For the year ending 2025-12-31, BROS had -$23,950K decrease in cash & cash equivalents over the period. $54,411K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 117,275 | 66,450 | 9,952 | -19,253 |
| Depreciation and amortization | 115,133 | 93,005 | 69,135 | 44,728 |
| Non-cash interest expense | 824 | 1,113 | 887 | 691 |
| Non-cash donation expense | 0 | 1,811 | - | - |
| (gain) loss on disposal of assets | -300 | 1,277 | 23 | 340 |
| Loss on extinguishment of debt | -809 | - | 0 | 0 |
| Equity-based compensation | 18,022 | 11,482 | 39,222 | 41,657 |
| Deferred income taxes | -17,617 | -15,421 | -5,946 | -1,078 |
| Remeasurement gain on tras | -4,767 | -4,247 | -2,638 | -3,466 |
| Non-cash operating lease cost | 20,666 | 15,765 | 11,413 | 9,919 |
| Accounts receivable, net | 7,789 | 1,474 | -2,842 | 1,322 |
| Inventories, net | 12,429 | -10,465 | 7,724 | 15,817 |
| Prepaid expenses and other current assets | 3,656 | 2,282 | 4,775 | 695 |
| Other long-term assets | 1,961 | -611 | 578 | -1,147 |
| Accounts payable | 3,706 | 3,658 | 3,903 | 1,606 |
| Accrued compensation and benefits | - | 18,373 | 11,699 | - |
| Other accrued liabilities | - | 10,601 | 3,738 | 5,601 |
| Other current liabilities | 20,426 | 644 | 484 | 1,376 |
| Deferred revenue | 13,693 | 13,858 | 5,571 | 3,367 |
| Deferred rent | - | - | 0 | 0 |
| Other long-term liabilities | -8 | 0 | 0 | -672 |
| Operating lease liabilities | -2,316 | -7,545 | -9,139 | -9,722 |
| Net cash provided by operating activities | 295,545 | 246,432 | 139,915 | 59,883 |
| Purchases of property and equipment | 241,134 | 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 |
| Proceeds from disposal of property and equipment | 66 | - | - | - |
| Net cash used in investing activities | -241,068 | -212,072 | -227,280 | -192,572 |
| Proceeds from line of credit | 0 | 2,449 | 90,000 | 157,705 |
| Payments on line of credit | 0 | 2,449 | 202,705 | 10,000 |
| Payments on finance lease liabilities | 16,105 | 10,541 | 12,432 | 5,838 |
| Proceeds from long-term debt | 250,000 | 150,000 | 1,647 | 1,375 |
| Payments on long-term debt | 286,685 | 11,053 | 2,613 | 1,982 |
| Payments of debt issuance costs | 1,547 | 0 | 1,350 | 2,749 |
| Proceeds from paycheck protection program loan | - | - | - | 0 |
| Payments on paycheck protection program loan | - | - | - | 0 |
| Proceeds from initial public offering, net of offering costs | - | - | - | 0 |
| Proceeds from equity offering, net of underwriting discounts and commissions | 0 | 0 | 331,200 | - |
| Distributions paid to members | - | - | 0 | 0 |
| Payments to repurchase outstanding equity/member units | - | - | 0 | 0 |
| Payments of ipo issuance costs | - | - | - | 250 |
| Payment of deferred offering costs | 0 | 0 | 1,119 | - |
| Tax withholding payments upon vesting of equity awards | 12,525 | 1,069 | 1,896 | 3,900 |
| Distributions to non-controlling interest holders | 6,867 | 1,888 | - | - |
| Payments under tax receivable agreements | 4,698 | - | - | - |
| Net cash provided by (used in) financing activities | -78,427 | 125,449 | 200,732 | 134,361 |
| Net increase (decrease) in cash and cash equivalents | -23,950 | 159,809 | 113,367 | 1,672 |
| Cash and cash equivalents at beginning of period | 293,354 | 133,545 | 20,178 | 18,506 |
| Cash and cash equivalents at end of period | 269,404 | 293,354 | 133,545 | 20,178 |
Dutch Bros Inc. (BROS)
Dutch Bros Inc. (BROS)