.67%
Variable interest rate	4.36%
Expected reclassification of gain within the next twelve months	$ 1.0

Employee Benefit Plans - Narrative (Details)	12 Months Ended
Employee Benefit Plans - Narrative (Details)	Dec. 31, 2024
Retirement Benefits [Abstract]
Company percentage match of employee contributions	100.00%
Percent of employee's gross pay matched	4.00%

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Entities Controlled by Our Co-Founder [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 22, 2024, entities controlled by Travis Boersma, our Co-Founder and Executive Chairman, adopted a Rule 10b5-1 trading arrangement (the Trading Plan), providing for the sale of up to 10,000,000 shares of our Class A common stock upon the exchange of Dutch Bros OpCo Class A common units pursuant to the terms of the OpCo LLC Agreement. The Trading Plan’s expiration date is February 21, 2026. The Trading Plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
Name	entities controlled by Travis Boersma
Title	Co-Founder and Executive Chairman,
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 22, 2024
Expiration Date	February 21, 2026
Arrangement Duration	456 days
Aggregate Available	10,000,000	10,000,000