Dutch Bros Inc. (BROS) Stock Price & Analysis
Dutch Bros Inc. (BROS) closed at USD 41.75 on Thursday, October 22, 2026, down 1.21% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 42.26; the Oct 22, 2026 session ranged USD 40.6–42.62 on volume of 5,140,989 shares. Market capitalization is $7.32B, with a 52-week range of USD 36.51–74.02 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 08:36 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BROS.md
Key facts (BROS)
- Last four reported quarters (through Jun 30, 2026): revenue $1.88B, net income $92.4M (4.9% margin), free cash flow $95.0M (SEC filings).
- Valuation: P/E 79.3x (avg 465.1x at the last 3 fiscal year-ends), EV/EBITDA 24.2x, net cash $68.1M.
- Analysts: Buy (mean 2.04 on a 1–5 scale) (26 analysts), mean target USD 68.32 (range 29–95).
- Total return with dividends: 1Y -26.9% vs S&P 500 +14.9%; 5Y -39.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.24, revenue estimate $549M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BROS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $498M | $739M | $966M | $1.28B | $1.64B | $1.88B |
| Gross profit | $153M | $181M | $251M | $340M | $424M | — |
| Operating income | -$111M | -$2.6M | $46.2M | $106M | $161M | $180M |
| Net income | -$12.7M | -$4.8M | $1.7M | $35.3M | $79.8M | $92.4M |
| EPS (diluted) | -$0.28 | -$0.09 | $0.03 | $0.34 | $0.64 | — |
| Free cash flow | -$38.1M | -$128M | -$88.5M | $24.7M | $54.4M | $95.0M |
| Gross margin | 30.8% | 24.5% | 26.0% | 26.6% | 25.9% | — |
| Operating margin | -22.3% | -0.4% | 4.8% | 8.3% | 9.8% | 9.6% |
| Net margin | -2.5% | -0.6% | 0.2% | 2.8% | 4.9% | 4.9% |
| Revenue growth | +52.1% | +48.4% | +30.7% | +32.6% | +27.9% | — |
| Cash + short-term investments | $18.5M | $20.2M | $134M | $293M | $269M | — |
| Total debt | $3.6M | $100M | $99.1M | $238M | $202M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BROS)
P/E 79.3x · P/S 3.9x · EV/EBITDA 24.2x · EV/Sales 3.9x · P/FCF 77.1x · P/B 9.2x · FCF yield 1.30% · Earnings yield 1.26% · Net cash $68.1M · EV $7.25B
P/E at fiscal year-ends: Dec 2025 96.4x, Dec 2024 154.7x, Dec 2023 1144.3x.
Analysts (BROS)
Consensus Buy (mean 2.04 on a 1–5 scale), 26 analysts; mean target USD 68.32 (low 29, high 95).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | RBC Capital | Downgrade | Outperform → Sector Perform | $70 → $46 |
| 2026-10-21 | Citigroup | Target lowered | Buy | $86 → $69 |
| 2026-10-21 | Wells Fargo | Target lowered | Overweight | $70 → $55 |
| 2026-10-21 | TD Cowen | Target lowered | Buy | $59 → $55 |
| 2026-10-15 | Morgan Stanley | Target lowered | Overweight | $88 → $71 |
| 2026-10-15 | Stephens & Co. | Target lowered | Overweight | $80 → $65 |
| 2026-10-02 | Baird | Target lowered | Outperform | $82 → $60 |
| 2026-09-30 | Oppenheimer | Target lowered | Outperform | $82 → $66 |
| 2026-09-29 | JP Morgan | Target lowered | Overweight | $75 → $60 |
| 2026-09-28 | DA Davidson | Target lowered | Buy | $85 → $60 |
| 2026-09-18 | Melius Research | Target lowered | Buy | $95 → $70 |
| 2026-09-18 | TD Cowen | Reiterated | Buy | $59 |
Total return (dividends reinvested) (BROS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -26.9% | -39.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.0% | -9.5% |
| Volatility (annualized) | 51.9% | 62.8% |
| Max drawdown | -49.1% (Jul 2026→Oct 2026) | -69.5% (Oct 2021→Sep 2023) |
BROS revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Company-operated shops | $510.0M | 92.6% | +34.0% |
| Franchising and other | $40.8M | 7.4% | +15.6% |
| Total revenue | $550.9M | 100% | — |
BROS revenue by product line (quarter ended Mar 31, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Company-operated shops | $429.1M | 92.4% | +31.4% |
| Franchise Fees | $34.0M | 7.3% | +25.3% |
| Product & Service Other | $1.4M | 0.3% | -14.7% |
| Total revenue | $464.4M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
BROS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Lieb Foods | “For certain products, we may rely on one or very few suppliers, such as for our proprietary Dutch Bros Rebel energy drinks, where we rely on relationships with our co-packers, Portland Bottling Co. and Lieb Foods, LLC to blend, package, label, and warehouse these drinks.” |
| Partner | OpCo | “We anticipate that Dutch Bros OpCo will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax.” |
Quoted from the company's 10-K filed Feb 13, 2026.
BROS company outlook (results filed Aug 5, 2026)
- “Guidance on Total Revenues, System Same Shop Sales Growth, and Adjusted EBITDA TEMPE, Ariz. - August 5, 2026 - Dutch Bros Inc.”
Quoted word-for-word from the SEC 8-K results press release.
BROS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.24 | $0.25 | -2.2% | $548.9M | 16 |
| Next quarter (ends Dec 2026) | $0.25 | $0.23 | +6.8% | $567.6M | 14 |
| Current fiscal year (ends Dec 2026) | $0.98 | $0.94 | +3.9% | $2.13B | 17 |
| Next fiscal year (ends Dec 2027) | $1.31 | $1.26 | +3.9% | $2.65B | 16 |
BROS options: expected move
Options price a move of about ±13.8% (±$5.73) by Nov 6, 2026, which includes earnings on Nov 4, 2026; the earnings reaction alone is priced at about ±11.0%. Over the last 8 reports the stock moved ±11.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 50.3% | ±6.0% |
| Nov 6, 2026 | 14 | 84.7% | ±13.8% |
| Nov 13, 2026 | 21 | 72.0% | ±14.3% |
| Nov 20, 2026 | 28 | 68.6% | ±15.5% |
| Nov 27, 2026 | 35 | 64.8% | ±16.4% |
| Dec 4, 2026 | 42 | 59.9% | ±16.5% |
| Dec 18, 2026 | 56 | 57.6% | ±18.4% |
| Jan 15, 2027 | 84 | 55.9% | ±21.7% |
30-day implied volatility 67.8% vs 38.5% realized over the last 30 trading days. Put/call ratio (volume) 2.41. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:36 UTC)
| Price | USD 41.75 |
|---|---|
| Change | ▼ 1.21% (down) |
| Previous Close | USD 42.26 |
| Open | USD 40.78 |
| Day Range | USD 40.6 – 42.62 |
| 52-Week Range | USD 36.51 – 74.02 |
| Volume | 5,140,989 shares |
| Market Cap | $7.32B |
| Exchange | NYQ |
Technical Analysis (BROS)
Nexqual's technical model rates BROS "NEUTRAL" based on 2 bullish and 3 bearish signals across 127 daily candles, as of October 23, 2026 at 08:36 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 50.54 (neutral) |
| vs SMA50 | Below (USD 43.47) |
| MACD | -0.3 (negative) |
Analyst Ratings (BROS)
Wall Street analysts rate BROS "Buy" based on 26 analysts, with a mean price target of USD 68.32 (range USD 29–95), per Nexqual as of October 23, 2026 at 08:36 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 26 |
| Mean Target | USD 68.32 |
| High Target | USD 95 |
| Low Target | USD 29 |
| Buy / Hold / Sell | 24 / 1 / 1 |
Earnings (BROS)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 0.24 |
| Revenue Estimate | $548.95M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.33 vs est 0.3 ▲ beat |
| 2026-03-31 | USD 0.16 vs est 0.15 ▲ beat |
| 2025-12-31 | USD 0.17 vs est 0.1 ▲ beat |
| 2025-09-30 | USD 0.19 vs est 0.17 ▲ beat |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
Financials & Fundamentals (BROS)
| Total Revenue | $1.88B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +32.50% |
| Gross Margin | +25.10% |
| Operating Margin | +12.88% |
| Profit Margin | +4.91% |
| ROE | +14.56% |
| Debt / Equity | 1.24 |
| Current Ratio | 1.35 |
| Total Cash | $269.07M |
| Total Debt | $1.21B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $95.03M (5.0% of revenue) |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
Financial Health Score (BROS)
Nexqual rates Dutch Bros Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 08:36 UTC.
| Growth | Strong — Revenue +28% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 25%, operating 13% (last 12 months) |
| Balance Sheet | Mixed — $269M cash and investments vs $201M debt (Jun 2026, SEC), net cash |
| Cash Flow | Solid — FCF $95M (last 4 quarters to Jun 2026, SEC), 5% margin |
| Efficiency | Mixed — ROE 15%, ROA 3.8% |
Ownership (BROS)
| Insider Ownership | +5.18% |
|---|---|
| Institutional Ownership | +97.14% |
| Shares Outstanding | 137.94M |
| Float | 130.18M |
| Short % of Float | +50.54% |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
Leadership (BROS)
Dutch Bros Inc. is led by Christine Barone, CEO, President & Director, per Nexqual as of October 23, 2026 at 08:36 UTC.
| CEO, President & Director | Christine Barone |
|---|---|
| Co-Founder & Executive Chairman of the Board | Travis Boersma |
| Chief Financial Officer | Joshua Guenser |
| Chief Marketing Officer | Tana Davila |
| Chief Technology & Information Officer | Venki Krishnababu |
Major Backers & Investors (BROS)
Notable institutional backers of Dutch Bros Inc. include FMR, LLC, Price (T.Rowe) Associates Inc, Fidelity, according to Nexqual as of October 23, 2026 at 08:36 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 12.12% |
| Price (T.Rowe) Associates Inc | 6.96% |
| Fidelity | 4.88% |
| T. Rowe Price | 3.09% |
| Wellington Management | 2.24% |
| Baillie Gifford | 1.99% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 10.63% |
| Vanguard Group | 8.71% |
| State Street | 2.79% |
| Geode Capital | 1.8% |
Source: Nexqual, October 23, 2026 at 08:36 UTC.
From Dutch Bros Inc.'s Latest SEC 10-K Filing (filed 2026-02-13)
Key Strengths & Strategy (as disclosed to the SEC)
- We also sell our proprietary coffee-based "Freeze" blended beverages and cold brew.
- Our Private Reserve coffee is a 100% Arabica three-bean blend, roasted by Dutch Bros in our Grants Pass, Oregon or Melissa, Texas facilities. •Energy: ~25%1 of our menu mix is based upon our proprietary Dutch Bros Rebel® energy drink, which is highly customizable with flavors and modifiers and can be served blended or over ice.
- The combination of hand-crafted and high-quality beverages, our unique drive-thru experience, and our community-driven people-first culture has allowed us to successfully open new shops and continue to share the "Dutch Luv".
- To ensure we are able to consistently deliver high-quality coffee across all shops in our system, we are actively involved in the sourcing, roasting, packaging, and distribution of coffee beans.
Partnerships
- We collaborate with our supply chain partners on material decisions regarding ingredients and process changes to ensure our final customer-facing product meets our standards of approval.
Legal & Regulatory Risks (Item 1A, quoted)
- Changes in statutory, regulatory, accounting, and other legal requirements, including changes in accounting principles generally accepted in the United States, could potentially impact our operating and financial results.
- Dutch Bros Inc.| Form 10-K | 43
- Dutch Bros Inc.| Form 10-K | 44
- Dutch Bros Inc.| Form 10-K | 45
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:36 UTC. This page is informational and not investment advice.
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